Core Points - The prevention and control of traditional occupational diseases such as pneumoconiosis and noise-induced hearing loss remain challenging, particularly in small and micro enterprises [1][4] - The number of newly reported occupational disease cases in China has significantly decreased from 26,393 in 2013 to 12,087 in 2023, a reduction of 54.2% [2] - New categories of occupational diseases have been added, including occupational musculoskeletal disorders and occupational mental and behavioral disorders, bringing the total number of legally recognized occupational diseases to 12 categories and 135 types [2][3] Group 1: Occupational Health Challenges - The issue of noise exceeding safety standards is still prominent, especially in high-risk industries such as mining and machinery manufacturing [1][4] - The clinical manifestations of new occupational diseases, such as carpal tunnel syndrome, are primarily caused by repetitive tasks and excessive force, leading to nerve damage and pain in the hands [3] - The prevention of noise-induced hearing loss is critical, with the World Health Organization estimating that by 2050, nearly 2.5 billion people will experience varying degrees of hearing loss, with 16% attributed to workplace noise exposure [4][5] Group 2: Regulatory and Preventive Measures - Employers are required to improve processes and equipment, organize work tasks effectively, and reduce the frequency and load of repetitive wrist tasks [3] - Health checks for workers engaged in repetitive wrist activities are mandated, along with the implementation of supportive standards and increased awareness of self-protection among workers [3] - In 2024, the government will conduct on-site testing of occupational disease hazards at 70,000 employers, focusing on 500,000 key positions [4]

证 券 研 究 报 告 【债券日报】 盈利驱动在于量增 ——3 月工业企业利润点评 库存方面，名义库存增速持平，季节性补库继续。考虑价格因素，3 月 PPI 同 比-2.5%、拖累较 2 月继续扩大，剔除 PPI 后的实际库存增速 6.7%、高于 2 月 的 6.4%，实际库存小幅回补，3 月终端"抢出口"、工业生产加快提振补库斜 率。与同期相比，存货周转节奏有所放缓，应收账款回款速度仍偏慢，但环比 呈现改善。营收方面，3 月单月营收同比增速抬升至 4.4%，考虑价格同比降幅 扩大，实际去化节奏较 1-2 月进一步加快 ❖ 风险提示：外围扰动不确定性，政策不及预期。 债券研究 债券日报 2025 年 04 月 28 日 华创证券研究所 证券分析师：周冠南 电话：010-66500886 邮箱：zhouguannan@hcyjs.com 执业编号：S0360517090002 证券分析师：靳晓航 电话：010-66500819 邮箱：jinxiaohang@hcyjs.com 执业编号：S0360522080003 联系人：李宗阳 邮箱：lizongyang@hcyjs.com 相关研究报告 《【华创固收】转债 ...

Economic Overview - In the first quarter, the province achieved a GDP of 13,543.49 billion yuan, with a year-on-year growth of 6.3% [1] - The primary industry added value was 828.69 billion yuan, growing by 3.2%; the secondary industry added value was 5,344.85 billion yuan, growing by 6.4%; and the tertiary industry added value was 7,369.95 billion yuan, growing by 6.5% [1] Agriculture - The agricultural sector's added value was 876.42 billion yuan, with a growth of 3.4% [1] - Key agricultural products showed stable production, with pork output at 968,400 tons, increasing by 6.2% [1] - Vegetable production reached 10,076,000 tons, growing by 3.8%, while fruit production increased by 10.1% to 284,500 tons [1] Industrial Production - The added value of large-scale industrial enterprises grew by 8.1%, accelerating by 0.4 percentage points compared to the previous year [1] - High-tech manufacturing saw a significant increase of 21.4%, contributing 36.4% to the growth of large-scale industry [1] - Major industries such as electrical, computer communication electronics, and chemicals experienced substantial growth rates, with electrical industry growing by 22.8% [1] Service Sector - The service sector's added value grew by 6.5%, with transportation and warehousing increasing by 13.7% [3] - The revenue of large-scale service enterprises reached 2,129.54 billion yuan, growing by 13.8% [3] - Financial institutions reported a deposit balance of 99,630.54 billion yuan, increasing by 8.7% year-on-year [3] Fixed Asset Investment - Fixed asset investment (excluding rural households) grew by 6.6%, with manufacturing investment increasing by 12.1% [4] - Infrastructure investment rose by 4.4%, while real estate development investment declined by 5.5% [4] - High-tech industry investment increased by 12.8%, with aerospace and computer equipment manufacturing seeing significant growth [4] Consumer Market - The total retail sales of social consumer goods reached 6,887.19 billion yuan, growing by 7.3% [5] - Sales of home appliances and furniture saw substantial increases, with growth rates of 21.1% and 26.3% respectively [5] - Online retail sales grew by 24.3%, indicating a strong shift towards e-commerce [6] Trade and Exports - The province's total import and export volume reached 1,743.1 billion yuan, with exports growing by 22.4% [7] - General trade accounted for 80.9% of the total trade volume, indicating a robust trade structure [7] - Machinery and electrical products exports increased by 19.2%, making up 54.7% of total exports [7] Employment and Income - The urban unemployment rate averaged 5.4%, remaining stable compared to the previous year [9] - The per capita disposable income for residents was 11,075 yuan, growing by 5.4% [10] - The income gap between urban and rural residents narrowed, with the ratio decreasing to 2.06 [10]

Economic Overview - The GDP of Guizhou Province reached 559.845 billion yuan in Q1, with a year-on-year growth of 5.3% at constant prices [1] - The primary industry added value was 49.988 billion yuan, growing by 4.3%; the secondary industry added value was 186.530 billion yuan, growing by 6.9%; and the tertiary industry added value was 323.327 billion yuan, growing by 4.6% [1] Agriculture - The total output value of agriculture, forestry, animal husbandry, and fishery was 83.731 billion yuan, with a year-on-year increase of 4.4% [2] - Key growth areas included traditional Chinese medicinal materials (15.4%), garden fruits (5.9%), tea (5.6%), and vegetables (4.4%) [2] - The number of live pigs increased by 3.6% year-on-year, with a 5.1% increase in pig slaughtering [2] Industry - The industrial added value above designated size grew by 10.3% year-on-year [3] - Notable growth was seen in the mining sector (14.2%), particularly in non-metallic mining (14.9%) and coal mining (13.4%) [3] - The manufacturing sector saw a 9.9% increase, with automotive manufacturing skyrocketing by 115.3% [3] - Revenue for industrial enterprises reached 179.146 billion yuan, with a profit total of 16.016 billion yuan, reflecting a growth of 11.2% and 10.6% respectively [3] Services - The service sector's added value grew by 4.6% year-on-year [4] - Key areas of growth included transportation and storage (7.4%), information technology services (7.0%), and wholesale and retail (6.3%) [4] - Tourism saw an increase in visitor numbers by 8.1% and total spending by 9.9% [4] - Financial institutions reported a 3.7% increase in deposits and a 6.8% increase in loans [4] Retail and Consumption - The total retail sales of consumer goods increased by 3.0% year-on-year [5] - Urban retail sales grew by 2.9%, while rural retail sales increased by 4.3% [5] - Notable growth in retail categories included communication equipment (43.7%) and household appliances (18.8%) [5] Investment - Fixed asset investment grew by 4.9%, with industrial investment increasing by 13.9% [6] - High-tech industry investment rose by 14.4%, with significant growth in high-tech manufacturing (14.2%) and services (14.8%) [6] Trade - The total import and export value was 18.995 billion yuan, with exports decreasing by 8.1% and imports increasing by 15.7% [7] Employment and Income - Urban employment increased by 216,600, with a 3.4% year-on-year growth [9] - Per capita disposable income for urban residents was 12,360 yuan, a nominal increase of 4.6%, while rural residents saw a 6.6% increase to 4,074 yuan [9] Price Trends - The Consumer Price Index (CPI) rose by 0.1% year-on-year, with food prices increasing by 0.7% [9] - The Producer Price Index (PPI) for industrial producers decreased by 2.1% [9]

一季度，全区农林牧渔业总产值126.69亿元，同比增长2.2%。主要农产品供给稳定，蔬菜及食用菌产量 增长3.7%，瓜果产量增长16.0%，水产品产量增长3.1%。肉牛出栏较快增长，肉牛出栏31.32万头，同比 增长8.0%。 二、工业生产稳步加快 一季度，全区规模以上工业增加值同比增长9.6%，比1-2月份加快3.4个百分点。分三大门类看，采矿业 增加值同比增长8.6%，制造业增长11.5%，电力、热力、燃气及水生产和供应业增长6.1%。分经济类型 看，国有控股企业增加值同比增长4.4%，民营企业增长15.0%；大中型企业增长10.1%，小微企业增长 8.4%。分产品看，工业发电量同比增长5.1%、烧碱增长3.1%、电石增长2.9%、化学农药原药增长 27.6%、初级形态塑料增长4.8%、化学药品原药增长25.0%、水泥增长35.3%、钢材增长39.0%、铁合金 增长12.1%、铝材增长8.5%、金属切削机床增长32.3%、矿山专用设备增长27.8%。 三、投资增长势头强劲 一季度，全区固定资产投资同比增长16.7%。分产业看，第一产业投资同比增长31.3%，第二产业投资 增长39.1%，第三产业投资下降1 ...

中国经济网4月28日讯据甘肃省统计局消息，根据地区生产总值统一核算结果，一季度，全省地区生产 总值3118.7亿元，按不变价格计算，同比增长6.2%。其中，第一产业增加值199.1亿元，增长6.6%；第 二产业增加值1022.7亿元，增长8.1%；第三产业增加值1896.9亿元，增长5.2%。 一、农业生产形势良好，畜牧业较快发展 一季度，全省农林牧渔业增加值同比增长6.8%。蔬菜种植面积、产量预计分别增长5.5%和6.5%。猪牛 羊禽肉产量44.5万吨，增长4.6%。其中，猪肉、牛肉、羊肉、禽肉产量分别增长0.8%、6.4%、8.3%和 23.4%。一季度末，生猪、牛存栏分别下降2.5%、1.0%，羊、家禽存栏分别增长4.4%、10.2%；一季 度，生猪、牛、羊、家禽出栏分别增长0.3%、6.4%、8.3%、23.4%。 二、工业生产快速增长，企业效益持续向好 一季度，全省规模以上工业增加值同比增长11.0%。分三大门类看，采矿业增长6.7%，制造业增长 12.4%，电力、热力、燃气及水生产和供应业增长14.0%。全省规模以上工业有生产活动的38个行业大 类中，28个行业实现增长。其中，有色金属冶炼和压延加 ...

一、农业生产稳定增长，畜牧业生产基本平稳 一季度，全省实现农林牧渔业(包括农林牧渔服务业)增加值178.75亿元，按可比价格计算，同比增长 3.6%。畜牧业生产保持稳定。一季度末，全省生猪存栏871.8万头，同比增长7.8%。一季度，生猪出栏 368.2万头，同比下降1.7%；牛出栏19.5万头，增长8.0%；羊出栏221.9万只，增长0.2%；家禽出栏 6740.3万只，增长9.2%。猪牛羊禽四种肉产量48.0万吨，增长2.5%；禽蛋产量35.3万吨，增长4.3%。 二、工业生产加快增长，新兴动能加快培育 一季度，全省规模以上工业增加值同比增长7.7%，增速较1-2月加快1.3个百分点。从三大门类看，采矿 业增长9.3%，制造业增长4.7%，电力、热力、燃气及水生产和供应业增长5.5%。从煤与非煤看，煤炭 工业增长8.7%，非煤工业增长6.2%。从行业看，40个行业大类中31个行业增加值实现增长，增长面为 77.5%。从产品看，15种主要工业产品中9种产品产量呈增长态势，增长面60%。3月份，全省规模以上 工业增加值增长10.2%。 新兴动能加快培育。一季度，全省规上装备制造业增加值增长10.7%，其中新能 ...

Economic Overview - The province achieved a GDP of 823.57 billion yuan in Q1, with a year-on-year growth of 5.6% at constant prices [1] - The primary industry added value was 25.40 billion yuan, growing by 2.8%; the secondary industry added value was 333.44 billion yuan, increasing by 6.5%; the tertiary industry added value was 464.72 billion yuan, rising by 5.1% [1] Agriculture - The agricultural, forestry, animal husbandry, and fishery sector's added value grew by 2.8% year-on-year [2] - Crop production showed good performance with a 4.1% increase in added value; vegetable and edible fungus output reached 3.41 million tons, up by 4.3% [2] - Livestock production remained stable, with total meat output at 403,000 tons, down by 4.1%; pig production decreased by 4.7%, while beef and lamb production increased by 3.9% and 3.5%, respectively [2] Industrial Production - The industrial added value for large-scale enterprises grew by 9.9% year-on-year, accelerating by 2.1 percentage points compared to the previous year [3] - Mining industry added value increased by 11.9%, manufacturing by 9.0%, and electricity, heat, gas, and water supply by 3.2% [3] - Energy industry maintained rapid growth with an 8.8% increase; coal mining and washing grew by 12.3%, while oil and gas extraction rose by 8.3% [3] - Non-energy industries achieved double-digit growth, with added value increasing by 11.8%; equipment manufacturing led this growth with a 14.4% increase [3] Service Sector - The service sector's added value grew by 5.1% year-on-year [4] - Wholesale and retail trade increased by 6.6%, accommodation and catering by 6.1%, and transportation, warehousing, and postal services by 6.0% [4] - Modern service industries showed strong growth, with leasing and business services revenue up by 19.5% and cultural, sports, and entertainment sectors growing by 17.0% [4] Investment - Fixed asset investment increased by 5.8% year-on-year, with the first industry investment rising by 30.7% and the second industry by 19.2% [5] - Industrial investment grew by 21.7%, with manufacturing investment up by 28.8% and industrial technological transformation investment increasing by 22.8% [5] - Private investment saw a significant rise of 21.3%, while real estate development investment grew by 1.6% [5] Consumer Market - The total retail sales of consumer goods reached 290.41 billion yuan, growing by 5.4% year-on-year [6] - Urban retail sales were 257.59 billion yuan, increasing by 5.3%, while rural retail sales reached 32.82 billion yuan, up by 6.1% [6] - Significant growth in the sales of household appliances and audio-visual equipment, with a 30.4% increase; communication equipment sales surged by 78.2% [6] Foreign Trade - The total import and export value was 111.28 billion yuan, down by 1.5% year-on-year; exports were 77.35 billion yuan, up by 2.8%, while imports fell by 10.0% [8] - The trade surplus was 43.43 billion yuan, with mechanical and electrical products exports growing by 5.2%, accounting for 85.3% of total exports [8]

[Table_Summary] 3 月工业企业利润和营收同比增速双双录得回升。拆分来看，本次利润增速回升主要来自量和 利润率同比改善，价格则在低位继续震荡。从分工业门类来看，制造业利润回升明显，动能预 计主要源自于抢出口和设备更新持续拉动装备制造行业需求脉冲式回升。从企业经营角度，经 营压力边际有所改善，但库存延续被动回补趋势，反映整体需求继续偏弱运行。后续总需求能 否进一步改善，是驱动企业利润长期复苏的观察锚点。而 4 月政治局会议传递出中央对支撑内 需的信心和态度坚定，期待后续储备政策陆续出台承托需求韧性和企业利润增长。 分析师及联系人 [Table_Author] 于博 刘承昊 SAC：S0490520090001 SAC：S0490523050001 SFC：BUX667 SFC：BVA882 丨证券研究报告丨 中国经济丨点评报告 [Table_Title] 盈利增速脉冲式回升 ——1-3 月工业企业利润点评 报告要点 1 请阅读最后评级说明和重要声明 [Table_Title 盈利增速脉冲式回升 2] ——1-3 月工业企业利润点评 事件描述 2025 年 4 月 27 日，国家统计局公布数据：1- ...

Core Insights - The industrial economy in Heilongjiang Province is showing signs of recovery, with a total industrial added value growth rate of 5.3% in the first quarter, accelerating by 7.1 percentage points compared to the previous year [1] - The growth rate of industrial added value for large-scale industries reached 6.1%, exceeding the initial target by 2.6 percentage points [1] - The manufacturing Purchasing Managers' Index (PMI) for March was reported at 50.5, indicating a positive production outlook [1] Industrial Performance - The mining sector's added value growth rate was 6.3%, slightly above the national average by 0.1 percentage points [2] - The manufacturing sector's added value growth rate was 6.2%, marginally higher than the provincial large-scale industrial growth rate by 0.1 percentage points [2] - The electricity, heat, gas, and water supply sector recorded a growth rate of 5.4%, surpassing the national average by 3.5 percentage points [2] Sectoral Highlights - The equipment manufacturing industry experienced the fastest growth at 18.9%, exceeding the national average by 8 percentage points [2] - The energy sector showed significant support with a growth rate of 5.9%, particularly in coal mining and washing, which reached 10.1% [2] - The construction materials industry also performed well, achieving a growth rate of 31.5% [2] Future Outlook - The Heilongjiang Provincial Department of Industry and Information Technology plans to focus on stabilizing industrial growth, transforming methods, adjusting structures, improving quality, and increasing efficiency [2] - Emphasis will be placed on key regions, industries, projects, market expansion, and providing better services to enterprises [2]