JPMorgan Econ FI-China Positive yoy growth in monthly industrial profits for ...-105598636

JPMORGANAsiaPacificEconomicResearch27December2023ChinaPositiveyoygrowthinmonthlyindustrialprofitsforfourmonthsinarow•Industrialprofitsgrew29.5%oyainNovember,registeringthefourthEmergingMarketsAsia,EconomicandPolicyResearchconsecutivemonthofpositivegrowth...JiYan•…ledbyequipmentmanufacturingandrawmaterialmanufacturing(852)2800-7673ji.yan@jpmorgan.comsectorsHaibinZhu•Industrialprofitsrecoveryisexpectedtocontinueinto2024(852)2800-7039China’sindustrialprofitsrecoveryacceleratedinNovember.TheNationalhaibin.zhu@jpmorgan.comBureauofStatistics(NBS)announcedthattotalindustrialprofits(includingallindustrialcompanieswithannualsalesfromprincipalbusinessexceeding20GraceNgmillionyuan)contracted4.4%oyainJan-Nov,narrowingfromthe7.8%oyadeclineinJan-Oct.Concurrently,accumulatedsalesrevenuegrew1.0%oya,(852)2800-7002following+0.3%oyainJan-Oct.Costofsalesincreasedby1.1%oya.Profitmargingrace.h.ng@jpmorgan.comincreasedto5.82%inJan-Nov,comparedto6.09%infull-year2022.TheNBSestimatesthatindustrialprofitsincreasedby29.5%oyainNovember,TingtingGefollowing+2.7%oyainOctober,+11.9%oyainSeptember,and+17.2%oyainAugust.Meanwhile,salesrevenueincreased6.1%oyainNovember,following(852)2800-0143+2.5%oyainOctober.Accumulatedindustrialprofitscontractionacrosstingting.ge@jpmorgan.comownershiptypesnarrowed,whileyear-to-dateprofitsofprivateenterpri...