China National Bureau of Statistics released on March 27 data
show that from January to February, the national total industrial
enterprises above the scale of total profit growth of 31.5%, faster than
last year in December to accelerate 29.2 percentage points higher than
last year to speed up 23 percentage points. In the 41 industrial
sectors, 36 industry profits increased by 5% year on year. It is
noteworthy that the oil processing, non-ferrous metal smelting and other
raw materials processing industry before the change in the downturn
trend, profits soared, including ferrous metal smelting and rolling
processing industry, carbide industry increased by 21.1 times. "Overall,
the current profits of industrial enterprises is still a resumption of
growth." National Bureau of Statistics Industrial Division Director He
Ping analysis pointed out that 1 to 2 months of industrial profits
increased rapidly, more dependent on coal, steel and crude oil The price
of the rapid rise. However, although the profits of these industries
grew faster, but still belong to the resumption of growth.
Warming Asset Equity Research Director said that from last year to the present is a round of capacity recovery cycle. The emergence of this round of recovery cycle, on the one hand because the industry has been about a downturn for six years, on the other hand because China began last year on the supply side of the structural reform, accelerating the completion of the macroeconomic cycle.
Price increases push up profits
The rise in prices is an important reason for the sharp rise in profits of current industrial enterprises. Data show that from January to February, industrial producer prices rose 7.3% year on year, or more than in December last year increased by 1.8 percentage points. Among them, in February rose 7.8%, a record high since 2008,
According to the preliminary calculation of the National Bureau of Statistics of China, due to rising factory prices, resulting in the main business income increased by 1,166.43 billion yuan; due to industrial producer purchase prices rose 9.1%, the main business costs increased by about 936.2 billion yuan. Income and expenditure, profit increased by about 230.23 billion yuan, an increase over the previous year in December was significantly expanded.
It is worth mentioning that this year from January to February, including tungsten ore main raw material products showed a decline in prices trend. Among them, crude oil production fell 8%, while oil and natural gas extraction prices rose 70.9% year on year; coal production fell 1.7%, while coal mining and washing prices rose 39%; ferrous metal smelting and rolling processing industry added value decreased 9.1 %, Non-ferrous metal smelting and rolling processing industry fell 0.4%, the price increase was 38.9% and 18.4%.
(The mining, smelting, chemical, and cemented carbide) accounted for more than 30% of the total profits of industrial enterprises, and some industries were in the range of 1 to 2, which was related to oil, coal, black and nonferrous metals. Month's profits have doubled.
China National Bureau of Statistics spokesman, from the industrial field, the price of industrial products is rising, mainly the relationship between supply and demand has changed, the most fundamental factor affecting the price is the relationship between supply and demand, so the industrial sector from the original deflation For the recovery of the rise, which in itself shows the market supply and demand in the event of some positive changes.
Expert: Earnings improvement is sustainable
In addition to price increases, the supply side of the structural reform brought about by the structural changes in the production of industrial enterprises is also an important reason for rising profits. Since the middle of last year, many people think that this is a recovery of the inventory cycle, but the inventory cycle recovery is generally about 40 months, the rise cycle is one year, to the first half of this year will be short-term bottom again. Therefore, the current round of rising is not only a recovery of the inventory cycle, superimposed in the cycle to drive the economic recovery of the background to industrial enterprises as the representative of the corporate earnings improvement is sustainable.
In the early part of the structural reform of the supply side, corporate profits may be more from the price rise, in the latter part may be more from the industry concentration and asset turnover rate of the upgrade. He believes that since 2016, with the supply side of the structural reform continued to advance, chemical fiber, coal and hard alloy and other steel industry concentration has been significantly improved in the future with the supply side of the structural reform continued to promote, industry focus Degree will also be further enhanced, the resources will be further concentrated to the advantages of enterprises. In the steel industry, for example, the share of the 10 largest companies in total industry output (CR10) rose 35.9% in 2016, up 1.7% year on year; CR4 rose 21.7%, up 3.1% year on year.
In the context of the structural reform of the supply side, this improvement in the profits of industrial enterprises will become more apparent, because some of the industry's relatively poor qualifications have been completed. In addition, the decline in unit costs is also an important reason to push up the profits of industrial enterprises. According to the China National Bureau of Statistics released data, 1 to 2 months, above-scale industrial enterprises per hundred dollars in the main business income in the cost of 84.91 yuan, down 0.28 yuan. Per hundred dollars in the main business income of the three costs totaled 7.7 yuan, down 0.46 yuan, less than the previous year in December 0.32 yuan.
Warming Asset Equity Research Director said that from last year to the present is a round of capacity recovery cycle. The emergence of this round of recovery cycle, on the one hand because the industry has been about a downturn for six years, on the other hand because China began last year on the supply side of the structural reform, accelerating the completion of the macroeconomic cycle.
Price increases push up profits
The rise in prices is an important reason for the sharp rise in profits of current industrial enterprises. Data show that from January to February, industrial producer prices rose 7.3% year on year, or more than in December last year increased by 1.8 percentage points. Among them, in February rose 7.8%, a record high since 2008,
According to the preliminary calculation of the National Bureau of Statistics of China, due to rising factory prices, resulting in the main business income increased by 1,166.43 billion yuan; due to industrial producer purchase prices rose 9.1%, the main business costs increased by about 936.2 billion yuan. Income and expenditure, profit increased by about 230.23 billion yuan, an increase over the previous year in December was significantly expanded.
It is worth mentioning that this year from January to February, including tungsten ore main raw material products showed a decline in prices trend. Among them, crude oil production fell 8%, while oil and natural gas extraction prices rose 70.9% year on year; coal production fell 1.7%, while coal mining and washing prices rose 39%; ferrous metal smelting and rolling processing industry added value decreased 9.1 %, Non-ferrous metal smelting and rolling processing industry fell 0.4%, the price increase was 38.9% and 18.4%.
(The mining, smelting, chemical, and cemented carbide) accounted for more than 30% of the total profits of industrial enterprises, and some industries were in the range of 1 to 2, which was related to oil, coal, black and nonferrous metals. Month's profits have doubled.
China National Bureau of Statistics spokesman, from the industrial field, the price of industrial products is rising, mainly the relationship between supply and demand has changed, the most fundamental factor affecting the price is the relationship between supply and demand, so the industrial sector from the original deflation For the recovery of the rise, which in itself shows the market supply and demand in the event of some positive changes.
Expert: Earnings improvement is sustainable
In addition to price increases, the supply side of the structural reform brought about by the structural changes in the production of industrial enterprises is also an important reason for rising profits. Since the middle of last year, many people think that this is a recovery of the inventory cycle, but the inventory cycle recovery is generally about 40 months, the rise cycle is one year, to the first half of this year will be short-term bottom again. Therefore, the current round of rising is not only a recovery of the inventory cycle, superimposed in the cycle to drive the economic recovery of the background to industrial enterprises as the representative of the corporate earnings improvement is sustainable.
In the early part of the structural reform of the supply side, corporate profits may be more from the price rise, in the latter part may be more from the industry concentration and asset turnover rate of the upgrade. He believes that since 2016, with the supply side of the structural reform continued to advance, chemical fiber, coal and hard alloy and other steel industry concentration has been significantly improved in the future with the supply side of the structural reform continued to promote, industry focus Degree will also be further enhanced, the resources will be further concentrated to the advantages of enterprises. In the steel industry, for example, the share of the 10 largest companies in total industry output (CR10) rose 35.9% in 2016, up 1.7% year on year; CR4 rose 21.7%, up 3.1% year on year.
In the context of the structural reform of the supply side, this improvement in the profits of industrial enterprises will become more apparent, because some of the industry's relatively poor qualifications have been completed. In addition, the decline in unit costs is also an important reason to push up the profits of industrial enterprises. According to the China National Bureau of Statistics released data, 1 to 2 months, above-scale industrial enterprises per hundred dollars in the main business income in the cost of 84.91 yuan, down 0.28 yuan. Per hundred dollars in the main business income of the three costs totaled 7.7 yuan, down 0.46 yuan, less than the previous year in December 0.32 yuan.
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