According to the data of the National Bureau of statistics on the 27th, in November 2021, the profits of Industrial Enterprises above designated size increased by 9.0% year-on-year, down 15.6 percentage points from the previous month, with an average growth of 12.2% in two years. From January to November, the profits of Industrial Enterprises above designated size increased by 38.0% year-on-year, with an average increase of 18.9% in two years, and the growth rate continued to maintain a high level. "In the first November, the total profit of industrial enterprises recorded 38.0% year-on-year, mainly benefiting from the cumulative year-on-year PPI and the continuous high profit margin of industrial enterprises' operating revenue, as well as the low base effect in the same period of 2020." Zheng Houcheng, director of Yingda Securities Research Institute, said. Zhu Hong, Senior Statistician of the industry department of the National Bureau of statistics, said that in November, with the continuous appearance of the effects of the policies of ensuring supply and stabilizing prices and helping enterprises to bail out, the rapid rise in the prices of some raw materials in the upstream was initially curbed, the cost pressure of downstream industries was relieved, and the profit structure showed the characteristics of improvement. The data show that in November, the prices of some bulk commodities fell, the pulling effect of mining and raw material industries on profit growth was weakened, while the contribution of equipment and consumer goods manufacturing industry in the middle and lower reaches to the profits of industrial enterprises increased, the proportion of profits increased significantly, and the differentiation of profits in the upper and lower reaches alleviated. Among the 41 major industrial industries, 26 industries had a year-on-year increase in profits, an increase of 3 over the previous month, and the growth area was expanded; The profit situation of 22 industries improved over the previous month, of which the middle and downstream industries accounted for more than 80%. The profit growth of consumer goods manufacturing industry has accelerated significantly. In November, the profit of consumer goods manufacturing industry increased by 13.6% year-on-year, significantly 10.0 percentage points higher than that of the previous month. The growth rate rebounded for two consecutive months, 4.6 percentage points higher than the average level of industries above designated size. The profits of the equipment manufacturing industry changed from decline to increase. In November, the profit of equipment manufacturing industry increased by 0.8% year-on-year, while it decreased by 7.5% in October. Among them, although the profits of automobile and general equipment industries decreased by 6.4% and 6.2% year-on-year respectively, driven by factors such as alleviating the shortage of chips and improving market demand, the decline was narrowed by 22.1 and 9.5 percentage points respectively compared with the previous month. The profits of railway, ship and metal products industries increased by 48.4% and 29.1% respectively year-on-year, both significantly faster than that of the previous month. In November, the profit of the mining industry increased by 248.4% year-on-year, continuing the rapid growth trend since the beginning of the year, but the growth rate was significantly lower than that of the previous month. By industry, with the strong promotion of the policy of ensuring supply and stabilizing price, the coal price fell significantly month on month. However, due to the still high year-on-year price increase, the profit of the coal industry increased by 308.1% year-on-year. The operating conditions of private, small and micro enterprises continued to improve. In November, the profits of private enterprises and small and micro enterprises increased by 12.9% and 15.9% respectively year-on-year, 3.9 and 6.9 percentage points higher than the average level of industries above Designated Size respectively. (outlook new era)