文 ： 华创证券研究所副所长 、首席宏观分析师 张瑜（执业证号：S0360518090001） 联系人： 陆银波（15210860866） 报告摘要 10 月工业企业利润数据：利润增速回落 10 月，规模以上工业企业利润 -5.5% ，前值为 21.6% 。库存方面，截止至今年 10 月，库存同比 3.7% ，前值为 2.8% 。分所有制看， 10 月，国有控股工业企业利润增速为 3.6% ，私营企业增速为 -18.3% ， 外商及港澳台为 -8.8% 。 量、价、利润率拆分来看 ， 量落价升，收入增速同比转负 。 PPI 同比， 10 月同比为 -2.1% ， 9 月为 -2.3% 。工业增加值 10 月增速为 4.9% ， 9 月为 6.5% ；收入端 10 月增速为 -3.3% ， 9 月为 3.13% 。 利润率方面， 10 月为 5.11% ，去年同期（可比口径）为 5.42% 。利润率拆分来看， 10 月毛利率为 14.4% ，去年同期为 14.5% ；费用率 8.46% ，去年同期为 8.08% ；其他损益收入比为 0.83% ，去年同 期为 0.97% 。 从行业情况看 ， 10 月，采矿业增 ...

（原标题：津巴布韦将实施更严格的环境监管和惩罚机制） 新津巴布韦网11月26日报道，津巴布韦政府宣布，将通过新出台的第二个负责任采矿倡议，对矿业 公司实施更严格的环境监管和惩罚机制。 根据该政策，如果矿业运营者违反环保法规、不进行土地修复或造成环境破坏，将面临取消采矿许 可的处罚。此举旨在保护生态环境，推动矿业可持续发展。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部 分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金川集團國際資源有限公司 （於開曼群島註冊成立之有限公司） （股份代號：2362） 有關截至二零二五年九月三十日止九個月最新營運情況 （中文版本）之澄清公告 茲提述金川集團國際資源有限公司（「本公司」）日期為二零二五年十一月二十七日的 公告，內容有關截至二零二五年九月三十日止九個月最新營運情況（「該公告」）。除另 有界定者外，本公告所用詞彙與該公告所界定者具有相同涵義。 繼續暫停買賣 本公司股份已於二零二五年三月二十八日（星期五）上午九時正起暫停於聯交所買 賣，並將繼續暫停買賣，直至另行通知為止。 本公司股東及潛在投資者於買賣本公司證券時務請審慎行事。 承董事會命 金川集團國際資源有限公司 公司秘書 黃德銓 澄清 董事會謹此澄清，由於該公告的中文版本出現不慎文書錯誤，董事會謹此對「分析及 前景」一段作出如下修訂 ...

11月28日，江门市统计局发布2025年江门经济运行简况。1-10月，全市经济运行总体平稳，规模以上工 业增加值同比增长2.4%；地方一般公共预算收入254.37亿元，同比增长2.1%；外贸进出口值为1631.1亿 元，同比增长3.8%，增速高于全国、全省平均水平。 规上工业增加值同比增长2.4% 1-10月，江门市规模以上工业增加值同比增长2.4%。分行业看，制造业增加值增长3.6%，电力、热力、 燃气及水生产和供应业下降4.7%，采矿业下降29.7%。分经济类型看，股份制企业增加值增长4.0%，外 商及港澳台投资企业增长0.1%。分企业规模看，大型企业增加值增长2.6%，中型企业下降0.1%，小微 型企业增长4.0%。 近日，总投资40亿元的广东友谊新材料科技有限公司BOPP薄膜及特种胶带生产项目在江门鹤山正式投 产。来源：鹤山发布 全市固定资产投资同比下降29.5%；全市社会消费品零售总额1100.05亿元，同比增长2.6%。 全市地方一般公共预算收入254.37亿元，同比增长2.1%。 全市居民消费价格指数（CPI）同比下降0.4%。10月份，CPI同比增长0.1%，增速较上月加快0.3个百分 点。 ...

1 — 10 月份，全国规模以上工业企业实现利润总额 59502.9 亿元，同比增长 1.9% （按可比口径计算，详见附注二）。 1 — 10 月份，规模以上工业企业中，国有控股企业实现利润总额 18490.2 亿元，同比 持平；股份制企业实现利润总额 44328.3 亿元，增长 1.5% ；外商及港澳台投资企业实现利 润总额 14848.6 亿元，增长 3.5% ；私营企业实现利润总额 16995.6 亿元，增长 1.9% 。 1 — 10 月份，采矿业实现利润总额 7123.3 亿元，同比下降 27.8% ；制造业实现利润 总额 45050.3 亿元，增长 7.7% ；电力、热力、燃气及水生产和供应业实现利润总额 7329.3 亿元，增长 9.5% 。 1 — 10 月份，主要行业利润情况如下：有色金属冶炼和压延加工业利润同比增长 14.0% ，电力、热力生产和供应业增长 13.1% ，计算机、通信和其他电子设备制造业增长 12.8% ，农副食品加工业增长 8.5% ，电气机械和器材制造业增长 7.0% ，通用设备制造业 增长 6.2% ，专用设备制造业增长 5.0% ，汽车制造业增长 4.4% ，非金属 ...

2025年11月14日，国务院新闻办新闻发布会例行发布2025年三季度经济数据。总体而言，中国经济交出 了一份总体平稳的成绩单。国家统计局数据显示，当月规模以上工业增加值同比增长4.9%，环比增长 0.17%；社会消费品零售总额同比增长2.9%，环比增长0.16%；全国城镇调查失业率为5.1%，比上月下 降0.1个百分点；全国居民消费价格指数（CPI）同比上涨0.2%（上月为下降0.3%），环比上涨0.2%。 这些指标表明，在复杂多变的国际环境和国内结构调整的双重压力下，中国经济在10月份继续展现出了 较强韧性。笔者认为，整体回顾2025年前三季度的表现，国内生产总值同比增长5.2%，为实现全年预 期目标奠定了坚实基础，全年经济增长目标实现在即。 从10月份我国经济运行的基本情况来看，生产端保持稳定、新动能持续壮大是显著特点。10月份，工业 生产保持稳定增长态势：全国规模以上工业增加值同比增长4.9%，环比增长0.17%。分门类看，采矿 业、制造业以及电力、热力、燃气及水生产和供应业均实现平稳增长，分别增长4.5%、4.9%和5.4%。 同时，产业结构优化和升级的趋势正在持续显现，其中装备制造业和高技术制造业 ...

Group 1 - The core viewpoint of the articles highlights the steady growth in industrial profits and the high-quality development of the industrial economy in China, driven by strong domestic circulation and effective policy implementation [1][3] - In the first ten months of the year, the revenue of large-scale industrial enterprises increased by 1.8% year-on-year, while profits rose by 1.9%, marking three consecutive months of profit growth since August [1] - The mining industry saw a decline of 27.8%, although this was a slight improvement from the previous nine months, while the manufacturing sector grew by 7.7% and the electricity, heat, gas, and water supply sector increased by 9.5% [1] Group 2 - The equipment manufacturing sector experienced significant profit growth, with a 7.8% increase in profits for large-scale equipment manufacturing enterprises, contributing 2.8 percentage points to the overall profit growth of large-scale industrial enterprises [1] - In the high-tech manufacturing sector, profits increased by 8% year-on-year, outperforming the average growth rate of all large-scale industrial enterprises by 6.1 percentage points [2] - Traditional industries are showing signs of quality improvement, with profits in certain sectors like chemical and building materials significantly exceeding industry averages, such as a 77.7% profit increase in graphite and carbon products manufacturing [2]

Group 1: Industrial Economic Performance - In the first ten months of the year, the revenue of large-scale industrial enterprises increased by 1.8% year-on-year, creating favorable conditions for profit recovery [1] - Profits of large-scale industrial enterprises grew by 1.9% year-on-year, maintaining a continuous growth rate for three consecutive months since August [1] - The mining industry saw a decline of 27.8%, while the manufacturing sector grew by 7.7%, and the electricity, heat, gas, and water production and supply sector increased by 9.5% [1] Group 2: Equipment Manufacturing Sector - Profits in the equipment manufacturing sector increased by 7.8% year-on-year, contributing 2.8 percentage points to the overall profit growth of large-scale industrial enterprises [1] - The total profit from the equipment manufacturing sector accounted for 38.5% of the total profits of large-scale industrial enterprises, an increase of 2 percentage points compared to the same period last year [1] - Seven out of eight major categories in the equipment manufacturing sector reported year-on-year profit growth, with significant increases in the railway, shipbuilding, aerospace, and electronics industries, achieving growth rates of 32% and 12.8% respectively [1] Group 3: High-Tech Manufacturing Sector - Profits in the high-tech manufacturing sector rose by 8% year-on-year, outperforming the average growth rate of large-scale industrial enterprises by 6.1 percentage points [2] - The smart electronics manufacturing sector showed strong growth, with profits in the smart unmanned aerial vehicle and smart vehicle-mounted equipment manufacturing industries increasing by 116.1% and 114.9% respectively [2] - The semiconductor manufacturing sector also experienced rapid profit growth, with integrated circuit manufacturing, electronic special materials manufacturing, and semiconductor discrete devices manufacturing seeing increases of 89.2%, 86%, and 17.4% respectively [2] Group 4: Traditional Industries - Traditional industries are showing signs of quality improvement and upgrading, with profits significantly exceeding the industry average [2] - In the raw materials sector, industries such as graphite and carbon products manufacturing, biochemical pesticides and microbial pesticides manufacturing, and cultural information chemicals manufacturing reported profit increases of 77.7%, 73.4%, and 19.1% respectively, surpassing their respective industry averages [2] - In the chemical fiber, rubber, and plastic products sector, profits in bio-based chemical fiber manufacturing and recycled rubber manufacturing grew by 61.2% and 15.4%, respectively, also exceeding their industry averages [2] Group 5: Future Outlook - The chief statistician of the National Bureau of Statistics emphasized the need to implement policies that promote domestic demand, optimize structure, and foster new energy to enhance the quality and quantity of industrial economic growth [3] - The focus will be on addressing complex international environments and domestic structural contradictions to strengthen the foundation of the real economy [3]

Core Insights - The industrial economy in China is experiencing stable growth in profits, with a 1.9% year-on-year increase in profits for large-scale industrial enterprises in the first ten months of the year, following a 1.8% increase in revenue [1] - The equipment manufacturing sector has shown significant profit growth, contributing 2.8 percentage points to the overall profit increase of large-scale industrial enterprises, with a profit share of 38.5% [1] - High-tech manufacturing is outperforming the average industrial sector, with an 8% profit increase, particularly in smart electronics and semiconductor manufacturing [2] Group 1: Industrial Performance - In the first ten months, the mining sector saw a decline of 27.8%, while manufacturing grew by 7.7% and the electricity, heat, gas, and water supply sector increased by 9.5% [1] - In October, profits for large-scale industrial enterprises decreased by 5.5% year-on-year due to high base effects and rising financial costs [1] Group 2: Equipment Manufacturing - The profit of large-scale equipment manufacturing enterprises increased by 7.8% in the first ten months, with seven out of eight major categories showing profit growth [1] - The railway, shipbuilding, aerospace, and electronics industries experienced double-digit profit growth, with increases of 32% and 12.8% respectively [1] Group 3: High-Tech Manufacturing - High-tech manufacturing profits increased by 8%, significantly above the overall industrial average [2] - The smart drone and smart vehicle equipment manufacturing sectors saw remarkable profit growth of 116.1% and 114.9% respectively [2] - Semiconductor manufacturing also showed strong performance, with integrated circuit manufacturing profits rising by 89.2% [2] Group 4: Traditional Industries - Traditional industries are undergoing quality upgrades, with profits in certain sectors like graphite and carbon products, and biochemical pesticides growing by 77.7% and 73.4% respectively, surpassing industry averages [2] - In the chemical fiber and rubber sectors, profits from bio-based chemical fiber and recycled rubber manufacturing increased by 61.2% and 15.4% respectively [2] Group 5: Future Outlook - The chief statistician from the National Bureau of Statistics emphasized the need for coordinated policy efforts to enhance domestic demand and improve industrial structure amidst complex international and domestic challenges [3]

Core Insights - Industrial enterprises' profits increased by 1.9% year-on-year from January to October, maintaining growth for three consecutive months since August [2] - In October, profits decreased by 5.5% year-on-year due to high base effects and rising financial costs [2] - Revenue for industrial enterprises grew by 1.8% year-on-year from January to October, creating favorable conditions for profit recovery [2] Industry Performance - Mining industry profits fell by 27.8% year-on-year, but the decline narrowed by 1.5 percentage points compared to January to September [2] - Manufacturing profits increased by 7.7% year-on-year, while profits in the electricity, heat, gas, and water production and supply sectors rose by 9.5% [2] - Equipment manufacturing profits grew by 7.8% year-on-year, contributing 2.8 percentage points to the overall profit growth of industrial enterprises [3] - High-tech manufacturing profits rose by 8.0% year-on-year, outperforming the average for all industrial enterprises by 6.1 percentage points [3] Traditional Industry Upgrades - Traditional industries showed significant profit growth, with specific sectors like graphite and carbon products, biochemical pesticides, and cultural information chemicals seeing profits rise by 77.7%, 73.4%, and 19.1% year-on-year, respectively [3] - The improvement in traditional industries indicates a shift towards higher productivity, added value, and profit margins [3] Future Outlook - Experts suggest that coordinated policy efforts are needed to expand domestic demand, optimize structure, and foster new energy, aiming for a qualitative and quantitative upgrade in the industrial economy [4]