2025-12-27 08:21:30

Recent data on industrial enterprise profits is quite sobering. In November, year-on-year decline was 13.1%, the worst in 14 months, worse than October. What's the reason? Export performance was actually decent, exceeding expectations, but the problem lies in weak domestic demand. Industrial product prices have been unable to rise, and corporate gross profit margins are being continuously compressed.

Looking at different industries, the situation varies greatly. Automotive and high-tech manufacturing sectors can still maintain growth, indicating that new tracks and upgrade directions still have vitality. But traditional industries are in a dire state—profits for old industries like coal have plummeted, with overcapacity, fierce competition, and lack of pricing power surfacing as old problems.

No new stimulus measures have been seen from the policy level for now. In this predicament, the market is waiting, and companies are waiting too. The good news is that there is clear structural differentiation—technology and upgrade-oriented industries still have vitality, indicating that the economic transformation has not stalled, but the pain period is indeed a bit long.

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HodlAndChill

· 10h ago

Domestic demand is so weak that even with strong exports, it can't hold up --- Traditional industries are really struggling; the coal sector can't turn things around at all --- What are we waiting for? Just waiting for the policy big gift package --- As long as technological manufacturing is still alive, that's enough; don't look at other sectors for now --- Gross profit margins are being squeezed to the limit; how can companies not be anxious? --- The worst decline in 14 months, this data is exceptionally ugly --- Pricing power is gone; how else can we play? --- Automobiles and high-tech are holding up; other industries are struggling --- Internal demand can't be boosted; that's the real problem --- The pain period is a bit long, right? I don't see any good news in the short term

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DegenWhisperer

· 12-27 08:51

Domestic demand really can't be stimulated; if this continues, traditional industries can only wait to die. Exports exceeding expectations, but what's the use if domestic consumers have no money? New energy vehicles are competing fiercely, old industries are crying—this is the current situation. No policy action yet? Just wait, brothers. The coal industry is really miserable; with no pricing power, how can they operate? A 13.1% decline—this data is truly heartbreaking. High-end manufacturing is still alive, but traditional sectors are completely falling behind. Gross profit margins have been squeezed to this point; what can companies do? Waiting for policies, waiting for consumption to pick up—it's just a matter of time. The tech industry still has hope; I really can't see hope for others.

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GasFeeBarbecue

· 12-27 08:49

Oh my, domestic demand really can't be stimulated, exports alone can't save the situation Traditional industries truly have no way out this time; they should have transitioned earlier Wait, wait, when will there be stimulus? I bet new energy can still hold up Profit margins have been squeezed to the limit, companies are all feeling frustrated Automotive and technology sectors are okay, but other industries should be watched 14 months of the worst decline, it's quite intense Lack of pricing power, this problem is deeply rooted The pain period is quite harsh, when will it finally ease up Weak domestic demand to death, even good exports can't make up for it

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UncleWhale

· 12-27 08:49

Domestic demand is so weak, what else can we expect? Coal industries really should retire. The tech sector is still alive, that's the only comfort. Wait, wait, everyone is waiting for policies. Exports can't sustain for long; we need to find ways to stimulate domestic demand. Traditional industries really can't hold up this wave.

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LiquidationTherapist

· 12-27 08:48

Domestic demand has been like this all along, how can companies survive with such low gross profit margins? --- Traditional industries really should go bankrupt and clear out, what are they still holding on for? --- What are you waiting for? If policies don't intervene, they would have acted already. --- Technology manufacturing is still growing, others can just wait to die slowly. --- A 13.1% decline... this is the real "liquidation." --- The coal industry is so miserable, why hasn't the concentration ratio increased yet? --- Exceeding expectations in exports, so what? With such weak domestic demand, it's fundamentally un救able. --- Structural differentiation is a code word; in plain terms, it's survival of the fittest. --- Companies are waiting for policies, and policies are also waiting... who moves first wins or loses? --- Gross profit margins being squeezed to this extent, this is the real economic dilemma.

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MindsetExpander

· 12-27 08:45

Domestic demand really needs to find some solutions; relying solely on exports won't last long. Traditional industries are really being squeezed to death, with no pricing power, how can they survive? The polarization is becoming more and more obvious. If new energy vehicles can make money, old industries will have to die. The choices are too cruel. It's a bit uncomfortable that policies haven't been actively implemented; waiting and watching, we still have to rely on enterprises to save themselves. As long as the technology industry remains vibrant, that's fine; at least the transformation hasn't completely stalled. The 13.1% decline in old industries sounds really painful. Gross profit margins are being squeezed tightly, and this is the result of having no pricing power. Let's wait and see; anyway, without new policies, the market won't be able to stir up any new tricks. Automobiles and high-tech are still growing, indicating that money is still flowing into new tracks. The coal industry is probably going to be very uncomfortable; overcapacity should have been reshuffled long ago.

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SandwichTrader

· 12-27 08:39

Domestic demand is not picking up, so everything is pointless. Traditional industries are really heartbreaking; those old guys in coal are still holding on stubbornly. Wait, wait, when will the policies finally take action? The new energy sector is still rising; the transformation has to focus on this area. Profit margins have been squeezed to the point of paper-thinness; small and medium-sized enterprises must be suffering a lot.

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QuietlyStaking

· 12-27 08:36

Traditional industries are really dying fast. The coal sector is completely unenergetic; it's better to all-in on the tech track.

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