China: Industrial profit growth picked up in Sept

China's headline industrial profit growth accelerated to 14.4%oya in September from 4.2% in August, while year-to-date growth remained broadly stable at 15.5%. The K-shaped recovery continued, with tech and mining benefiting from strong AI-related demand and higher commodity prices, while domestically oriented manufacturing remained weak. Tech manufacturing remained the principal growth engine, with computer and electronics profits up 103.8%oya ytd, accounting for an estimated 23% of total industrial profits in September. Mining profits rose 38.2% ytd, with coal-mining up 57.0% and oil and gas extraction up 21.3%;