在当前内外环境不确定性持续加剧的大背景下，规上工业企业顶住压力，迎难而上，取得如此成绩可 谓来之不易。尽管规上工业企业的营业收入同比小幅增长、营业收入利润率未能同步跟进，但亮点也 相当明显，如规上装备制造业利润同比增长7.7%，拉动全部规上工业企业利润增长2.8个百分点； 规上高技术制造业利润前11个月同比增长10.0%，较前10个月加快2.0个百分点，增速高于全部规 上工业平均水平9.9个百分点。这些数据凸显出当前经济正处于新旧动能转换、爬坡升级的尖峰时 刻。 经济在爬坡升级中，新生力量虽朝气蓬勃，但对整个经济的支撑能力尚有限，要保持经济行稳致远， 对现有经济结构进行有效的损益分析和风险管控是必要前提。 当前经济工作需存量化险与增量助推两手布局。最新数据反映出规上工业企业的存量化险工作任务较 重。11月末，规上工业企业应收账款28.40万亿元，同比增长5.5%；产成品存货6.92万亿元，增长 4.6%；产成品存货周转天数同比增加0.6天；应收账款平均回收期同比增加3.7天。1~11月，规上 工业企业每百元营业收入中的成本为85.50元，同比增加0.18元。这些数据背后凸显的是，稍有不 慎，存量资产就面临不良 ...

Core Viewpoint - The profits of large-scale industrial enterprises in China continued to grow, reaching a total of 66,268.6 billion yuan from January to November, indicating a sustained upward trend supported by new industrial momentum [1][2]. Group 1: Profit Growth - From January to November, the profit of large-scale industrial enterprises increased by 0.1% year-on-year, marking four consecutive months of growth since August [2]. - The manufacturing sector achieved a profit total of 50,317.9 billion yuan, growing by 5.0% [2]. - The electricity, heat, gas, and water production and supply sector reported profits of 8,054.4 billion yuan, with an increase of 8.4% [2]. - The mining sector experienced a profit total of 7,896.3 billion yuan, showing a year-on-year decline of 27.2%, although the decline was slightly less severe than in the previous months [2]. Group 2: Revenue and Assets - Large-scale industrial enterprises generated operating revenue of 125.34 trillion yuan from January to November, reflecting a year-on-year growth of 1.6% [3]. - By the end of November, total assets of large-scale industrial enterprises reached 189.28 trillion yuan, up by 4.8% year-on-year [3]. - The total equity of these enterprises was 79.32 trillion yuan, increasing by 4.5% [3]. - The operating revenue per 100 yuan of assets was 74.4 yuan [3]. Group 3: New Momentum Industries - New momentum industries, particularly equipment manufacturing and high-tech manufacturing, showed rapid growth [4]. - The profit of large-scale equipment manufacturing increased by 7.7% year-on-year, contributing 2.8 percentage points to the overall profit growth of large-scale industrial enterprises [4]. - In the equipment manufacturing sector, seven out of eight major categories reported year-on-year profit growth, with the railway, shipbuilding, and aerospace industries seeing profits grow by 27.8% and 15.0% respectively [4]. - High-tech manufacturing profits grew by 10.0% year-on-year, surpassing the average growth rate of all large-scale industrial enterprises by 9.9 percentage points [4]. Group 4: Sector-Specific Growth - The "Artificial Intelligence+" initiative has positively impacted related equipment manufacturing sectors, with profits in the electronic industrial specialized equipment manufacturing sector increasing by 57.4% [5]. - The aerospace industry also saw significant profit growth, with profits in aerospace and related equipment manufacturing rising by 13.3% [5]. - Profits in smart consumer device manufacturing surged by 54.0%, driven by advancements in intelligent products [5]. Group 5: Industrial Economic Development - The overall profit growth reflects a steady advancement in the industrial economy, with a focus on achieving qualitative improvements and reasonable quantitative growth by 2025 [6][7]. - The high-tech manufacturing and equipment manufacturing sectors reported value-added growth of 9.2% and 9.3% respectively from January to November [6]. - The establishment of advanced and excellent smart factories, along with the expansion of 5G networks, supports the ongoing transformation and upgrading of traditional industries [7].

Core Viewpoint - The profits of industrial enterprises in China have continued to grow, with a total profit of 66,268.6 billion yuan from January to November, indicating a sustained upward trend supported by new industrial momentum [2][3]. Profit Growth - From January to November, the profit of industrial enterprises above designated size increased by 0.1% year-on-year, marking four consecutive months of growth since August [3]. - The manufacturing sector achieved a total profit of 50,317.9 billion yuan, growing by 5.0%, while the electricity, heat, gas, and water production and supply sector saw profits of 8,054.4 billion yuan, up by 8.4%. In contrast, the mining sector experienced a profit decline of 27.2% [3]. Revenue and Assets - The total operating revenue for industrial enterprises above designated size reached 125.34 trillion yuan, reflecting a year-on-year increase of 1.6%. By the end of November, total assets amounted to 189.28 trillion yuan, up by 4.8%, and total equity was 79.32 trillion yuan, growing by 4.5% [4]. New Momentum Industries - New momentum industries, particularly equipment manufacturing and high-tech manufacturing, have shown rapid growth. The profit of the equipment manufacturing sector increased by 7.7%, contributing 2.8 percentage points to the overall profit growth of industrial enterprises [5]. - In the high-tech manufacturing sector, profits grew by 10.0%, surpassing the average growth rate of all industrial enterprises by 9.9 percentage points [5]. Specific Industry Performance - The "Artificial Intelligence+" initiative has positively impacted related equipment manufacturing sectors, with profits in the electronic industrial specialized equipment manufacturing sector rising by 57.4%. Notably, profits in semiconductor device manufacturing and electronic components manufacturing surged by 97.2% and 46.0%, respectively [6]. - The aerospace industry also experienced significant profit growth, with profits in aerospace and related equipment manufacturing increasing by 13.3%, including a remarkable 192.9% growth in aerospace-related equipment manufacturing [6]. Industrial Economic Development - The growth in profits reflects a steady advancement in the industrial economy, with a focus on achieving qualitative improvements and reasonable quantitative growth by 2025 [7]. - The high-tech manufacturing and equipment manufacturing sectors have shown substantial value-added growth, with increases of 9.2% and 9.3%, respectively, from January to November [8].

1—11月份，规模以上工业企业利润增速有所回落，但仍然延续8月份以来的增长态势，以装备制造业、 高技术制造业为代表的新动能行业保持较快增长，工业经济转型升级有序推进。 原材料制造业利润较快增长。1—11月份，规模以上原材料制造业利润增长较快，同比增速达16.6%， 拉动全部规模以上工业企业利润增长2.0个百分点。从行业看，自今年以来，钢铁行业盈利状况改善明 显，叠加低基数因素，行业利润同比大幅增长；在市场需求增加、营收增长较快的带动下，有色行业利 润保持两位数增长。 总体看，规模以上工业企业利润延续增长态势，工业新动能的支撑作用进一步显现。但也要看到，国际 环境不稳定不确定因素较多、工业新旧动能转换仍面临结构调整压力，工业企业效益恢复基础还需继续 巩固。下阶段，要全面贯彻落实中央经济工作会议精神，推动传统产业改造升级，大力培育新质生产 力，加快建设现代化产业体系，推动工业经济持续健康发展。 装备制造业利润带动作用明显。1—11月份，规模以上装备制造业利润同比增长7.7%，拉动全部规模以 上工业企业利润增长2.8个百分点，是对规模以上工业企业利润增长拉动作用最强的板块。从行业看， 装备制造业的8个大类行业中有7 ...

Core Viewpoint - The profits of industrial enterprises above designated size in China continued to grow, reaching a total of 66,268.6 billion yuan from January to November, indicating a sustained upward trend supported by new industrial momentum [1] Group 1: Profit Growth - From January to November, the profits of industrial enterprises above designated size increased by 0.1% year-on-year, marking four consecutive months of growth since August [2] - The manufacturing sector achieved a profit total of 50,317.9 billion yuan, growing by 5.0%, while the electricity, heat, gas, and water production and supply sector saw profits of 8,054.4 billion yuan, up by 8.4% [2] - The mining sector reported a profit total of 7,896.3 billion yuan, experiencing a year-on-year decline of 27.2%, although the decline was narrowed by 0.6 percentage points compared to the previous month [2] Group 2: Sector Performance - The steel industry showed significant improvement in profitability, with a substantial year-on-year increase due to low base factors, while the non-ferrous metals sector maintained double-digit profit growth driven by increased market demand [2] - The profits of raw material manufacturing industries grew rapidly, with a year-on-year growth rate of 16.6%, contributing 2.0 percentage points to the overall profit growth of industrial enterprises [2] Group 3: Revenue and Assets - From January to November, the total operating revenue of industrial enterprises above designated size reached 125.34 trillion yuan, reflecting a year-on-year growth of 1.6% [3] - By the end of November, the total assets of these enterprises amounted to 189.28 trillion yuan, up by 4.8%, while total equity reached 79.32 trillion yuan, growing by 4.5% [3] - The operating revenue per 100 yuan of assets for these enterprises was 74.4 yuan [3] Group 4: New Momentum Industries - New momentum industries, represented by equipment manufacturing and high-tech manufacturing, exhibited rapid growth, with equipment manufacturing profits increasing by 7.7%, contributing 2.8 percentage points to overall profit growth [4] - In the equipment manufacturing sector, seven out of eight major categories reported year-on-year profit growth, with the railway, shipbuilding, aerospace, and electronics industries achieving double-digit growth rates of 27.8% and 15.0% respectively [4] - High-tech manufacturing profits grew by 10.0% year-on-year, surpassing the average growth rate of all industrial enterprises by 9.9 percentage points [4] Group 5: Impact of Technological Advancements - The implementation of the "Artificial Intelligence +" initiative positively influenced the profits of related equipment manufacturing sectors, with profits in the electronic industrial specialized equipment manufacturing sector soaring by 57.4% [5] - The aerospace industry also experienced rapid profit growth, with profits in aerospace and related equipment manufacturing increasing by 13.3%, including a remarkable 192.9% growth in space-related equipment manufacturing [5] - The smart consumer device manufacturing sector saw profits rise by 54.0%, with specific categories like smart vehicle-mounted devices and intelligent drones achieving growth rates of 105.7% and 76.6% respectively [5] Group 6: Industrial Economic Development - The growth in profits reflects a steady advancement in the industrial economy, with a national conference highlighting goals for 2025 aimed at achieving qualitative improvements and reasonable quantitative growth [6] - The added value of high-tech manufacturing and equipment manufacturing industries increased by 9.2% and 9.3% year-on-year respectively [6] - The establishment of over 7,000 advanced and 500 excellent smart factories, along with significant advancements in green manufacturing, underscores the ongoing transformation and upgrading of traditional industries [7]

Core Viewpoint - The cumulative profit growth rate of industrial enterprises has maintained growth for four consecutive months, with a year-on-year growth rate of 0.1% for the first 11 months, despite a decline compared to the previous months. New momentum industries, represented by equipment manufacturing and high-tech manufacturing, continue to grow rapidly [1][2]. Group 1: Profit Growth and Industry Performance - The revenue of industrial enterprises above designated size increased by 1.6% year-on-year, with a slowdown of 0.2 percentage points compared to the previous 10 months [1]. - The profit of industrial enterprises above designated size increased by 0.1% year-on-year, with a decline of 1.8 percentage points compared to the previous 10 months [1]. - Equipment manufacturing profits increased by 7.7% year-on-year, contributing 2.8 percentage points to the overall profit growth of industrial enterprises [2]. Group 2: Sector-Specific Insights - In the equipment manufacturing sector, seven out of eight major industries achieved year-on-year profit growth, with railways, shipping, aerospace, and electronics showing double-digit growth rates of 27.8% and 15.0%, respectively [2]. - High-tech manufacturing profits grew by 10.0% year-on-year, surpassing the average growth rate of all industrial enterprises by 9.9 percentage points [2]. - The smart consumer device manufacturing industry saw a remarkable profit increase of 54.0%, with specific segments like smart vehicle equipment and drones experiencing growth rates of 105.7% and 76.6%, respectively [2]. Group 3: Challenges and Future Outlook - Industrial enterprises face challenges such as increased finished goods inventory and longer average accounts receivable collection periods, with finished goods inventory at 6.92 trillion yuan, up 4.6% year-on-year [3]. - The average accounts receivable reached 28.40 trillion yuan, increasing by 5.5% year-on-year, with an average collection period of 70.4 days, up by 3.7 days [3]. - The central economic work conference emphasized the need to address "involution" competition, which may help stabilize and gradually improve industrial product prices, thereby supporting profit growth [3].

Core Insights - The overall profit of industrial enterprises above designated size in China reached 66,268.6 billion yuan from January to November, indicating a continued growth trend in industrial profits supported by new industrial momentum [3][4] Group 1: Profit Growth - From January to November, the profit of industrial enterprises above designated size increased by 0.1% year-on-year, marking four consecutive months of growth since August [3] - The manufacturing sector achieved a total profit of 50,317.9 billion yuan, growing by 5.0% [3] - The electricity, heat, gas, and water production and supply sector reported a profit of 8,054.4 billion yuan, with an increase of 8.4% [3] - The mining sector experienced a profit of 7,896.3 billion yuan, showing a year-on-year decline of 27.2%, although the decline was narrowed by 0.6 percentage points compared to the previous month [3] Group 2: Revenue and Assets - Industrial enterprises above designated size generated a total operating revenue of 125.34 trillion yuan, reflecting a year-on-year growth of 1.6% [4] - By the end of November, total assets of these enterprises amounted to 189.28 trillion yuan, up by 4.8% year-on-year [4] - The total equity reached 79.32 trillion yuan, increasing by 4.5% [4] Group 3: New Momentum Industries - New momentum industries, particularly equipment manufacturing and high-tech manufacturing, showed rapid growth [5] - The profit of the equipment manufacturing sector rose by 7.7% year-on-year, contributing 2.8 percentage points to the overall profit growth of industrial enterprises [5] - Among the eight major categories in equipment manufacturing, seven reported year-on-year profit growth, with the railway, shipbuilding, aerospace, and electronics sectors achieving double-digit growth rates of 27.8% and 15.0% respectively [5] Group 4: High-Tech Manufacturing - High-tech manufacturing profits increased by 10.0% year-on-year, surpassing the average growth rate of all industrial enterprises by 9.9 percentage points [6] - The profit in the specialized equipment manufacturing sector for the electronics industry surged by 57.4%, with semiconductor and electronic component manufacturing profits growing by 97.2% and 46.0% respectively [6] - The aerospace sector also saw significant profit growth, with aerospace and related equipment manufacturing profits increasing by 13.3% [6] Group 5: Industrial Economic Development - The national industrial and information technology conference highlighted the goal for 2025 to achieve effective qualitative improvements and reasonable quantitative growth in the industrial economy [7] - Key statistics include a projected 9% growth in telecommunications and software business revenues, and a 9.2% and 9.3% increase in the added value of high-tech and equipment manufacturing respectively [7] - The establishment of over 7,000 advanced and 500 excellent smart factories, along with more than 20,000 industrial 5G private networks, indicates a strong push towards modernization and sustainability in the industrial sector [7]

前11个月工业企业利润总体保持增长 ◎记者 陈芳 工业企业利润累计增速连续四个月保持增长。国家统计局12月27日公布的数据显示，前11个月规模以上 工业企业利润同比增速为0.1%，虽较前10个月增速有所回落，但仍然延续8月以来的增长态势。其中， 以装备制造业、高技术制造业为代表的新动能行业保持较快增长。专家分析称，价格拖累、内需不足等 是企业利润放缓的原因，下一阶段，整治"内卷式"竞争深入推进，工业品需求修复，工业品价格或将改 善，有助于工业企业利润增速渐进式改善。 1至11月，规模以上工业企业的营收和利润均保持增长，但增速有所放缓。数据显示：规模以上工业企 业营业收入同比增长1.6%，增速较1至10月下滑0.2个百分点；规模以上工业企业利润同比增长0.1%，增 速较1至10月回落1.8个百分点。 "工业企业利润增速有所放缓，工业品价格修复不足、内需放缓是主因。"浙商证券首席经济学家李超对 上海证券报记者表示。 价格因素仍是工业企业利润的拖累因素之一。中银证券首席宏观分析师朱启兵对上海证券报记者表 示，"11月当月，工业生产活动维持活跃，但价格端表现仍较弱势。其中PPI同比降幅较10月走扩0.1个 百分点，工 ...

Core Insights - The total profit of industrial enterprises above designated size in China reached 66,268.6 billion yuan from January to November, showing a year-on-year growth of 0.1%, marking four consecutive months of growth since August, although the growth rate has slowed down [1] Group 1: Industrial Profit Trends - The profit of the equipment manufacturing sector increased by 7.7% year-on-year, contributing 2.8 percentage points to the overall profit growth of industrial enterprises [1] - The profit of high-tech manufacturing increased by 10.0% year-on-year, accelerating by 2.0 percentage points compared to the first ten months of the year [1] Group 2: Factors Supporting High-Tech Manufacturing - The application iteration of AI technology has created new demand, increasing market needs for high-tech manufacturing, including sectors like new energy vehicles, smart home appliances, and digital products [2] - The implementation of "anti-involution" policies has significantly improved profit margins for some high-tech manufacturing companies [2] - Global monetary easing has led high-tech manufacturing into a cyclical destocking phase [2] Group 3: Sector-Specific Profit Growth - The profit of the electronic industrial equipment manufacturing sector surged by 57.4% year-on-year, with semiconductor device manufacturing and electronic components manufacturing growing by 97.2% and 46.0%, respectively [3] - The aerospace industry has seen rapid development, with profits in aerospace and related equipment manufacturing increasing by 13.3%, including a 192.9% increase in space-related equipment manufacturing [3] - The smart consumer device manufacturing sector experienced a profit increase of 54.0%, with smart vehicle equipment and smart unmanned aerial vehicle manufacturing growing by 105.7% and 76.6%, respectively [3] Group 4: Raw Material Manufacturing and Steel Industry - The raw materials manufacturing sector saw a profit growth of 16.6% year-on-year, contributing 2.0 percentage points to the overall profit growth of industrial enterprises [4] - The steel industry has shown significant improvement in profitability, with year-on-year profit growth driven by increased market demand and revenue growth [4] Group 5: Enterprise Type Profit Analysis - Among industrial enterprises above designated size, state-controlled enterprises reported a total profit of 20,083.6 billion yuan, down 1.6% year-on-year; shareholding enterprises reported 49,565.6 billion yuan, down 0.4%; foreign and Hong Kong, Macao, and Taiwan-invested enterprises reported 16,355.3 billion yuan, up 2.4%; and private enterprises reported 19,319.9 billion yuan, down 0.1% [4] Group 6: Revenue Structure - The cost per 100 yuan of revenue for industrial enterprises above designated size was 85.50 yuan, an increase of 0.18 yuan year-on-year; expenses per 100 yuan of revenue were 8.39 yuan, a decrease of 0.06 yuan year-on-year [5]

2025.12. 28 本文字数：3317，阅读时长大约5分钟 作者 | 第一财经 祝嫣然 虽然国际环境不稳定、不确定因素较多，新旧动能转换仍有压力，但今年中国工业经济向新向优发 展，展现出强大韧性和活力。工信部预计，今年中国规模以上工业增加值同比增长5.9%。 全国工业和信息化工作会议近日召开，部署了2026年十个方面的重点工作，其中排在首位的是"全力 巩固工业经济稳中向好态势"。工信部强调，深入实施新一轮十大重点行业稳增长工作方案，支持工 业大省挑大梁。打造集成电路、新型显示、新材料、航空航天、低空经济、生物医药等新兴支柱产 业。完善具身智能、元宇宙等创新发展政策。 数据显示，1～11月份，规模以上装备制造业利润同比增长7.7%，拉动全部规模以上工业企业利润 增长2.8个百分点，是对规模以上工业企业利润增长拉动作用最强的板块。装备制造业的8个大类行 业中有7个行业利润实现同比增长。 高技术制造业利润增速加快，1～11月份，规模以上高技术制造业利润同比增长10%，较1～10月份 加快2个百分点，增速高于全部规模以上工业平均水平9.9个百分点。其中，"人工智能+"行动深入实 施带动相关设备制造行业利润向好，电 ...