China’s industrial profits rose 15.5% year-on-year to CNY 6.03 trillion in the first nine months of 2026, easing slightly from a 15.7% increase in the January-August period. Growth remained supported by high-tech and AI-related manufacturing and electronics, although subdued domestic demand continued to weigh on some industries. Profits at state-owned enterprises increased 13.1% to CNY 1.94 trillion, while joint-stock companies recorded a 20.8% gain to CNY 4.67 trillion. Private firms’ profits rose 8.7% to CNY 1.51 trillion. By sector, mining profits surged 38.2%, followed by manufacturing at 17.0%, while utilities fell 14.3%. Among industries, computers and communications led with a 103.8% increase, followed by non-ferrous metal smelting and rolling (79.7%), coal mining (57.0%), and chemicals (49.2%). In September alone, industrial profits grew 14.4% year-on-year, accelerating sharply from 4.2% in August.