黑龙江：前10个月规模以上装备工业增加值同比增16.5% 来源：中国新闻网 编辑：王永乐 广告等商务合作，请点击这里 本文为转载内容，授权事宜请联系原著作权人 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众号(微信搜索"中新经纬"或"jwview")，看更多精彩财经资讯。 中新网哈尔滨11月25日电 (记者 姜辉)记者25日从黑龙江省工业和信息化厅了解到，今年1月至10月，黑 龙江省规模以上装备工业增加值同比增长16.5%，高于全国7个百分点；全省制造业投资增速达到 5.9%，高于全国3.2个百分点；全省高技术制造业投资保持高速增长，同比增长33.3%。 此外，工业技改投资持续保持增长态势。今年1月至10月，黑龙江省工业技术改造投资同比增长 25.5%，高于全国25个百分点，其中，制造业技改投资同比增长14.9%，高于全国16个百分点。 下一步，黑龙江省工信系统将以冲刺状态全力打好全年收官战，持续巩固工业增长势头，加快构建以先 进制造业为骨干的现代化产业体系，为黑龙江工业"十五五"良好开局奠定坚实基础。(完) ...

Industry Overview Upstream - Nickel prices declined, while aluminum prices slightly rebounded in the non-ferrous sector [2] - Glass prices slightly decreased in the black sector [2] - Egg prices slightly dropped in the agricultural sector [2] Midstream - The PX开工率 remained at a high level, while the PTA开工率 continued to decline in the chemical industry [2] - Power plant coal consumption was low, and inventory increased in the energy sector [2] - The asphalt开工率 decreased in the infrastructure sector [2] Downstream - Commodity housing sales in second - and third - tier cities declined seasonally in the real estate sector [3] - The number of domestic flights remained stable at a high level in the service sector [3] Macroeconomic Data Production Industry - From January to October, the added value of the equipment manufacturing industry increased by 9.5% year - on - year, contributing over half and becoming the main engine driving industrial growth [1] - In the energy and key raw materials fields, high - quality coal production capacity continued to be released, but due to the global AI boom, there was a shortage and significant price increase in chips, with some prices rising by up to 60% compared to September [1] Service Industry - In October 2025, banks settled foreign exchange worth 1519.4 billion yuan and sold foreign exchange worth 1394 billion yuan. From January to October 2025, banks cumulatively settled foreign exchange worth 14794.1 billion yuan and sold foreign exchange worth 14220.1 billion yuan [1] - From January to October 2025, the national general public budget revenue was 18649 billion yuan, a year - on - year increase of 0.8%; the national general public budget expenditure was 22582.5 billion yuan, a year - on - year increase of 2% [1] - The national government - sponsored fund budget revenue was 3447.3 billion yuan, a year - on - year decrease of 2.8%; the national government - sponsored fund budget expenditure was 8089.2 billion yuan, a year - on - year increase of 15.4% [1] Key Industry Price Indicators | Industry | Indicator | Price on 11/17 | YoY | | --- | --- | --- | --- | | Agriculture | Spot price of corn | 2174.3 yuan/ton | 0.80% | | | Spot price of eggs | 6.4 yuan/kg | - 1.54% | | | Spot price of palm oil | 8700.0 yuan/ton | - 0.37% | | | Spot price of cotton | 14799.2 yuan/ton | - 0.28% | | | Average wholesale price of pork | 18.0 yuan/kg | - 0.72% | | Non - ferrous metals | Spot price of copper | 86553.3 yuan/ton | 0.01% | | | Spot price of zinc | 22380.0 yuan/ton | - 0.79% | | | Spot price of aluminum | 21920.0 yuan/ton | 1.94% | | | Spot price of nickel | 119033.3 yuan/ton | - 2.16% | | Ferrous metals | Spot price of aluminum | 17343.8 yuan/ton | - 0.25% | | | Spot price of rebar | 3164.3 yuan/ton | 1.00% | | | Spot price of iron ore | 800.0 yuan/ton | 1.58% | | | Spot price of wire rod | 3297.5 yuan/ton | 0.00% | | | Spot price of glass | 13.8 yuan/sq.m | - 1.43% | | Non - metals | Spot price of natural rubber | 14900.0 yuan/ton | 1.42% | | | China Plastic City price index | 769.1 | - 0.54% | | Energy | Spot price of WTI crude oil | 60.1 dollars/barrel | 0.57% | | | Spot price of Brent crude oil | 64.4 dollars/barrel | 1.19% | | | Spot price of liquefied natural gas | 4202.0 yuan/ton | - 0.94% | | | Coal price | 834.0 yuan/ton | 0.85% | | Chemical | Spot price of PTA | 4647.0 yuan/ton | 0.03% | | | Spot price of polyethylene | 6991.7 yuan/ton | 0.36% | | | Spot price of urea | 1630.0 yuan/ton | 0.15% | | | Spot price of soda ash | 1218.6 yuan/ton | 0.89% | | Real estate | Cement price index (national) | 137.7 | 0.95% | | | Building materials composite index | - | 1.11% | | | Concrete price index (national) | 90.8 | - 0.14% | [33]

Core Thesis - Graco Inc. is viewed positively due to its strong market position, premium product offerings, and resilient revenue streams, particularly from parts and accessories, which contribute to stable demand and high margins [2][3][4] Company Overview - Graco Inc. specializes in fluid handling equipment, focusing on challenging materials with high viscosities, abrasiveness, and corrosive properties [2] - Approximately 40% of Graco's revenue is derived from parts and accessories, providing a more stable revenue base [2] Financial Performance - Graco enjoys significant pricing power, leading to gross margins exceeding 50% and EBIT margins approaching 30% [3] - The stock was trading at $85.95 as of September 8th, with trailing and forward P/E ratios of 30.48 and 26.95 respectively [1] Market Position - The company has a disciplined management team and a durable position within its niche market, reinforcing its long-term prospects [3][4] - Graco's combination of premium products and high-margin operations positions it as a solid industrial leader capable of delivering consistent cash flow [4] Investment Opportunity - Recent stock underperformance has created an attractive valuation, presenting a compelling entry point for long-term investors seeking durable industrial growth [3][4] - The bullish thesis on Graco remains consistent, emphasizing its strong cash flow and defensible business model [6]

Core Insights - Shaanxi's industrial growth is driven by both energy and non-energy sectors, particularly coal and automotive industries [1][3] Economic Performance - In the first half of the year, Shaanxi's GDP reached 16,828.01 billion yuan, with a year-on-year growth of 5.5% [2] - The industrial output value increased by 9.2%, ranking 4th among all provinces in China [2] - The mining sector grew by 10.5%, manufacturing by 8.9%, and the production and supply of electricity, heat, gas, and water by 3.3% [2] Energy Industry - The energy sector's value added increased by 8.5%, with coal mining and washing growing by 11.5% and oil and gas extraction by 5.5% [3] - The provincial economic plan emphasizes enhancing energy production and infrastructure, including coal and gas projects [3] Non-Energy Industry - The automotive industry showed remarkable growth, with production increasing by 25.2% in the first half of the year, and new energy vehicles rising by 30.3% [4] - Shaanxi's automotive production reached 943,200 units, ranking 6th nationally, with a significant rise from previous years [4] - The growth in the automotive sector contributed to an increase in exports, with total trade reaching 2,445.14 billion yuan, a 7.5% year-on-year increase [4]

Core Viewpoint - In the first half of 2025, Jiangxi Province's GDP reached 1,671.96 billion yuan, showing a year-on-year growth of 5.6% at constant prices, indicating robust economic performance in the region [1] Economic Growth - The industrial sector experienced rapid growth, with the cumulative growth rate of industrial added value above designated size remaining above 8.0% each month, achieving an overall growth of 8.3% in the first half of the year, which is 1.9 percentage points higher than the national average [1] Consumer Market - The consumer goods market showed steady growth, with the cumulative growth rate of total retail sales of social consumer goods exceeding 5.0% each month, consistently outperforming the national average [1] - Sales of products related to the "trade-in" program performed well, with retail sales growth rates for communication equipment, furniture, household appliances, and audio-visual equipment exceeding 30% for enterprises above the designated size [1] Investment and Upgrading - The momentum for transformation and upgrading strengthened, with industrial technological transformation investment growing by 9.3%, surpassing the overall investment growth rate by 3.9 percentage points [1]

Group 1 - Tianlun Gas (1600.HK) organized an analyst and investor tour in Gansu Province, focusing on urban gas projects in Baiyin City and Jingyuan County, with an emphasis on large industrial users and urban renewal projects [1] - Baiyin City demonstrated significant industrial development potential, with Tianlun Gas's urban gas project expected to achieve over 54 million cubic meters in commercial gas sales by 2024, having already exceeded performance targets in Q1 of this year [3] - The latest data from Baiyin City Bureau of Statistics indicated that from January to April, the industrial added value of above-scale industries grew by 15.5% year-on-year, with the coal, chemical, non-ferrous, and electricity sectors contributing to 87.7% of this growth [3] Group 2 - The State Council Information Office recently released the national economic operation data for May 2025, showing a year-on-year increase of 5.8% in industrial added value for above-scale industries, with a month-on-month increase of 0.61% [3] - From January to May, the national industrial added value for above-scale industries increased by 6.3% year-on-year, indicating robust industrial production growth supported by various policies [3] - Tianlun Gas has established 10 mature urban gas projects in the northwest region, leveraging the ongoing industrial development in local areas to provide strong internal growth momentum for its urban gas projects [3]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - In Q1 2025, China's GDP grew by 5.4% year-on-year at constant prices, with a 1.2% quarter-on-quarter increase compared to Q4 2024. The added value of the primary, secondary, and tertiary industries increased by 3.5%, 5.9%, and 5.3% respectively [4]. - The added value of large-scale industrial enterprises increased by 6.5% year-on-year in Q1 2025, accelerating by 0.7 percentage points compared to the whole of last year. In March, it increased by 7.7% year-on-year, accelerating by 1.8 percentage points compared to January - February [4]. - The added value of the service industry increased by 5.3% year-on-year in Q1 2025, accelerating by 0.3 percentage points compared to the whole of last year. In March, the service industry production index increased by 6.3% year-on-year, accelerating by 0.7 percentage points compared to January - February [4]. - In Q1 2025, fixed asset investment (excluding rural households) increased by 4.2% year-on-year, accelerating by 1.0 percentage point compared to the whole of last year. Excluding real estate development investment, it increased by 8.3% [4]. - In Q1 2025, total retail sales of consumer goods increased by 4.6% year-on-year, accelerating by 1.1 percentage points compared to the whole of last year. In March, it increased by 5.9% year-on-year, accelerating by 1.9 percentage points compared to January - February [5]. - In Q1 2025, the national surveyed urban unemployment rate averaged 5.3%. In March, it was 5.2%, a 0.2 percentage point decrease from the previous month [5]. - In Q1 2025, the per capita disposable income of national residents was 12,179 yuan, a nominal increase of 5.5% year-on-year, and a real increase of 5.6% after deducting price factors [5]. - In Q1 2025, the total volume of goods imports and exports was 10.3013 trillion yuan, a 1.3% year-on-year increase. Exports were 6.1314 trillion yuan, a 6.9% increase, while imports were 4.17 trillion yuan, a 6.0% decrease [5]. Summary by Relevant Catalogs National Economic Accounting - GDP quarterly growth rates from 2022 - 2025 are presented, showing trends in different industries such as agriculture, forestry, animal husbandry, and fishery, industry, construction, and services [7]. - Contribution rates of different industries to GDP growth are provided, including agriculture, forestry, animal husbandry, and fishery, industry, construction, and various service - related sectors [13]. Industry Industrial Growth Rate - The added value of large - scale industrial enterprises showed different growth rates in different industries and time periods. For example, in March 2025, it increased by 7.7% year-on-year [4][21]. - Different industries such as coal mining, oil and gas extraction, and农副食品 processing had varying year-on-year growth rates of added value in different months [21]. Main Output of Large - Scale Industry - Output data of various industrial products from 2024 - 2025 are presented, including energy products (e.g., crude oil, coal), industrial raw materials (e.g., ethylene, chemical fiber), and finished products (e.g., automobiles, smartphones) [23]. Industry Electricity Consumption - Electricity consumption growth rates of different industries from 2023 - 2024 are provided, such as agriculture, forestry, animal husbandry, and fishery, mining, and manufacturing [31]. Industrial Enterprise Profits - In January - February 2025, the total profit of large - scale industrial enterprises was 910.99 billion yuan, a 0.3% year-on-year decrease. Different industries had different profit growth or decline situations [34]. - The profit situation of different industrial categories (mining, manufacturing, and production and supply of electricity, heat, gas, and water) in January - February 2025 is presented, with mining showing a decline, manufacturing an increase, and the production and supply of electricity, heat, gas, and water a significant increase [38]. Industrial Enterprise Inventory - As of the end of February 2025, the finished - product inventory of large - scale industrial enterprises was 6.37 trillion yuan, a 4.2% increase, with an improvement in the inventory situation compared to December last year [43]. - Inventory data of large - scale industrial enterprises in different industries and time periods from 2024 - 2025 are provided, showing trends in different industrial chains [45]. Price Index CPI - In March 2025, the national consumer price index (CPI) decreased by 0.1% year-on-year and 0.4% month-on-month. Different categories of consumer goods had different price changes [48]. - CPI data of different consumer goods categories from 2024 - 2025 are presented, including food, clothing, housing, and transportation [49]. PPI - In March 2025, the national industrial producer price index (PPI) decreased by 2.5% year-on-year and 0.4% month-on-month, with different price changes in production and living materials [55]. - PPI data of different industries from 2024 - 2025 are provided, such as mining, raw materials, and processing industries [55][58]. Real Estate - Data on the price indices (year - on - year and month - on - month) of newly built commercial residential buildings in 70 large and medium - sized cities from 2015 - 2025 are presented, showing different trends in first - tier, second - tier, and third - tier cities [62][64].