摘要 ： 今日，国家统计局发布最新数据，1—12月份，仪器仪表制造业营业收入11329.4亿元，同比增 长4.2%，实现利润总额1160.3亿元，同比增长3.1%。 特别提示 微信机制调整，点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我 们的推送。 2025 年，全国规模以上工业企业实现利润总额 73982.0 亿元，比上年增长 0.6% 。 2025 年 ， 规 模 以 上 工 业 企 业 中 ， 国 有 控 股 企 业 实 现 利 润 总 额 20561.0 亿 元 ， 比 上 年 下 降 3.9% ；股份制企业实现利润总额 55408.3 亿 元 ， 下 降 0.1% ； 外 商 及 港 澳 台 投 资 企 业 实 现利润总额 17447.4 亿 元 ， 增 长 4.2% ； 私 营 企 业 实 现 利 润 总 额 22810.6 亿 元 ， 与 上 年 持平。 2025 年，采矿业实现利润总额 8345.1 亿 元 ， 比 上 年 下 降 26.2% ； 制 造 业 实 现 利 润 总 额 56915.7 亿 元 ， 增 长 5.0% ； 电 力 、 热 力 、 燃 ...

深圳南山成全国首个万亿元GDP地市辖区 1月27日，深圳市南山区八届人大六次会议开幕。南山区区长李小宁在作政府工作报告时介绍，2025年 南山区预计实现地区生产总值(GDP)超万亿元，地均GDP达54亿元/平方公里，人均GDP超54万元。这也 是我国首个GDP破万亿元的地市辖区。 地区生产总值增速超6%；规上工业总产值突破9000亿元，增加值增速与贡献率全市第一；固定资产投 资1942亿元，增长0.6%，总量及贡献率全市第一；社会消费品零售总额超1920亿元，增长6.8%，总额 及贡献率全市第一；外贸进出口总额9419亿元，其中出口总量全市第一……李小宁介绍，2025年南山区 经济体量较"十三五"期末的6527亿元大幅跃升，五年间连续跨上4个千亿级台阶，年均增长率稳定在 5.8%以上，发展韧性与活力持续彰显。 南山区是深圳市重要的科技创新和产业制造中心，以不足深圳全市1/10的土地，贡献了全市超过1/4的 经济产出，经济体量比肩部分欧洲国家。报告显示，南山区高技术制造业和先进制造业占规上工业增加 值比重分别达60.7%、58.6%，现代服务业占第三产业比重近90%，符合发达经济体最优产业结构特征。 支撑起万亿 ...

Economic Performance - Yuhang District, recognized as "the first district of Zhejiang's economy," achieved a GDP of 356.803 billion yuan in 2025, maintaining the top position in the province [1] - From January to November 2025, the revenue of Yuhang's above-scale service industry reached 913.1 billion yuan, ranking first in the province [1] Industrial Development - Yuhang's industrial sector saw a 6.1% increase in above-scale industrial added value, driven by the implementation of advanced manufacturing cluster policies [1] - The added value of the digital economy manufacturing sector grew by 11.4%, high-tech manufacturing by 10.3%, and strategic emerging industries by 8.9% [1] Cultural Industry - In 2025, Yuhang's above-scale cultural enterprises generated over 67 billion yuan in revenue, leading the province [2] Innovation and Talent - Yuhang added 75,800 new market entities in 2025, surpassing a total of 330,000, ranking first in the city [3] - The total talent pool in Yuhang exceeded 500,000 in 2025, contributing to innovation and entrepreneurship [3] - Yuhang launched 126 technology achievement transformation projects in 2025, the highest in the province [3] Investment and Projects - Yuhang signed 410 key projects in 2025, with a total investment of 49.2 billion yuan, acting as a strong engine for investment demand [3] Consumer Market - Yuhang's social retail sales exceeded 112.1 billion yuan in 2025, with a growth rate of 6.4% [4] Foreign Trade - Yuhang established the Zhejiang Province Overseas Comprehensive Service Station to support local businesses in international markets [4] - The district organized collective exhibitions for enterprises, resulting in over 10 billion yuan in intended orders [4]

高技术制造业为工业高质量发展注入强劲动力。2025年，规模以上高技术制造业利润较上年增长 13.3%，高于全部规模以上工业12.7个百分点。智能电子产品创造消费新潮流，带动智能消费设备制造 行业利润较上年增长48.0%，其中智能无人飞行器制造、智能车载设备制造行业利润分别增长102.0%、 88.8%。 传统产业提质升级不断壮大工业新动能。2025年，传统产业新质生产力发展成效继续显现，利润明显高 于行业平均水平。在化工行业中，生物化学农药及微生物农药制造、文化用信息化学品制造行业利润分 别较上年增长20.7%、15.2%，高于化工行业平均水平28.0个、22.5个百分点；在化纤、电力行业中，生 物基化学纤维制造、生物质能发电行业利润分别增长88.6%、47.9%，分别高于所在大类行业平均水平 93.1个、34.0个百分点。 [ 责编：刘晗旭 ] 本报北京1月27日电 （记者刘志强）国家统计局27日发布数据显示：2025年，全国规模以上工业企业 利润较上年增长0.6%，扭转了连续3年下降态势，其中装备制造业、高技术制造业等新动能支撑作用明 显，传统产业利润结构持续优化，工业经济发展质效不断提升。 工业企业利润 ...

宏观 2026 年 1 月 28 日 2025 年 12 月工业企业利润数据点评 利润结构向中游转移 证券分析师 事项： 2025 年，全国规模以上工业企业实现利润总额 73982.0 亿元，比上年增 长 0.6%。 平安观点： 风险提示：稳增长政策落地效果不及预期，海外经济衰退，地缘政治冲突升级等。 宏 观 点 评 证 券 研 究 报 告 宏 观 报 告 钟正生 投资咨询资格编号 S1060520090001 ZHONGZHENGSHENG93 4@pingan.com.cn 张璐 投资咨询资格编号 S1060522100001 ZHANGLU150@pingan.com.cn 常艺馨 投资咨询资格编号 S1060522080003 CHANGYIXIN050@pingan.com.cn 2025 年 12 月工业企业利润增长加快，量、价、利润率同步改善。2025 年 12 月，工业企业利润同比由 11 月下降 13.1%转为增长 5.3%，回升 18.4 个百分点，恢复较快。拆分量、价和利润率：2025 年 12 月工业增 加值增速较上月抬升 0.4 个百分点至 5.2%，PPI 同比增速较上月提升 0. ...

Core Insights - In 2025, the total profit of industrial enterprises above designated size in China reached 73,982 billion yuan, marking a 0.6% increase from the previous year, reversing a three-year decline trend [1][2] Group 1: Profit Growth and Sector Performance - The manufacturing sector saw a profit increase of 5.0%, a significant rebound of 8.9 percentage points compared to 2024 [2] - The electricity, heat, gas, and water production and supply sector experienced a profit growth of 9.4%, while the mining sector faced a decline of 26.2% [2] - In December 2025, profits for industrial enterprises above designated size rose by 5.3% compared to November, recovering 18.4 percentage points from a previous decline [2] Group 2: Improvement in Various Business Entities - Profits for small and medium-sized enterprises, as well as foreign and Hong Kong, Macao, and Taiwan-invested enterprises, turned positive, with growth rates of 1.4% and 4.2% respectively, compared to declines of 1.9% and 1.7% in 2024 [2] - Profits for joint-stock enterprises and state-controlled enterprises showed significant improvement, with reductions in profit decline narrowing by 3.5 and 0.7 percentage points respectively compared to the previous year [2] Group 3: Inventory and Economic Outlook - By the end of December 2025, the inventory of finished goods was 6.73 trillion yuan, reflecting a 3.9% increase, but a decrease of 0.7 percentage points from November 2025 [3] - The easing of inventory pressure indicates signs of marginal demand recovery, with expectations for continued profit recovery in 2026 driven by stable demand and reduced price declines [3] Group 4: Structural Optimization of Industrial Profits - The profit structure of industrial enterprises is further optimized, with the equipment manufacturing sector showing a profit increase of 7.7%, contributing 2.8 percentage points to the overall profit growth of industrial enterprises [4] - The share of equipment manufacturing profits in total industrial profits reached 39.8%, an increase of 2.6 percentage points from the previous year [4] - High-tech manufacturing profits grew by 13.3%, surpassing the overall industrial profit growth rate, with significant contributions from smart electronic products and related industries [4] Group 5: Traditional Industries and New Growth Drivers - Traditional industries are experiencing quality upgrades, with profits significantly exceeding the industry average, particularly in the chemical sector [5] - Specific sectors such as biochemical pesticides and cultural information chemicals saw profit increases of 20.7% and 15.2%, respectively, outperforming the average profit growth in the chemical industry by 28.0 and 22.5 percentage points [5]

Group 1 - The core viewpoint of the articles indicates that in 2025, the profits of large-scale industrial enterprises in China increased by 0.6% compared to the previous year, reversing a three-year decline, with significant support from emerging sectors like equipment manufacturing and high-tech manufacturing [1][2] - In the manufacturing sector, profits grew by 5.0%, a substantial rebound of 8.9 percentage points compared to 2024, while the electricity, heat, gas, and water production and supply industry saw a profit increase of 9.4%. However, the mining industry experienced a decline of 26.2% [1] - In December, the profits of large-scale industrial enterprises shifted from a 13.1% decline in November to a 5.3% increase, marking an 18.4 percentage point recovery [1] Group 2 - The equipment manufacturing sector provided strong support for the upgrade of industrial quality, with profits in this sector increasing by 7.7% in 2025, contributing 2.8 percentage points to the overall profit growth of large-scale industrial enterprises [1] - Profits from the equipment manufacturing sector accounted for 39.8% of total industrial enterprise profits, an increase of 2.6 percentage points from the previous year, indicating further optimization of the profit structure [1] - In the high-tech manufacturing sector, profits rose by 13.3%, surpassing the overall industrial average by 12.7 percentage points, with the smart consumer device manufacturing industry experiencing a remarkable profit increase of 48.0% [2] Group 3 - Traditional industries are continuously upgrading, with significant profit growth in specific sectors. For instance, profits in the biochemical pesticide and microbial pesticide manufacturing sectors increased by 20.7% and 15.2%, respectively, exceeding the average profit growth in the chemical industry by 28.0 and 22.5 percentage points [2] - In the chemical fiber and power industries, profits from bio-based chemical fiber manufacturing and biomass power generation grew by 88.6% and 47.9%, respectively, significantly higher than the average profit growth in their respective categories by 93.1 and 34.0 percentage points [2]

国家统计局工业司首席统计师于卫宁表示，2025年，各地区各部门加紧实施更加积极有为的宏观政策， 加快推进新型工业化，推动工业经济稳定向好运行。全年工业企业利润实现增长，扭转了连续3年下降 态势，其中装备制造业、高技术制造业等新动能支撑作用明显，传统产业利润结构持续优化，工业经济 发展质效不断提升。 本报北京1月27日讯（记者熊丽）国家统计局数据显示，2025年，全国规模以上工业企业实现利润总额 73982亿元，比上年增长0.6%。从三大门类看，制造业增长5.0%，增速较2024年大幅回升8.9个百分点； 电力、热力、燃气及水生产和供应业增长9.4%；采矿业下降26.2%。2025年12月份，规模以上工业企业 当月利润由11月份下降13.1%转为增长5.3%，回升18.4个百分点。 多类经营主体利润有所改善。2025年，在全国规模以上工业企业中，中小型企业、外商及港澳台投资企 业利润增速由负转正，全年利润较上年分别增长1.4%、4.2%，2024年分别为下降1.9%、1.7%；股份制 企业、国有控股企业利润改善明显，全年利润降幅分别较上年收窄3.5个、0.7个百分点。 高技术制造业为工业高质量发展注入强劲动力。 ...

Group 1 - The core viewpoint of the article highlights the accelerated integration of technological innovation and industrial innovation in China by 2025, with significant growth in strategic emerging industries and enhanced conversion of scientific achievements [1][3] Group 2 - In terms of strategic emerging industries, sales revenue in high-tech industries is projected to grow by 13.9% year-on-year in 2025, with high-tech manufacturing and high-tech services increasing by 10.1% and 16.6% respectively [1] - Key sectors such as lithium-ion battery manufacturing, service robots, industrial robots, and biopharmaceuticals are expected to see remarkable sales revenue growth of 25.1%, 60.7%, 17.4%, and 7.7% respectively [1] Group 3 - The conversion of scientific achievements is reflected in a 20.4% year-on-year increase in sales revenue for the scientific research and technical services industry, and a 10.7% increase for knowledge-intensive industries [2] - The national technology contract transaction amount is projected to grow by 19.1% year-on-year, indicating an increase in the application of scientific achievements [2] Group 4 - The integration of digital technology with the real economy is highlighted by a 9.4% year-on-year growth in sales revenue for core digital economy industries, with related digital product manufacturing and digital technology application growing by 9.4% and 13.8% respectively [2] - The amount spent by enterprises on digital technology is expected to increase by 9.6%, with manufacturing sector spending rising by 10.4% [2] Group 5 - Traditional industries are accelerating their transformation and upgrading, with automation being a key focus, particularly in sectors like petrochemicals, steelmaking, and ironmaking, which are seeing increases in automation equipment purchases of 17.3%, 11.7%, and 12.7% respectively [2] Group 6 - The data reflects solid achievements in China's technological self-reliance and the cultivation of new productive forces, driven by precise policy support and accelerated gathering of innovative elements [3] - This progress not only promotes the upgrading of industrial structure towards high-end development but also strengthens the technological innovation support for the 14th Five-Year Plan, injecting strong and sustainable internal momentum for high-quality development [3]

● 本报记者 连润 数据显示，2025年12月末产成品存货6.73万亿元，增长3.9%，较2025年11月末回落0.7个百分点。中国 民生银行首席经济学家温彬表示，库存增速回落，表明在销售改善带动下库存压力有所缓解，需求边际 修复迹象显现。 "2026年，工业企业利润有望延续修复。"温彬分析，需求端稳中向好，物价端降幅收窄，加之新型工业 化与产业升级推动投资和技术改造，工业企业经营环境和利润率预计逐步改善，利润将由阶段性修复向 温和增长过渡。 工业企业利润结构进一步优化 "规模以上工业企业利润实现增长，工业新动能的支撑作用明显，工业经济发展向新向优。"于卫宁说。 装备制造业为工业向优升级提供坚实支撑。于卫宁表示，2025年，规模以上装备制造业利润较上年增长 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。规模以上装备制造业利润占全部工业企业利润的比重达39.8%，较上年提高2.6个百分点，工 业企业利润结构进一步优化。从行业看，装备制造业的8个大类行业中有7个行业利润较上年增长。 高技术制造业为工业高质量发展注入强劲动力。于卫宁表示，2025年，规模 ...