2025年6月工业企业利润点评：关税风波下的二季度企业盈利

Group 1: Overall Profit Trends - In the first half of 2025, industrial enterprises in China achieved a total profit of CNY 34,365.0 billion, a year-on-year decrease of 1.8%[3] - The profit growth rate of industrial enterprises typically aligns with the profit growth of non-financial A-share companies, indicating a potential slowdown in A-share earnings for Q2 compared to Q1[3][7] Group 2: Sector Performance - From a cumulative year-on-year perspective, the profit growth rates for upstream, midstream, and downstream sectors were -15.3%, 7.1%, and -0.6%, respectively, showing midstream industries were less affected by tariff impacts[3] - The automotive industry saw a significant profit improvement in June, with profit growth jumping from -27.1% in May to 96.5%, leading to a positive overall profit growth of 11.1% for downstream sectors in June[4] Group 3: Industry Insights - Upstream sectors like coal mining and textile manufacturing showed weaker profit growth, with coal mining profits down by 53.0% in June[11] - Midstream sectors, particularly machinery and electronic equipment, demonstrated resilience, with profit growth rates of 6.5% and 3.5% respectively in the first half of 2025[4][11] Group 4: Risks and Policy Impacts - Future risks include potential policy shortcomings, unexpected changes in the domestic economy, and fluctuations in exports[4] - Policy support has played a crucial role in sustaining profits in resilient sectors, particularly in machinery and electronic equipment[4]