- Industrial profits still grew strongly (about 21% year‑on‑year in May) but slowed from April, underscoring a fragile recovery with weak domestic demand and a property drag.
- Sharp winners and losers: computer and electronics makers boomed (roughly 100% jump, helped by AI investment), while automakers and furniture makers saw steep profit declines.
- External risks and policy action matter — Strait of Hormuz tensions could hit shipping and oil prices, and Beijing is urging banks to boost lending to shore up firms.
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