Core Insights - From January to October, the total profit of industrial enterprises above designated size in China reached 59,502.9 billion yuan, representing a year-on-year increase of 1.9% [1] Group 1: Overall Profit Performance - State-owned enterprises achieved a total profit of 18,490.2 billion yuan, remaining flat year-on-year [1] - Joint-stock enterprises reported a total profit of 44,328.3 billion yuan, an increase of 1.5% [1] - Foreign and Hong Kong, Macao, and Taiwan-invested enterprises realized a total profit of 14,848.6 billion yuan, growing by 3.5% [1] - Private enterprises recorded a total profit of 16,995.6 billion yuan, up by 1.9% [1] Group 2: Sector-Specific Profit Analysis - The mining industry saw a total profit of 7,123.3 billion yuan, a decline of 27.8% year-on-year [1] - The manufacturing sector achieved a total profit of 45,050.3 billion yuan, reflecting a growth of 7.7% [1] - The electricity, heat, gas, and water production and supply industry reported a total profit of 7,329.3 billion yuan, increasing by 9.5% [1] Group 3: Major Industry Profit Changes - The non-ferrous metal smelting and rolling processing industry experienced a profit increase of 14.0% [2] - The electricity and heat production and supply industry grew by 13.1% [2] - The computer, communication, and other electronic equipment manufacturing industry saw a profit rise of 12.8% [2] - The agricultural and sideline food processing industry increased by 8.5% [2] - The automotive manufacturing industry grew by 4.4% [2] - The black metal smelting and rolling processing industry turned from loss to profit, totaling 105.3 billion yuan [2] - The petroleum, coal, and other fuel processing industries reported a reduction in losses, while the chemical raw materials and chemical products manufacturing industry declined by 5.4% [2]

1—10月份，全国规模以上工业企业实现利润总额59502.9亿元，同比增长1.9%（按可比口径计算，详见附注二）。 1—10月份，采矿业实现利润总额7123.3亿元，同比下降27.8%；制造业实现利润总额45050.3亿元，增长7.7%；电力、热力、燃气及水生产和供应业实现利 润总额7329.3亿元，增长9.5%。 1—10月份，主要行业利润情况如下：有色金属冶炼和压延加工业利润同比增长14.0%，电力、热力生产和供应业增长13.1%，计算机、通信和其他电子设备 制造业增长12.8%，农副食品加工业增长8.5%，电气机械和器材制造业增长7.0%，通用设备制造业增长6.2%，专用设备制造业增长5.0%，汽车制造业增长 4.4%，非金属矿物制品业增长1.0%，黑色金属冶炼和压延加工业同比由亏转盈，石油、煤炭及其他燃料加工业同比减亏，化学原料和化学制品制造业下降 5.4%，纺织业下降6.1%，石油和天然气开采业下降12.5%，煤炭开采和洗选业下降49.2%。 1—10月份，规模以上工业企业实现营业收入113.37万亿元，同比增长1.8%；发生营业成本97.00万亿元，增长2.0%；营业收入利润率为5.25%，同比提 ...

装备制造业利润较快增长。1—10月份，规模以上装备制造业利润同比增长7.8%，拉动全部规模以上工 业企业利润增长2.8个百分点；实现利润总额占全部规模以上工业企业利润总额比重达38.5%，较上年同 期提高2.0个百分点，工业企业效益结构持续优化。从行业看，1—10月份，装备制造业的8个大类行业 中有7个行业利润实现同比增长，其中，铁路船舶航空航天、电子行业利润两位数增长，增速分别达 32.0%、12.8%；电气机械、通用设备、专用设备行业利润增长较快，增速分别为7.0%、6.2%、5.0%。 1—10月份，在党中央坚强领导下，各地区各部门认真落实党中央、国务院决策部署，着力做强国内大 循环，积极畅通国内国际双循环，带动工业企业利润稳定增长，工业经济高质量发展稳步推进。 工业企业利润稳定增长。1—10月份，规模以上工业企业利润同比增长1.9%，自今年8月份以来累计增 速连续三个月保持增长。从三大门类看，1—10月份，采矿业下降27.8%，降幅较1—9月份收窄1.5个百 分点；制造业增长7.7%；电力、热力、燃气及水生产和供应业增长9.5%。10月份，受上年同期基数有 所抬高、财务费用增长较快等因素影响，规模以上 ...

Core Insights - Industrial enterprises in China experienced stable profit growth from January to October 2025, with a year-on-year increase of 1.9%, marking three consecutive months of growth since August 2025 [2] - The mining sector saw a decline of 27.8%, although the drop was 1.5 percentage points less than the previous period; manufacturing grew by 7.7%, and the electricity, heat, gas, and water production and supply sector increased by 9.5% [2] - In October, profits for industrial enterprises fell by 5.5% year-on-year due to a higher base from the previous year and rising financial costs [2] Revenue Growth - From January to October, the revenue of large-scale industrial enterprises increased by 1.8% year-on-year, contributing positively to the recovery of industrial profits [2] Equipment Manufacturing Sector - The profit of large-scale equipment manufacturing increased by 7.8% year-on-year, contributing 2.8 percentage points to the overall profit growth of large-scale industrial enterprises [3] - The equipment manufacturing sector accounted for 38.5% of total profits in large-scale industrial enterprises, an increase of 2.0 percentage points compared to the previous year [3] - Among the eight major categories in equipment manufacturing, seven reported profit growth, with significant increases in the railway, shipbuilding, aerospace, and electronics sectors, achieving growth rates of 32.0% and 12.8% respectively [3] High-Tech Manufacturing Sector - High-tech manufacturing profits rose by 8.0% year-on-year, surpassing the average growth rate of large-scale industrial enterprises by 6.1 percentage points [3] - Notable growth was observed in smart electronics manufacturing, with profits from smart unmanned aerial vehicles and smart vehicle-mounted equipment increasing by 116.1% and 114.9% respectively [3] - The semiconductor manufacturing sector also showed strong performance, with profits in integrated circuit manufacturing, electronic specialty materials, and semiconductor discrete devices growing by 89.2%, 86.0%, and 17.4% respectively [3] Traditional Industries - Traditional industries demonstrated significant improvements, with profits notably exceeding the industry average [4] - In the raw materials sector, industries such as graphite and carbon products, biochemical pesticides, and cultural information chemicals saw profit increases of 77.7%, 73.4%, and 19.1% respectively, all surpassing their respective industry averages [4] - The chemical fiber, rubber, and plastic products sectors also reported strong profit growth, with bio-based chemical fiber and recycled rubber manufacturing increasing by 61.2% and 15.4% respectively [4]

国家统计局发布数据，装备制造业利润较快增长。1—10月份，规模以上装备制造业利润同比增长 7.8%，拉动全部规模以上工业企业利润增长2.8个百分点；实现利润总额占全部规模以上工业企业利润 总额比重达38.5%，较上年同期提高2.0个百分点，工业企业效益结构持续优化。从行业看，1—10月 份，装备制造业的8个大类行业中有7个行业利润实现同比增长，其中，铁路船舶航空航天、电子行业利 润两位数增长，增速分别达32.0%、12.8%；电气机械、通用设备、专用设备行业利润增长较快，增速 分别为7.0%、6.2%、5.0%。 （文章来源：国家统计局） ...

Core Insights - The high-tech manufacturing sector in China shows strong profit growth, with a year-on-year increase of 8.0% from January to October, surpassing the average growth of all large-scale industries by 6.1 percentage points [1] Industry Performance - The smart electronics manufacturing sector is performing well, with profits from smart unmanned aerial vehicle manufacturing and smart vehicle-mounted equipment manufacturing increasing by 116.1% and 114.9% respectively [1] - The semiconductor manufacturing sector is also experiencing rapid growth, with profits in integrated circuit manufacturing, electronic special materials manufacturing, and semiconductor discrete device manufacturing rising by 89.2%, 86.0%, and 17.4% respectively [1] - The precision instrument manufacturing sector is showing signs of high-quality development, with profits in optical instrument manufacturing and specialized instrument and meter manufacturing increasing by 38.2% and 14.1% respectively [1]

Core Insights - The profits of industrial enterprises above designated size in China increased by 1.9% from January to October 2025 [1] Summary by Category - **Profit Growth** - The national scale industrial enterprises' profits showed a growth of 1.9% during the period from January to October 2025 [1]

Core Insights - The total raw coal production of large-scale enterprises in China from January to October 2025 reached 397.3194 million tons, showing a year-on-year increase of 1.5% compared to 391.3534 million tons in the same period last year [1] Regional Production Summary - Shanxi produced 108.4858 million tons, up 3.0% year-on-year, with October production at 11.1378 million tons, a decrease of 2.0% from the previous year [1] - Inner Mongolia's production was 104.9967 million tons, down 1.2% year-on-year, with October output at 10.6856 million tons, a decline of 4.6% [1] - Shaanxi reported 65.7844 million tons, an increase of 2.4% year-on-year, with October production at 6.7293 million tons, up 3.1% [1] - New Fujian's output was 44.5467 million tons, up 2.8% year-on-year, with October production at 4.4816 million tons, down 8.3% [1] - Guizhou produced 12.5933 million tons, an increase of 5.8% year-on-year, with October output at 1.3584 million tons, up 5.4% [1] - Other regions such as Hunan, Ningxia, and Anhui showed varied production changes, with some regions experiencing declines in both cumulative and monthly outputs [1]

Core Insights - The national statistics indicate mixed trends in steel prices in the circulating market from early to mid-November 2025, with some products experiencing price increases while others saw declines [1] Price Changes Summary - Rebar (Φ20mm, HRB400E) price is 3139.0 CNY/ton, up by 20.5 CNY/ton, a rise of 0.7%, compared to a previous decline of 0.1% [1] - Wire rod (Φ8-10mm, HPB300) price is 3282.6 CNY/ton, increased by 10.9 CNY/ton, a rise of 0.3%, following a previous decline of 0.3% [1] - Ordinary medium plate (20mm, Q235) price is 3393.7 CNY/ton, down by 18.1 CNY/ton, a decline of 0.5%, which is an increase in the decline rate by 0.1 percentage points compared to the previous period [1] - Hot-rolled ordinary coil (4.75-11.5mm, Q235) price is 3289.0 CNY/ton, decreased by 7.7 CNY/ton, a decline of 0.2%, which is a narrowing of the decline rate by 0.5 percentage points [1] - Seamless steel pipe (219*6, 20) price is 4068.8 CNY/ton, down by 10.4 CNY/ton, a decline of 0.3%, which is a narrowing of the decline rate by 0.1 percentage points [1] - Angle steel (5) price is 3423.3 CNY/ton, increased by 3.4 CNY/ton, a rise of 0.1%, which is a narrowing of the increase rate by 0.1 percentage points [1]

Core Insights - National Bureau of Statistics data indicates that coal prices continued to rise in mid-November, with various coal types showing different price changes [1] Price Changes Summary - Anthracite (washed middle block, volatile matter ≤8%) price is 950.3 CNY/ton, up 0.8 CNY/ton, an increase of 0.1% [1] - Ordinary mixed coal (Shanxi mixed coal with a calorific value of 4500 kcal) price is 642.3 CNY/ton, up 30.5 CNY/ton, an increase of 5.0% [1] - Shanxi big mixed coal (higher quality mixed coal, calorific value of 5000 kcal) price is 736.1 CNY/ton, up 32.9 CNY/ton, an increase of 4.7% [1] - Shanxi premium mixed coal (premium mixed coal, calorific value of 5500 kcal) price is 829.1 CNY/ton, up 33.6 CNY/ton, an increase of 4.2% [1] - Datong mixed coal (Datong produced mixed coal, calorific value of 5800 kcal) price is 875.0 CNY/ton, up 36.0 CNY/ton, an increase of 4.3% [1] - Coking coal (main coking coal, sulfur content <1%) price is 1650.0 CNY/ton, up 26.7 CNY/ton, an increase of 1.6% [1] - In mid-November, the price increase for coking coal and anthracite narrowed, while the price increase for thermal coal expanded [1] - In addition, the national coke (quasi-first-grade metallurgical coke, 12.01% ≤ ash content ≤ 13.50%) price is 1521.4 CNY/ton, up 41.7 CNY/ton, an increase of 2.8% [1]