AI Data Insight
From Jan-Nov, cumulative profits of China's industrial enterprises above designated size increased by 0.6% YoY, expanding further from the 0.1% in the first 10 months, indicating that policy support effects are emerging. Although upstream mining and raw materials remain suppressed by deflation and price wars, high-tech manufacturing and equipment manufacturing benefited from equipment renewal policies and export resilience, performing significantly better than the overall market and becoming the core engine for profit recovery.