沪银主力 (SHF_AG) 加自选

中国工业利润连续四个月下降，但速度较慢。仅移动月份的月环比为-7.3%，连续第四个月下降。但是，10月份为-10%，因此11月份的下降速度较慢。

China's industrial profits decline four straight months, but at a slower rate.The move month alone m/m was -7.3%, extending its decline to a fourth straight month. But, October was -10% ,so a slower pace of fall in November.

2024年前11个月，中国工业企业的利润同比下降4.7%，至66674.8亿元人民币，降幅大于前一时期的4.3%，突显出由于需求持续疲软、通货紧缩风险和房地产低迷导致的经济疲软。国有企业的利润进一步下降（1月至10月为-8.4%对-8.2%），私营部门的利润进一步下跌（-1.0%对-1.3%）。在所有行业中，黑色金属冶炼和轧制加工（-83.7%）、非金属矿物（-48.2%）、煤炭开采（-22.4%）、化工（-9.3%）、汽车（-7.3%），石油和天然气（-4.4%），电机（-3.1%）和特种设备（-0.9%）的利润均有所下降。与此同时，石油和黑色金属冶炼从盈利转为亏损。相比之下，有色金属冶炼（20.2%）、热能生产（13.5%）、纺织（4.6%）、计算机、通信（2.9%）和农业（0.5%）的利润有所增长。工业利润环比下降7.3%，为连续第四个月下降。

Profits earned by China's industrial firms dropped by 4.7% yoy to CNY 6,667.48 billion in the first eleven months of 2024, steeper than a 4.3% fall in the prior period, highlighting an economic weakness due to persistently weak demand, deflation risks, and a property downturn. Profits fell further for state-owned companies (-8.4% vs -8.2% in January-Oct.) and the private sector (-1.0% vs -1.3%). Among industries, profits shrank for ferrous metal smelting and rolling processing (-83.7%), non-metallic minerals (-48.2%), coal mining (-22.4%), chemicals (-9.3%), cars (-7.3%), oil and natural gas (-4.4%), electrical machinery (-3.1%), and special equipment (-0.9%). Meanwhile, petroleum, and ferrous metal smelting turned from profits to losses. In contrast, profits rose for non-ferrous metal smelting (20.2%), heat production (13.5%), textile (4.6%), computer, communications (2.9%), and agriculture (0.5%). Monthly, industrial profits shrank 7.3% yoy, marking the fourth month of decrease.

中国11月工业利润年初至今（YTD）同比增长4.7%（之前为-4.3%）。2024年，受各种经济挑战和政策干预的影响，中国工业部门的盈利能力一直在波动，包括但不限于：

China November Industrial profit Year to Date (YTD) -4.7% y/y (prior -4.3%).China's industrial sector has experienced fluctuating profitability throughout 2024, influenced by various economic challenges and policy interventions, including but not limited to:

追赶-世界银行将2024年中国经济增长预测从之前的4.8%上调至4.9%。报告中强调的这些“关键挑战”都不应令人感到意外。“世界银行观点”（政策建议）也不足为奇。

Catch up - World Bank raised its 2024 China growth forecast to 4.9%, from 4.8% previously.None of those "key challenges" highlighted in the report should come as any surprise. The 'World Bank perspective' )policy adive) is not surprising either.