数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 2025年1-8月，广东省工业企业数（以下数据涉及的工业企业，均为规模以上工业企业，从2011年起， 规模以上工业企业起点标准由原来的年主营业务收入500万元提高到年主营业务收入2000万元）为75679 个，和上年同期相比，增加了2460个，同比增长3.36%，占全国的比重为14.51%。 2016-2025年1-8月广东省工业企业数统计图 上市公司：佛塑科技（000973），新纶新材（002341），沃特股份（002886），银禧科技（300221）， 同益股份（300538），美联新材（300586），南华仪器（300417），昊志机电（300503），金太阳 （300606），海川智能（300720），申菱环境（301018），绿岛风（301043），广日股份（600894）， 中国电研（688128），燕麦科技（ ...

上市公司：株冶集团（600961），新威凌（871634），岳阳兴长（000819），克明食品（002661），盐 津铺子（002847），劲仔食品（003000），绝味食品（603517），华升股份（600156），千金药业 （600479），方盛制药（603998），泰嘉股份（002843），宇环数控（002903），宇晶股份 （002943），三德科技（300515），岱勒新材（300700），华锐精密（688059） 2016-2025年1-8月湖南省工业企业数统计图 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 相关报告：智研咨询发布的《2025-2031年中国工业云行业市场深度评估及投资机会预测报告》 2025年1-8月，湖南省工业企业数（以下数据涉及的工业企业，均为规模以上工业企业，从2011年起， 规模以上工业企业起点标准由原来的年主营业务收入500万 ...

证券研究报告：宏观报告 发布时间：2025-09-29 研究所 分析师:袁野 SAC 登记编号:S1340523010002 Email:yuanye@cnpsec.com 研究助理:苑西恒 SAC 登记编号:S1340124020005 Email:yuanxiheng@cnpsec.com 近期研究报告 《非美合作加强对冲对美出口回落， 整体出口下行压力犹存》 - 2025.09.09 宏观研究 价格回升驱动企业利润改善，修复斜率放缓 核心观点 8 月规模以上工业企业利润增速延续边际改善态势，虽然存在低 基数效应，但剔除基数效应后，8 月工业企业利润亦呈现边际改善。 从量、价、利润率分析，规模以上工业企业工业品价格回升是利润改 善的核心驱动力，应是受益于"反内卷"政策；从资产周转率来看， 工业企业产成品周转率和工业企业应收账款周转率仍处于 2018 年 80%以上的历史分位数，亦或间接说明有效需求不足问题尚未显著改 善，供需关系并未显著改善，不足以拉动价格回升；在有效需求尚未 显著改善背景下，工业企业生产相对谨慎，产成品库存延续回落。此 外，从营业收入增速与居民收入增速相关性来看，工业企业营业收入 增速领 ...

Group 1: Economic Indicators - August industrial enterprise profits showed a cumulative year-on-year increase of 0.9%, compared to a previous decline of 1.7%[4] - Monthly profits turned from a decrease of 1.5% to a growth of 20.4%, primarily driven by price and profit margin contributions[4] - The Producer Price Index (PPI) for the month increased by 0.7 percentage points to -2.9% compared to the previous month[4] Group 2: Market Trends - The market experienced a volume-decreasing rise last week, with an average transaction amount of 23,132 billion yuan, down by 2,047 billion yuan[4] - Small-cap indices saw a significant decline, with the small-cap index down by 1.50%[4] - The overall bond market yield rose, with the 10-year government bond yield increasing by 0.3 basis points[4] Group 3: Monetary Policy and Global Factors - The expectation of a domestic interest rate cut in October is increasing due to ongoing weak economic data[4] - The Federal Reserve's interest rate cut expectations have fluctuated, influenced by Powell's statements and better-than-expected economic data[4] - The U.S. announced new high tariffs on various imported products starting October 1, raising trade uncertainty[4] Group 4: Risks and Considerations - The sustainability of profit improvements requires further observation due to low base effects and short-term adjustments in some industries[4] - Risks include potential weakening of the economic fundamentals, escalation of trade frictions, and rapid contraction of Fed rate cut expectations[4]

01 维护资本市场稳定！央行，重磅部署 央行货币政策委员会2025年第三季度（总第110次）例会于9月23日召开。其中会议研究了下阶段货币政策主要思路，建议加强货币 政策调控，提高前瞻性、针对性、有效性，根据国内外经济金融形势和金融市场运行情况，把握好政策实施的力度和节奏，抓好各 项货币政策措施执行，充分释放政策效应。保持流动性充裕，引导金融机构加大货币信贷投放力度，使社会融资规模、货币供应量 增长同经济增长、价格总水平预期目标相匹配。强化央行政策利率引导，完善市场化利率形成传导机制，发挥市场利率定价自律机 制作用，加强利率政策执行和监督。推动社会综合融资成本下降。从宏观审慎的角度观察、评估债市运行情况，关注长期收益率的 变化。畅通货币政策传导机制，提高资金使用效率，防范资金空转。增强外汇市场韧性，稳定市场预期，防范汇率超调风险，保持 人民币汇率在合理均衡水平上的基本稳定。 会议指出，要引导大型银行发挥金融服务实体经济主力军作用，推动中小银行聚焦主责主业，增强银行资本实力，共同维护金融市 场的稳定发展。有效落实好各类结构性货币政策工具，扎实做好金融"五篇大文章"，加力支持科技创新、提振消费、小微企业、稳 定外 ...

2025年1-4月，西藏自治区工业企业数（以下数据涉及的工业企业，均为规模以上工业企业，从2011年 起，规模以上工业企业起点标准由原来的年主营业务收入500万元提高到年主营业务收入2000万元）为 217个，和上年同期相比，增加了20个，同比增长10.15%，占全国的比重为0.04%。 2016-2025年1-4月西藏自治区工业企业数统计图 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 上市公司：西藏珠峰（600338），华钰矿业（601020），西藏矿业（000762），海思科（002653），易 明医药（002826），多瑞医药（301075），灵康药业（603669），卫信康（603676），奇正藏药 （002287），恩威医药（301331） 相关报告：智研咨询发布的《2025-2031年中国工业云行业市场深度评估及投资机会预测报告》 ...

Group 1 - The core viewpoint of the article highlights the growth of industrial enterprises in Gansu Province, with a total of 3,317 enterprises reported from January to July 2025, marking an increase of 267 enterprises compared to the same period last year, representing a year-on-year growth of 8.75% [1] - The report indicates that the number of industrial enterprises in Gansu Province accounts for 0.64% of the national total [1] - The data referenced in the article is sourced from the National Bureau of Statistics and compiled by Zhiyan Consulting, a leading industry consulting firm in China [1] Group 2 - The article mentions specific listed companies related to the industrial sector in Gansu, including Baiyin Nonferrous Metals (601212), Jinhui Co., Ltd. (603132), and others [1] - Zhiyan Consulting has released a report titled "2025-2031 China Industrial Cloud Industry Market Deep Assessment and Investment Opportunity Forecast Report," indicating a focus on future investment opportunities in the industrial sector [1] - The article provides a historical context for the classification of industrial enterprises, noting that the threshold for scale enterprises was raised from an annual main business income of 5 million to 20 million yuan starting in 2011 [1]

Market Overview - The A-share market has experienced a sudden bull market, with the CSI 300 index rising from 4055 points to a peak of 4495 points in just three weeks, marking an 11% increase [1][3] - The ChiNext index surged from 2323 points to a peak of 2822 points, reflecting a remarkable 26% increase during the same period [1][3] Bull Market Confirmation - The bull market is confirmed, as nearly all A-share stocks have risen over 30% since last August, with the CSI 300 index up 40% and the ChiNext index nearly doubling [3][4] - A bull market is generally defined as a market where major stock indices rise over 20% within a year, which has clearly been met [3] Economic Context - The current bull market has occurred despite a weakening real economy, with declining housing prices in 70 major cities and retail sales growth lagging behind nominal GDP growth [4][5] - Key economic indicators such as the consumer price index and producer price index are stagnant or declining, indicating ongoing deflationary pressures [4][5] Market Dynamics - The bull market is characterized as a "water bull," driven primarily by liquidity improvements and monetary easing rather than significant corporate profit growth [5][6] - Stock price increases can be attributed to two factors: rising corporate earnings and elevated valuations, with the current market primarily reflecting the latter [5] Liquidity Indicators - M1 money supply growth is highlighted as a key indicator of stock market performance, with a notable increase in M1 growth since September 2024 correlating with the bull market [9][10] - The phenomenon of "deposit migration" is observed, where household demand deposits have decreased while non-bank financial institution deposits have surged, indicating a shift of funds into the stock market [14][17] Future Outlook - The sustainability of the bull market hinges on the continuation of deposit migration and improvements in corporate earnings, as current market gains are largely driven by liquidity rather than fundamental economic recovery [19][20] - Monitoring PMI, PPI, and the profit growth of large industrial enterprises will be crucial to assess the potential for a lasting bull market [20]

Macro News - The Ministry of Commerce will soon introduce a series of policy measures to promote service exports, focusing on fiscal, financial, and facilitation aspects to optimize the policy environment [1] Industrial Sector - In July, the profits of large-scale industrial enterprises decreased by 1.5% year-on-year, with the decline narrowing by 2.8 percentage points compared to June, marking two consecutive months of narrowing [2] - From January to July, the profits of large-scale industrial enterprises fell by 1.7% year-on-year, with the decline narrowing by 0.1 percentage points compared to the first half of the year [2] Service Sector - The Ministry of Commerce aims to include more service consumption areas in the encouraged foreign investment industry catalog, addressing the issue of insufficient high-quality service supply [3][5] - The Ministry will promote the expansion of high-quality service supply through "internal opening and external opening," and will expand pilot programs in telecommunications, healthcare, and education [5] - The initiative aims to stimulate innovation and reform in the service consumption sector, enhancing the vitality of various business entities and better meeting consumer demand in areas such as health, elderly care, childcare, and housekeeping [5]

Group 1 - The core viewpoint of the article highlights the growth of industrial enterprises in Gansu Province, with a total of 3,311 enterprises reported in the first half of 2025, marking an increase of 274 enterprises or a year-on-year growth of 9.02% [1] - The report indicates that the number of industrial enterprises in Gansu accounts for 0.64% of the national total [1] - The data referenced in the article is sourced from the National Bureau of Statistics and organized by Zhiyan Consulting [3] Group 2 - The article mentions several listed companies related to the industrial sector in Gansu, including Baiyin Nonferrous Metals, Jinhui Co., Gansu Energy Chemical, and others [1] - Zhiyan Consulting is identified as a leading industry consulting firm in China, specializing in deep industry research and providing comprehensive consulting services [2]