Subdivision data show that the profits of most upstream industries continue to grow negatively, and new momentum and the recovery of external demand help middle and downstream profits to maintain high growth. From the perspective of major industries, from January to April, the cumulative profits of mining, manufacturing and electricity, fuel and water supply industries fell by 18.6%, increased by 8.0% and increased by 36.9%, respectively.

Wu Chaoming, vice president of the Caixin Research Institute, analyzed the first financial industry, affected by the drag of real estate terminal demand, the decline in coal prices, and the negative PPI, the upstream mining and raw material manufacturing industry profits continued to grow negatively. But rising prices for commodities such as non-ferrous metals have helped to limit the decline. From January to April, non-ferrous metal smelting and rolling processing industry benefited from the price recovery, and the profit growth rate was as high as 50%, while ferrous metal smelting and rolling processing industry, oil and coal processing industry continued to be in a state of loss.

Chen Xuesen, vice president of China Nonferrous Metals Industry Association, said recently that it is expected that the overall operation of China's nonferrous metals industry in the second quarter and the first half of the year will continue the growth trend of the first quarter. It is expected that in the first half of the year, the industrial added value of non-ferrous metal enterprises above designated size will increase by about 8%, the output of ten non-ferrous metals will increase by about 6%, and the total profit of non-ferrous metal industrial enterprises above designated size is expected to increase by about 25%.

Benefiting from the in-depth promotion of high-end, intelligent and green manufacturing industry, the effect of superficially large-scale equipment update policy gradually emerged and external demand picked up, the profits of the midstream equipment manufacturing industry increased by 16.3% from January to April, the growth rate was 12 percentage points higher than that of all industries, and the industrial profit growth of 4.7 percentage points was still the largest contribution to the industry. Among them, from January to April, the profit growth rate of computer communication and electronics manufacturing industry, shipping and other transportation equipment manufacturing industry, and automobile manufacturing industry was as high as 75.8%, 40.7% and 29%, respectively, and the support role was significant.

It is worth mentioning that high-tech manufacturing profits continue to lead. Wu Chaoming analysis, according to estimates, from January to April high-tech manufacturing profit growth reached 30.8%, an increase of 1.6 percentage points from the previous month, higher than all manufacturing profit growth of 22.8 percentage points. On the one hand, this is related to the low base effect of high-tech manufacturing in the past two years, and on the other hand, it is due to the in-depth promotion of high-end, intelligent and green domestic manufacturing industry, the rapid growth of related demand, and the enhanced impact of the recovery of overseas exports.

In terms of downstream consumer goods manufacturing industry, supported by favorable factors such as improved market demand and sharply accelerated industrial exports, the profit of consumer goods manufacturing industry increased by 12.0% from January to April, the growth rate was 7.7 percentage points higher than that of all industrial regulations, and 1.1 percentage points faster than that of January to March, and the recovery trend was obvious.

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