Group 1 - In the first quarter, the total profit of industrial enterprises above designated size reached 1,509.36 billion yuan, reversing a decline of 3.3% from the previous year to a growth of 0.8% [1] - In March, profits of industrial enterprises increased by 2.6%, improving from a decline of 0.3% in the first two months [1] - The revenue of industrial enterprises above designated size grew by 3.4% year-on-year in the first quarter, with a faster growth rate of 4.2% in March compared to the previous two months [1] Group 2 - Nearly 60% of industries saw profit growth in the first quarter, with 24 out of 41 industrial categories reporting year-on-year profit increases [2] - The manufacturing sector showed significant improvement, with profits growing by 7.6% in the first quarter, accelerating by 2.8 percentage points from the previous two months [2] - The equipment manufacturing sector was a key support for profit growth, with profits increasing by 6.4% year-on-year, accounting for 32% of total profits in industrial enterprises above designated size [2] Group 3 - The "Two New" policies had a notable positive impact on industry profits, with specialized and general equipment industries seeing profit increases of 14.2% and 9.5%, respectively [3] - The consumption upgrade policies led to significant profit growth in sectors such as wearable smart devices (78.8%), electric bicycles (65.8%), and kitchen appliances (21.7%) [3] - Overall, the profit recovery trend for industrial enterprises above designated size continued in the first quarter, supported by effective macroeconomic policies [3]

Group 1 - In the first quarter, profits of industrial enterprises above designated size turned from a year-on-year decline of 3.3% in the previous year to a growth of 0.8%, reversing the continuous decline since the third quarter of last year [3] - In March, profits of industrial enterprises increased by 2.6%, improving from a decline of 0.3% in January-February [3] - Revenue growth for industrial enterprises accelerated, with a year-on-year increase of 3.4% in the first quarter, which is 0.6 percentage points faster than January-February [3] Group 2 - Nearly 60% of industries saw profit growth, with manufacturing showing significant improvement, achieving a profit growth of 7.6% in the first quarter, an acceleration of 2.8 percentage points [4] - The equipment manufacturing sector became a crucial support for profit growth, with a year-on-year profit increase of 6.4%, accounting for 32.0% of total profits of industrial enterprises above designated size [4] - High-tech manufacturing led high-quality development, with profits turning from a year-on-year decline of 5.8% in January-February to a growth of 3.5% in the first quarter, exceeding the average growth rate of all industrial enterprises by 2.7 percentage points [4] Group 3 - The "Two New" policies showed significant effects, with profits in specialized and general equipment industries increasing by 14.2% and 9.5% respectively [4] - The policy of replacing old consumer goods with new ones had a notable impact, with profits in wearable smart device manufacturing, electric bicycle manufacturing, and kitchen appliance manufacturing increasing by 78.8%, 65.8%, and 21.7% respectively [4]

文 ： 华创证券研究所副所长 、首席宏观分析师 张瑜（执业证号：S0360518090001） 联系人： 陆银波（15210860866） 报告摘要 3 月工业企业利润数据：利润增速转正 3 月，根据统计局数据，规模以上工业企业利润同比增长 2.5% ，前值为 -0.3% 。库存方面，截止至今年 3 月，库存同比 4.2% ，前值为 4.2% 。 量、价、利润率拆分来看 ， 量增价落，收入增速回升，利润率弱于去年同期。 PPI 同比， 3 月同比为 -2.5% ， 2 月为 -2.2% 。工业增加值 3 月增速为 7.7% ， 1-2 月为 5.9% ；收入端 3 月增速为 4.42% ， 1- 2 月为 2.8% 。利润率方面， 3 月为 4.97% ，去年同期（可比口径）为 5.06% 。利润率拆分来看， 3 月毛 利率为 14.2% ，去年同期为 14.5% ；费用率 8.21% ，去年同期为 8.41% ；其他损益收入比为 1.0% ，去 年同期为 0.92% 。 分行业来看 ， 3 月，采矿业增速为 -26.03% ，前值为 -25.2% ；制造业增速为 11.9% ，前值为 4.8% ；电 热气水 ...

0:00 南方财经全媒体记者 李依农 上海报道 时隔7个月规上工业利润重回正增长 时隔7个月，全国规模以上工业企业累计利润重回正增长。 4月27日，国家统计局公布数据显示，1—3月份，全国规模以上工业企业实现利润总额15093.6亿元，同 比增长0.8%。3月份，规模以上工业企业利润由1—2月份下降0.3%转为增长2.6%，企业当月利润也有所 改善。 如何解读这份数据？在当前外部环境仍然复杂的背景下，工业企业利润增速出现回升，主要体现出哪些 积极变化？后续能否延续改善态势？一起来听听财信金控首席经济学家伍超明的分析。 微观主体信心有所恢复 伍超明：一季度规上工业企业利润由降转增、全面回升，取得良好开局，但企业经营仍面临不少困难与 挑战。主要可以从四个方面来看。 一是量与利润率的改善是工业企业利润增速由负转正的主因。今年以来"抢出口效应"和"两新""两重"政 策的托举支撑了两大因素的改善。 二是制造业尤其是高技术制造业成为拉动利润增长的重要力量。一季度规上制造业利润同比增长 7.6%，高出全部工业6.8个百分点；高技术制造业利润增速由1-2月份的-5.8%提高到3月份的3.8%，是重 要边际拉动力量。 三是微观 ...

Group 1: Industrial Profit Trends - In Q1 2025, industrial enterprises achieved a total profit of CNY 15,093.6 billion, a year-on-year increase of 0.8%[1] - The profit growth rate shifted from decline to increase, primarily driven by the "Two New" policies[1] - The equipment manufacturing and high-tech manufacturing sectors significantly contributed to profit growth, with equipment manufacturing profits rising by 6.4%[3] Group 2: Price and Cost Dynamics - In March 2025, the national industrial producer price index decreased by 2.5% year-on-year, exerting pressure on profit growth[2] - The revenue profit margin for industrial enterprises was 4.7% in Q1 2025, indicating room for improvement, especially in the manufacturing sector with a margin of approximately 3.91%[2] - The industrial capacity utilization rate was 74.1%, showing a seasonal decline compared to Q4 2024, leading to a slight increase in unit costs[2] Group 3: Policy Impact and Future Outlook - The "Two New" policies are expected to continue supporting profit recovery, although price adjustments are still needed[1] - The U.S. tariff war is estimated to impact industrial profits minimally, accounting for about CNY 2,000 billion or 2.7% of total profits in 2024[4] - Demand-side recovery is anticipated to strengthen in the second half of 2025, potentially leading to improved profit margins for industrial enterprises[5]

Investment Rating - The report maintains a positive outlook on the construction and decoration industry, indicating a "Look Favorably" investment rating [2]. Core Insights - The construction sector is expected to benefit from increased domestic investment, particularly through the implementation of "two重" construction initiatives, which will likely stimulate infrastructure investment recovery in 2025 [3][17]. - The report highlights a significant performance in the construction sector, with the SW Construction Decoration Index rising by 0.76%, outperforming the Shanghai Composite Index [4][6]. - Key companies such as Zhengzhong Design and Shanshui Bide have shown substantial revenue and profit growth, indicating strong performance within the sector [20][21]. Summary by Sections Industry Performance - The construction industry experienced a weekly increase of 0.76%, outperforming the Shanghai Composite Index, with the best-performing sub-industry being international engineering [4][6]. - The top three sub-industries for weekly gains were infrastructure state-owned enterprises (+2.34%), design consulting (+1.55%), and professional engineering (+1.44%) [3][6]. Key Company Developments - Zhengzhong Design reported a 2024 revenue increase of 8.49% and a net profit increase of 296.90% [20]. - Shanshui Bide's revenue grew by 37.84% in 2024, with a net profit increase of 126.42% [21]. - China Communications Construction Company plans to repurchase A-shares worth 500 million to 1 billion yuan and increase H-shares by 250 million to 500 million yuan [21]. Investment Recommendations - The report suggests focusing on cyclical high-elasticity sectors, recommending companies like Honglu Steel Structure and Shenzhen Ruijie for urban renewal projects [3]. - It emphasizes the potential for undervalued companies to recover in valuation, particularly state-owned enterprises like China Railway and China State Construction [3].

Core Insights - In the first quarter of 2025, industrial enterprises in China experienced a turnaround in profits, with a 0.8% year-on-year increase compared to a 3.3% decline in the previous year, marking a significant recovery from the continuous profit decline since the third quarter of the previous year [1] - The revenue of industrial enterprises also improved, with a 3.4% year-on-year increase in the first quarter, accelerating by 0.6 percentage points compared to the first two months of the year [1] Group 1: Profit Growth and Industry Performance - Nearly 60% of industries saw profit growth in the first quarter, with 24 out of 41 major industrial categories reporting year-on-year profit increases, and 58.5% of industries either improving or narrowing their profit decline [2] - The manufacturing sector showed notable improvement, with a profit growth of 7.6% in the first quarter, accelerating by 2.8 percentage points [2] - The equipment manufacturing sector was a key driver of profit growth, with a 6.4% year-on-year increase in profits, accounting for 32.0% of total profits among large industrial enterprises [2] Group 2: High-Tech Manufacturing and Policy Impact - High-tech manufacturing led the way in high-quality development, with profits turning from a 5.8% decline in the first two months to a 3.5% increase in the first quarter, outpacing the overall industrial average by 2.7 percentage points [3] - The aerospace industry saw a profit increase of 23.9%, while sectors like smart consumer devices and medical equipment also reported significant profit growth [3] - The "Two New" policies had a pronounced effect on industry profits, with specialized and general equipment sectors seeing profit increases of 14.2% and 9.5%, respectively, significantly above the overall industrial average [4]

Core Insights - In the first quarter, profits of industrial enterprises above designated size in China shifted from a 3.3% decline in the previous year to a 0.8% increase, with equipment manufacturing and high-tech manufacturing being significant contributors [1] Group 1: Profit Growth - Equipment manufacturing profits increased by 6.4% year-on-year [1] - High-tech manufacturing profits reversed from a 5.8% decline to a 3.5% increase [1] Group 2: Policy Impact - The "two new" policies have led to substantial profit growth in the specialized and general equipment sectors [1] - Despite a complex external environment, the effects of macroeconomic policies are becoming evident, contributing to the ongoing recovery of the industrial economy [1]

Group 1 - The manufacturing PMI for March increased to 50.5%, up 0.3 percentage points month-on-month, driven by a recovery in both supply and demand [12][25] - The non-manufacturing PMI recorded 50.8%, up 0.4 percentage points month-on-month, although it showed a downward trend over three months [12][25] - New orders index rose to 51.8%, up 0.7 percentage points month-on-month, indicating a recovery in demand, particularly in TMT and general/specialized equipment sectors [14][21] Group 2 - In the information technology sector, the Philadelphia Semiconductor Index decreased by 8.13% to 4282.46 points, while the DXI Index increased by 4.21% to 55171.39 points [29][30] - DDR5 DRAM prices increased by 2.32% to $5.33, with 8GB DDR4 DRAM prices rising by 5.45% to $1.65 [31] Group 3 - In the midstream manufacturing sector, sales of major engineering machinery improved year-on-year in February, while heavy truck sales turned negative in March [25][28] - The solar power installation capacity in February showed a rolling year-on-year increase, indicating growth in the renewable energy sector [28] Group 4 - In the consumer demand sector, the sales of home appliances showed a month-on-month increase, while the prices of live pigs and sugar rose [25][28] - The film box office revenue saw a decline in the ten-day average, although it increased year-on-year since the beginning of the year [28] Group 5 - In the resource sector, the national cement price index increased, while the prices of rebar and steel billets decreased [28] - Brent crude oil prices rose by 5.18%, indicating upward pressure on energy costs [28] Group 6 - In the financial real estate sector, the land transaction premium rate and the transaction area of commercial housing increased, while the index for second-hand housing listings decreased [28] - The SHIBOR rates for 1-week and 2-week periods decreased, indicating a tightening in the money market [28] Group 7 - The public utility sector saw an increase in natural gas prices, while the average daily power generation of key power plants showed a widening year-on-year decline [28]

制表：每经记者孙磊 4月伊始，不少新能源车企就公布了3月的销量成绩。 造车新势力方面，零跑汽车摘得当月造车新势力销冠。4月1日，零跑汽车公布的数据显示，其在3月的交付量为37095辆，同比增长超154%。其中，旗舰车 型零跑C16还迎来了累计超5.5万辆的交付。 | | | 2025年3月部分新势力交付情 | | | --- | --- | --- | --- | | 走业 | 本月交付 | 上月交付 | li | | 零跑汽车 | 37095 | 25287 | | | 理想汽车 | 36674 | 26263 | | | 小鹏汽车 | 33205 | 30453 | | | 小米汽车 | >29000 | >20000 | | | 闘来 | 15039 | 13192 | | 传统车企打造的新品牌方面，广汽埃安3月的全球销量达34082辆，同比增长4.8%，环比增长63.4%。广汽埃安方面表示，随着广汽集团三年"番禺行动"的持 续深入，将加速开启多能源战略，全面覆盖增程、插混等多种动力形式车型，保证每年都有2~3款全新的智能产品推向市场。同时，埃安L4前装量产车也将 于今年上海车展正式亮相。 4月1日，极 ...