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.

在中国，上海综合指数周五上涨36点，涨幅1.17%。涨幅居前的是福耀玻璃实业（10.01%）、保利地产（8.13%）和华泰证券（7.14%）。

In China, the Shangai Composite Index rose 36 points or 1.17 percent on Friday. Leading the gains are Fuyao Glass Indu (10.01%), Poly Real Estate (8.13%) and Huatai Securities (7.14%).

中国10年期国债收益率降至2.22%的历史最低点。过去4周，中国10Y债券收益率下跌2.50个基点，过去12个月下跌50.00个基点。

China 10 Year Government Bond Yield decreased to an all-time low of 2.22%. Over the past 4 weeks, China 10Y Bond Yield lost 2.50 basis points, and in the last 12 months, it decreased 50.00 basis points.

受日元持续疲软的影响，离岸人民币小幅下跌至7.24美元左右。与此同时，日元兑美元汇率跌至156左右，创下1990年5月以来的最低点，从而给包括人民币在内的其他亚洲货币带来了下行压力。日本央行将利率维持在0-0.1%的决定进一步推动了这一趋势。此外，美国国债收益率的上升和低迷股市的资本外流增加了人民币的下行压力。尽管如此，人民币还是得到了每日基准定价和国有银行旨在稳定的干预措施的支持。与此同时，投资者现在正将注意力转移到定于下周公布的中国PMI数据上。

The offshore yuan edged lower to around 7.24 dollar, influenced by the persistent weakness of the yen. In tandem, the Japanese yen weakened to around 156 per dollar, hitting its lowest point since May 1990, thereby putting downward pressure on other Asian currencies, including the yuan. The Bank of Japan's decision to maintain interest rates at 0-0.1% further contributed to this trend. Moreover, increasing U.S. treasury yields and capital outflows from a lackluster stock market added to the downward pressure on the yuan. Still, the yuan received support from daily benchmark fixings and interventions by state-owned banks aimed at stabilization. Meanwhile, investors are now shifting their focus to China's PMI data scheduled for release next week.