Huatai Securities reports May industrial profits rose 21.1% YoY, easing from April’s 24.7% but above Q1’s 15.5%; revenue growth continued to recover, indicating broad improvement. Energy and AI-related chains were the primary profit supports. A blockade of the Strait of Hormuz now exceeding three months has intensified supply shocks, eroding capacity utilization at some mid‑ and downstream firms and widening industry divergence. Oil prices edged down in May, but upstream petrochemical profit growth remained elevated. Electronics/computers, driven by strong global AI investment, led profit and revenue gains; its contribution to aggregate industrial profits rose from 6.7ppt to 9.6ppt. Nonferrous smelting and chemical products contributed 6.4ppt and 4.2ppt respectively; the three sectors together added about 20.2ppt. Domestic-demand downstream manufacturing profit growth remained weak, with autos and furniture seeing larger declines.(金十数据)