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中信证券点评7月工企利润数据:“反内卷”对利润率的影响初步显现
Zheng Quan Shi Bao Wang· 2025-08-28 00:48
Core Viewpoint - In July, industrial enterprises managed to maintain stable revenue growth and narrowed profit decline despite pressures from tariffs and extreme weather, with a notable recovery in profit growth in the midstream sector [1] Group 1: Profit Performance - The improvement in profit margins is a key factor driving the continued recovery of industrial enterprise profits in July [1] - The "anti-involution" policy has started to positively impact profit margins in certain industries [1] Group 2: Industry Highlights - The raw materials manufacturing sector, which experienced a significant price rebound in July due to the "anti-involution" effect, showed strong profit performance [1] - Emerging industries represented by semiconductors, aerospace, and pharmaceuticals also demonstrated favorable profit outcomes [1] Group 3: Future Outlook - Although July economic data indicates pressure on investment and consumption, industries benefiting from strong "anti-involution" measures and new trends in overseas expansion are expected to become structural highlights [1]