On March 27, the National Bureau of Statistics released industrial profits for the January-February period.

　　Data show that in January-February, national industrial enterprises above designated size achieved a total profit of 1,015.68 billion yuan, a year-on-year increase of 31.5%.

　　However, unlike most of the industries in the industry in the past, general industrial profits have been different. In January-February, the profit gap between different industries was very large, and the characteristics of “upstream downstream eating” were obvious.

　　For example, January-February (steel) ferrous metal smelting and rolling processing industry increased by 21.1 times, oil processing, coking, and nuclear fuel processing industry increased by 1.3 times, non-ferrous metal smelting and rolling processing industry increased by 1.2 times, as for the coal industry, last year 1-2 The monthly loss was 2.09 billion yuan, and the profit for January-February 2017 reached 43.8 billion yuan.

　　In the same period, the profit growth of most industrial sectors was not as good as that of coal and steel. Data showed that the general equipment manufacturing industry grew by 23.3% from January to February, the special equipment manufacturing industry increased by 19.8%, the automotive industry increased by 19.2%, computers, communications and other electronics. Equipment manufacturing grew by 20.5%.

　　Many industries have even lost profits, for example, electric machinery and equipment manufacturing increased by 0.9% in January-February, electricity and heat production and supply dropped by 39.3%, and profits in railways, ships, aerospace and other transportation equipment manufacturing decreased by 10.9. %, other manufacturing industries fell by 1.6%.

　　This increase in profits is due in large part to the production capacity of steel and coal. For example, in 2016, China's national steel production capacity exceeded its 65 million tons and its coal production capacity exceeded 290 million tons. In 2017, the country will withdraw 50 million tons of steel production capacity. , 150 million tons of coal production capacity.

　　Tang Jianwei, a senior research fellow at the Bank of Communications (601328) Financial Research Center, believes that the current rise in industrial profits cannot explain that the economy has entered a new cycle. Since it has really entered a new cycle, the profits of all upstream and downstream companies are recovering. However, the current situation is that the upstream industry has a very good profit, and the downstream industry still lags behind, reflecting that the upstream profits are squeezed from the downstream industries.

　　He believes that such a rapid rise in the price of steel coal is difficult to sustain, so the next price trend will be eased upwards, but there will be no "dramatic" rise.

　　Tang Jianwei said that for the development of the industry to be "three concerns", pay attention to state-owned enterprises on the private company profits is "conduction" or "squeeze"; to pay attention to the upper reaches of the industry's price transmission effect of the middle and lower reaches of the industry, rationalize the transmission mechanism; also pay attention to investment Divergence from consumption, do not squeeze.