为攻坚牛蓄力，与如何理解新一轮盈利周期？20251207 企业费用结构变化如何？ 摘要 10 月工业增加值同比增长 6.9%，维持高位增长；PPI 同比降幅收窄至- 2.1%，为 2024 年 9 月以来最高，显示工业生产端持续修复，但企业利 润率同比下降至 5.11%。 10 月工业企业毛利率为 14.4%，净利润率为 5.11%，均处于历史较低 水平，成本端压力较大，1-10 月成本率同比增长 0.17 个百分点，费用 端费用率同比略有上升，表明企业盈利能力面临挑战。 企业费用结构出现变化，销售费用和管理费用占比下降，而研发费用显 著增长，同比增长 36.78%，研发费用占比从 2018 年的 2.68%上升至 27%左右，反映企业加大研发投入力度。 10 月工业企业应收账款同比增速放缓至 5.1%，且连续 7 个月增速放缓， 但应收账款回收周期缩短至 69 天，表明企业回款情况边际改善，现金 流状况或将好转。 装备制造业和高技术制造业利润呈现快速增长，1-10 月分别同比增长 7%和 8%，其中电路、船舶、航空航天、智能电子制造、无人飞行器及 智能车载设备、集成电路制造等行业表现突出。 Q&A 目前工业 ...

Market Overview - A-shares experienced a slight fluctuation after reaching a high, with sectors such as home appliances, liquor, pharmaceuticals, and banking performing well, while insurance, electronic chemicals, shipbuilding, and securities lagged behind [1][3] - The market is supported by multiple favorable policies, with a notable shift of household savings towards the capital market, providing a continuous source of incremental funds [1][3] Earnings Expectations - The overall earnings growth expectation for A-share listed companies is projected to turn positive in 2025, ending a four-year decline, with the technology innovation sector showing the most significant earnings elasticity [1][3] External Influences - The expectation of a Federal Reserve interest rate cut in September has increased, leading to a weaker dollar, which is beneficial for foreign capital inflow into A-shares [1][3] Market Sentiment - The trading volume in the Shanghai and Shenzhen markets has exceeded 2 trillion yuan for five consecutive trading days, indicating a potentially rising market sentiment [3][4] - The main indices have stabilized above the 5-day moving average, suggesting a certain level of buying support despite a brief retreat [3][4] Sector Performance - The liquor sector rebounded, while sectors such as insurance, military, securities, and gaming showed weaker performance [4] - The overall market is experiencing a technical correction after a significant increase in trading volume in the previous session, which is considered a normal adjustment [4] Long-term Outlook - The three main drivers for market evolution remain stable: the systematic shift of household wealth towards the capital market, the orderly release of policy dividends, and the upward trend in corporate earnings cycles [3][4] - The mid-term outlook suggests a continued pattern of steady upward movement in the A-share market [1][3]