崔东树：2025年1-9月汽车生产同比增11% 行业收入同比增7.8%

Core Insights - The "Two New" policy continues to show effects, with industrial enterprises achieving a total profit of 53,732 billion yuan from January to September, a year-on-year increase of 3.2% [1][8] - The automotive industry has seen production rise to 24.05 million units in the first nine months of 2025, an 11% increase year-on-year, with revenues reaching 78,235 billion yuan, up 7.8% [1][4] - The automotive industry's profit margin remains low at 4.5%, compared to the average of 6% for downstream industrial enterprises [1][4] Industrial Performance - From January to September, the total revenue of industrial enterprises was 102.08 trillion yuan, with a year-on-year growth of 2.4% and total costs of 87.34 trillion yuan, increasing by 2.6% [7][8] - The profit margin for industrial enterprises improved slightly to 5.26%, up 0.04 percentage points year-on-year [7][8] Automotive Industry Analysis - The automotive industry's costs increased by 8.6% to 68,867 billion yuan, while profits rose by 3.4% to 3,483 billion yuan [1][4] - In September alone, automotive revenues reached 10,186 billion yuan, a 9.8% increase year-on-year, with profits soaring by 38% to 447 billion yuan [1][4] - The automotive industry's profit margin in September was 4.4%, showing a significant improvement from 3.4% in September of the previous year [1][4] Future Outlook - The automotive industry's overall profit performance for 2024 is expected to remain weak, with a projected sales profit margin of only 4.3% [4] - The government is actively promoting the replacement of fuel vehicles and the implementation of scrapping policies, which is anticipated to stabilize the automotive market [2][4] Sector Comparisons - The mining sector has shown a significant profit decline of 29% in 2025, yet it maintains a high profit margin of 16.7% [11][12] - The electric power sector is experiencing historical high profits, while the water treatment sector has seen a 6% decline in profits [14]