Report summary:
In March, the total profit of industrial enterprises was 8.50% year-on-year, with the previous value of 5.00%. Our comments are as follows:
I. the superposition of three factors pushed up the total profits of industrial enterprises in March year-on-year, and the decline in the cumulative value of manufacturing expenses was the main reason;
2. The mining industry is an important supporting force for the cumulative year-on-year total profits of industrial enterprises in March;
III. The total profits of coal mining and washing industry recorded a triple-digit growth for 10 consecutive months year-on-year;
4. The profit growth of state-owned and state holding enterprises is very resilient, and the performance of foreign and Hong Kong, Macao and Taiwan enterprises is very weak;
V. there is a weak negative correlation between the asset liability ratio of industrial enterprises and the cumulative year-on-year total profits of industrial enterprises;
Vi. in the short term, industrial enterprises are still in the passive replenishment stage, and will switch to the active destocking stage in the later stage.
