Wen Bin: Industrial enterprises' profits are expected to transition from phased recovery to moderate growth.

Chinese Minsheng Bank's chief economist Wen Bin wrote that looking ahead to 2026, industrial enterprise profits are expected to continue to recover. On the demand side, domestic consumption is steadily increasing, investment is gradually stabilizing after a period of decline, and exports are expected to improve in terms of quantity and quality, leading to overall stable and positive demand. On the price side, under the influence of the "anti-internal competition" policy, the decline in prices is narrowing, easing the pressure on business costs and further supporting profit improvement. In addition, as the construction of a new industrialization and modern industrial system accelerates, the continuous release of effective investment in manufacturing, equipment upgrades, and technological transformation needs will improve the operating environment and profit margins of industrial enterprises, leading industrial profits to transition from a stage of recovery to more resilient and moderate growth.