中国工业利润录得自6月以来最强增速，与人工智能相关的制造业繁荣抵消了国内需求持续疲软的拖累。
China's industrial profits grew at their strongest pace since June, as a boom in manufacturing tied to artificial intelligence offset drag from persistently weak domestic demand.
周二公布的官方数据显示，上月规模以上工业企业利润同比增长14.4%。今年前九个月，工业利润增长15.5%，略低于1月至9月期间的15.7%增幅。
Profits at large industrial firms rose 14.4% last month from a year earlier, official data released Tuesday showed. For the first nine months of this year, industrial profits climbed 15.5%, slightly below the 15.7% rise in the January-September period.
这一强劲表现正值工业利润在今年早些时候转为两位数增长之际。此前，在经历了连续三年下降后，2025年工业利润录得小幅增长，这得益于北京方面遏制各行业恶性价格战的努力，以及对人工智能相关设备需求的激增。
The strength comes as industrial earnings swung to double-digit growth earlier this year, following a modest gain in 2025 after three straight years of declines, helped by Beijing's efforts to curb rampant price wars across sectors and surging demand for AI-related equipment.
全球人工智能热潮以及伊朗战争推高的大宗商品价格，今年提振了矿商、芯片制造商和原材料供应商的利润，尽管下游制造商面临投入成本上升和国内需求疲软的局面。
The global AI boom and higher commodity prices stemming from the war in Iran have lifted earnings at miners, chipmakers and raw-material suppliers this year, even as downstream manufacturers face rising input costs and weak domestic demand.
人工智能和机器人等高科技领域的利润增长一直跑赢服装、汽车和家具等消费相关行业的利润。
Earnings growth in high-tech sectors, such as AI and robotics, has been outperforming profits in consumer-related industries, including clothing, autos and furniture.
中国第三季度经济同比增长4.5%，略快于上一季度，使前九个月增速达到4.6%，处于政府全年4.5%至5%的目标区间内。
China's economy expanded 4.5% in the third quarter from a year earlier, slightly faster than the previous quarter, taking growth in the first nine months to 4.6%, within the government's full-year target range of 4.5% to 5%.
消费依然疲软，9月社会消费品零售总额增长1.1%，超出预期，但仅略高于8月的疲弱读数。
Consumption remains soft, with retail sales growing 1.1% in September, beating forecasts but only marginally above August's weak reading.
随着对地方政府债务的担忧加剧，以及消费品以旧换新补贴的效应消退，北京方面迄今尚未出台提振国内需求的重大新刺激措施。
With concerns mounting over local government debt and the benefits of consumer trade-in subsidies fading, Beijing has so far held back from major new stimulus for domestic demand.
牛津经济研究院高级经济学家沈娜月表示，在高科技制造业投资和电子行业产能利用率方面，得益于全球人工智能周期和国内政策重点，仍保持韧性。她表示，整体投资和工业产能利用率仍然低迷。
High-tech manufacturing investment and electronics capacity utilization remain resilient, supported by the global AI cycle and domestic policy priorities, said Shena Yue, senior economist at Oxford Economics. Overall investment and industrial utilization are still subdued, she said.
岳女士表示，随着房地产低迷持续拖累住房购买及相关耐用品消费，家庭需求是薄弱环节。她说：“中国的出口强劲无法完全抵消其国内疲软。”
Household demand is the weak link as the property downturn continues to weigh on housing purchases and related durables, Yue said. "China's export strength isn't able to fully offset its domestic weakness," she said.