According to data released by the National Bureau of Statistics on the 29th, in the first five months of this year, the profits of industrial enterprises above designated size reached 1,843.4 billion yuan, down 2.4% year-on-year. This is the fourth consecutive month of negative growth in the cumulative growth rate of profits of industrial enterprises, and the decline has increased compared with the previous period. Analysts pointed out that the decline in industrial enterprise profit growth is in line with the industrial added value and the downward trend of PPI, indicating that demand is still weak and real economic activity will continue to slow down. From the perspective of single-month profit, the profit in May was 390.9 billion yuan, down 5.3% year-on-year. This is a one-month profit decline for two consecutive months since the short-term profit in March. The decline in May has expanded by more than 3 percentage points from April. Lu Chunjie, a macro analyst at Guotai Junan, pointed out that as interest rate cuts and bond market interest rates continue to decline, the pressure on corporate financial costs will be greatly reduced. Driven by rising gross profit and reduced costs, the future net interest rate will tend to improve. "The profit growth rate will be down in June, but the bottom is not far away." Lu Chunjie said. From the perspective of ownership, in the first five months, the profits of state-owned enterprises continued to decline, while the private enterprises maintained a relatively high growth rate. Data show that from January to May, among industrial enterprises above designated size, state-owned and state-controlled enterprises achieved a profit of 560.1 billion yuan, down 10.8% year-on-year; while private enterprises realized a profit of 550 billion yuan, up 18.1% year-on-year.
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