【宏观经济】一周要闻回顾(2025年6月25日-7月1日)

Core Viewpoint - The article discusses the decline in profits of large-scale industrial enterprises in China during the first five months of 2025, highlighting the performance of various sectors and the overall economic indicators. Group 1: Profit Trends - In the first five months of 2025, the total profit of large-scale industrial enterprises reached 27,204.3 billion yuan, a year-on-year decrease of 1.1% [2][4] - State-owned enterprises reported a profit of 8,709.5 billion yuan, down 7.4% year-on-year, while private enterprises saw a profit increase of 3.4% to 7,592.5 billion yuan [4] - The mining industry experienced a significant profit decline of 29.0%, while the manufacturing sector's profits grew by 5.4% [5] Group 2: Revenue and Costs - Large-scale industrial enterprises achieved operating revenue of 54.76 trillion yuan, a year-on-year increase of 2.7%, with operating costs rising by 3.0% to 46.88 trillion yuan [6] - The operating profit margin was 4.97%, reflecting a decrease of 0.19 percentage points compared to the previous year [6] Group 3: Asset and Liability Overview - As of the end of May, total assets of large-scale industrial enterprises amounted to 182.36 trillion yuan, a 5.1% increase year-on-year, while total liabilities rose by 5.3% to 105.26 trillion yuan [7] - The asset-liability ratio stood at 57.7%, up 0.1 percentage points from the previous year [7] Group 4: Inventory and Receivables - Accounts receivable reached 26.40 trillion yuan, increasing by 9.0% year-on-year, while finished goods inventory was 6.65 trillion yuan, up 3.5% [8] Group 5: Purchasing Managers' Index (PMI) - In June, the manufacturing PMI was 49.7%, indicating a slight improvement in manufacturing activity [12] - The production index was 51.0%, and the new orders index was 50.2%, both above the critical point, suggesting increased production and demand [14][15] - The non-manufacturing business activity index was 50.5%, indicating continued expansion in the non-manufacturing sector [19]