2024年前三个月，中国工业企业的利润同比增长4.3%，达到15055.305亿元人民币，远低于前一时期10.2%的增长。最新结果突显出，在房地产长期低迷、国内需求持续疲软和通货紧缩风险挥之不去的情况下，政府一直难以保持复苏势头。国有企业的利润下降（从1-2月的0.5%下降到-2.6%），而私营企业的利润大幅放缓（从12.7%下降到5.8%）。计算机业、通信业（82.5%）、有色金属冶炼和压延业（57.2%）、电力和热力生产业（47.5%）、汽车业（47.5%）、机械设备业（35.2%）、通用设备业（7.9%）以及石油和天然气业（3.8%）的利润有所增长。相比之下，非金属（-54.2%）、煤矿开采和洗选（-33.5%）、特种设备制造（-7.2%）和化工产品（-3.5%）的利润下降。与此同时，石油和煤炭由盈转亏。

Profits earned by China's industrial firms rose by 4.3% yoy to CNY 1,505.5305 billion in the first three months of 2024, much slower than a 10.2% jump in the prior period. The latest result underlined that the government has struggled to maintain a recovery momentum amid a prolonged property downturn, persistently weak domestic demand, and lingering deflation risks. Profits in state-owned companies fell (-2.6% vs 0.5% in January-February) while those in the private sector sharply slowed (5.8% vs 12.7%). Profits increased for the computer industry, communications (82.5%), non-ferrous metal smelting and rolling (57.2%), electric power and heat production (47.5%), cars (47.5%), machinery & equipment (35.2%), general equipment (7.9%), and oil and natural gas (3.8%). By contrast, profits fell for non-metallics (-54.2%), coal mining and washing (-33.5%), special equipment manufacturing (-7.2%), and chemical products (-3.5%). Meantime, petroleum, and coal turned from profit to loss.

标普/多伦多证券交易所综合指数周五上涨0.38%，收于21969点，受大宗商品相关股票提振，同时投资者仔细查看最新的美国通胀数据，以了解美联储的立场。材料股平均上涨3.48%，First Quantum Minerals以12.5%的涨幅领涨，Ero Copper上涨8.14%，Ivanhoe Minerals上涨5.93%。在财报中，Agnico Eagle Mines的股价超过了第一季度的预期，上涨了0.94%。相反，TFI International的股价低于预期，下跌2.32%，帝国石油公司的季度业绩也未达到预期，导致其股价下跌0.82%。与此同时，美联储首选的通胀指标PCE核心价格同比超出预期，加剧了对长期限制性货币政策的预期。TSX指数本周上涨0.74%。

The S&P/TSX Composite index rose 0.38% to close at 21,969 on Friday, lifted by commodity-related stocks, while investors scrutinized the latest US inflation data for insights into the Fed’s stance. Materials stocks surged by an average of 3.48%, with First Quantum Minerals leading the pack with a 12.5% increase, followed by Ero Copper rising 8.14%, and Ivanhoe Mines up by 5.93%. Amidst earnings reports, Agnico Eagle Mines surpassed first-quarter estimates, boosting their shares by 0.94%. Conversely, TFI International fell short of expectations, resulting in a 2.32% decline, and Imperial Oil’s quarterly results missed forecasts, causing their shares to drop by 0.82%. Meanwhile, core PCE prices, the Fed’s preferred inflation gauge, exceeded expectations year-on-year, fueling expectations for a prolonged period of restrictive monetary policy. The TSX saw a 0.74% rise in the week.

受Alphabet和微软强劲盈利报告的推动，美国股市周五收盘走高，以科技股为主的纳斯达克指数上涨2%。标准普尔500指数上涨1%，道琼斯指数上涨153点，投资者对价格上涨的担忧置之不理，尤其是在最新数据显示，美联储首选的通胀指标继续表明价格压力持续存在之后。微软股价上涨1.8%，此前其盈利和营收均超过预期。Alphabet股价上涨10.2%，创下171.95美元的历史新高，此前该公司公布了乐观的业绩，该公司宣布的首次股息也增加了乐观情绪。相反，英特尔在公布了令人失望的营收前景后暴跌9.2%。埃克森美孚公司因未达到盈利预期而下跌2.8%，雪佛龙公司因利润低于预期而小幅上涨。本周，标准普尔500指数和纳斯达克指数分别上涨2.2%和3.5%，为11月以来最好的一周，道琼斯指数上涨0.5%。

US stocks finished higher on Friday, driven by strong earnings reports from Alphabet and Microsoft, sending the tech-heavy Nasdaq 2% higher. The S&P 500 was up 1%, while the Dow Jones gained 153 points as investors brushed off concerns about elevated prices, especially after the latest data showed that the Fed's preferred inflation gauge continued to indicate persistent price pressures. Microsoft jumped 1.8% after surpassing forecasts for both earnings and revenue. Alphabet surged 10.2%, hitting all-time high of $171.95, after its upbeat results, and the company's announcement of its first dividend added to the positive sentiment. Conversely, Intel plunged 9.2% after providing a disappointing revenue outlook. ExxonMobil lost 2.8% after missing earnings expectations, while Chevron rose slightly as its profit came in below estimates. On the week, the S&P 500 and the Nasdaq gained 2.2% and 3.5%, respectively, their best weeks since November, while the Dow Jones rose by 0.5%.

受Alphabet和微软强劲盈利报告的推动，美国股市周五下午走高，以科技股为主的纳斯达克指数上涨超过2%。标准普尔500指数上涨1.2%，道琼斯指数上涨200多点，投资者对价格上涨的担忧置之不理，尤其是在最新数据显示美联储首选的通胀指标继续显示持续的价格压力之后。微软股价上涨2.7%，此前其盈利和营收均超过预期。Alphabet股价上涨10%，此前其业绩超出预期，该公司宣布首次分红，进一步提振了乐观情绪。相反，英特尔在公布了令人失望的营收前景后暴跌10%。埃克森美孚公司因未达到盈利预期而下跌2.4%，雪佛龙公司因利润低于预期而小幅下跌。本周，标准普尔500指数和纳斯达克指数将分别上涨2.4%和3.8%，这是五年来的第一个上涨周，而道琼斯指数上涨0.6%。

US stocks were trading higher on Friday afternoon, driven by strong earnings reports from Alphabet and Microsoft, sending the tech-heavy Nasdaq over 2% higher. The S&P 500 was up 1.2%, while the Dow Jones gained over 200 points as investors brushed off concerns about elevated prices, especially after the latest data showed that the Fed's preferred inflation gauge continued to indicate persistent price pressures. Microsoft jumped 2.7% after surpassing forecasts for both earnings and revenue. Alphabet surged 10% following its results beating estimates, and the company's announcement of its first dividend added to the positive sentiment. Conversely, Intel plunged 10% after providing a disappointing revenue outlook. ExxonMobil lost 2.4% after missing earnings expectations, while Chevron fell slightly as its profit came in below estimates. On the week, the S&P 500 and the Nasdaq are set to gain 2.4% and 3.8%, respectively, its first positive week in five, while the Dow Jones rose by 0.6%.