China’s industrial profits keep rising, but the recovery is losing momentum 📉 China’s industrial profits rose 11.2% YoY in July, the slowest pace since the start of the year, easing from 21.1% in May and 15.1% in June. 🏭 For the first seven months of 2026, profits were still up 17.6% to CNY 4.582 trillion, suggesting the industrial sector is not weakening broadly, although growth is becoming increasingly concentrated. 💻 Electronics, computers and telecommunications profits surged 110%, contributing 9.3 percentage points to overall growth. In contrast, autos fell 20.4%, steel dropped 51.2%, and non-metallic building materials declined 48.2%. 📊 July industrial output grew only 4.5% while manufacturing PMI stood at 49.2, highlighting continued weakness in domestic demand. The data point to a more uneven recovery and may reinforce expectations for further targeted policy support from Beijing. #ChinaEconomy $CXMT