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      壹 A股3季報利潤率下滑

      A股2021年3季報截止2021年10月底全部披露完成。2021年3季度全部A股歸母凈利潤同比增速為25.73%，較2021年上半年下降18.34個百分點。整體銷售凈利率為5.78%，較2021年上半年下跌0.18個百分點；銷售毛利率為17.87%，較2021年上半年下跌0.34個百分點。3季度毛利率和凈利率下跌一方面是因為上游原材料價格上漲，另一方面也反應需求疲弱。

      貳 美股3季報利潤率提升

      同樣是面對原材料價格上漲和供應鏈干擾導致零部件短缺的問題，美股表現截然不同。根據富國銀行，美股3季度盈利較2季度環比上漲5.3%，標普500稅前利潤率從2季度的18.1%上漲到18.3%。

      叁 中國上市企業規模較小

      A股和美股的表現截然不同，背后反應的是規模效應及產業地位導致的價格傳導能力不同。截止2021年10月，A股滬深兩市上市公司數量為4537家，總市值為86.7萬億人民幣，平均一家上市公司的市值為191億人民幣。美股截止2021年10月份上市公司數量接近5700家，總市值接近50萬億美金，平均一家上市公司的市值為88億美金，566億人民幣。也即美國上市公司的平均規模接近中國公司的3倍。公司規模較大，意味著具有較強的定價能力。比如我國的半導體企業毛利率為30%左右，而美國半導體企業的毛利率在60%以上。一方面是我國半導體企業產品技術含量相對較低，另一方面也因為我國企業規模較小。

      肆 微笑曲線

      另一方面，美國公司多處在微笑曲線的兩端，如麥當勞掌握品牌，授權其他加盟商經營；可口可樂也是品牌授權給瓶裝商；蘋果主要搞研發設計和品牌運營，而加工制造則全部外包。因此，美國上市公司的利潤率遠高于處在微笑曲線底部的制造業公司。而我國的上市公司以制造業公司為主，這也意味著他們的定價能力和成本傳導能力都較弱。我國未來要做制造業強國，一方面要擴大企業規模，另一方面也要提升技術水平，爭取向微笑曲線兩端移動。即使處在微笑曲線底部，也要通過技術創新爭取獲得較高的利潤率。

      伍 美股收跌

      A股和港股微漲。受到央行釋放流動性刺激，有色金屬板塊漲幅領先。發改委和工信部發布《關于實施原料藥產業高質量發展規劃的通知》，推動醫藥板塊上漲。美股從高位滑落，市場等待周三發布10月消費者價格指數數據。

I. Profit margin contracted in 3Q2021 in A-share 

A-share released its 3Q2021 earnings results by the end of October.The net profit of all A-share companies grew 25.73% year-on-year in 3Q2021, down by 18.34 percentage point (ppt) from 1H2021. The overall net profit margin was 5.78% in 3Q2021, down 0.18 ppt from 1H2021. The gross profit margin was 17.87%,down 0.34 ppt from 1H2021. The profit margin contraction was both due to rising raw material costs and lackluster demand. 

II. The US companies saw profit margin expansion in 3Q2021 

While also faced with high-flying input costs the US listed companies performed differently from Chinese companies in 3Q2021. According to Wells Fargo,the net profit of the US listed companies grew 5.3% quarter-on-quarter in 3Q2021. The pretax margin in 3Q2021 was 18.3% versus 18.1% in 2Q2021. 

III. The US companies are bigger 

The US companies were able to expand their profit margin because they are bigger than Chinese counterparts and they are on the two sides of the so-called smile curve. By October 2021 the average market cap of the listed companies in A-share was RMB 191 million versus 566 million in the US, i.e., the average US listed company is three times of the Chinese listed company. The bigger the company,the higher the pricing power and bargaining capabilities are. 

IV. Smile curve 

Moreover, the US companies are usually at the two ends of a smile curve. They either license their brands or focus on design and brand operation and outsource manufacturing.The two ends of a smile curve enjoy higher profit margin than manufacturing,which is at the bottom of the smile curve. As a result, the US companies have higher profit margin than Chinese companies. The 3Q2021 earnings tells us that Chinese companies still need to work hard to get to the two ends of a smile curve.

V. The US stocks fell 

Both A-share and HK stocks rose boosted by the liquidity injection from the People’s Bank of China.Non-ferrous metal rose the most. Medicine sectors got boosted from government supporting measures. The US stocks fell from record. Market is waiting for the key October Consumer Price Index, which would be released on Wednesday. 

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