规模以上工业企业中 I 国有控股企业实现利润总额 11091.2亿元 同比下降7.6% ● 股份制企业实现利润总额 25330.4亿元 同比下降3.1% ● 外商及港澳台投资企业实现利润总额 8823.1亿元 ● 私营企业实现利润总额 9389.7亿元 同比增长1.7% 采矿业实现利润总额 4294.1亿元 同比下降30.3% ● 制造业实现利润总额 25900.6亿元 同比增长4.5% 11. L TL - 1, 4 - - 1, 1+ - - 1, 上半年 全国规模以上工业企业利润总 34365.0亿元 同比下降1.8% （责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容的准确性、可靠性或完整性提供任何明示或暗示的保证。请 读者仅作参考，并请自行承担全部责任。邮箱：news_center@staff.hexun.com ...

巴新资源与能源商会主席斯马雷在活动期间，见证新爱尔兰省马尔玛部族代表在纽蒙特公司展位向企业 高管与官员赠送传统项链"米斯"，象征持续和平协作、共创美好未来。斯马雷表示，过去五十年最辉煌 的成功故事当属巴新土地所有者公司的崛起。这些企业从零起步发展壮大，成为巴新如今运营最佳、最 成功的部分企业。它们为国际巨头提供世界级服务，由数千名土地所有者共同持股，切实惠及基层家 庭、社区与国家。本届资源周将展现所有土地所有者公司的发展历程、成功经验及社区贡献，为全民共 庆成就、推动企业再攀高峰提供平台。商会邀请所有土地所有者公司前来展示成果、探讨挑战、拓展人 脉，助力企业实现更高质量发展。 《国民报》7月29日报道，巴新总理马拉佩昨日为巴新资源周揭幕并发表讲话，称采矿业引领国家发 展，强调各省矿业、石油和能源项目的影响力。 马拉佩指出，自独立以来，矿业、石油和能源项目为学校、医院和道路建设作出了贡献。马拉佩呼吁， 将包容性增长和公平伙伴关系作为讨论核心，同时聚焦共同繁荣与国家进步。马拉佩表示，回顾巴新的 国家发展历程，矿业、石油和能源的采矿业始终是巴新经济驱动力，未来仍将如此。本周各位参会嘉宾 将听到采矿业企业、地方企业与 ...

Core Points - The Ministry of Natural Resources and the National Forestry and Grassland Administration have reported ongoing illegal land occupation, mining, and ecological destruction in various regions, highlighting the need for stricter enforcement and accountability [1] - A total of 21 typical illegal activities have been identified, prompting local governments to take corrective actions and improve regulatory mechanisms [1] Group 1: Illegal Land Occupation Cases - Shanxi Province's Cultural and Tourism Bureau illegally occupied 86.6 acres of forest land without permission [2] - Inner Mongolia's Kaixin Agricultural Technology Company violated regulations by occupying 459.20 acres of permanent basic farmland for decorative grass planting [5] - Liaoning Province's Shouhang Metallurgical Technology Company unlawfully occupied 155.37 acres of grassland and forest land for a calcium silicate board project [12] - Villager Shan in Liaoning Province illegally occupied 24.80 acres of permanent basic farmland for dumping tailings, degrading soil quality [18] - Jiangsu Province's government failed to effectively regulate the illegal occupation of 69.63 acres of farmland by construction waste [25] - Jiangsu Province's government and related departments did not report the illegal occupation of 304.73 acres of permanent basic farmland for decorative grass planting [30] - Fujian Province's Longhai District government inadequately addressed the illegal occupation of 47.1 acres of permanent basic farmland for waste disposal [37] - Shandong Province's Gu Xiaozhuang Village Committee failed to reforest 80.8 acres after logging [42] - Henan Province's Dakang Industrial Development Company illegally mined 37,000 tons of sand and gravel under the guise of facility agriculture [49] - Hubei Province's Green Pu Greening Engineering Company occupied 340.49 acres of permanent basic farmland for decorative grass planting [54] - Hubei Province's Lichuan City illegally occupied 211.41 acres of farmland for a tourism project [60] - Guangdong Province's Zhanjiang Guangfa Building Materials Company unlawfully occupied 63.67 acres of forest land for a sand and gravel processing site [65] - Guangdong Province's Gaozhou Shende Tourism Development Company illegally occupied 47.24 acres of farmland for lake landscaping [70] - Guangxi Province's Beiliu City government illegally mined sand and gravel under the pretext of construction projects, affecting 5,076.75 acres [74] - Guangxi Province's Liuzhou City Planning Bureau submitted false documents regarding land use [79] - Sichuan Province's Dazhou City government illegally expropriated 233 acres of land for a park without proper approvals [82] - Guizhou Province's Yue Water and Electricity Energy Company unlawfully occupied 683.19 acres of forest land for a wind farm [86] - Yunnan Province's Menghai Xinsheng Mining Company illegally mined granite and encroached on ecological protection areas [91] - Yunnan Province's Luhai Town mining site illegally mined sandstone and was fined minimally for repeated violations [99] - Shaanxi Province's Weinan City illegally granted mining rights on farmland, leading to significant land degradation [104] - Gansu Province's Wang destroyed 35.43 acres of forest for agricultural purposes [109]

Core Viewpoint - The article highlights the trends in China's electricity market and industrial profits for the first half of 2025, indicating a mixed performance across different sectors and a notable increase in cross-regional electricity trading [1][3][4]. Electricity Market Summary - In the first half of 2025, the total electricity market trading volume reached 2.95 trillion kilowatt-hours, a year-on-year increase of 4.8%, accounting for 60.9% of the total electricity consumption, up by 0.52 percentage points [3]. - The provincial trading volume was 2.28 trillion kilowatt-hours, remaining flat year-on-year, while cross-regional trading volume was 670.7 billion kilowatt-hours, showing an 18.2% increase [3]. - In June 2025, the total electricity market trading volume was 502 billion kilowatt-hours, a 2.2% increase year-on-year, with cross-regional trading volume increasing by 11.1% to 117.4 billion kilowatt-hours [3]. Industrial Profit Summary - In the first half of 2025, profits of large-scale industrial enterprises decreased by 1.8% year-on-year, totaling 34,365 billion yuan [5]. - State-owned enterprises saw a profit decline of 7.6%, while foreign and Hong Kong-Macau-Taiwan invested enterprises experienced a profit increase of 2.5% [5]. - The mining sector faced a significant profit drop of 30.3%, while the manufacturing sector saw a profit increase of 4.5% [6]. - Notable profit growth was observed in sectors such as black metal smelting (up 13.7 times) and agricultural processing (up 22.8%) [6]. Revenue and Cost Analysis - In the first half of 2025, large-scale industrial enterprises achieved a total revenue of 66.78 trillion yuan, a 2.5% increase, with costs rising by 2.8% to 57.12 trillion yuan [7]. - The profit margin decreased to 5.15%, down by 0.22 percentage points year-on-year [7]. - By the end of June 2025, total assets of large-scale industrial enterprises reached 183.17 trillion yuan, a 5.1% increase, with liabilities growing by 5.4% to 105.98 trillion yuan [8]. Accounts Receivable and Inventory - By the end of June 2025, accounts receivable amounted to 26.69 trillion yuan, reflecting a 7.8% year-on-year increase, while finished goods inventory was 6.60 trillion yuan, up by 3.1% [9]. - The average collection period for accounts receivable increased to 69.8 days, up by 3.9 days year-on-year [10].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - Domestic "anti - involution" policies have entered the implementation stage. Multiple industries and departments have taken actions, and there may be more forceful policies in the future [3]. - China's economy in the first half of the year showed growth, with consumption supporting the growth. Overseas, the US economic situation has inflation, employment, and interest - rate - related changes [4]. 3. Summary by Directory 3.1 Economic Situation - **GDP**: In the first half of 2025, GDP was 66.00 trillion yuan, a year - on - year increase of 5.3%. Q1 GDP increased by 5.4% year - on - year, and Q2 increased by 5.2% [17]. - **Industrial Added Value**: From January to June, the added value of large - scale industries increased by 6.4% year - on - year. In June, the added value of the mining industry increased by 6.1%, manufacturing by 7.4%, and the production and supply of electricity, heat, gas, and water by 1.8% [18]. - **Real Estate Data**: In the first half of the year, real estate development investment decreased by 11.2%. In June, relevant real - estate data such as sales area and new - construction area had different trends [17][18]. - **Fixed - Asset Investment**: In the first half of the year, fixed - asset investment increased by 2.8%, with private fixed - asset investment decreasing by 0.6%. In June, fixed - asset investment (excluding rural households) decreased by 0.12% month - on - month [17][18]. - **Social Retail Consumption**: In the first half of the year, the total retail sales of consumer goods were 24,545.8 billion yuan, a year - on - year increase of 5.0%. In June, the total retail sales of consumer goods were 4,228.7 billion yuan, a year - on - year increase of 4.8% [18]. - **Demand**: The purchasing manager index (PMI) in June showed an upward trend, indicating improved market demand [8]. - **Import and Export Data**: Specific data on export and import amounts in June are presented in the report, with different trends in monthly and annual comparisons [34]. - **Unemployment Rate**: The urban surveyed unemployment rate remained stable, and the employment situation in the US also had corresponding changes [6][36]. 3.2 Financial Situation - **Social Financing Data**: In June, the single - month new social financing was 4.20 trillion yuan, a year - on - year increase of 90.08 billion yuan. The stock of social financing scale reached 430.22 trillion yuan, a year - on - year increase of 8.9% [37]. - **Credit Data**: In June, financial institutions' new RMB loans were 2.24 trillion yuan, a year - on - year increase of 11 billion yuan. Loans were divided into different sectors such as enterprises and residents [37]. - **Money Supply**: M2 balance was 330.29 trillion yuan, a year - on - year increase of 8.3%. M1 balance was 113.95 trillion yuan, a year - on - year increase of 4.6%. The M2 - M1 gap narrowed [37]. 3.3 Price - Related - **CPI**: In June, China's CPI increased by 0.1% year - on - year, ending four consecutive months of decline. The core CPI increased by 0.7% year - on - year, with the growth rate expanding by 0.1 percentage points compared to the previous month [5][47]. - **PPI**: In June, China's PPI's year - on - year decline expanded by 0.3 percentage points to 3.6% [5][47]. 3.4 Overseas Economy - **US Economy**: In June, the US CPI and core CPI increased, the unemployment rate decreased, and the employment market remained strong. The probability of the Fed cutting interest rates in July was almost zero, and the probability in September was about 75% [4][6][56]. - **Eurozone Economy**: Relevant data such as HICP, retail sales index, and PMI in the Eurozone are presented in the report [15][16]. 3.5 Interest Rates and Exchange Rates - **Exchange Rates**: In July, the RMB exchange rate showed a two - way fluctuation pattern. Affected by the Fed's suspension of interest - rate hikes, the US dollar index fell, and the RMB - US dollar exchange rate fluctuated within a certain range [67]. - **Interest Rates**: Data on various interest rates such as DR007, SHIBOR, LPR, and bond yields are presented in the report, showing different trends [68][73][76].

Group 1: Profit Trends - In the first half of 2025, the total profit of industrial enterprises decreased by 1.8% year-on-year, amounting to 34,365.0 billion yuan, with the decline rate expanding by 0.7 percentage points compared to January-May[1] - In June 2025, industrial enterprise profits fell by 4.3% year-on-year, but the decline rate narrowed by 4.8 percentage points compared to May[1] - The profit margin for industrial enterprises was 5.2%, an increase of 0.2 percentage points from January-May[1] Group 2: Revenue and Costs - Industrial enterprises' operating revenue grew by 2.5% year-on-year, with a revenue per 100 yuan of assets reaching 73.9 yuan, an increase of 1.0 yuan from January-May[1] - Operating costs increased by 2.8% year-on-year, with the growth rate still outpacing that of operating revenue, indicating ongoing cost pressures on profitability[1] - The average recovery period for accounts receivable was 69.8 days, a decrease of 0.7 days compared to January-May[15] Group 3: Sector Performance - The mining sector's profit share has been declining, with a 30.3% year-on-year decrease in profits, contributing negatively to the overall profit growth of industrial enterprises by 5.3 percentage points[8] - Manufacturing profits increased by 4.5% year-on-year, although the growth rate decreased by 0.9 percentage points compared to January-May, indicating some support for overall profitability[9] - High-tech manufacturing contributed positively to profit growth, adding 1.8 percentage points to the cumulative year-on-year profit growth of industrial enterprises[9] Group 4: Price Factors and Economic Outlook - Price factors are currently the main drag on industrial enterprise profitability, with the Producer Price Index (PPI) for production materials showing a year-on-year decline of 3.2%[5] - The Central Financial and Economic Committee's recent meeting emphasized the need to address low-price competition and improve product quality, which may help boost industrial product prices in the future[2] - Risks include potential overseas recession and geopolitical uncertainties, which could impact the industrial sector's performance[18]

Group 1 - Hainan's industrial added value for the first half of the year increased by 11.4% year-on-year, ranking second nationwide, with four consecutive months of the highest monthly growth rate in the country from March to June [1] - The mining industry saw a significant growth of 44.4%, while the manufacturing sector grew by 9.4%. Key industries such as oil and gas extraction, petroleum processing, and agricultural products processing experienced year-on-year growth of 52.8%, 35.2%, and 53.5% respectively, contributing a total of 11.4 percentage points to the province's industrial growth [1] - Over 10 cities and counties in Hainan reported growth in industrial added value, with eight achieving double-digit growth, particularly Haikou and Danzhou, which grew by 16.8% and 11.6% respectively [1] Group 2 - In the first half of the year, 200 enterprises applied for the processing value-added pilot program in Hainan, with 123 approved, expanding from initial sectors like grain and oil to pharmaceuticals, jewelry, and petrochemicals [2] - The implementation of the "designated enterprise, designated variety, designated quantity" policy for crude oil imports has led to full-capacity production at Jingbo (Hainan) New Materials Co., Ltd., with an expected annual output value exceeding 10 billion [2] - The petrochemical new materials industry in Hainan has advanced, with projects like CNOOC's oil and gas resource exploration and development and Dongfang Petrochemical's 400,000-ton paraffin lubricating oil project being signed [2] Group 3 - The high-end food industry is developing cluster-wise, with the coconut industry achieving regional brand recognition, and products like "Coconut Tree" and "Ding'an Coconut Milk" being selected as part of the first batch of "China's Consumer Famous Products" [3] - Coconut products have been included in the first batch of traditional advantageous food production areas and local characteristic food industry key cultivation lists [3]

Group 1 - The Peruvian government is working to establish a "private mining fund" aimed at providing better financing channels for small formal miners [1]

Core Viewpoint - The credit rating agency has assigned a stable outlook to Sichuan Hebang Biotechnology Co., Ltd. (referred to as "Hebang Bio"), reflecting its competitive advantages in cost and product diversification, despite facing significant challenges in profitability and operational risks in the coming years [3][6][7]. Financial Performance - Hebang Bio's total assets are projected to be CNY 298.45 billion in 2025, with total liabilities at CNY 90.80 billion [3]. - The company's operating revenue is expected to decline sharply to CNY 17.26 billion in 2025, down from CNY 85.47 billion in 2024, indicating a significant drop in sales [3]. - The net profit attributable to shareholders is forecasted to plummet by 97.55% in 2024, reflecting the adverse impact of industry cyclicality [3][7]. - The company's EBITDA interest coverage ratio is expected to remain stable, with total debt to total capital at 31.46% [3][7]. Business Segments - Hebang Bio's main business segments include chemicals, pesticides, and photovoltaic products, with key products being soda ash, glyphosate, and glass [3][6]. - The company is expanding its methionine and mineral products business, which are expected to become new profit growth points [3][7]. - The mining segment is facing significant uncertainty and risks related to overseas cooperation and political factors, which could impact operational stability [7][9]. Industry Environment - The chemical and agricultural sectors are experiencing downward price trends, with major products like soda ash and glyphosate entering a price decline phase due to oversupply [11][13]. - The glass and photovoltaic industries are also under pressure, with demand expected to weaken in the short term, leading to a supply-demand imbalance [11][12]. - The overall market for glyphosate is influenced by transgenic policies and demand fluctuations, particularly in major markets like South America [14][15]. Risk Factors - The company faces significant capital expenditure pressures and risks related to inventory impairment, with inventory value projected to increase to CNY 45.45 billion by the end of 2024 [7][9]. - Environmental and safety risks are heightened due to stricter national policies and the nature of some products being classified as hazardous [6][7]. - The mining sector's operational risks are compounded by geopolitical factors and the uncertainty of exploration outcomes [7][9].

Group 1 - The core viewpoint of the article is that the profit growth rate of industrial enterprises in June has narrowed its decline, indicating a potential stabilization in the return on assets (ROA) [1][19] - In June, the profit of industrial enterprises decreased by 4.3% year-on-year, an improvement from the previous decline of 9.1% [19] - The inventory level as of June increased by 3.1% year-on-year, slightly down from 3.5% in the previous month [19] Group 2 - The overall industrial profit margin in June was 5.96%, compared to 6.33% in the same period last year [19] - The manufacturing sector showed a profit growth of 1.43% in June, a significant recovery from the previous decline of 4.05% [23] - The automotive industry experienced a remarkable profit increase of 96.8% due to promotional activities and investment returns [23] Group 3 - The ROA for industrial enterprises in June was 4.14%, down from 4.18% in the previous month, indicating a cumulative decline of 0.16% for the year [3][8] - Factors affecting ROA include a 5.1% growth in asset speed and a 1.8% decline in profit growth from January to June [3][8] - The manufacturing upstream profit margin was 4.13% in June, lower than the 4.2% recorded in the same month last year [10][11] Group 4 - The manufacturing midstream profit margin improved to 6.35% in June, compared to 6.27% in the same period last year [10][11] - The manufacturing downstream profit margin was 5.51% in June, down from 6.63% a year earlier, indicating a need for monitoring consumer behavior [11][19] - The overall revenue growth for industrial enterprises was 1.0% in June, remaining stable compared to May [10][19]