According to the CITIC Construction Investment Research Report, from January to August 2026, industrial enterprises achieved a 15.7% year-on-year increase in profit; profit for the month of August increased 4.2% year on year, mainly disturbed by the high base for the same period last year, but gross profit for that month increased 7.5% year on year, 1.9 percentage points faster than the previous month, and profit quality did not weaken with the total volume. Structurally, profits in the electronics industry increased 1.1 times year on year, contributing more than 60% to overall regulated industrial profit growth. The boom spread along the computing power chain to PCBs, optical cables, and special materials for electronics; profits in the high-tech manufacturing industry grew 54.7%, bucking the trend. The raw materials manufacturing industry grew 47.3%, supported by international bulk prices. Looking back, the endogenous dynamics of profit will still be concentrated in the field of new kinetic energy, and total flexibility is limited under a pattern of strong supply and weak demand. As far as interest rate bonds are concerned, the current fundamental mix is too neutral; the equity side suggests focusing on sectors with high profits and relatively low valuations.

According to the CITIC Construction Investment Research Report, from January to August 2026, industrial enterprises achieved a 15.7% year-on-year increase in profit; profit for the month of August increased 4.2% year on year, mainly disturbed by the high base for the same period last year, but gross profit for that month increased 7.5% year on year, 1.9 percentage points faster than the previous month, and profit quality did not weaken with the total volume. Structurally, profits in the electronics industry increased 1.1 times year on year, contributing more than 60% to overall regulated industrial profit growth. The boom spread along the computing power chain to PCBs, optical cables, and special materials for electronics; profits in the high-tech manufacturing industry grew 54.7%, bucking the trend. The raw materials manufacturing industry grew 47.3%, supported by international bulk prices. Looking back, the endogenous dynamics of profit will still be concentrated in the field of new kinetic energy, and total flexibility is limited under a pattern of strong supply and weak demand. As far as interest rate bonds are concerned, the current fundamental mix is too neutral; the equity side suggests focusing on sectors with high profits and relatively low valuations.