BofA Global Research-China Watch Chart book series #125 Industrial profit picke...-105608575

AccessibleversionChinaWatchChartbookseries#125:Industrialprofitpickedup;depositratecutagaininDecMobilityimproved;consumptionstillheldup28December2023Bothinter-andintra-citymobilityremainedintactthisweek.DailysubwayridesGEMEconomicsrebounded,especiallyforTier2&3cities(Exhibit3).ThenumberofdomesticflightsalsoAsiaChinarebounded(Exhibit4).Internationalflightsalsorecoveredtoabout62%ofthepre-Covidlevel(Exhibit5).Boxofficerevenueimprovedsequentially(Exhibit7),whileautosalesroseBensonWuby11%yoyinDec18-24,accordingtotheCPCA(Exhibit6).China&KoreaEconomistMerrillLynch(HongKong)Industrialprofitpickedupforthe4thconsecutivemonth+85235085047benson.wu@bofa.comBothindustrialenterprises’revenueandprofitpickedupfurtherinNov(at7.2%andHelenQiao29.2%,respectively,Exhibit1).TheupstreamanddownstreamindustriessawthemostChina&AsiaEconomistgaininprofits(Exhibit8).Thatsaid,thegrowthofinventoryforfinishedgoodsedgedMerrillLynch(HongKong)downagain(1.7%yoy,vs.2.0%previously,Exhibit9),suggestingenterprisesarestill+85235083961cautiousinrestockingaheadofnewyear.Containerfreightindexpickedupaftertheredhelen.qiao@bofa.comseaincident(Exhibit12).Abbreviations:NewhomesalespickedupafterpolicyeasingCPCA:ChinaPassengerCarAssociationNDRC:NationalDevelopmentandNewhomesalesinkeycitiesreboundedandsurpassed2022levelthisweek(Exhibit14).ReformCommissionWese...