9月15日，中国企业联合会、中国企业家协会发布"2025中国企业500强"榜单。2025中国企业500强营业收入达110.15万亿元，较上年500强有所增加。入围 门槛实现23连升，达479.60亿元，提升5.79亿元。千亿规模企业数量显著增长，达到267家，较上年增加14家，千亿级企业占比达53.4%。其中，有15家企 业营业收入超过了万亿元。 "2025中国企业500强"榜单 | 名次 | 企业名称 | 营业收入/万元 | | --- | --- | --- | | 1 | 国家电网有限公司 | 394592833 | | 2 | 中国石油天然气集团有限公司 | 296904813 | | 3 | 中国石油化工集团有限公司 | 293195627 | | 4 | 中国建筑股份有限公司 | 218714784 | | 5 | 中国工商银行股份有限公司 | 162912600 | | 6 | 中国农业银行股份有限公司 | 141994100 | | 7 | 中国建设银行股份有限公司 | 141483800 | | 8 | 中国银行股份有限公司 | 126469200 | | 9 | 中国铁路工程集团有限公司 ...

会上，同时发布了"2025中国跨国公司100大及跨国指数"、 "2025中国战略性新兴产业领军企业100 强"、"2025中国大企业创新100强" 等各项榜单。 据人民日报消息，9月15日，中国企业联合会、中国企业家协会连续第24次向社会发布了"中国企业500 强" （以下简称"企业500强"）榜单。这份榜单以2024年企业营业收入作为入围标准，呈现出以下主要 特点。 规模总量保持增长。企业500强营业收入达110.15万亿元，较上年500强有所增加。入围门槛实现23连 升，达479.60亿元，提升5.79亿元。资产总额为460.85万亿元，增长7.46%。榜单中，千亿规模企业数量 增至267家，比上年增加45家，有15家企业的营业收入超过万亿元。其中，国家电网营业收入超过3万亿 元，即将突破4万亿元；中国石油、中国石化、中国建筑的营业收入超过2万亿元。 经济效益继续改善。企业500强实现归属母公司所有者净利润总额为4.71万亿元，增长4.39%，收入净利 润率为4.27%，提高0.17个百分点。 创新活力更加充沛。研发强度创新高。企业500强共投入研发费用1.73万亿元；研发强度创下1.95%的新 高，连续 ...

IT之家附"2025 中国企业 500 强"榜单： IT之家 9 月 15 日消息，今日中国企业联合会、中国企业家协会发布"2025 中国企业 500 强"榜单，该榜单以 2024 年企业营业收入为入围标准，入围门槛较 上年提高 5.79 亿元，达到 479.6 亿元。 2025 中国企业 500 强中，营收超过 1000 亿元的企业数量为 267 家，较上年增加 14 家，千亿元级企业占比达 53.4%。"500 强"企业 2024 年实现营业收入 110.15 万亿元，规模总量较上年保持增长态势；入围企业平均研发强度连续 8 年提升，创下 1.95% 的新高；国企、民企入围企业数量保持基本均衡格局， 分别为 251 家、249 家。 国家电网以 3.95 万亿营收排名第一，中国石油以 2.97 万亿营收排名第二，中国石化以 2.93 万亿营收排名第三，中国建筑、工商银行、农业银行、建设银 行、中国银行、中国中铁、京东集团进入前十。共 15 家企业营业收入突破万亿元大关。 | 78 | 厦门建发集团有限公司 | 123833 | | --- | --- | --- | | 29 | 中国电 力建设集团有限公 ...

Core Viewpoint - The 2025 China Top 500 Enterprises list was released, highlighting the resilience and progress of large enterprises in response to complex external environments, with a focus on industrial upgrading and innovation capabilities [3][5]. Group 1: Key Statistics - The threshold for entering the Top 500 reached 47.96 billion yuan, an increase of 579 million yuan from the previous year [3]. - Total operating revenue for the Top 500 enterprises was 11.015 trillion yuan, showing an increase compared to the previous year [3]. - The net profit attributable to the parent company reached 471 billion yuan, reflecting a growth of 4.39% [3]. Group 2: Industry Contributions - The contributions to total revenue from the three major sectors were 40.48% from manufacturing, 40.29% from services, and 19.23% from other industries [4]. - The number of enterprises in advanced manufacturing sectors increased from 23 to 32, including industries such as new energy equipment manufacturing and semiconductor manufacturing [4]. Group 3: Challenges and Opportunities - Despite significant achievements, Chinese enterprises still face challenges in R&D investment intensity and original innovation, which affects their competitiveness on a global scale [5]. - There is a need for more enterprises to occupy leading positions in international industries, as many still operate in a "large but not strong" state [5]. - The current global economic environment poses challenges, necessitating efforts to build world-class enterprises [5].

9月15日，中国企业联合会、中国企业家协会发布"2025中国企业500强"榜单。2025中国企业500强发展 态势向好向优。入围门槛实现23连升，达479.60亿元，提升5.79亿元。其中，有15家企业营业收入超过 了万亿元。 入围门槛实现23连升 规模总量保持增长。2025中国企业500强营业收入达110.15万亿元，较上年500强有所增加。入围门槛实 现23连升，达479.60亿元，提升5.79亿元。资产总额为460.85万亿元，增长7.46%。 位列前10位的企业是：国家电网有限公司、中国石油天然气集团有限公司、中国石油化工集团有限公 司、中国建筑股份有限公司、中国工商银行股份有限公司、中国农业银行股份有限公司、中国建设银行 股份有限公司、中国银行股份有限公司、中国铁路工程集团有限公司、京东集团股份有限公司。 经济效益继续改善。2025中国企业500强实现归属母公司所有者净利润总额为4.71万亿元，增长4.39%， 收入净利润率为4.27%，提高0.17个百分点。 | | 2025 中国企业 500 强中的万亿元级企业 | | | --- | --- | --- | | 排名 | 企业名称 | 营业收入 ...

经济效益继续改善。企业500强实现归属母公司所有者净利润总额为4.71万亿元，增长4.39%，收入净利润率为4.27%，提高0.17个百分点。 创新活力更加充沛。研发强度创新高。企业500强共投入研发费用1.73万亿元；研发强度创下1.95%的新高，连续8年提升。创新成果产出质量继续提升，企 业500强持有有效专利总数224.37万件，比上年增加21.40万件，增长10.54%。其中持有发明专利103.96万件，较上年企业500强增加15万件，增长了16.86%， 发明专利数量连续6年保持增长。发明专利占全部专利的46.33%，比上年提高2.50个百分点，专利质量稳步提升。 产业结构持续优化。先进制造业和现代服务业企业入围数量增加。企业500强有39家新入围或重新入围企业，其中汽车及零部件制造、物流及供应链企业增 加最多，共有6家新入围企业。计算机通信设备及其他电子设备制造业、电信及互联网信息服务等行业多项指标领先，在研发费用、专利、标准等方面贡献 突出。 发展协调性有所增强。制造业、服务业和其他行业企业发展齐头并进。企业500强中，制造业、服务业和其他行业对营收总额增长的贡献分别为40.48%、 40.29 ...

Group 1 - The 2025 China Top 500 Enterprises list was released on September 15, featuring State Grid, China National Petroleum Corporation, and China Petroleum & Chemical Corporation in the top three positions [2] - The threshold for entering the Top 500 has increased for 23 consecutive years, reaching 47.96 billion yuan, an increase of 579 million yuan from the previous year [2] - The total operating revenue of the Top 500 enterprises reached 11.015 trillion yuan, showing an increase compared to the previous year, while the net profit attributable to the parent company was 471 billion yuan, growing by 4.39% [2] Group 2 - The manufacturing, service, and other industries contributed 40.48%, 40.29%, and 19.23% respectively to the total revenue of the Top 500 enterprises [2] - The number of enterprises in advanced manufacturing has increased from 23 to 32, particularly in sectors such as new energy equipment manufacturing, power and energy storage batteries, communication equipment, and semiconductor manufacturing [2] - Despite significant achievements, Chinese enterprises still face challenges in R&D investment intensity and original innovation, which affects their competitiveness on the global stage [3] Group 3 - The China Enterprise Confederation also released rankings for the Top 100 Multinational Corporations, Top 100 Leading Enterprises in Strategic Emerging Industries, and Top 100 Innovative Large Enterprises [3] - Chinese enterprises are currently in a phase of catching up and need to strengthen their positions in the global market, particularly in terms of innovation and modern corporate governance [3] - The challenges posed by insufficient global economic growth and disruptions in supply chains require Chinese enterprises to make substantial efforts to transition from being large but not strong [3]

1. Report Industry Investment Rating No information provided regarding the report industry investment rating. 2. Core Viewpoints of the Report - The price of BR rubber shows wide - range volatile movement. The impact of device maintenance on supply is limited, while demand has mixed factors, and inventory has a negative influence. Fundamentals are relatively strong, but trading volume has weakened. In the short - term, the market is expected to remain in a wide - range volatile state [4]. - The trading strategy suggests a unilateral upward trend in volatility. For arbitrage, it is advisable to pay attention to going long on BR and shorting NR/RU. Key factors to watch include downstream demand, cost changes, device maintenance, and geopolitical situations [4]. 3. Summary by Relevant Catalogs 3.1 Market Review - The prices of high - cis butadiene rubber of Sinopec and PetroChina's major sales companies have been reduced by 200 yuan/ton. As of September 11, 2025, the mainstream ex - factory price of high - cis butadiene rubber in China is between 11,900 - 12,000 yuan/ton [7]. - The suspension of several butadiene rubber devices has led to a slight decline in domestic production and capacity utilization. However, the sufficient supply of most brands limits the price increase. Weakening demand for raw material butadiene and price softening, along with downstream purchasing behavior, have put pressure on prices [7]. 3.2 Refinery Device Maintenance Plan - In 2025, many refineries of Sinopec, PetroChina, and CNOOC have device maintenance plans, involving various regions and different types of devices, with a wide range of maintenance capacities and time spans [12]. 3.3 Butadiene and Butadiene Rubber Device Maintenance Data Statistics - Many butadiene production enterprises have experienced device shutdowns, affecting production capacity. For butadiene rubber, some devices are in normal operation, while others are under maintenance, and some have future shutdown plans [13]. 3.4 Butadiene and Butadiene Rubber Market Data - **Supply**: Butadiene production and high - cis butadiene rubber production and capacity utilization have declined due to device shutdowns [4]. - **Demand**: In the semi - steel tire market, the replacement market is stable, with increased production of winter tires and some shortages in all - season tires. In the all - steel tire market, the replacement market price is stable, with a slight improvement in trading volume [4]. - **Inventory**: Butadiene port inventory has decreased, while butadiene rubber enterprise and trader inventories have increased [4]. - **Basis**: The basis of butadiene rubber in North China is - 165 yuan/ton, in East China is - 65 yuan/ton, and in South China is 35 yuan/ton [4]. - **Spread/Price Ratio**: The RU - BR spread is 4,205 yuan/ton (2.19%), the NR - BR spread is 940 yuan/ton (6.82%), and the BR - SC price ratio is - 0.36% [4]. - **Profit**: The production profit of butadiene through oxidative dehydrogenation is 36 yuan/ton, and through C4 extraction is 1,997.21 yuan/ton. The production profit of butadiene rubber is - 128 yuan/ton, with a gross profit margin of - 1.06% [4].

Investment Rating - The report rates the chemical industry as "Outperforming the Market" [2] Core Views - The report highlights the impact of "anti-involution" on supply in related sub-industries, the increasing importance of self-sufficiency in electronic materials companies, undervalued industry leaders, and stable dividend policies in energy companies [2][10] - It suggests that the oil price is expected to remain at a medium to high level, with continued high prosperity in the oil and gas extraction sector, and emphasizes the importance of policy support for demand recovery in 2025 [10] Summary by Sections Industry Dynamics - As of September 14, the TTM price-to-earnings ratio for the SW basic chemical sector is 25.62, at the 99.50 percentile historically, while the price-to-book ratio is 2.24, at the 80.12 percentile [10] - The SW oil and petrochemical sector has a TTM price-to-earnings ratio of 11.84, at the 84.48 percentile historically, and a price-to-book ratio of 1.17, at the 53.35 percentile [10] Investment Recommendations - The report recommends focusing on the following areas: 1. The impact of "anti-involution" on supply in related sub-industries 2. The critical importance of self-sufficiency in electronic materials companies 3. Undervalued industry leaders 4. Energy companies with stable dividend policies [2][10] - Long-term investment themes include the sustained high prosperity of the oil and gas extraction sector and the rapid development of downstream industries, particularly in new materials [10] Key Stocks to Watch - Recommended stocks include China Petroleum, China National Offshore Oil Corporation, China Petrochemical Corporation, and several technology and chemical companies such as Anji Technology, Yake Technology, and Jiangfeng Electronics [2][10] Price Trends - In the week of September 8-14, 36 chemical products saw price increases, 36 saw decreases, and 28 remained stable. The average price of 41% of tracked products increased month-on-month, while 47% decreased [9][32] - The report notes specific price movements, such as a decrease in urea prices by 1.69% compared to the previous week and a significant drop in trichlorosucrose prices by 8.11% [9][32]

Group 1 - The integration of green technology into daily life is showcased at the 2025 China International Fair for Trade in Services, featuring innovations such as solar-powered charging stations and biodegradable products made from citrus waste [1][2] - The orange processing industry chain presented by Beijing Light Industry Holdings demonstrates resource recycling, with by-products like orange peel being transformed into natural sweeteners and biodegradable materials [1] - The solar charging chair developed by BOE Technology Group features photovoltaic panels and wireless charging capabilities, enhancing charging efficiency with a maximum output of 250 kW [1][2] Group 2 - A "zero-carbon house" constructed with various photovoltaic materials has a capacity of 7 kW and can generate an annual output of 3,800 kWh, significantly reducing coal consumption and CO2 emissions [2] - Beijing Pure Lithium New Energy Technology Co. showcases solid-state batteries and smart battery swapping systems, enhancing safety and efficiency for electric bicycles [2] - Sinopec's exhibition highlights its green hydrogen production capabilities, including a project in Xinjiang with an annual output of 20,000 tons of green hydrogen, contributing to a total hydrogen production capacity of 4.45 million tons [3] Group 3 - The zero-carbon park solutions presented at the fair include comprehensive services for carbon management, energy efficiency, and renewable energy integration, with a focus on achieving carbon neutrality [3][4] - Hebei Huatong Technology Co. offers a one-stop service for zero-carbon park construction, featuring an energy management platform that has achieved an energy utilization rate of 86.8% and a reduction in carbon emissions by 31.5% [3] - Beijing Jingneng Technology Co. presents a model of a zero-carbon park, incorporating solar panels and mobile charging solutions, while promoting environmental sustainability through biodegradable seed cards [4]