记者 辛圆 国家统计局周六发布数据显示，1-11月，规模以上工业利润同比增长0.1%，涨幅较前10个月回落1.8个 百分点，但仍延续8月以来的增长态势。11月份，规模以上工业企业利润同比下降13.1%，降幅较10月 扩大7.6个百分点。 国家统计局工业司首席统计师于卫宁解读称，总体看，规模以上工业企业利润延续增长态势，工业新动 能的支撑作用进一步显现。但也要看到，国际环境不稳定不确定因素较多、工业新旧动能转换仍面临结 构调整压力，工业企业效益恢复基础还需继续巩固。 分三大门类看，1-11月份，采矿业实现利润总额7896.3亿元，同比下降27.2%，降幅较前10个月收窄0.6 个百分点；制造业实现利润总额50317.9亿元，增长5.0%，涨幅较前10个月回落2.7个百分点；电力、热 力、燃气及水生产和供应业实现利润总额8054.4亿元，增长8.4%，涨幅较前10个月回落1.1个百分点。 统计数据显示，1-11月份，规模以上装备制造业利润同比增长7.7%，拉动全部规模以上工业企业利润增 长2.8个百分点，是对规模以上工业企业利润增长拉动作用最强的板块。 从行业看，装备制造业的8个大类行业中有7个行业利润实现同比增 ...

Group 1: Industrial Profit Growth - From January to November, profits of industrial enterprises above designated size increased by 0.1% year-on-year, marking four consecutive months of growth since August [1] - The manufacturing sector saw a profit increase of 5.0%, while the electricity, heat, gas, and water production and supply sector grew by 8.4%. In contrast, the mining sector experienced a decline of 27.2%, although this decline was 0.6 percentage points less than the previous period [1] - Total operating revenue for industrial enterprises above designated size rose by 1.6% year-on-year [1] Group 2: Equipment Manufacturing Sector - Profits in the equipment manufacturing sector increased by 7.7% year-on-year, contributing 2.8 percentage points to the overall profit growth of industrial enterprises [1] - Among the eight major categories in the equipment manufacturing sector, seven reported profit growth, with the railway, shipbuilding, and aerospace industries seeing profit increases of 27.8% and 15.0% respectively. The automotive sector's profits grew by 7.5%, accelerating by 3.1 percentage points compared to the previous period [1] Group 3: High-Tech Manufacturing Sector - Profits in the high-tech manufacturing sector grew by 10.0% year-on-year, which is 9.9 percentage points higher than the average for all industrial enterprises [2] - The "Artificial Intelligence+" initiative positively impacted related equipment manufacturing, with profits in the electronic industrial specialized equipment sector increasing by 57.4%. Notably, profits in semiconductor device manufacturing and electronic components manufacturing surged by 97.2% and 46.0% respectively [2] - The aerospace industry also experienced significant profit growth, with profits in the aerospace and related equipment manufacturing sectors increasing by 13.3%, including a remarkable 192.9% growth in aerospace-related equipment manufacturing [2] Group 4: Raw Materials Manufacturing Sector - Profits in the raw materials manufacturing sector grew significantly, with a year-on-year increase of 16.6%, contributing 2.0 percentage points to the overall profit growth of industrial enterprises [3] - The steel industry showed marked improvement in profitability, aided by low base effects, while the non-ferrous metals sector maintained double-digit profit growth due to increased market demand and rapid revenue growth [3] Group 5: Overall Industrial Economic Outlook - The overall trend indicates that profits for industrial enterprises continue to grow, with new industrial drivers becoming increasingly evident [3] - However, challenges remain due to instability in the international environment and structural adjustment pressures during the transition from old to new industrial drivers [3] - Future efforts will focus on implementing central economic work meeting directives, upgrading traditional industries, fostering new productive forces, and accelerating the establishment of a modern industrial system to promote sustainable industrial economic development [3]

国家统计局数据显示，1—11月份，全国规模以上工业企业实现利润总额66268.6亿元，同比增长0.1%。 1—11月份，规模以上工业企业每百元营业收入中的成本为85.50元，同比增加0.18元；每百元营业收入中的费用为8.39元，同比减少0.06元。 12月27日，国家统计局官网发布的最新数据显示，1—11月份，全国规模以上工业企业实现利润总额66268.6亿元，同比增长0.1%。 1—11月份，规模以上工业企业中，国有控股企业实现利润总额20083.6亿元，同比下降1.6%；股份制企业实现利润总额49565.6亿元，下降0.4%；外商及港 澳台投资企业实现利润总额16355.3亿元，增长2.4%；私营企业实现利润总额19319.9亿元，下降0.1%。 1—11月份，采矿业实现利润总额7896.3亿元，同比下降27.2%；制造业实现利润总额50317.9亿元，增长5.0%；电力、热力、燃气及水生产和供应业实现利 润总额8054.4亿元，增长8.4%。 1—11月份，主要行业利润情况如下：计算机、通信和其他电子设备制造业利润同比增长15.0%，电力、热力生产和供应业增长11.8%，有色金属冶炼和压延 加工业增长 ...

Core Insights - In the first eleven months, the total profit of industrial enterprises above designated size reached 66,268.6 billion yuan, a year-on-year increase of 0.1% [1] Group 1: Profit by Ownership Type - State-owned enterprises achieved a total profit of 20,083.6 billion yuan, a year-on-year decrease of 1.6% [1] - Shareholding enterprises reported a total profit of 49,565.6 billion yuan, down 0.4% year-on-year [1] - Foreign and Hong Kong, Macao, and Taiwan-invested enterprises saw a profit of 16,355.3 billion yuan, an increase of 2.4% [1] - Private enterprises recorded a profit of 19,319.9 billion yuan, a slight decrease of 0.1% [1] Group 2: Profit by Industry - The mining industry experienced a profit of 7,896.3 billion yuan, a significant decline of 27.2% year-on-year [1] - The manufacturing sector achieved a profit of 50,317.9 billion yuan, reflecting a growth of 5.0% [1] - The electricity, heat, gas, and water production and supply industry reported a profit of 8,054.4 billion yuan, up 8.4% [1] - Notable growth in specific sectors includes: - Computer, communication, and other electronic equipment manufacturing: 15.0% increase [2] - Electricity and heat production and supply: 11.8% increase [2] - Non-ferrous metal smelting and rolling processing: 11.1% increase [2] - Automotive manufacturing: 7.5% increase [2] - Declines were observed in: - Textile industry: down 8.2% [2] - Oil and gas extraction: down 13.6% [2] - Coal mining and washing: down 47.3% [2] Group 3: Financial Metrics - Total operating revenue for industrial enterprises above designated size reached 125.34 trillion yuan, a year-on-year increase of 1.6% [2] - Operating costs amounted to 107.17 trillion yuan, up 1.8% [2] - The operating profit margin was 5.29%, a decrease of 0.08 percentage points year-on-year [2] - As of the end of November, total assets were 189.28 trillion yuan, a year-on-year increase of 4.8% [2] - Total liabilities reached 109.96 trillion yuan, up 5.0% [2] - Owner's equity totaled 79.32 trillion yuan, an increase of 4.5% [2] - The asset-liability ratio stood at 58.1%, an increase of 0.1 percentage points year-on-year [2] Group 4: Efficiency Metrics - The cost per 100 yuan of operating revenue was 85.50 yuan, an increase of 0.18 yuan year-on-year [3] - The average revenue per 100 yuan of assets was 74.4 yuan, a decrease of 2.4 yuan year-on-year [3] - The average accounts receivable collection period was 70.4 days, an increase of 3.7 days year-on-year [3] - The turnover days for finished goods inventory were 20.5 days, an increase of 0.6 days year-on-year [3] Group 5: Monthly Performance - In November, the profit of industrial enterprises above designated size decreased by 13.1% year-on-year [4]

Core Insights - In the first eleven months, the total profit of industrial enterprises above designated size reached 66,268.6 billion yuan, a year-on-year increase of 0.1% [1] - The profit performance varied among different types of enterprises, with state-owned enterprises experiencing a decline of 1.6%, while foreign and Hong Kong, Macao, and Taiwan-invested enterprises saw a growth of 2.4% [1] Group 1: Profit Performance - In the mining sector, profits totaled 7,896.3 billion yuan, down 27.2% year-on-year [1] - The manufacturing sector achieved profits of 50,317.9 billion yuan, marking a growth of 5.0% [1] - The electricity, heat, gas, and water production and supply sector reported profits of 8,054.4 billion yuan, an increase of 8.4% [1] Group 2: Industry-Specific Profit Trends - The computer, communication, and other electronic equipment manufacturing industry saw a profit increase of 15.0% [2] - The power and heat production and supply industry grew by 11.8% [2] - The automotive manufacturing sector experienced a profit growth of 7.5% [2] - The textile industry faced a decline of 8.2% [2] - The coal mining and washing industry reported a significant decline of 47.3% [2] Group 3: Financial Metrics - The total operating revenue of industrial enterprises above designated size reached 125.34 trillion yuan, a year-on-year increase of 1.6% [2] - Operating costs amounted to 107.17 trillion yuan, up 1.8% [2] - The operating profit margin was 5.29%, a decrease of 0.08 percentage points year-on-year [2] - As of the end of November, total assets were 189.28 trillion yuan, a growth of 4.8% [2] - The total liabilities reached 109.96 trillion yuan, increasing by 5.0% [2] Group 4: Efficiency Metrics - The cost per 100 yuan of operating revenue was 85.50 yuan, an increase of 0.18 yuan year-on-year [3] - The average collection period for accounts receivable was 70.4 days, an increase of 3.7 days year-on-year [3] - The turnover days for finished goods inventory were 20.5 days, an increase of 0.6 days year-on-year [3] Group 5: Monthly Performance - In November, profits of industrial enterprises above designated size decreased by 13.1% year-on-year [4]

1—11月份，全国规模以上工业企业实现利润总额66268.6亿元，同比增长0.1%(按可比口径计算，详见 附注二)。 1—11月份，规模以上工业企业中，国有控股企业实现利润总额20083.6亿元，同比下降1.6%；股份制企 业实现利润总额49565.6亿元，下降0.4%；外商及港澳台投资企业实现利润总额16355.3亿元，增长 2.4%；私营企业实现利润总额19319.9亿元，下降0.1%。 1—11月份，采矿业实现利润总额7896.3亿元，同比下降27.2%；制造业实现利润总额50317.9亿元，增 长5.0%；电力、热力、燃气及水生产和供应业实现利润总额8054.4亿元，增长8.4%。 1—11月份，主要行业利润情况如下：计算机、通信和其他电子设备制造业利润同比增长15.0%，电 力、热力生产和供应业增长11.8%，有色金属冶炼和压延加工业增长11.1%，汽车制造业增长7.5%，农 副食品加工业增长4.8%，通用设备制造业增长4.8%，专用设备制造业增长4.6%，电气机械和器材制造 业增长4.2%，石油、煤炭及其他燃料加工业同比减亏，非金属矿物制品业下降4.6%，化学原料和化学 制品制造业下降6.9%，纺 ...

Core Insights - The industrial added value in the province increased by 11.5% year-on-year in November 2025 [1] Group 1: Industrial Performance - The mining industry saw an added value growth of 6.8% year-on-year in November [1] - The manufacturing sector experienced a growth of 12.8% year-on-year [1] - The electricity, heat, gas, and water production and supply industry grew by 1.9% year-on-year [1] Group 2: Industry and Product Growth - Out of 40 major industrial categories, 29 reported year-on-year growth in added value, resulting in a growth coverage of 72.5% [1] - Among 464 industrial products, 239 maintained year-on-year production growth, achieving a growth coverage of 51.5% [1]

Group 1 - The corporate credit index in China for November is 162.66, indicating a steady improvement in corporate credit levels [1] - The corporate credit index increased by 1.11 points from October, reaching a peak for the second half of the year, reflecting a positive change in corporate credit levels amid stable economic performance [2] - Most regions in China showed positive growth in credit indices, with notable increases in Guangdong and Shandong, indicating enhanced self-discipline among enterprises and effective credit repair mechanisms [3] Group 2 - Nearly 80% of industries saw an increase in credit indices compared to the previous month, with the finance and manufacturing sectors leading the growth [4] - The credit index for the real estate industry has shown a continuous upward trend for four months, indicating a recovery in credit levels [4]

Core Insights - The corporate credit index in China reached 162.66 in November 2025, marking an increase of 1.11 points from October, indicating a positive change in corporate credit levels amid stable economic growth [1] Industry Summary - Nearly 80% of industries experienced a month-on-month increase in their credit indices, with the top five performing sectors being finance, manufacturing, water conservancy, environmental and public facilities management, and electricity, heat, gas, and water production and supply [1] - The credit index for the resident services, repair, and other service industries saw the highest growth among all sectors, while the manufacturing sector ranked second in terms of credit index growth [1] - The real estate industry has maintained a month-on-month increase in its credit index for four consecutive months, indicating a recovery trend in credit levels [1] Regional Summary - The top five provinces in terms of credit index rankings are Anhui, Shaanxi, Tianjin, Shandong, and Chongqing, with Shandong making its first appearance in the national top five in 2025 [1]

Core Viewpoint - The economic performance of the province from January to November shows steady growth in industrial output, expanding market sales, and rapid export growth, indicating overall economic stability [1] Industrial Performance - The province's industrial added value increased by 1.1% year-on-year, with high-tech manufacturing growing by 3.3% [1] - Mining industry added value rose by 6.8%, while manufacturing grew by 0.5%, and the electricity, heat, gas, and water production and supply sector declined by 1.6% [1] - Among 40 major industrial sectors, 23 experienced year-on-year growth, resulting in a growth rate of 57.5% [1] - Notable growth sectors include chemical fiber manufacturing (up 7.3 times), transportation equipment manufacturing (up 41%), and non-ferrous metal mining (up 17.6%) [1] Product Performance - Civil steel ship production increased by 88.3%, transformers by 48%, and synthetic ammonia by 21.2% [2] - Sales of wearable smart devices surged by 16.3 times, while energy-efficient home appliances and smartphones both grew by 1.1 times [3] Investment and Sales - Investment in high-tech manufacturing rose by 14.1%, indicating strong growth in this sector [3] - The total retail sales of consumer goods reached 956.5 billion yuan, with a year-on-year growth of 2.3% [3] - Basic living goods saw stable sales growth, with food retail up by 12.2% and daily necessities by 9.3% [3] Export Performance - The province's total import and export value reached 684.07 billion yuan, with exports at 373.48 billion yuan, growing by 9.4% [3] - Key export products included agricultural products (310.5 billion yuan, up 9.2%) and electromechanical products (1,891.2 billion yuan, up 9.3%) [3]