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Profits Backdrop Still Challenging

CHINA DATA

(MNI Australia) China Mar industrial profits remained fairly downbeat, at -21.4% ytd y/y. This is only a slightly improvement from the Feb reading of -22.90%. More broadly we remain close to early 2020 lows from a momentum standpoint.

  • As this data is Mar, we might see further improvement as we progress through Q2. Still, it does show this part of the economy is struggling even as we have emerged from the Covid zero stance.
  • Looking at the results by industry shows manufacturing remains downbeat -29.4%, as do part of mining. Telecommunications is off -57.5%, but electrical equipment continued to do better +27.1%. Power supply was the other bright spot +33.2%.
  • Onshore equities are unfazed, modestly higher at this stage. Still, the trend remains challenging, with the CSI 300 still sub its 200-day MA.
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