BEIJING, Oct. 27 (Xinhua) — China’s major industrial firms posted strong profit growth in the first nine months of 2026, driven by robust gains in the electronics industry and high-tech manufacturing, official data showed Tuesday.
Profits of major industrial firms with an annual main business revenue of at least 20 million yuan (about 2.98 million U.S. dollars) rose 15.5 percent year on year during the January-September period, maintaining double-digit growth since the beginning of the year, according to the National Bureau of Statistics (NBS).
In September alone, industrial profits at those firms increased 14.4 percent year on year, with the growth rate up 10.2 percentage points from August.
NBS statistician Yu Weining attributed the overall profit growth to intensified macroeconomic policy support, steady industrial production and accelerated development of new quality productive forces.
The electronics industry emerged as a key growth driver, with profits doubling from a year earlier and contributing 9.6 percentage points to the overall increase in industrial profits.
Driven by demand for AI computing power and advanced memory technologies, profits in electronic specialty materials manufacturing surged 220 percent, while those in semiconductor discrete device manufacturing rose 51.7 percent.
Meanwhile, profits in high-tech manufacturing surged 52 percent year on year, outpacing the overall industrial average by 36.5 percentage points.
In the first three quarters, high-tech manufacturing accounted for 25.5 percent of the total profits generated by China’s major industrial firms, up 6.2 percentage points from a year earlier.
As high-end manufacturing continues to advance and new quality productive forces take shape at a faster pace, China’s industrial sector is steadily shifting toward a more advanced and innovation-driven structure, Yu noted.
Tuesday’s data came as China’s 15th Five-Year Plan (2026-2030) highlights the development of a modern industrial system anchored by advanced manufacturing. The country will move to upgrade traditional sectors to the mid-to-high end of the value chain, nurture emerging industries, and make forward-looking plans for industries of the future, according to the development blueprint.
Looking ahead, whether industrial profits can sustain robust growth will largely depend on how effectively the momentum in high-tech manufacturing spreads across broader industrial supply chains and whether stronger domestic demand can further support a recovery in profitability among midstream and downstream industries, analysts noted.
Wen Bin, chief economist at China Minsheng Bank, said industrial profit growth could face near-term pressure before stabilizing in the fourth quarter, supported by recovering prices and continued strength in certain high-growth industries.
He noted that the rollout of 800 billion yuan in new policy-based financial instruments, together with major infrastructure projects and urban renewal initiatives, could stimulate demand for electronic information products, electrical machinery, high-end equipment and certain raw materials.
Meanwhile, continued global investment in AI infrastructure is expected to support China’s electronics and equipment manufacturing supply chains, while exports of new energy vehicles, energy storage systems and power equipment are likely to remain resilient, Wen said.
However, tightening global monetary conditions, uncertainty surrounding U.S. trade policies, geopolitical tensions and energy price fluctuations could weigh on external demand and corporate costs, he cautioned. ■
المصدر: english.news.cn
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