国家统计局5月27日发布数据显示， 1—4月份，全国规模以上工业企业实现利润总额21170.2亿元，同比 增长1.4%，较1—3月份加快0.6个百分点。 "工业企业利润增长加快，延续恢复向好态势。"国家统计局工业司统计师于卫宁表示，从行业看， 在 41个工业大类行业中，有23个行业利润同比增长，增长面近六成 。4月份，全国规模以上工业企业利润 同比增长3%，较3月份加快0.4个百分点。 "其中，电子和电工机械专用设备制造、通用零部件制造、采矿冶金建筑专用设备制造等行业利润快速 增长，增速分别为69.8%、24.7%、18.3%。消费品以旧换新政策加力扩围效果明显，家用电力器具专用 配件制造、家用厨房电器具制造、非电力家用器具制造等行业利润分别增长17.2%、17.1%、 15.1%。"于卫宁说。 于卫宁表示，总体看，1—4月份规模以上工业企业利润稳定恢复，展现出我国工业强大韧性和抗冲击能 力。下阶段，要推动科技创新和产业创新融合发展，优化调整产业结构，加快传统产业转型升级，培育 壮大新兴产业，促进工业企业效益持续恢复向好。 关注" 新华网财经 "视频号 更多财经资讯等你来看 往期推荐 王 健林再卖48座万达广 ...

最新公布数据显示，4月份全国规模以上工业企业利润同比增长3.0%，工业企业利润同比累计增速今年以来 持续改善。 国家统计局表示，4月份工业生产实现较快增长，带动规模以上工业企业利润增长加快，特别是以装备制造 业、高技术制造业为代表的新动能行业利润增长较快。1—4月份规模以上工业企业利润稳定恢复，但也要看到 国际环境变数仍多，需求不足、价格下降等制约因素仍然存在，工业企业效益稳步恢复的基础还需继续巩固。 记者注意到，多家市场机构研报均指出，5月经济景气度环比有所回暖。 规模以上工业企业利润同比加快增长 国家统计局工业统计司统计师于卫宁表示，1—4月份，规模以上工业企业利润增长1.4%，较1—3月份加快0.6 个百分点，延续恢复向好态势。4月当月，规模以上工业企业利润同比增长3.0%，较3月份加快0.4个百分点。 从行业整体看，在41个工业大类行业中，有23个行业利润同比增长，增长面近六成。与一季度情况相比，保持 基本稳定。 其中，装备制造业和高技术制造业利润增长进一步提速。1—4月份，装备制造业利润同比增长11.2%，较1—3 月份加快4.8个百分点。 1—4月份，高技术制造业利润同比增长9.0%，较1—3月份 ...

Economic Overview - Jinan's economy shows a stable and improving trend in the first four months of the year, supported by precise policies and macroeconomic coordination [1] Industrial Production - The city's industrial output increased by 9.0% year-on-year, with significant growth in the computer, communication, and electronic equipment manufacturing sector at 103.0%, and automotive manufacturing at 39.5% [1] - Equipment manufacturing grew by 27.2%, outperforming the overall industrial growth by 18.2 percentage points [1] - High-tech manufacturing also performed well, with a 26.1% increase in output, contributing 4.9 percentage points to the overall industrial growth [1] Fixed Asset Investment - Fixed asset investment rose by 1.4% year-on-year, with the primary industry seeing a substantial increase of 210.6% and the secondary industry growing by 14.7% [2] - Industrial investment grew by 13.8%, contributing 2.3 percentage points to the overall investment growth [2] - High-tech industry investment increased by 13.8%, while real estate development investment declined by 2.0% [2] Service Sector Performance - The service sector's revenue reached 1111.8 billion yuan, growing by 6.3% year-on-year, with nine out of ten major industries reporting revenue growth [3] - The transportation, storage, and postal services sector generated 469.5 billion yuan, accounting for 42.2% of the service sector's total revenue, and grew by 6.4% [3] - The rental and business services sector also performed well, with a revenue increase of 14.2% [3] Retail Sales and Consumer Behavior - Retail sales in Jinan reached 654.2 billion yuan, a 3.0% increase year-on-year, with urban retail sales growing by 3.2% [4] - The sales of communication equipment surged by 71.2% due to the "trade-in" policy, while new energy vehicle sales increased by 21.9% [4] - Online retail sales grew significantly by 32.7%, reaching 172.4 billion yuan [4] Fiscal and Financial Overview - Public budget revenue was 452.5 billion yuan, a 1.5% increase, while tax revenue decreased by 1.3% [4] - Financial institutions reported a 4.9% increase in deposits and a 10.6% increase in loans by the end of April [4] Foreign Trade - Jinan's total import and export value reached 793.4 billion yuan, a 22.4% increase, with exports growing by 10.4% and imports by 49.6% [5] - General trade accounted for 92.3% of the total trade volume, growing by 23.3% [5] Price Trends - Consumer prices rose by 0.5% cumulatively, with a 0.6% increase in April, showing a mixed trend across eight categories of goods and services [5]

"两新"政策效应持续显现。1至4月份，在大规模设备更新相关政策带动下，专用设备、通用设备行业利 润同比分别增长13.2%、11.7%，合计拉动规模以上工业利润增长0.9个百分点。消费品以旧换新政策加 力扩围效果明显，家用电力器具专用配件制造、家用厨房电器具制造、非电力家用器具制造等行业利润 分别增长17.2%、17.1%、15.1%。 "总体看，1至4月份规模以上工业企业利润稳定恢复，展现出我国工业强大韧性和抗冲击能力。"国家统 计局工业司统计师于卫宁说，下阶段，要深入贯彻落实党中央、国务院决策部署，推动科技创新和产业 创新融合发展，优化调整产业结构，加快传统产业转型升级，培育壮大新兴产业，促进工业企业效益持 续恢复向好。 (责任编辑：朱赫) 装备制造业引领作用突出。1至4月份，装备制造业利润同比增长11.2%，较1至3月份加快4.8个百分点； 拉动全部规模以上工业利润增长3.6个百分点，拉动作用较1至3月份增强1.6个百分点。 高技术制造业利润增长加快。1至4月份，高技术制造业利润同比增长9%，较1至3月份加快5.5个百分 点，增速高于全部规模以上工业平均水平7.6个百分点。从行业看，"人工智能+"行动深入 ...

作 者丨李金萍 编 辑丨周上祺 正视结构性挑战 《 2 1 世 纪 》 ： 1—4 月 ， 拉 动 经 济 增 长 的 工 业 、 消 费 等 均 保 持 较 快 增 长 ， 如 何 看 待 当 前经济发展现状？ 程实： 首先，我们需要明确中国经济拥有超大规模市场、强大制造能力、完备产业体系和不 断增强的创新能力，加之更加积极的财政政策与适度宽松的货币政策协同发力，将为全年稳增 长提供有力保障。 但是，全年实现" 5%左右"增长仍有一些结构性挑战需要正视。从内需端看，居民收入仍有进 一步提升空间。随着持续推进稳就业、扩大中等收入群体规模、完善社保体系，将有望增强居 民的边际消费倾向，进一步夯实消费主引擎。从投资端看，房地产市场仍处在筑底阶段。从外 部环境看，地缘冲突和贸易摩擦风险仍存，但中国出口正在加快新兴市场与高技术产品的双重 布局，若持续释放外贸多元化潜能，有望在外部不确定性中打开更大的空间。 《 2 1 世 纪 》 ： 1—4 月 装 备 制 造 业 （ 9 . 8 % ） 、 高 技 术 制 造 业 （ 1 0 % ） 均 实 现 了 高 增 长，产业结构持续优化，你认为这些领域需要如何平衡增长与产能 ...

Economic Performance - In April, the industrial added value above designated size increased by 6.1% year-on-year and 0.22% month-on-month, while the total retail sales of consumer goods reached 37,174 billion yuan, growing by 5.1% year-on-year [1] - Fixed asset investment (excluding rural households) from January to April totaled 147,024 billion yuan, with a year-on-year growth of 4.0% [1] Structural Challenges - Despite the positive growth in industrial and consumer sectors, structural challenges remain, including the need for further improvement in residents' income and the ongoing bottoming out of the real estate market [2] - The external environment poses risks such as geopolitical conflicts and trade frictions, but there is potential for China to diversify its export markets and enhance its high-tech product offerings [2] Manufacturing Growth - The equipment manufacturing industry and high-tech manufacturing industry achieved high growth rates of 9.8% and 10% respectively, indicating ongoing industrial structure optimization [2][3] - Government support through fiscal measures and subsidies is suggested to bolster emerging technology products and enhance market efficiency [2] Real Estate Market - The real estate market is currently in a bottoming phase, and policies should focus on stabilizing demand while ensuring risk control [4] - Short-term measures may include lowering mortgage rates and optimizing city-specific support policies to meet housing demand [4][5] Consumer Spending - The introduction of differentiated subsidies is recommended to stimulate consumption, particularly in lower-tier cities and rural areas [6] - The shift in consumption patterns from "external display" to "internal entertainment" highlights the importance of service consumption in driving economic growth [7][8] Foreign Trade - In April, exports increased by 9.3%, with a notable shift towards emerging markets, which helps mitigate risks from traditional markets [11] - Future focus areas for foreign trade include enhancing the resilience of supply chains, deepening regional cooperation, and improving the competitiveness of products in international markets [12]

宏 观 研 究 [Table_Title] 杜征征 执业证书编号：S1380511090001 联系电话：010-88300843 邮箱：duzhengzheng@gkzq.com.cn 工业增加值 0 2 4 6 8 10 2022-04 2022-07 2022-10 2023-01 2023-04 2023-07 2023-10 2024-01 2024-04 2024-07 2024-10 2025-01 2025-04 % 工业增加值:累计同比 资料来源：Wind，国开证券研究与发展部 消费 资料来源：Wind，国开证券研究与发展部 -12 -6 0 6 12 18 24 2021-08 2021-12 2022-04 2022-08 2022-12 2023-04 2023-08 2023-12 2024-04 2024-08 2024-12 2025-04 % 社会消费品零售总额:当月同比 [T相关报告 able_Report] 1．《一季度开门红 内需逐步发力—3 月及一 季度经济数据点评》 关税不确定性尚存 扩内需政策加快落地 —4 月经济数据点评 [Table_Date] 2025 年 5 ...

Economic Growth - The region's economy showed stable growth from January to April, with industrial production increasing significantly, as the added value of industrial enterprises above designated size grew by 8.0% year-on-year [1] - The high-tech manufacturing sector experienced remarkable growth, with the added value increasing by 28.9% year-on-year, driven by advancements in "Artificial Intelligence+" [1] Industrial and Service Sector Performance - Key sectors such as optical electronic devices, lithium-ion batteries for vehicles, new energy vehicles, service robots, and industrial robots saw substantial production increases, with year-on-year growth rates of 130%, 66.5%, 47.3%, 32.0%, and 30.6% respectively [1] - The service industry continued to recover, with high-tech service enterprises reporting an 18.7% increase in revenue year-on-year, particularly in intellectual property services and technology transfer services, which grew by 150% and 69.0% respectively [1] Consumer Market and Investment - The consumer market remained stable, with retail sales of consumer goods above designated size increasing by 3.3% year-on-year, driven by the "old-for-new" policy, particularly in communication equipment and home appliances, which saw increases of 52.8% and 38.6% respectively [2] - Fixed asset investment grew by 1.4% year-on-year, with industrial investment rising by 11.3%, accounting for 44.2% of total fixed asset investment [2] Foreign Trade and Public Budget - The total foreign trade import and export volume reached 258.41 billion yuan, a year-on-year increase of 16.9%, with significant growth in trade with ASEAN, EU, Africa, and the Middle East [2] - General public budget expenditure was 210.46 billion yuan, up 8.6% year-on-year, with 79.5% allocated to social welfare [2] Employment and Consumer Prices - The consumer price index saw a slight year-on-year decrease of 0.3%, while urban employment figures showed positive trends with 143,900 new jobs created [3]

从消费市场来看，1-4月，江苏社会消费品零售总额15991.9亿元，同比增长5.5%。"以旧换新"政策加力 扩围，4月当月限额以上家用电器和音像器材类、汽车类商品零售额同比分别增长了13.2%、9.1%；新 能源汽车类零售额增长59.7%。1-4月，江苏限额以上批发业、零售业销售额同比分别增长了8.5%、 11.3%；限额以上住宿业、餐饮业营业额同比分别增长了6.6%、9.3%。 工业生产者价格领域，1-4月，江苏工业生产者出厂、购进价格同比分别下降2.5%、2.3%。4月份，江苏 工业生产者出厂、购进价格同比分别下降了2.8%、2.7%。(苏讯) 1-4月，江苏固定资产投资同比下降了0.2%，而从重点领域来看，1-4月江苏基础设施投资同比增长了 10.9%，制造业投资同比增长了4.7%。 大规模设备更新扎实推进，1-4月江苏设备工器具购置投资同比增长了11.1%。 近日，江苏省统计局发布数据显示，1-4月江苏工业经济成绩亮眼，其中装备制造业、高技术制造业、 数字产品核心制造业均实现了两位数的较快增长。 工业方面，1-4月，江苏规模以上工业增加值同比增长8.1%。4月，规模以上工业增加值同比增长8%， 其中装 ...

Group 1 - The core viewpoint emphasizes the effective implementation of "Two Heavy" projects and the expansion of "Two New" policies, which are crucial for enhancing economic development and stability [1][2][3] - "Two Heavy" projects focus on strategic areas such as technological self-reliance, urban-rural integration, and ecological security, with significant funding allocated for infrastructure and agricultural development [2][3] - The National Development and Reform Commission (NDRC) aims to complete the project list for "Two Heavy" construction by the end of June, ensuring high standards in implementation and efficiency [3] Group 2 - "Two New" initiatives involve large-scale equipment upgrades and consumer product replacements, which have become vital for boosting consumption and investment [4][5] - Retail sales in key categories such as home appliances and furniture have shown substantial growth, contributing to an increase in overall social retail sales [4] - Investment in equipment and tools has risen significantly, with a notable contribution from sectors closely related to "Two New" policies, indicating a positive trend in manufacturing and technological upgrades [4][5] Group 3 - The economic outlook remains stable, with domestic demand expanding and external markets diversifying, as evidenced by a 4.7% year-on-year increase in social retail sales [6][7] - High-tech manufacturing and equipment sectors are experiencing rapid growth, with significant increases in production output for servers and industrial robots [6] - The NDRC plans to accelerate fund allocation and improve the efficiency of fund usage to support the ongoing implementation of "Two New" policies [5][6]