【权威解读】1—10月份规模以上工业企业利润稳定增长

Core Viewpoint - The industrial profits of large-scale enterprises in China have shown stable growth from January to October 2025, driven by strong domestic circulation and effective policy implementation [1] Group 1: Industrial Profit Growth - From January to October, profits of large-scale industrial enterprises increased by 1.9% year-on-year, marking three consecutive months of growth since August 2025 [1] - The mining sector experienced a decline of 27.8%, although the drop was 1.5 percentage points less than the previous month; manufacturing saw a growth of 7.7%, while the electricity, heat, gas, and water production and supply sectors grew by 9.5% [1] - In October, profits of large-scale industrial enterprises fell by 5.5% year-on-year due to a higher base from the previous year and rising financial costs [1] Group 2: Equipment Manufacturing Sector - Profits in the equipment manufacturing sector rose by 7.8% year-on-year from January to October, contributing 2.8 percentage points to the overall profit growth of large-scale industrial enterprises [2] - The equipment manufacturing sector accounted for 38.5% of total profits among large-scale industrial enterprises, an increase of 2.0 percentage points compared to the same period last year [2] - Seven out of eight major categories within the equipment manufacturing sector reported profit growth, with significant increases in the railway, shipbuilding, aerospace, and electronics industries, achieving growth rates of 32.0% and 12.8% respectively [2] Group 3: High-Tech Manufacturing Sector - The high-tech manufacturing sector saw a profit increase of 8.0% year-on-year, surpassing the average growth rate of all large-scale industrial enterprises by 6.1 percentage points [3] - Notable growth was observed in the smart electronics manufacturing sector, with profits from smart unmanned aerial vehicles and smart vehicle-mounted equipment rising by 116.1% and 114.9% respectively [3] - The semiconductor manufacturing sector also experienced rapid profit growth, with integrated circuit manufacturing, electronic specialty materials, and semiconductor discrete devices reporting increases of 89.2%, 86.0%, and 17.4% respectively [3] Group 4: Traditional Industries - Traditional industries have shown significant improvements in quality and efficiency, with profits exceeding the industry average [4] - In the raw materials sector, industries such as graphite and carbon products, biochemical pesticides, and cultural information chemicals reported profit increases of 77.7%, 73.4%, and 19.1% respectively, all surpassing their respective industry averages [4] - In the chemical fiber, rubber, and plastic products sectors, profits from bio-based chemical fibers and recycled rubber manufacturing grew by 61.2% and 15.4%, also exceeding the industry averages [4]