China’s industrial profits surged 18.8% year-on-year to CNY 3.14 trillion in the January-May 2026 period, accelerating from a 18.2% gain in the first four months of the year. The latest result reflected the ongoing AI investment boom and continued policy support for advanced industries despite lingering weakness in parts of the property-related sector. State-owned enterprises posted solid gains, with profits up 19.6% to CNY 1.05 trillion, while joint-stock companies climbed 24.1% to CNY 2.43 trillion. In addition, private firms saw profit growth of 10.7% to CNY 772.65 billion. By sector, manufacturing remained the key driver, soaring 74.3%, followed by utilities (63.7%) and mining (54.4%). Industry highlights included non-ferrous metal smelting and rolling (117.1%), computer and communication equipment (103.9%), and chemicals (71.6%). In May alone, industrial profits rose 21.1% from the prior year, moderating from April’s 24.7% jump, the strongest pace since November 2023.

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