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]

Core Viewpoint - The monitoring of market prices for 50 important production materials across nine categories indicates a mixed trend in prices, with 30 products experiencing price increases, 17 decreasing, and 3 remaining stable [1] Price Changes - As of mid-November 2025, the price of live pigs (external three yuan) is 11.6 yuan per kilogram, which represents a decrease of 0.2 yuan per kilogram compared to early November, reflecting a decline of 1.7% [1]

Core Insights - The National Bureau of Statistics reported on the price changes of important production materials in the circulation sector for mid-November 2025, indicating that 30 products saw price increases, 17 experienced declines, and 3 remained stable [1] Coal Sector - The price of anthracite (washed middle block) is 950.3 CNY/ton, up 0.1% from the previous period [2] - The price of ordinary mixed coal (4500 kcal) is 642.3 CNY/ton, up 5.0% from the previous period [2] - The price of Shanxi mixed coal (5000 kcal) is 736.1 CNY/ton, up 4.7% from the previous period [2] - The price of Shanxi superior mixed coal (5500 kcal) is 829.1 CNY/ton, up 4.2% from the previous period [2] - The price of Datong mixed coal (5800 kcal) is 875.0 CNY/ton, up 4.3% from the previous period [2] - The price of coking coal (main coking coal) is 1650.0 CNY/ton, up 1.6% from the previous period [2]