Core Insights - From January to August, the total profit of industrial enterprises above designated size in China reached 46,929.7 billion yuan, reflecting a year-on-year growth of 0.9% [1] Summary by Category Overall Industrial Profit - The total profit of state-controlled enterprises was 15,156.5 billion yuan, a year-on-year decrease of 1.7% [1] - The profit of joint-stock enterprises was 34,931.9 billion yuan, showing a growth of 1.1% [1] - Foreign and Hong Kong, Macao, and Taiwan-invested enterprises achieved a profit of 11,723.6 billion yuan, up by 0.9% [1] - Private enterprises reported a profit of 13,076.1 billion yuan, marking a growth of 3.3% [1] Sector Performance - The mining industry saw a profit of 5,661.1 billion yuan, down by 30.6% year-on-year [1] - The manufacturing sector achieved a profit of 35,233.5 billion yuan, reflecting a growth of 7.4% [1] - The electricity, heat, gas, and water production and supply industry reported a profit of 6,035.1 billion yuan, up by 9.4% [1] Key Industry Insights - The electricity and heat production and supply industry experienced a profit growth of 13.0% [2] - The non-ferrous metal smelting and rolling processing industry grew by 12.7% [2] - The agricultural and sideline food processing industry increased by 11.8% [2] - The electrical machinery and equipment manufacturing industry saw a growth of 11.5% [2] - The computer, communication, and other electronic equipment manufacturing industry grew by 7.2% [2] - The specialized equipment manufacturing industry increased by 6.9% [2] - The general equipment manufacturing industry grew by 5.8% [2] - The black metal smelting and rolling processing industry turned from loss to profit, with a total profit of 837 billion yuan [2] - In August, the steel industry alone reported a profit of 193.4 billion yuan [2] - The black metal smelting and rolling processing industry had a profit of 462.8 billion yuan from January to June, with a year-on-year growth of 13.7 times, the highest among all 31 industrial categories [2]

Report Summary 1. Report Industry Investment Rating No information provided in the content. 2. Core View of the Report - The bond market remains volatile, and treasury bond futures may fluctuate in the short - term. 8 - month industrial profit turned positive due to a low base, and some counter - cyclical adjustment policies may be implemented soon. The central bank will maintain ample liquidity, and positive interactions in Sino - US trade relations are beneficial for future trade talks [33]. 3. Summary by Relevant Content Treasury Bond Futures Market - This week, the main contracts of treasury bond futures showed a trend of bottoming out and rebounding. The 30 - year treasury bond fell 0.60%, the 10 - year bond fell 0.07%, the 5 - year bond fell 0.09%, and the 2 - year bond fell 0.02% [4]. - From September 19th to September 26th, the 2 - year and 30 - year treasury bond yields rose by 2 basis points, while the 5 - year and 10 - year yields remained flat [7]. - The logic of the treasury bond futures market is that the overall performance of the Chinese economy in August was lower than expected, and counter - cyclical adjustment policies may be introduced. The significant increase in industrial enterprise profits in August was due to the low base last year. The central bank will maintain liquidity, and Sino - US trade interactions are positive. The short - term trend of treasury bond futures is expected to be volatile, and the trading strategy is to conduct band operations [33][34]. Industrial Enterprise Data - From January to August, the profits of large - scale industrial enterprises increased by 0.9% year - on - year, reversing the downward trend since May. In August, industrial enterprise profits increased by 20.4% year - on - year, compared with a 1.5% decline in July. The increase in August was due to the low base in the same period last year [10]. - From January to August, the operating income of large - scale industrial enterprises was 89.62 trillion yuan, a year - on - year increase of 2.3%. The operating income in August increased by 1.9%, 1.0 percentage point faster than in July [10]. - From January to August, the operating income profit margin of large - scale industrial enterprises was 5.24%, a year - on - year decrease of 0.1 percentage point. Different industries had different profit margins, with the mining industry having a relatively high margin but a decline compared to the previous year [13]. - At the end of August, the asset - liability ratio of large - scale industrial enterprises was 58.0%, a year - on - year increase of 0.4 percentage points. The asset - liability ratio of large - scale manufacturing enterprises was 57.4%, a year - on - year increase of 0.3 percentage points [16]. - At the end of August, the average collection period of accounts receivable of large - scale manufacturing enterprises was 71.2 days, a year - on - year increase of 2.9 days, reaching a new high since 2015 [20]. - From January to August, the cumulative year - on - year growth rate of finished product inventory of large - scale industrial enterprises was 2.3%, showing a downward trend. Both China and the US have been destocking in recent months [23]. Real Estate Market - In the first quarter, the average daily trading area of commercial housing in 30 large - and medium - sized cities was 23.6 million square meters, a year - on - year increase of 2.5%. From April to August, there were year - on - year declines. From September 1st to 25th, the average daily trading area was 22 million square meters, a year - on - year increase of 12% due to the low base last year. The year - on - year data in the fourth quarter will face challenges [26]. Labor Market - In August, the unemployment rate of 16 - 24 - year - old labor force (excluding students) in urban areas was 18.9%, 0.1 percentage point higher than the same period last year. The unemployment rate of 25 - 29 - year - olds was 7.2%, 0.3 percentage point higher than the same period last year. The unemployment rate of 30 - 59 - year - olds was 3.9%, remaining stable compared with the previous month and the same period last year [29]. Capital Market - This week, the overnight funding rate declined. The weighted average of DR001 was 1.41%, compared with 1.46% last week. The average issuance rate of one - year AAA inter - bank certificates of deposit was 1.69%, compared with 1.68% last week. On September 25th, the central bank conducted a 600 - billion - yuan MLF operation, with a net investment of 300 billion yuan after deducting the 300 - billion - yuan maturity, marking the seventh consecutive month of increased roll - over [31].

Core Insights - In the first eight months of the year, the total profit of industrial enterprises above designated size in China reached 46,929.7 billion yuan, a year-on-year increase of 0.9% [1] - State-owned enterprises reported a total profit of 15,156.5 billion yuan, a decline of 1.7% year-on-year, while private enterprises saw a profit increase of 3.3% to 13,076.1 billion yuan [1] Industry Performance - The mining industry experienced a significant profit decline of 30.6%, totaling 5,661.1 billion yuan, while the manufacturing sector's profits grew by 7.4% to 35,233.5 billion yuan [1] - The electricity, heat, gas, and water production and supply industry reported a profit increase of 9.4%, amounting to 6,035.1 billion yuan [1] - Key industries with notable profit growth include electricity and heat production (13.0%), non-ferrous metal smelting (12.7%), and agricultural product processing (11.8%) [2] - Conversely, the coal mining and washing industry saw a drastic profit decline of 53.6% [2] Financial Metrics - The total operating revenue for industrial enterprises was 89.62 trillion yuan, reflecting a year-on-year growth of 2.3%, while operating costs increased by 2.5% to 76.70 trillion yuan [2] - The operating profit margin was recorded at 5.24%, a decrease of 0.06 percentage points year-on-year [2] - As of the end of August, total assets of industrial enterprises amounted to 185.08 trillion yuan, a 5.0% increase year-on-year, with total liabilities reaching 107.34 trillion yuan, up 5.4% [2] - The accounts receivable stood at 27.24 trillion yuan, showing a year-on-year growth of 6.6% [3]

Core Insights - The total profit of industrial enterprises above designated size in China reached 46,929.7 billion yuan from January to August, reflecting a year-on-year increase of 0.9% [1] Group 1: Profit by Ownership Type - State-controlled enterprises reported a total profit of 15,156.5 billion yuan, a decrease of 1.7% year-on-year [1] - Shareholding enterprises achieved a total profit of 34,931.9 billion yuan, marking a growth of 1.1% [1] - Foreign and Hong Kong, Macao, and Taiwan-invested enterprises reported a total profit of 11,723.6 billion yuan, up by 0.9% [1] - Private enterprises saw a total profit of 13,076.1 billion yuan, increasing by 3.3% [1] Group 2: Profit by Industry - The mining industry experienced a total profit of 5,661.1 billion yuan, down by 30.6% [2] - The manufacturing sector reported a total profit of 35,233.5 billion yuan, reflecting a growth of 7.4% [2] - The electricity, heat, gas, and water production and supply industry achieved a total profit of 6,035.1 billion yuan, increasing by 9.4% [2] Group 3: Revenue and Costs - From January to August, the total operating revenue of industrial enterprises above designated size was 89.62 trillion yuan, a year-on-year increase of 2.3% [2] - Operating costs amounted to 76.70 trillion yuan, reflecting a growth of 2.5% [2] - The operating profit margin was 5.24%, a decrease of 0.06 percentage points year-on-year [2] Group 4: Financial Metrics - As of the end of August, total assets of industrial enterprises above designated size reached 185.08 trillion yuan, up by 5.0% year-on-year [2] - Total liabilities were 107.34 trillion yuan, increasing by 5.4% [2] - Total equity stood at 77.73 trillion yuan, reflecting a growth of 4.4% [2] - The asset-liability ratio was 58.0%, an increase of 0.2 percentage points year-on-year [2] Group 5: Accounts Receivable and Inventory - Accounts receivable totaled 27.24 trillion yuan, a year-on-year increase of 6.6% [3] - Finished goods inventory was 6.73 trillion yuan, growing by 2.3% [3] - The average collection period for accounts receivable was 70.1 days, an increase of 3.7 days year-on-year [3] Group 6: Monthly Performance - In August, the profit of industrial enterprises showed a turnaround from a 1.5% decline in the previous month to a growth of 20.4% [4]

Core Viewpoint - In the first eight months of 2025, the profits of large-scale industrial enterprises in China increased by 0.9% year-on-year, reversing a previous decline, supported by macroeconomic policies and a recovering market environment [5][6]. Group 1: Profit Growth - From January to August 2025, the total profit of large-scale industrial enterprises reached 46,929.7 billion yuan, with a year-on-year increase of 0.9% [6]. - The manufacturing sector saw a profit increase of 7.4%, while the electricity, heat, gas, and water production and supply sector grew by 9.4%. The mining sector, however, experienced a decline of 30.6% [6][7]. - In August alone, profits for large-scale industrial enterprises surged by 20.4%, a significant recovery from a 1.5% decline in July [10]. Group 2: Revenue and Cost Analysis - Revenue for large-scale industrial enterprises grew by 2.3% year-on-year, maintaining stability compared to the previous month [2][6]. - In August, the revenue growth rate accelerated to 1.9%, up by 1.0 percentage points from July [2]. - The cost per 100 yuan of revenue decreased by 0.20 yuan in August, marking the first year-on-year decline since July 2024 [4]. Group 3: Sector Performance - The equipment manufacturing sector was a key driver, with profits increasing by 7.2%, contributing 2.5 percentage points to the overall profit growth of large-scale industrial enterprises [2][3]. - The raw materials manufacturing sector also performed well, with profits rising by 22.1%, significantly boosting overall profits [3]. - Consumer goods manufacturing saw a turnaround, with profits growing by 1.4% after a decline of 2.2% in the previous month [3]. Group 4: Enterprise Size and Type - Profits improved across different enterprise sizes, with medium and small enterprises seeing increases of 2.7% and 1.5%, respectively [4]. - Private enterprises outperformed the average, with a profit growth of 3.3%, which is 2.4 percentage points higher than the overall average [4][6]. - State-owned enterprises experienced a profit decline of 1.7%, although the decline was less severe than in previous months [6].

Core Insights - The profits of industrial enterprises above designated size have shown a year-on-year increase of 0.9% from January to August, reversing a continuous decline since May [3][6] - In August, profits surged by 20.4% compared to the previous month, indicating a significant recovery in the industrial sector [3][6] Revenue Performance - From January to August, the total revenue of industrial enterprises above designated size grew by 2.3% year-on-year, maintaining the same growth rate as from January to July [5][11] - In August alone, revenue increased by 1.9%, which is an acceleration of 1.0 percentage points compared to July [5] Profitability by Sector - The equipment manufacturing sector has been a key driver, with profits increasing by 7.2% from January to August, contributing 2.5 percentage points to the overall profit growth of industrial enterprises [6] - The manufacturing sector overall saw a profit increase of 7.4%, while the electricity, heat, gas, and water production and supply sector grew by 9.4% [3][6] - The mining sector experienced a decline of 30.6%, although the rate of decline has narrowed by 1.0 percentage points [3] Cost and Profit Margin - In August, the cost per 100 yuan of revenue for industrial enterprises decreased by 0.20 yuan year-on-year, marking the first decline since July 2024 [9] - The profit margin for industrial enterprises in August was 5.83%, an increase of 0.90 percentage points year-on-year [9] Performance by Enterprise Size - Profits for medium and small-sized enterprises increased by 2.7% and 1.5% respectively from January to August, showing improvements compared to the previous month [7] - Private enterprises saw a profit growth of 3.3%, surpassing the average growth rate of all industrial enterprises [7]

1—8月份规模以上工业企业利润同比实现增长 ——国家统计局工业司首席统计师于卫宁解读2025年1—8月份工业企业利润数据 1—8月份，在宏观政策发力显效、全国统一大市场纵深推进，叠加去年同期低基数等多重因素作用 下，规模以上工业企业利润同比增长0.9%，装备制造业支撑有力，不同规模企业利润均有所改善。 工业企业利润明显改善。1—8月份，规模以上工业企业利润由1—7月份同比下降1.7%转为增长 0.9%，扭转了自今年5月份以来企业累计利润持续下降态势。从三大门类看，1—8月份，制造业增长 7.4%，较1—7月份加快2.6个百分点；电力、热力、燃气及水生产和供应业增长9.4%，加快5.5个百分 点；采矿业下降30.6%，降幅收窄1.0个百分点。从月度看，8月份规模以上工业企业利润两位数增长， 由7月份下降1.5%转为增长20.4%，工业企业当月利润改善明显。 8月企业单位成本下降，营收利润率回升。8月份，规模以上工业企业成本状况有所改善，每百元营 业收入中的成本同比减少0.20元，为2024年7月份以来首次当月同比减少。8月份，规模以上工业企业营 业收入利润率为5.83%，同比提高0.90个百分点。 下阶段，在外 ...

Core Insights - The total profit of industrial enterprises above designated size in China reached 46,929.7 billion yuan from January to August, reflecting a year-on-year growth of 0.9% [1] - The profit performance varied across different types of enterprises, with state-owned enterprises experiencing a decline of 1.7%, while private enterprises saw a growth of 3.3% [1] - The mining industry faced a significant profit drop of 30.6%, while the manufacturing sector reported a profit increase of 7.4% [1] Financial Performance - From January to August, the total operating revenue of industrial enterprises was 896,231.9 billion yuan, marking a 2.3% year-on-year increase, while operating costs rose by 2.5% to 766,960.8 billion yuan [2][8] - The operating profit margin was recorded at 5.24%, a slight decrease of 0.06 percentage points compared to the previous year [2] - By the end of August, total assets of these enterprises amounted to 185,080 billion yuan, up 5.0% year-on-year, with total liabilities increasing by 5.4% to 107,340 billion yuan [2] Industry-Specific Insights - The electricity, heat, gas, and water production and supply industry saw a profit increase of 13.0%, while the non-metallic mineral products industry experienced a decline of 2.2% [2] - The automotive manufacturing sector reported a slight profit decrease of 0.3%, contrasting with the 12.7% growth in the non-ferrous metal smelting and rolling processing industry [2][11] - The coal mining and washing industry faced a dramatic profit decline of 53.6%, indicating significant challenges within this sector [11] Efficiency Metrics - Accounts receivable for industrial enterprises reached 27,240 billion yuan, reflecting a year-on-year increase of 6.6%, while finished goods inventory stood at 6,730 billion yuan, up 2.3% [3] - The average cost per 100 yuan of operating revenue was 85.58 yuan, an increase of 0.19 yuan year-on-year, while expenses per 100 yuan of revenue decreased by 0.08 yuan to 8.37 yuan [3] - The average collection period for accounts receivable extended to 70.1 days, an increase of 3.7 days compared to the previous year [3]

Core Insights - The total profit of industrial enterprises above designated size in China reached 46,929.7 billion yuan from January to August, showing a year-on-year increase of 0.9% [1] - The profit performance varied across different types of enterprises, with state-owned enterprises experiencing a decline of 1.7%, while private enterprises saw a growth of 3.3% [1] - The mining industry faced a significant profit drop of 30.6%, while the manufacturing sector reported a profit increase of 7.4% [1] Group 1: Profit and Revenue Overview - From January to August, the total operating revenue of industrial enterprises was 896,231.9 billion yuan, reflecting a year-on-year growth of 2.3% [10] - The total operating costs amounted to 766,960.8 billion yuan, which is a 2.5% increase compared to the previous year [10] - The operating profit margin was recorded at 5.24%, a slight decrease of 0.06 percentage points year-on-year [2][10] Group 2: Industry-Specific Performance - The electricity, heat, gas, and water production and supply industry saw a profit increase of 13.0%, while the non-metallic mineral products industry experienced a decline of 2.2% [2] - The automotive manufacturing sector reported a slight profit decrease of 0.3%, contrasting with the significant profit growth in the non-ferrous metal smelting and rolling industry, which increased by 12.7% [2] - The coal mining and washing industry faced a dramatic profit decline of 53.6%, indicating severe challenges within this sector [2][15] Group 3: Financial Ratios and Metrics - As of the end of August, the total assets of industrial enterprises reached 185.08 trillion yuan, a year-on-year increase of 5.0% [2] - The total liabilities were 107.34 trillion yuan, reflecting a growth of 5.4% [2] - The asset-liability ratio stood at 58.0%, which is an increase of 0.2 percentage points compared to the previous year [2][3]

Group 1 - In August, the industrial added value in Anhui Province increased by 9.1% year-on-year, with mining decreasing by 1.3%, manufacturing increasing by 11.6%, and electricity, heat, gas, and water production and supply decreasing by 2.8% [1] - For the first eight months, the industrial added value in Anhui Province grew by 8.6% year-on-year, with mining decreasing by 0.3%, manufacturing increasing by 10.6%, and electricity, heat, gas, and water production and supply decreasing by 1.2% [2] - Among 40 industrial categories, 24 industries maintained year-on-year growth in August, with a growth rate of 60%, including computer, communication, and other electronic equipment manufacturing growing by 52% [1] Group 2 - In the first eight months, the equipment manufacturing industry increased by 17.4%, with computer, communication, and other electronic equipment manufacturing growing by 33.5% and automotive manufacturing growing by 16.1% [2] - High-tech manufacturing increased by 26.7% in the first eight months [2] - The production of industrial robots increased by 25.7%, notebook computers by 23.6%, and lithium-ion batteries by 14.1% [2]