More mining profits

U.S. equity futures slid in premarket trading today and oil tumbled, while Hong Kong stocks slumped after protests against COVID-19 lockdowns spread across China, including to Beijing and Shanghai. The Hang Seng Index dropped 1.6% today, the lowest level since November 10.

More mining profits as manufacturing profits shrink: According to the National Bureau of Statistics, in the first ten months of the year, the mining industry reported total profit of 1.39 trillion yuan ($194.25 billion), an increase of 60.4% year-on-year (continuing the trend of mining profits in 2022), while the manufacturing industry reported total profit of 5.17 trillion yuan ($720.82 billion), a decrease of 13.4%.

Successful test of reusable rocket engine: On Saturday, China Aerospace Science and Technology Corporation (CASC) 中国航天科技集团 reported the successful test of China’s first 130-ton reusable liquid oxygen kerosene rocket engine at a facility in Shaanxi Province.

Energy storage capacity: According to a new report, at the end of September, China’s cumulative installed energy storage capacity, including pumped energy storage and new energy storage such as electrochemical and compressed air energy storage, exceeded 50 gigawatts (GW) for the first time.

Meituan back in the black: On Friday, online retailer Meituan 美团 announced revenue for the third quarter of 62.61 billion yuan ($8.72 billion), a year-on-year increase of 28.2%, and net profit of 1.21 billion yuan ($168.57 million), compared with a net loss of 1.11 billion yuan ($155.47 million) in the second quarter and a net loss of 9.90 billion yuan ($1.37 billion) in the third quarter of 2021.