1月27日，在山东省青州市经济开发区一家大马力拖拉机制造企业，工人在生产线上忙碌。 王继林摄（人民视觉） 国家统计局1月27日发布的数据显示，2024年，中国规模以上工业企业营业收入保持增长，实现利润总 额超7.4万亿元。国家统计局工业司统计师于卫宁表示，2024年，以高技术制造业为代表的工业新动能 利润较快增长，特别是一揽子增量政策及时出台后，工业经济呈现生产持续回升、效益不断恢复态势。 规上工业企业营收增长2.1% 2024年，工业企业经营情况如何？从全年数据看，规模以上工业企业实现营业收入137.77万亿元，比上 年增长2.1%；实现利润总额74310.5亿元，较上年下降3.3%。 从月度和季度数据看，工业企业2024年12月利润由降转增，四季度降幅明显收窄。2024年12月份，全国 规上工业企业利润由11月份同比下降7.3%转为增长11%；营业收入同比增长4.2%，较11月份加快3.7个 百分点。 国家统计局发布的数据还显示，超九成行业、六成产品实现增长。2024年，在工业41个大类行业中，39 个行业增加值较上年实现增长，增长面为95.1%，比上年大幅提高26.8个百分点；在统计的619种主要工 业 ...

专题：2025分析师大会：资本市场"奥斯卡"启幕 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 11月28日，2025分析师大会暨第七届新浪财经"金麒麟"最佳分析师颁奖盛典隆重召开。浙商证券首席经 济学家、研究所联席所长李超团队获得宏观经济第一名。 "直挂云帆济沧海"，现场，李超用这句充满气势的表述，为2026年中国经济与资本市场定下乐观基调。 李超结合其首创的四层次分析框架，从宏观经济肌理、增长动力到市场机遇进行了系统解读，为投资者 勾勒出"十五五"开局之年的发展蓝图。 四层次框架解码经济肌理：高质量发展为核心锚点 面对2026年经济展望的市场分歧，李超强调，读懂中国经济需回归其根本运行肌理，而他提出的四层次 分析框架正是关键工具。这一框架打破了单一经济增长导向的认知局限，将中美博弈、社会稳定、结构 转型、经济增长列为四大核心决策变量，且呈现清晰的优先级排序。 在这一框架下，2026年作为"十五五"开局之年的核心逻辑浮出水面——高质量发展引领下的结构转型。 李超指出，结构转型并非孤立进行，而是在兼顾增长韧性的前提下稳步推进。从基本面来看，出口作为 当前经济增速的重要支撑，虽面临贸 ...

Core Viewpoint - The industrial profits of large-scale enterprises in China have shown stable growth from January to October 2025, driven by strong domestic circulation and effective policy implementation [1] Group 1: Industrial Profit Growth - From January to October, profits of large-scale industrial enterprises increased by 1.9% year-on-year, marking three consecutive months of growth since August 2025 [1] - The mining sector experienced a decline of 27.8%, although the drop was 1.5 percentage points less than the previous month; manufacturing saw a growth of 7.7%, while the electricity, heat, gas, and water production and supply sectors grew by 9.5% [1] - In October, profits of large-scale industrial enterprises fell by 5.5% year-on-year due to a higher base from the previous year and rising financial costs [1] Group 2: Equipment Manufacturing Sector - Profits in the equipment manufacturing sector rose by 7.8% year-on-year from January to October, contributing 2.8 percentage points to the overall profit growth of large-scale industrial enterprises [2] - The equipment manufacturing sector accounted for 38.5% of total profits among large-scale industrial enterprises, an increase of 2.0 percentage points compared to the same period last year [2] - Seven out of eight major categories within the equipment manufacturing sector reported profit growth, with significant increases in the railway, shipbuilding, aerospace, and electronics industries, achieving growth rates of 32.0% and 12.8% respectively [2] Group 3: High-Tech Manufacturing Sector - The high-tech manufacturing sector saw a profit increase of 8.0% year-on-year, surpassing the average growth rate of all large-scale industrial enterprises by 6.1 percentage points [3] - Notable growth was observed in the smart electronics manufacturing sector, with profits from smart unmanned aerial vehicles and smart vehicle-mounted equipment rising by 116.1% and 114.9% respectively [3] - The semiconductor manufacturing sector also experienced rapid profit growth, with integrated circuit manufacturing, electronic specialty materials, and semiconductor discrete devices reporting increases of 89.2%, 86.0%, and 17.4% respectively [3] Group 4: Traditional Industries - Traditional industries have shown significant improvements in quality and efficiency, with profits exceeding the industry average [4] - In the raw materials sector, industries such as graphite and carbon products, biochemical pesticides, and cultural information chemicals reported profit increases of 77.7%, 73.4%, and 19.1% respectively, all surpassing their respective industry averages [4] - In the chemical fiber, rubber, and plastic products sectors, profits from bio-based chemical fibers and recycled rubber manufacturing grew by 61.2% and 15.4%, also exceeding the industry averages [4]

Core Insights - The total profit of industrial enterprises above designated size in China reached 59,502.9 billion yuan from January to October, marking a year-on-year increase of 1.9%, with growth sustained for three consecutive months since August [1] Group 1: Profit Growth and Industry Performance - The operating income of industrial enterprises above designated size increased by 1.8% year-on-year, creating favorable conditions for profit recovery [2] - Profit growth is notably driven by the equipment manufacturing and high-tech manufacturing sectors, with equipment manufacturing profits rising by 7.8%, contributing 2.8 percentage points to the overall profit growth of industrial enterprises [3] - High-tech manufacturing profits grew by 8%, significantly outpacing the average profit growth of all industrial enterprises by 6.1 percentage points [4] Group 2: Enterprise Type Performance - State-owned enterprises' profits remained flat year-on-year, while joint-stock enterprises saw a profit increase of 1.5%, foreign and Hong Kong-Macau-Taiwan invested enterprises grew by 3.5%, and private enterprises experienced a profit growth of 1.9% [4] Group 3: Economic Indicators and Challenges - Industrial production activities remained active, with an industrial added value growth of 6.1% year-on-year, although the growth rate slightly declined by 0.1 percentage points compared to the previous three quarters [5] - The Producer Price Index (PPI) and the PPI for production materials both showed negative year-on-year growth, indicating ongoing pressure on industrial enterprise profits [5] - The accounts receivable for industrial enterprises stood at 27.69 trillion yuan, reflecting a year-on-year increase of 5.1%, while finished goods inventory rose by 3.7% to 6.82 trillion yuan, indicating challenges in sales collection and inventory reduction [5] Group 4: Future Outlook - The future profit trajectory for enterprises is expected to remain stable and positive, supported by demand and supply-side policies [6][8] - The recovery in industrial enterprise profits is attributed to export boosts and policy enhancements, although challenges remain due to slowing export growth and structural imbalances in supply and demand [7] - Analysts predict that the overall profit growth for industrial enterprises may continue to show positive growth for the year, with potential for the first annual profit increase in four years [9]

Core Insights - The total profit of industrial enterprises above designated size in China reached 59,502.9 billion yuan from January to October, showing stable growth [1] - The profit growth rate for these enterprises was 1.9% year-on-year, maintaining an upward trend for three consecutive months since August [1] - The manufacturing sector saw a profit increase of 7.7%, while the electricity, heat, gas, and water production and supply industries grew by 9.5% [1] Industrial Performance - The operating revenue of industrial enterprises above designated size increased by 1.8% year-on-year, creating favorable conditions for profit recovery [1] - The profit of the equipment manufacturing industry rose by 7.8% year-on-year, contributing 2.8 percentage points to the overall profit growth of industrial enterprises [1] - The equipment manufacturing sector accounted for 38.5% of the total profit of all industrial enterprises, an increase of 2.0 percentage points compared to the same period last year, indicating an ongoing optimization of industrial efficiency [1] High-Tech Manufacturing - The profit of high-tech manufacturing industries grew by 8% year-on-year, surpassing the average growth rate of all industrial enterprises by 6.1 percentage points [2] - The smart electronics manufacturing sector is experiencing positive development [2]

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]

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 - The total profit of industrial enterprises above designated size in China reached 59,502.9 billion yuan from January to October, marking a year-on-year increase of 1.9%, with growth sustained for three consecutive months since August [1] - The revenue of these enterprises also showed growth, with a year-on-year increase of 1.8%, creating favorable conditions for profit recovery [1] Group 1: Industrial Performance - The profit of the equipment manufacturing sector grew significantly, with a year-on-year increase of 7.8%, contributing 2.8 percentage points to the overall profit growth of industrial enterprises [1] - The profit from the equipment manufacturing sector accounted for 38.5% of the total profit of all industrial enterprises, an increase of 2.0 percentage points compared to the same period last year [1] - Among the eight major categories in the equipment manufacturing sector, seven reported year-on-year profit growth from January to October [1] Group 2: High-tech Manufacturing - The profit of high-tech manufacturing enterprises increased by 8.0% year-on-year, surpassing the average growth rate of all industrial enterprises by 6.1 percentage points [2] - Notably, the smart electronics manufacturing sector showed remarkable growth, with profits from smart unmanned aerial vehicle manufacturing and smart vehicle-mounted equipment manufacturing increasing by 116.1% and 114.9%, respectively [2] Group 3: Traditional Industries - Traditional industries are showing signs of quality improvement, with profits significantly exceeding the industry average [2] - In the raw materials sector, industries such as graphite and carbon products manufacturing, biochemical pesticides, and cultural information chemicals saw profit increases of 77.7%, 73.4%, and 19.1%, respectively, all exceeding their respective industry averages [2] - In the chemical fiber, rubber, and plastic products sectors, profits from bio-based chemical fiber manufacturing and recycled rubber manufacturing increased by 61.2% and 15.4%, respectively, also surpassing their industry averages [2] Group 4: Future Outlook - The industrial sector is urged to enhance policy coordination to further expand domestic demand, optimize structure, and cultivate new capabilities, aiming for a qualitative and quantitative upgrade in the industrial economy [2]

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]

Core Insights - The profits of industrial enterprises above designated size in China increased by 1.9% year-on-year in the first ten months, marking three consecutive months of growth since August 2023 [1] - The operating income of these enterprises also rose by 1.8% year-on-year, contributing positively to the recovery of industrial profits [1] - The growth in profits is attributed to the effective implementation of national policies aimed at strengthening domestic circulation and facilitating both domestic and international circulation [1] Group 1: Industrial Performance - The mining sector experienced a decline of 27.8%, although the decline was narrowed by 1.5 percentage points compared to the previous nine months [1] - The manufacturing sector saw a profit increase of 7.7% [1] - The electricity, heat, gas, and water production and supply sector reported a profit growth of 9.5% [1] Group 2: Equipment Manufacturing - Profits in the equipment manufacturing sector grew by 7.8%, contributing 2.8 percentage points to the overall profit growth of industrial enterprises [2] - The profit share of the equipment manufacturing sector reached 38.5% of total industrial profits, an increase of 2.0 percentage points from the previous year [2] - Among the eight major categories in equipment manufacturing, seven reported profit growth, with the railway, shipbuilding, aerospace, and electronics industries showing double-digit growth rates of 32.0% and 12.8% respectively [2] Group 3: High-Tech Manufacturing - High-tech manufacturing profits increased by 8.0%, surpassing the average growth rate of all industrial enterprises by 6.1 percentage points [2] - The smart electronics manufacturing sector showed significant growth, with profits from unmanned aerial vehicle manufacturing and smart vehicle equipment manufacturing rising by 116.1% and 114.9% respectively [2] - The semiconductor manufacturing sector also performed well, with profits in integrated circuit manufacturing, electronic special materials manufacturing, and semiconductor discrete devices manufacturing growing by 89.2%, 86.0%, and 17.4% respectively [2] Group 4: Traditional Industries - Traditional industries are showing signs of quality improvement, with profits significantly exceeding the industry average [3] - In the raw materials sector, industries such as graphite and carbon products, biochemical pesticides, and cultural information chemicals saw profit increases of 77.7%, 73.4%, and 19.1% respectively, all surpassing their respective industry averages [3] - The development of new productive forces in traditional industries is characterized by a shift towards higher value-added and higher efficiency production, indicating a move from low-margin, high-cost manufacturing to high-margin, high-efficiency production [3]