From January to February this year, the profits of enterprises above designated size rose by 17.2%.

**Abstract** Corporate profitability is experiencing a significant upturn. On March 28, the National Bureau of Statistics released data showing that from January to February this year, industrial enterprises above the designated size in China achieved a profit of 709.2 billion yuan, marking a year-on-year increase of 17.2%. This represents a sharp improvement compared to the previous year, when profits for these enterprises stood at 555.78 billion yuan, with a more modest growth of just 5.3%. Among them, state-owned and state-controlled enterprises reported a profit of 212.5 billion yuan, reflecting a 18.9% increase, the highest among all sectors. Analysts suggest that this surge in corporate earnings is largely driven by economic recovery fueled by infrastructure investment. According to the data, out of 41 industrial sectors, 30 saw year-on-year profit growth, while 8 experienced declines. Two sectors turned from losses to profits, and one saw reduced losses compared to the same period last year. Notably, the agricultural and sideline food processing industry saw an 11.5% increase, while the chemical industry grew by 11.2%. The automobile manufacturing sector rose by 19.8%, and the electrical machinery and equipment manufacturing sector increased by 4.8%. Meanwhile, computer, communications, and other electronic equipment manufacturing recorded a staggering 89% growth, and power and heat production and supply jumped by 150%. One particularly striking development was the ferrous metal smelting and rolling industry, which saw its profits rise by 17 times compared to the same period last year. Senior analysts from Lianxun Securities noted that this dramatic increase can be attributed to the low base effect from the previous year, when the sector’s performance was weak. This “counterattack” in profit growth signals a broader industrial recovery. The National Bureau of Statistics highlighted six key industries—power, petroleum processing, steel, electronics, automotive, and tobacco—that have played a major role in driving overall profit growth. According to Dr. He Ping from the Industry Department, these six industries accounted for over 80% of the total profit growth, with the power, petroleum processing, and steel sectors contributing more than 50% of the increase. In terms of enterprise types, state-owned and state-controlled enterprises earned 212.5 billion yuan in the first two months of the year, up 18.9% from the same period last year. Collective enterprises saw a 6.8% increase, reaching 10.6 billion yuan. Joint-stock enterprises reported a profit of 410.2 billion yuan, rising by 16.1%, while foreign and Hong Kong, Macao, and Taiwan-invested enterprises earned 159.2 billion yuan, up 12.8%. Private enterprises also performed well, with a profit of 230.6 billion yuan, representing a 16.9% increase. In 2012, state-owned and state-controlled enterprises had a profit of 1,416.3 billion yuan, but that marked a 5.1% decline from the previous year. This trend has reversed dramatically in early 2023, as these same sectors are now leading the charge in profit growth. Hualong Securities pointed out that improved operational efficiency, lower main costs, and declining financial expenses due to two interest rate cuts are creating favorable conditions for companies to restructure, reduce excess capacity, and enhance productivity. Overall, the current environment offers a rare opportunity for businesses to adapt, optimize, and grow.

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