In the first half of 14 years, the growth of China's industrial enterprises above designated size was concentrated in a small number of enterprises.

According to the financial data of industrial enterprises released by the National Bureau of Statistics, from January to June, the total profits of industrial enterprises above designated size reached 2,864.98 billion yuan, an increase of 11.4% year-on-year, and the growth rate increased by 1.6 percentage points from January to May.

Dr. He Ping of the Department of Industry of the National Bureau of Statistics said in an interpretation of this data that although profit growth accelerated in June, overall industrial profits remained stable during the first half of the year, and there was no significant change in the situation where new profits were concentrated in a few industries. There are still factors that constrain the company’s profitability.

According to He Ping, the growth rate of profit growth in June has multiple causes: First, sales growth has accelerated; Second, costs have decreased; Third, the impact of corporate accounting factors; Some large-scale enterprises and listed companies are not the main activities. The income was concentrated in the end of the quarter, resulting in greater volatility in profits. Fourth, the base figure was low last year; Fifth, a few industries have more obvious driving forces for profit.

The improvement of corporate profits from January to June also validated the favorable changes in the current production end of the company. The PMI at the beginning of this month and HSBC's new PMI all showed that the economic growth momentum continued to increase with the continuous introduction of easing policy measures and the improvement of exports to a certain extent.

However, while the production end is warming, factors that affect the growth of corporate profits also exist. One of them is the decline in asset output efficiency. From January to June, the company's main business income per 100 yuan of assets was 121.5 yuan, a year-on-year decrease of 2.5 yuan. In terms of inventory, the destocking pressure of enterprises continues to increase. At the end of June, the inventory of finished products of enterprises increased by 12.6% year-on-year, which was 4 percentage points higher than the accumulative growth rate of main business income; the inventory turnover days of finished goods were 13.8 days, an increase of 0.3 days compared with the same period of last year. In corporate sales, the company's arrears are also increasing. At the end of June, corporate receivables increased by 12.7% year-on-year, which was 4.1% higher than the accumulative growth of main business income.

He Ping believes that these will have an adverse effect on the production and operation of enterprises, and further restrict the improvement of efficiency.

It is necessary to maintain the improvement of the production end to the company's profits, and maintain the momentum of maintaining this growth so as to allow time for companies to improve their profits.

Nomura Securities expects that the Chinese government will further relax its policies in the third quarter to make up for the continuous adjustment of the real estate market, manage credit risk events, and reduce corporate financing costs, especially small and micro enterprises, which will enable the government to achieve 7.5% growth in 2014. aims.