工业企业利润

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两类行业利润改善——8月工业企业利润点评
Huachuang Securities· 2025-09-28 12:36
宏观研究 证 券 研 究 报 告 【宏观快评】 两类行业利润改善——8 月工业企业利润点评 主要观点 ❖ 8 月工业企业利润数据:利润增速回升 8 月,根据统计局数据,规模以上工业企业利润同比由上月下降 1.5%转为增 长 20.4%。若考虑基数影响,今年和去年两年合计的增速,则 2025 年 8 月利 润相比 2023 年 8 月同比为-1.4%,前值为 3.0%。库存方面,截止至今年 8 月, 库存同比 2.3%,前值为 2.4%。 量、价、利润率拆分来看,量弱价升,收入增速小幅改善。PPI 同比,8 月同 比为-2.9%,7 月为-3.6%。工业增加值 8 月增速为 5.2%,7 月为 5.7%;收入端 8 月增速为 2.3%,7 月为 1.13%。利润率方面,8 月为 5.8%,去年同期(可比 口径)为 4.97%。利润率拆分来看(改善主要来自其他损益收入和毛利率), 8 月毛利率为 14.38%,去年同期为 14.2%;费用率 8.30%,去年同期为 8.41%; 其他损益收入比为 0.25%,去年同期为 0.83%。从行业情况看,8 月,采矿业 增速为-23%,前值为-39.24%;制造业增速为 ...
如何应对跨节?
GOLDEN SUN SECURITIES· 2025-09-28 10:07
近期市场波动较大,当前临近长假,在较大不确定性情况下,市场关注如何应对跨 节。 从季节性来看,国庆前后长债并不存在明显的季节性,而资金在节后则往往会季 节性宽松。从过去 4 年经验来看,国庆节后利率上升压力不大,国庆后首周 10 年 国债平均下行在 0.9bp,而整个 10 月相对于 9 月底,利率平均下行 0.2bp,其中 2022 年和 2024 年长债利率在 10 月均有所回落。而从资金状况来看,节后资金首 周或有季节性回落,往年经验来看,10 月资金也未有明显收紧。结合当前融资需 求不足,且央行对流动性保持呵护的情况,整体资金预计将继续保持宽松,R007 有望继续保持 1.4%-1.5%附近运行。 虽然说往年季节性如此,但每一年都有自己的特殊情况,因而也不好完全照搬。 从目前情况来看,宽松的资金面和偏弱的基本面依然是债市中期的安全保障。近 几个月融资需求偏弱,信贷保持同比少增,并且社融增速放缓。结合后续相对有限 的资产统计,即使考虑到 4 季度可能提前发行再融资债,如果假定提前增发 1 万 亿,那么政府债券供给也较去年少 0.7 万亿左右,因而预计资金将保持持续宽松, 资产荒有望加剧。同时,近期基本面 ...
国内观察:2025年8月工业企业利润数据:基数效应以及营收利润率改善推动利润增速转正
Donghai Securities· 2025-09-28 08:20
[Table_Reportdate] 2025年09月28日 宏 观 简 评 [证券分析师 Table_Authors] 刘思佳 S0630516080002 liusj@longone.com.cn 联系人 李嘉豪 lijiah@longone.com.cn [基数Table_NewTitle] 效应以及营收利润率改善推动利润 增速转正 ——国内观察:2025年8月工业企业利润数据 [table_main] 投资要点 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 总 量 研 究 ➢ 事件:9月27日,国家统计局发布8月工业企业利润数据。8月,规模以上工业企业利润总 额累计同比0.9%,前值-1.7%。 ➢ 核心观点:8月利润累计同比回正,当月同比大幅回升,超季节性以及低基数均有影响。 三因素框架下,营收利润率同比的贡献较大,每百元营收成本为去年7月以来首次当月同 比减少。从各行业利润增速的变化来看,价格自上而下的传导线索并不足。往后来看,9 月工业企业利润基数仍然不高,但10月后会明显抬升,去年"924"后政策发力效果明显。 整体上,四季度利润增速或 ...
2025年1-8月份全国规模以上工业企业利润增长0.9%
Guo Jia Tong Ji Ju· 2025-09-28 08:10
Core Insights - In the first eight months of the year, the total profit of industrial enterprises above designated size reached 46,929.7 billion yuan, reflecting a year-on-year increase of 0.9% [1][2][8] Group 1: Profit by Ownership Type - State-owned enterprises reported a total profit of 15,156.5 billion yuan, down 1.7% year-on-year [1][6] - Joint-stock enterprises achieved a profit of 34,931.9 billion yuan, up 1.1% [1][6] - Foreign and Hong Kong, Macao, and Taiwan-invested enterprises made a profit of 11,723.6 billion yuan, increasing by 0.9% [1][6] - Private enterprises saw a profit of 13,076.1 billion yuan, marking a growth of 3.3% [1][6] Group 2: Profit by Industry - The mining industry experienced a profit of 5,661.1 billion yuan, down 30.6% year-on-year [1][8] - The manufacturing sector generated a profit of 35,233.5 billion yuan, reflecting a growth of 7.4% [1][8] - The electricity, heat, gas, and water production and supply industry reported a profit of 6,035.1 billion yuan, up 9.4% [1][8] Group 3: Revenue and Costs - Total operating revenue for industrial enterprises above designated size was 89.62 trillion yuan, a year-on-year increase of 2.3% [2][8] - Operating costs amounted to 76.70 trillion yuan, growing by 2.5% [2][8] - The operating profit margin was 5.24%, a decrease of 0.06 percentage points year-on-year [2][8] Group 4: Financial Indicators - As of the end of August, total assets of industrial enterprises reached 185.08 trillion yuan, up 5.0% year-on-year [2][3] - Total liabilities were 107.34 trillion yuan, increasing by 5.4% [2][3] - Total equity stood at 77.73 trillion yuan, reflecting a growth of 4.4% [2][3] - The asset-liability ratio was 58.0%, up 0.2 percentage points year-on-year [2][3] Group 5: Accounts Receivable and Inventory - Accounts receivable amounted to 27.24 trillion yuan, a year-on-year increase of 6.6% [3] - Finished goods inventory was 6.73 trillion yuan, growing by 2.3% [3] - The average collection period for accounts receivable was 70.1 days, an increase of 3.7 days year-on-year [3]
国家统计局:1-8月煤炭开采和洗选业利润总额1937.3亿元
Guo Jia Tong Ji Ju· 2025-09-28 01:26
1—8月份,全国规模以上工业企业实现利润总额46929.7亿元,同比增长0.9%。 1—8月份,规模以上工业企业中,国有控股企业实现利润总额15156.5亿元,同比下降1.7%;股份制企业实现利润总额34931.9亿元, 增长1.1%;外商及港澳台投资企业实现利润总额11723.6亿元,增长0.9%;私营企业实现利润总额13076.1亿元,增长3.3%。 1—8月份,采矿业实现利润总额5661.1亿元,同比下降30.6%;制造业实现利润总额35233.5亿元,增长7.4%;电力、热力、燃气及水 生产和供应业实现利润总额6035.1亿元,增长9.4%。 1—8月份,主要行业利润情况如下:电力、热力生产和供应业利润同比增长13.0%,有色金属冶炼和压延加工业增长12.7%,农副食 品加工业增长11.8%,电气机械和器材制造业增长11.5%,计算机、通信和其他电子设备制造业增长7.2%,专用设备制造业增长 6.9%,通用设备制造业增长5.8%,石油煤炭及其他燃料加工业同比减亏,黑色金属冶炼和压延加工业同比由亏转盈,汽车制造业下 降0.3%,非金属矿物制品业下降2.2%,化学原料和化学制品制造业下降5.5%,纺织业下 ...
国家统计局:2025年1-8月份电力、热力生产和供应业利润同比增长13.0%
Guo Jia Tong Ji Ju· 2025-09-28 00:53
1—8月份,主要行业利润情况如下:电力、热力生产和供应业利润同比增长13.0%,有色金属冶炼和压延加工业增长12.7%,农副食品加 工业增长11.8%,电气机械和器材制造业增长11.5%,计算机、通信和其他电子设备制造业增长7.2%,专用设备制造业增长6.9%,通用设 备制造业增长5.8%,石油煤炭及其他燃料加工业同比减亏,黑色金属冶炼和压延加工业同比由亏转盈,汽车制造业下降0.3%,非金属矿 物制品业下降2.2%,化学原料和化学制品制造业下降5.5%,纺织业下降7.0%,石油和天然气开采业下降12.4%,煤炭开采和洗选业下降 53.6%。 1—8月份,全国规模以上工业企业实现利润总额46929.7亿元,同比增长0.9%(按可比口径计算,详见附注二)。 1—8月份,规模以上工业企业中,国有控股企业实现利润总额15156.5亿元,同比下降1.7%;股份制企业实现利润总额34931.9亿元,增长 1.1%;外商及港澳台投资企业实现利润总额11723.6亿元,增长0.9%;私营企业实现利润总额13076.1亿元,增长3.3%。 1—8月份,采矿业实现利润总额5661.1亿元,同比下降30.6%;制造业实现利润总额3 ...
国家统计局:1-8月份全国规模以上工业企业利润增长0.9%
Ge Long Hui· 2025-09-28 00:18
9月27日,国家统计局公布1-8月份全国规模以上工业企业利润。 数据显示,1-8月份,全国规模以上工业企业实现利润总额46929.7亿元,同比增长0.9%。8月份,规模以上工业企业利润同比由上月下降1.5%转为增长 20.4%。 1-8月全国规模以上工业企业利润增长0.9% 1—8月份,全国规模以上工业企业实现利润总额46929.7亿元,同比增长0.9%。 1—8月份,规模以上工业企业中,国有控股企业实现利润总额15156.5亿元,同比下降1.7%;股份制企业实现利润总额34931.9亿元,增长1.1%;外商及港澳台 投资企业实现利润总额11723.6亿元,增长0.9%;私营企业实现利润总额13076.1亿元,增长3.3%。 | | | | | 营业收入 | 每日元营业 收入中的 | 每日元营V 收入中的 | 每自元贷产 实现的 | 人均营业 | 资产 | 产成品 存货 | 应收账款 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 利润率 | | | | 收入 | 负债率 | | 平均回收期 | | 分 组 | | 成本 | 豊用 | ...
事关新能源汽车购置税,工信部发声|南财早新闻
2 1 Shi Ji Jing Ji Bao Dao· 2025-09-27 23:19
Industry Updates - The Ministry of Industry and Information Technology plans to support breakthroughs in automotive technologies such as high-performance chips and new battery systems to enhance the industry's growth [1] - The agricultural sector is focusing on regulating online seed sales, with efforts to improve supervision and establish a complaint handling mechanism [3] Economic Data - From January to August, China's industrial enterprises achieved a total profit of 46,929.7 billion yuan, a year-on-year increase of 0.9% [2] - In August alone, industrial profits grew by 20.4% year-on-year [2] Investment Trends - Cathie Wood's ARK Invest has made significant purchases of Alibaba and Baidu, marking a return to Alibaba after previously liquidating positions in 2021 [4] - Insurance companies have made 34 equity stakes in listed companies this year, surpassing last year's total of 20, with a notable focus on banks [4] - A shift in A-share listed companies' investment strategies is observed, with a decrease of over 15% in the amount allocated to structured deposits and bank wealth management products [4] Company Movements - Xiaomi's new 17 series has achieved record sales, with the ProMax model accounting for over 50% of total sales [7] - Nvidia's CEO denied any "circular revenue" relationship with OpenAI, clarifying the nature of their business interactions [7] - Leap Motor addressed a contract dispute, confirming the payment of 3,618,085.25 yuan and ongoing negotiations regarding vehicle transfer issues [7] - Hozon New Energy's restructuring process has seen only one potential investor submit complete materials, leading to a halt in the selection process [8] - GAC Fiat Chrysler has announced a significant asset disposal plan, separating core assets into two packages for public auction [8]
1-8月钢铁行业盈利837亿元
Guo Jia Tong Ji Ju· 2025-09-27 12:07
1—8月份,全国规模以上工业企业实现利润总额46929.7亿元,同比增长0.9%。 1—8月份,黑色金属冶炼和压延加工业利润总额837亿元。8月单月,钢铁行业利润达193.4亿元。 此前数据显示,1—7月份,黑色金属冶炼和压延加工业利润总额643.6亿元,同比增长5175.4%。7月份 钢铁行业利润为180.80亿元。 1—6月份,黑色金属冶炼和压延加工业利润462.8亿元,同比增长13.7倍,增速为全部31个工业大类最 高。6月份单月黑色金属冶炼和压延加工业利润为145.9亿元。 1—8月份,规模以上工业企业中,国有控股企业实现利润总额15156.5亿元,同比下降1.7%;股份制企 业实现利润总额34931.9亿元,增长1.1%;外商及港澳台投资企业实现利润总额11723.6亿元,增长 0.9%;私营企业实现利润总额13076.1亿元,增长3.3%。 1—8月份,采矿业实现利润总额5661.1亿元,同比下降30.6%;制造业实现利润总额35233.5亿元,增长 7.4%;电力、热力、燃气及水生产和供应业实现利润总额6035.1亿元,增长9.4%。 1—8月份,主要行业利润情况如下:电力、热力生产和供应业利润 ...
如何理解8月利润走强?:工业企业效益数据点评(25.08)
Shenwan Hongyuan Securities· 2025-09-27 11:17
Group 1: Profit and Revenue Insights - In August, industrial enterprises' profit increased significantly, with a year-on-year rise of 21.9% to 20.4%[4] - The profit margin improvement was primarily driven by a rise in operating profit margin, which increased by 20.2% to 17.5%[4] - Cumulative revenue for industrial enterprises showed a year-on-year growth of 2.3%, consistent with the previous value[6] Group 2: Cost and Inventory Analysis - The cost rate for industrial enterprises remained high at 85.6%, reflecting a year-on-year increase of 9.3% to -3.4% in profit contribution from costs[23] - Actual inventory growth slightly rebounded, with a year-on-year increase of 0.3% to 7.2%[46] - The accounts receivable ratio rose to 14.6%, indicating a prolonged collection period[30] Group 3: Sector Performance - The beverage and alcohol sector saw a dramatic profit increase of 234.8% to 226.8%, contributing 7.8% to overall industrial profit growth[15] - Chemical fiber and non-metallic products also experienced significant revenue growth, with increases of 22.2% and 7.4% respectively[41] - State-owned and joint-stock enterprises reported substantial profit growth, with increases of 53.1% and 30.9% respectively[44]