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收入端中游一枝独秀——1-2月工业企业利润点评
一瑜中的·2025-03-28 00:47

Core Viewpoint - The industrial enterprises' profits showed a slight decline in January-February, with a year-on-year decrease of 0.3%, compared to a decline of 3.3% for the entire previous year [1][18]. Summary by Sections Industrial Profit Data - In January-February, the profits of industrial enterprises above designated size decreased by 0.3% year-on-year, while the inventory increased by 4.2% compared to the previous year [1][18]. - The profit margin for January-February was 4.53%, slightly lower than the 4.67% in the same period last year [19]. Industry Performance - The mining industry experienced a significant decline with a growth rate of -25.2%, while manufacturing saw a recovery with a growth rate of 4.8% [2][23]. - Notable growth in manufacturing sectors included agricultural and sideline food processing (37.8%), non-ferrous metal processing (20.5%), and transportation equipment (88.8%) [2][23]. Revenue Analysis - The revenue of industrial enterprises increased by 2.8% year-on-year in January-February, with the midstream sector showing strong performance at 8.1% growth [3][7]. - The upstream manufacturing sector's revenue growth was only 0.73%, while downstream manufacturing grew by 1.67% [3][7]. Factors Influencing Performance - Three main factors contributed to the revenue growth: strong export performance, new policies promoting equipment updates, and advancements in "hard technology" [4][10]. - The export delivery value of the equipment manufacturing industry grew by 7.23% in January-February, with significant contributions from sectors like railways and aerospace [4][10]. Future Outlook - The main uncertainty for the midstream equipment manufacturing sector comes from export dependency, which is at 21.1% for 2024 [15]. - Despite the uncertainties, the expected revenue growth for the equipment manufacturing sector is anticipated to be better than last year due to substantial domestic policy support and increased capital expenditure in "hard technology" [15].