Core Insights - Industrial enterprises in China experienced stable profit growth from January to October 2025, with a year-on-year increase of 1.9%, marking three consecutive months of growth since August 2025 [2] - The mining sector saw a decline of 27.8%, although the drop was 1.5 percentage points less than the previous period; manufacturing grew by 7.7%, and the electricity, heat, gas, and water production and supply sector increased by 9.5% [2] - In October, profits for industrial enterprises fell by 5.5% year-on-year due to a higher base from the previous year and rising financial costs [2] Revenue Growth - From January to October, the revenue of large-scale industrial enterprises increased by 1.8% year-on-year, contributing positively to the recovery of industrial profits [2] Equipment Manufacturing Sector - The profit of large-scale equipment manufacturing increased by 7.8% year-on-year, contributing 2.8 percentage points to the overall profit growth of large-scale industrial enterprises [3] - The equipment manufacturing sector accounted for 38.5% of total profits in large-scale industrial enterprises, an increase of 2.0 percentage points compared to the previous year [3] - Among the eight major categories in equipment manufacturing, seven reported profit growth, with significant increases in the railway, shipbuilding, aerospace, and electronics sectors, achieving growth rates of 32.0% and 12.8% respectively [3] High-Tech Manufacturing Sector - High-tech manufacturing profits rose by 8.0% year-on-year, surpassing the average growth rate of large-scale industrial enterprises by 6.1 percentage points [3] - Notable growth was observed in smart electronics manufacturing, with profits from smart unmanned aerial vehicles and smart vehicle-mounted equipment increasing by 116.1% and 114.9% respectively [3] - The semiconductor manufacturing sector also showed strong performance, with profits in integrated circuit manufacturing, electronic specialty materials, and semiconductor discrete devices growing by 89.2%, 86.0%, and 17.4% respectively [3] Traditional Industries - Traditional industries demonstrated significant improvements, with profits notably exceeding the industry average [4] - In the raw materials sector, industries such as graphite and carbon products, biochemical pesticides, and cultural information chemicals saw profit increases of 77.7%, 73.4%, and 19.1% respectively, all surpassing their respective industry averages [4] - The chemical fiber, rubber, and plastic products sectors also reported strong profit growth, with bio-based chemical fiber and recycled rubber manufacturing increasing by 61.2% and 15.4% respectively [4]

Core Insights - In the first half of the year, the total profit of industrial enterprises above designated size reached 34,365 billion yuan, a year-on-year decrease of 1.8%, while operating revenue was 66.78 trillion yuan, an increase of 2.5% [1] - In June, the profit of industrial enterprises was 7,155.8 billion yuan, a year-on-year decline of 4.3%, but the decline narrowed by 4.8 percentage points compared to May, with significant improvement in the manufacturing sector where profits shifted from a 4.1% decline in May to a 1.4% increase [1] - The revenue of industrial enterprises continued to grow, with June showing a 1.0% year-on-year increase, maintaining the same growth rate as May [1] Industry Performance - The equipment manufacturing sector showed rapid growth in both revenue and profit, with June revenue increasing by 7.0% year-on-year and profits turning from a 2.9% decline in May to a 9.6% increase [2] - In the automotive industry, profits surged by 96.8% due to promotional activities boosting sales and increased investment returns from key enterprises [2] - High-end, intelligent, and green industries within manufacturing saw significant profit growth, with electronic special materials manufacturing, aircraft manufacturing, and marine engineering equipment manufacturing profits increasing by 68.1%, 19.0%, and 17.8% respectively [2] Consumer Goods and Related Sectors - The medical instruments and equipment manufacturing, as well as the production of printing, pharmaceutical, and daily-use equipment, experienced rapid profit growth in June [3] - The policy of replacing old consumer goods with new ones continued to show effects, with profits in smart unmanned aerial vehicle manufacturing, computer assembly manufacturing, and household air conditioning manufacturing increasing by 160.0%, 97.2%, and 21.0% respectively [3] - The accounts receivable for industrial enterprises reached 26.69 trillion yuan by the end of June, indicating a recovery trend, although the year-on-year growth rate has been declining for four consecutive months since March [3] Future Outlook - Looking ahead to the third quarter, it is expected that the overall efficiency of industrial enterprises will improve due to the progress in China-US trade negotiations and the implementation of domestic "anti-involution" policies, alongside a rapid rebound in prices of coking coal and steel [4]

以下文章来源于申万宏源宏观 ，作者赵伟 屠强等 申万宏源宏观 . 申万宏源证券研究所 | 宏观研究部 作者： 赵 伟 申万宏源证券首席经济学家 屠 强 资深高级宏观分析师 联系人： 屠强、耿佩璇 摘要 事件： 2025年3月，工企营收累计同比3.4%、前值2.8%；利润累计同比0.8%、前值-0.3%。3月末，产成 品存货同比4.2%、前值4.2%。 核心观点：利润回升主要源于营收改善，而成本压力等中期约束仍在。 3月利润增速回升主要源于营收改善，其他损益、费用等短期指标也有贡献；而成本压力等中期约束有所 增大。 3月，工业利润当月同比回升2.8pct至2.5%。拆分结构看，利润回升主要源于营收改善，实际营收 支撑利润同比上行6.2%。利润率的贡献主要体现在费用、其他损益（投资收益、营业税金及附加等杂项 支出）等短期指标回升，带动利润同比上行3.8%、0.3%。相比之下，成本对利润仍然构成较大约束，拖 累整体利润下行5.9%。 3月，营收增速回升较大的是煤炭冶金链与下游消费行业，主要受益于基建提速及以旧换新政策拉动。 分结构看，3月基建提速支撑冶金产业链实际营收改善幅度较大，当月同比较前月回升2.5pct至6 ...