利润增速有所回升，但改善基础有待夯实。 3月利润增速录得2.6%，较上月上行约3个百分点，主因基数走低 推动，环比增速也低于近五年中位数，结合工企产销率续创历年同期新低，指向利润改善基础有待夯实。 分 企业类型来看 ，私营和股份制企业利润改善明显，国企和外商企业均有回落。 从两年平均增速来看 ，仅私营 报 告 正 文 3 月收入、利润增速双双回升。 2025 年 3 月，规上工企营业收入录得 4.2% ，较上月有所回升。工企利 润增速录得 2.6% ，较上月上行约 3 个百分点，主因基数走低推动，环比增速也低于近五年中位数，结 合工企产销率续创历年同期新低，指向利润改善基础有待夯实。从 工企利润 的构成 来看， 3 月工企的 营收增速有所回升，主因当月 生产大幅改善 。 同时 营收利润率 增速略有上升，共同带动 本月利润增速 上行 。本月成本费用较上月微升， 利润率增速上行或受到春节前置的一定扰动。 往后看 ， 随着外部冲 击影响逐渐显现，叠加去年同期基数走高 ， 利润或将再度承压 ， 静待稳增长政策进一步加码显效 。 此外，有三点值得关注。 一是企业经营压力仍较高 。工企产销率续创近十年来同期新低，而同时其 ...

Core Insights - National scale industrial enterprises in China achieved a total profit of 15,093.6 billion yuan in the first quarter, marking a year-on-year increase of 0.8% [1] - The profit growth in March was 2.6%, reversing a decline of 0.3% in January-February, indicating an improvement in corporate profits [1] - The overall industrial profit trend shifted from a 3.3% decline in the previous year to a positive growth of 0.8% in the first quarter, ending a continuous decline since the third quarter of the previous year [1] Group 1: Profit by Industry - In the first quarter, the mining industry reported a total profit of 2,204.4 billion yuan, a year-on-year decrease of 25.5% [3] - The manufacturing sector achieved a profit of 10,826.4 billion yuan, reflecting a growth of 7.6% [3] - The electricity, heat, gas, and water production and supply sector saw profits of 2,062.8 billion yuan, increasing by 5.4% [3] Group 2: Sector Performance - Out of 41 major industrial categories, 24 experienced year-on-year profit growth, indicating a growth rate of nearly 60% [3] - The equipment manufacturing sector emerged as a significant contributor to profit growth, with a 6.4% increase in profits, accounting for 32.0% of total profits among large-scale industrial enterprises [3] - The contribution of the equipment manufacturing sector to overall profit growth was 2.0 percentage points, showing an increase in its impact compared to earlier months [3] Group 3: Policy Impact - The "two new" policies significantly boosted profits, with specialized and general equipment industries seeing profit increases of 14.2% and 9.5%, respectively, surpassing the average industrial profit growth [4] - Specific sectors such as electronic and electrical machinery manufacturing experienced rapid profit growth rates of 56.3% and 24.6% [4] - The consumer goods sector benefited from policies promoting the replacement of old products, with industries like wearable smart devices and kitchen appliances seeing profit increases of 78.8% and 21.7% [4] Group 4: Financial Metrics - The profit margin for large-scale industrial enterprises was 4.70% in the first quarter, a decrease of 0.12 percentage points year-on-year [5] - As of the end of March, accounts receivable for large-scale industrial enterprises totaled 25.59 trillion yuan, a year-on-year increase of 9.9% [6] - The average collection period for accounts receivable increased to 70.9 days, reflecting a rise of 4.0 days year-on-year [6]

Summary of Key Points Core Viewpoint - In the first quarter, the total profit of industrial enterprises above designated size in China reached 150.936 billion yuan, showing a year-on-year growth of 0.8% [1]. Group 1: Overall Profit Performance - State-owned enterprises achieved a total profit of 55.995 billion yuan, a year-on-year decrease of 1.4% [1]. - Joint-stock enterprises reported a total profit of 111.015 billion yuan, with a slight increase of 0.1% [1]. - Foreign and Hong Kong, Macao, and Taiwan-invested enterprises made a total profit of 38.835 billion yuan, growing by 2.8% [1]. - Private enterprises recorded a total profit of 37.097 billion yuan, down by 0.3% [1]. Group 2: Sector-Specific Profit Trends - The mining industry saw a total profit of 22.044 billion yuan, a significant decline of 25.5% [1]. - The manufacturing sector achieved a total profit of 108.264 billion yuan, reflecting a growth of 7.6% [1]. - The electricity, heat, gas, and water production and supply industry reported a total profit of 20.628 billion yuan, increasing by 5.4% [1]. Group 3: Major Industry Profit Changes - The agricultural and sideline food processing industry experienced a profit increase of 40.3% [2]. - The non-ferrous metal smelting and rolling processing industry grew by 33.6% [2]. - The specialized equipment manufacturing industry saw a profit rise of 14.2% [2]. - The general equipment manufacturing industry increased by 9.5% [2]. - The electrical machinery and equipment manufacturing industry grew by 7.5% [2]. - The textile industry reported a profit increase of 7.1% [2]. - The electricity and heat production and supply industry grew by 6.1% [2]. - The computer, communication, and other electronic equipment manufacturing industry increased by 3.2% [2]. - The chemical raw materials and chemical products manufacturing industry saw a slight decline of 0.4% [2]. - The oil and natural gas extraction industry decreased by 3.1% [2]. - The automobile manufacturing industry experienced a decline of 6.2% [2]. - The non-metallic mineral products industry fell by 14.2% [2]. - The coal mining and washing industry saw a significant drop of 47.7% [2]. - The petroleum, coal, and other fuel processing industry reported a reduction in losses year-on-year [2]. - The black metal smelting and rolling processing industry turned from loss to profit [2].

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！ 1—3月份，全国规模以上工业企业实现利润总额15093.6亿元，同比增长0.8%（按可比口径计算）。 1—3月份，规模以上工业企业中，国有控股企业实现利润总额5599.5亿元，同比下降1.4%；股份制企业 实现利润总额11101.5亿元，增长0.1%；外商及港澳台投资企业实现利润总额3883.5亿元，增长2.8%； 私营企业实现利润总额3709.7亿元，下降0.3%。 1—3月份，采矿业实现利润总额2204.4亿元，同比下降25.5%；制造业实现利润总额10826.4亿元，增长 7.6%；电力、热力、燃气及水生产和供应业实现利润总额2062.8亿元，增长5.4%。 1—3月份，主要行业利润情况如下：农副食品加工业利润同比增长40.3%，有色金属冶炼和压延加工业 增长33.6%，专用设备制造业增长14.2%，通用设备制造业增长9.5%，电气机械和器材制造业增长 7.5%，纺织业增长7.1%，电力、热力生产和供应业增长6.1%，计算机、通信和其他电子设备制造业增 长3.2%，化学原料和化学制品制造业下降0.4%，石油和天然气开采业下降3.1 ...

1—3月份，全国规模以上工业企业实现利润总额15093.6亿元，同比增长0.8%（按可比口径计算，详见附注二）。 1—3月份，规模以上工业企业中，国有控股企业实现利润总额5599.5亿元，同比下降1.4%；股份制企业实现利润总额11101.5亿元，增长0.1%；外商及港澳 台投资企业实现利润总额3883.5亿元，增长2.8%；私营企业实现利润总额3709.7亿元，下降0.3%。 1—3月份，采矿业实现利润总额2204.4亿元，同比下降25.5%；制造业实现利润总额10826.4亿元，增长7.6%；电力、热力、燃气及水生产和供应业实现利润 总额2062.8亿元，增长5.4%。 1—3月份，主要行业利润情况如下：农副食品加工业利润同比增长40.3%，有色金属冶炼和压延加工业增长33.6%，专用设备制造业增长14.2%，通用设备制 造业增长9.5%，电气机械和器材制造业增长7.5%，纺织业增长7.1%，电力、热力生产和供应业增长6.1%，计算机、通信和其他电子设备制造业增长3.2%， 化学原料和化学制品制造业下降0.4%，石油和天然气开采业下降3.1%，汽车制造业下降6.2%，非金属矿物制品业下降14.2%，煤炭开 ...

点 击 蓝 字 关 注 我 们 本文全文共 2656 字，阅读全文约 9 分钟 2025年一季度全国规模以上工业产能利用率为74.1% 2025年一季度，全国规模以上工业产能利用率为74.1%，比上年同期上升0.5个百分点。 按消费类型分，3月份，商品零售额36705亿元，同比增长5.9%；餐饮收入4235亿元，增长5.6%。1— 3月份，商品零售额110644亿元，增长4.6%；餐饮收入14027亿元，增长4.7%。 按零售业态分，1—3月份，限额以上零售业单位中便利店、超市、百货店、专业店、品牌专卖店零售 额同比分别增长9.9%、4.6%、1.2%、6.7%、1.4%。 79.3%，有色金属冶炼和压延加工业为77.5%，通用设备制造业为78.1%，专用设备制造业为75.6%， 汽车制造 业为71.9% ，电气机械和器材制造业为71.7%，计算机、通信和其他电子设备制造业为74.7%。 (来源:国家统计局 ) 2025年3月份社会消费品零售总额增长5.9% 3月份，社会消费品零售总额40940亿元，同比增长5.9%。其中， 除汽车以外的消费品零售额36610亿 元，增长6.0%。 1—3月份，社会消费品零售 ...

交易咨询业务资格：证监许可【2011】1285号 华联期货宏观周报 一季度G D P增长5 . 4 % 工业增长加速 20250420 研究助理：石舒宇 从业资格号：F03117664 0769-22116880 作者：黄秀仕 交易咨询号：Z0018307 从业资格号：F03106904 0769-22110802 审核：黎照锋交易咨询号：Z0000088 周度观点及策略 周度观点 一季度国内生产总值318758亿元，按不变价格计算，同比增长5.4%，比上年四季度环比增长1.2%。分产业看，第一产业增加值11713亿元， 同比增长3.5%；第二产业增加值111903亿元，增长5.9%；第三产业增加值195142亿元，增长5.3%。 一季度，全国规模以上工业增加值同比增长6.5%，比上年全年加快0.7个百分点。分三大门类看，采矿业增加值同比增长6.2%，制造业增长 7.1%，电力、热力、燃气及水生产和供应业增长1.9%。装备制造业增加值同比增长10.9%，比上年全年加快3.2个百分点；高技术制造业增加 值增长9.7%，加快0.8个百分点。分经济类型看，国有控股企业增加值同比增长4.2%；股份制企业增长7.2%， ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The overall economic performance of Heilongjiang Province in 2024 shows a GDP of 16476.9 billion yuan, with a growth rate of 3.2% compared to the previous year [8] - The three major industries' contributions to GDP are as follows: primary industry at 3203.3 billion yuan (2.9% growth), secondary industry at 4147.3 billion yuan (-0.2% decline), and tertiary industry at 9126.2 billion yuan (4.7% growth) [8] - The province's population at the end of 2024 is 30.29 million, with an urbanization rate of 68.05%, reflecting a 0.94 percentage point increase from the previous year [14] - The agricultural sector shows a total output value of 5904.1 billion yuan, with a growth of 3.1%, and a grain production of 8001.7 million tons, maintaining the top position among provinces [20] - Industrial production has seen a decline of 3.1% in the added value of large-scale industries, with notable growth in the petrochemical industry at 7.9% [24][25] - Fixed asset investment increased by 6.0%, with significant growth in infrastructure investment at 11.0% [32][33] - The retail market shows a total social retail sales of 5738.9 billion yuan, growing by 1.9%, with a notable increase in online retail sales by 9.2% [34][35] - The province's foreign trade reached a total value of 3122.8 billion yuan, with exports growing by 14.4% [36] Summary by Sections Economic Overview - Heilongjiang's GDP reached 16476.9 billion yuan, with a growth of 3.2% [8] - The three industries' contributions are 19.4% for primary, 25.2% for secondary, and 55.4% for tertiary [8] Population and Employment - The total population is 30.29 million, with an urbanization rate of 68.05% [14] - Urban employment increased by 37.7 million, exceeding the annual target by 125.5% [17] Agriculture - Total agricultural output value is 5904.1 billion yuan, with a growth of 3.1% [20] - Grain production is 8001.7 million tons, maintaining the top position nationally [20] Industry - Industrial added value decreased by 3.1%, with the petrochemical sector growing by 7.9% [24][25] - High-tech manufacturing increased by 4.1% [25] Investment - Fixed asset investment grew by 6.0%, with infrastructure investment up by 11.0% [32][33] Trade - Total foreign trade value reached 3122.8 billion yuan, with exports increasing by 14.4% [36] Consumer Market - Social retail sales totaled 5738.9 billion yuan, growing by 1.9% [34] - Online retail sales increased by 9.2% [35]

金岭矿业（000655）公告，公司拟在山东产权交易中心预挂牌转让持有的金钢矿业100%股权及对其享 有的债权。此次预挂牌仅作信息预披露，目的在于征寻意向受让方，不构成交易行为。截至2024年12月 31日，金钢矿业资产总额1864.91万元，负债总额6.46亿元，净资产-6.27亿元。2024年度，金钢矿业实 现营业收入232.27万元，营业利润216.19万元，净利润2624.53万元，经营活动产生的现金流量净额 237.21万元。截至2025年3月31日，金钢矿业资产总额2089.08万元，负债总额6.45亿元，净资产-6.24亿 元。2025年1-3月，金钢矿业实现营业收入256.67万元，营业利润236.47万元，净利润274.56万元，经营 活动产生的现金流量净额193.92万元。 ...

联系人： 陆银波（15210860866） 核心观点 对于 3 月及一季度经济数据，我们重点讨论政策效果以及应对外需不确定性可能的加码方向。 文 ： 华创证券研究所副所长 、首席宏观分析师 张瑜（执业证号：S0360518090001） 1 、内需中回暖的几个方向来看，政策效果略超预期。 一是社零， 3 月增速上行至 5.9% ，比较 3 月与 2 月的社零结构，回升主要来自限额以上的耐用品，从 2 月的 3.4% 回升至 12.8% 。二是固投， 1 季度累计 增速为 4.2% ，其中受"两重"以及设备更新影响较大的设备工器具购置投资同比增长 19% ，对全部投资增 长贡献率是 64.6% 。三是地产，一线城市房价自去年 9 月以来，已经有 5 个月二手住宅房价上涨，同比降 幅大幅收窄。 2 、考虑到 1 季度外需的不确定性尚未体现出来，后续对冲外需影响，或需内需进一步加力。 目前内需中 有待政策加码的或有3个方向 ：农民工收入增速偏低，消费端体现的限额以下社零增速偏弱，居民消费倾向 偏弱。财政支出增速 1-2 月尚低于 GDP 增速，支出增速有待进一步提升。地产已竣工待出售库存偏高，或 需进一步通过城中村 ...