In May, industrial enterprise profits increased by 0.7% year-on-year, a decrease of 3.3 percentage points from April. The repair slope of industrial enterprise profits has slowed down. From the driving factors, industrial production in May maintained a recovery trend, PPI year-on-year decline narrowed, and profit margin turned negative year-on-year in the same month. As we predicted in the previous report, the base pressure of profit margin is dragging down the repair of enterprise profits. Looking forward, industrial enterprise profits are expected to continue to improve and production is expected to remain stable. The drag of prices on enterprise profits is weakening and the main pressure still lies in profit margin.
光大证券：工业企业利润有望继续回升向好，主要压力仍在利润率
Everbright Securities: Industrial enterprise profits are expected to continue to improve and the main pressure still lies in profit margin.
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