1—8月份，全国规模以上工业企业实现利润总额46929.7亿元，同比增长0.9%。 1—8月份，黑色金属冶炼和压延加工业利润总额837亿元。8月单月，钢铁行业利润达193.4亿元。 此前数据显示，1—7月份，黑色金属冶炼和压延加工业利润总额643.6亿元，同比增长5175.4%。7月份 钢铁行业利润为180.80亿元。 1—6月份，黑色金属冶炼和压延加工业利润462.8亿元，同比增长13.7倍，增速为全部31个工业大类最 高。6月份单月黑色金属冶炼和压延加工业利润为145.9亿元。 1—8月份，规模以上工业企业中，国有控股企业实现利润总额15156.5亿元，同比下降1.7%；股份制企 业实现利润总额34931.9亿元，增长1.1%；外商及港澳台投资企业实现利润总额11723.6亿元，增长 0.9%；私营企业实现利润总额13076.1亿元，增长3.3%。 1—8月份，采矿业实现利润总额5661.1亿元，同比下降30.6%；制造业实现利润总额35233.5亿元，增长 7.4%；电力、热力、燃气及水生产和供应业实现利润总额6035.1亿元，增长9.4%。 1—8月份，主要行业利润情况如下：电力、热力生产和供应业利润 ...

证监许可【2011】1288号 报告 低基数助力8月工业利润转正 债市仍偏震荡 2025年9月27日 更多精彩内容 请关注 格林大华期货 官方微信 研究员：刘洋 联系方式：liuyang18036@greendh.com 期货从业资格证号：F3063825 期货交易咨询号：Z0016580 国债期货一周行情复盘 本周国债期货主力合约整体走势为探底回升，周一小幅上涨，周二、周三连续下行，周四继续下行、触底后强力 反弹、收复当日失地，周五延续反弹，全周30年国债收跌0.60%，10年国债跌0.07%，5年国债跌0.09%，2年国债 跌0.02%。 数据来源：wind，格林大华 国债现券到期收益率曲线变动 9月26日收盘国债现券到期收益率曲线与9月19日相比表现为整体小幅上行。2年期国债到期收益率从9月 19日的1.49%上行2个BP至9月26日的1.51% ；5年期国债到期收益率持平于1.62%；10年期国债到期收益率 持平于1.88% ；30年期国债到期收益率从9月19日的2.20%上行2个BP至9月26日的2.22% 。 数据来源：wind，格林大华 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 ...

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]

来源：国家统计局 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 月份规模以上工业企业利润同比实现增长 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。 工业企业营收保持稳定增长。 1 — 8 月份，规模以上工业企业营业收入同比增长 2.3% ，与 1 — 7 月份持平。其 中， 8 月份工业企业营 ...

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 ...

1—8月份，全国规模以上工业企业实现利润总额46929.7亿元，同比增长0.9%（按可比口径计算，详见附注二）。 1—8月份，规模以上工业企业中，国有控股企业实现利润总额15156.5亿元，同比下降1.7%；股份制企业实现利润总额 34931.9亿元，增长1.1%；外商及港澳台投资企业实现利润总额11723.6亿元，增长0.9%；私营企业实现利润总额 13076.1亿元，增长3.3%。 1—8月份，采矿业实现利润总额5661.1亿元，同比下降30.6%；制造业实现利润总额35233.5亿元，增长7.4%；电力、热 力、燃气及水生产和供应业实现利润总额6035.1亿元，增长9.4%。 1—8月份，主要行业利润情况如下：电力、热力生产和供应业利润同比增长13.0%，有色金属冶炼和压延加工业增长 12.7%，农副食品加工业增长11.8%，电气机械和器材制造业增长11.5%，计算机、通信和其他电子设备制造业增长 7.2%，专用设备制造业增长6.9%，通用设备制造业增长5.8%，石油煤炭及其他燃料加工业同比减亏，黑色金属冶炼和 压延加工业同比由亏转盈，汽车制造业下降0.3%，非金属矿物制品业下降2.2%，化学原料和化学 ...

1—8月份，全国规模以上工业企业实现利润总额46929.7亿元，同比增长0.9%（按可比口径计算，详见附注二）。 1—8月份，规模以上工业企业中，国有控股企业实现利润总额15156.5亿元，同比下降1.7%；股份制企业实现利润总额 34931.9亿元，增长1.1%；外商及港澳台投资企业实现利润总额11723.6亿元，增长0.9%；私营企业实现利润总额 13076.1亿元，增长3.3%。 1—8月份，采矿业实现利润总额5661.1亿元，同比下降30.6%；制造业实现利润总额35233.5亿元，增长7.4%；电力、热 力、燃气及水生产和供应业实现利润总额6035.1亿元，增长9.4%。 1—8月份，主要行业利润情况如下：电力、热力生产和供应业利润同比增长13.0%，有色金属冶炼和压延加工业增长 12.7%，农副食品加工业增长11.8%，电气机械和器材制造业增长11.5%，计算机、通信和其他电子设备制造业增长 7.2%，专用设备制造业增长6.9%，通用设备制造业增长5.8%，石油煤炭及其他燃料加工业同比减亏，黑色金属冶炼和 压延加工业同比由亏转盈，汽车制造业下降0.3%，非金属矿物制品业下降2.2%，化学原料和化学 ...

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]