装备制造业、高技术制造业等新动能支撑作用明显 工业经济稳定向好运行

Core Insights - In 2025, the total profit of large-scale industrial enterprises in China reached 73,982 billion yuan, marking a 0.6% increase from the previous year, with manufacturing growing by 5.0% and the electricity, heat, gas, and water production and supply sector increasing by 9.4%, while mining saw a decline of 26.2% [1] - December 2025 saw a profit increase of 5.3% for large-scale industrial enterprises compared to November, reversing a 13.1% decline [1] - The growth in profits indicates a turnaround from three consecutive years of decline, supported by new driving forces in equipment manufacturing and high-tech manufacturing, while traditional industries continue to optimize profit structures [1] Group 1: Equipment Manufacturing - In 2025, profits in the equipment manufacturing sector grew by 7.7%, contributing 2.8 percentage points to the overall profit growth of large-scale industrial enterprises, making it the strongest driving sector [2] - Profits from the equipment manufacturing sector accounted for 39.8% of total industrial profits, an increase of 2.6 percentage points from the previous year [2] - Seven out of eight major categories within the equipment manufacturing sector reported profit growth, with railways, shipping, aerospace, and electronics achieving double-digit growth rates of 31.2% and 19.5% respectively [2] Group 2: High-Tech Manufacturing - The high-tech manufacturing sector saw a profit increase of 13.3%, surpassing the overall industrial profit growth by 12.7 percentage points [3] - The smart electronics sector significantly contributed to this growth, with profits in smart consumer device manufacturing rising by 48.0% [3] - The semiconductor industry experienced substantial profit increases, with integrated circuit manufacturing up by 172.6%, and other related sectors also showing strong growth [3] Group 3: Traditional Industries - Traditional industries are showing significant improvements, with profits in the chemical sector, particularly in biochemicals and cultural chemicals, growing by 20.7% and 15.2% respectively, exceeding the average growth in the chemical industry [3] - In the chemical fiber and power sectors, profits from bio-based chemical fiber manufacturing and biomass power generation increased by 88.6% and 47.9%, respectively, significantly above the average for their categories [3] Group 4: Diverse Business Entities - In 2025, profits for small and medium-sized enterprises, as well as foreign and Hong Kong, Macao, and Taiwan-invested enterprises, turned positive, with growth rates of 1.4% and 4.2% respectively, compared to declines in 2024 [4] - Profits for joint-stock enterprises and state-controlled enterprises showed notable improvement, with reductions in profit declines narrowing by 3.5 and 0.7 percentage points respectively [4] - Overall, the profit growth among large-scale industrial enterprises indicates a shift towards new and improved industrial dynamics, although challenges remain due to external environmental changes [4]