Core Insights - The profits of industrial enterprises above designated size increased by 3.2% year-on-year in the first three quarters, with a notable acceleration in September, where profits grew by 21.6% [1][2] Profit and Revenue Analysis - The profit growth rate for industrial enterprises above designated size has continued to rebound, with manufacturing profits increasing by 9.9% and the electricity, heat, gas, and water production and supply sector growing by 10.3% [2] - Revenue for these enterprises grew by 2.4% year-on-year in the first three quarters, with September showing a 2.7% increase, indicating a favorable condition for sustained profit recovery [3] Industrial Value Added - The industrial value added for enterprises above designated size increased by 6.2% year-on-year in the first three quarters, with manufacturing growing at 6.8% [4] - In September, the industrial value added grew by 6.5%, reflecting a significant acceleration compared to August [5] Sector Performance - Out of 41 major industrial categories, 37 experienced year-on-year growth, resulting in a growth coverage of 90.2% [5] - The equipment manufacturing sector played a crucial role, with a 9.7% increase in value added, contributing significantly to overall industrial growth [5] Advancements in Manufacturing - The manufacturing sector is advancing towards high-end, intelligent, and green production, with high-tech manufacturing value added increasing by 9.6% [6][7] - Notable growth in production of green products includes a 29.7% increase in new energy vehicles and a 72.4% increase in wind turbine production [7]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Total profit is accelerating improvement, with emerging manufacturing leading the growth. From January to September 2025, the total profit of industrial enterprises above designated size reached 537.32 billion yuan, a year-on-year increase of 3.2%. In September, the profit of industrial enterprises above designated size showed an accelerating recovery trend, with a year-on-year increase of 21.6%, 1.2 percentage points faster than in August. The revenue increased by 2.7% year-on-year, 0.8 percentage points faster than in August, and the monthly growth rate accelerated for two consecutive months [3]. - In terms of structure, emerging manufacturing leads the growth rate. Driven by policies, the profits of the midstream are gradually recovering. High-tech manufacturing and equipment manufacturing are the core driving forces, with profits increasing by 8.7% and 9.4% respectively, jointly driving the overall profit growth by 5 percentage points. More than half of the industries achieved profit growth, and the profits of private and foreign-funded enterprises increased by 5.1% and 4.9% respectively, indicating a general recovery of market vitality. In addition, the operating profit margin of enterprises increased by 0.04 percentage points year-on-year, indicating a steady improvement in profitability quality [4]. Summary by Relevant Catalog 2025 January - September National Industrial Enterprises Above Designated Size Profit - Profit growth: The total profit of industrial enterprises above designated size reached 537.32 billion yuan, a year-on-year increase of 3.2%. Among them, state-owned holding enterprises' profit was 170.218 billion yuan, a year-on-year decrease of 0.3%; joint-stock enterprises' profit was 399.235 billion yuan, an increase of 2.8%; foreign and Hong Kong, Macao and Taiwan-invested enterprises' profit was 135.097 billion yuan, an increase of 4.9%; private enterprises' profit was 151.317 billion yuan, an increase of 5.1%. The mining industry's profit was 63.692 billion yuan, a year-on-year decrease of 29.3%; the manufacturing industry's profit was 406.718 billion yuan, an increase of 9.9%; the production and supply of electricity, heat, gas and water industry's profit was 66.91 billion yuan, an increase of 10.3% [31]. - Revenue and cost: The operating revenue was 102.08 trillion yuan, a year-on-year increase of 2.4%; the operating cost was 87.34 trillion yuan, an increase of 2.6%; the operating profit margin was 5.26%, a year-on-year increase of 0.04 percentage points. The cost per 100 yuan of operating revenue was 85.56 yuan, a year-on-year increase of 0.18 yuan; the expense per 100 yuan of operating revenue was 8.36 yuan, a year-on-year decrease of 0.16 yuan [32]. - Asset and liability: At the end of September, the total assets were 186.27 trillion yuan, a year-on-year increase of 5.0%; the total liabilities were 107.96 trillion yuan, an increase of 5.2%; the owner's equity was 78.31 trillion yuan, an increase of 4.7%; the asset-liability ratio was 58.0%, a year-on-year increase of 0.1 percentage point. The accounts receivable were 27.22 trillion yuan, a year-on-year increase of 5.7%; the finished product inventory was 6.71 trillion yuan, an increase of 2.8% [32][33]. - Other indicators: The operating revenue per 100 yuan of assets was 74.7 yuan, a year-on-year decrease of 1.9 yuan; the per capita operating revenue was 1.856 million yuan, a year-on-year increase of 62,000 yuan; the turnover days of finished product inventory were 20.2 days, a year-on-year increase of 0.2 days; the average collection period of accounts receivable was 69.2 days, a year-on-year increase of 3.3 days [35]. Interpretation of Industrial Enterprises' Profit Data by Yu Weining, Statistician of the Industrial Department of the National Bureau of Statistics - Profit recovery: From January to September, the profit of industrial enterprises above designated size accelerated recovery, with a year-on-year increase of 3.2%, the highest cumulative growth rate since August last year; 2.3 percentage points faster than from January to August. In September, the profit increased by 21.6% year-on-year, 1.2 percentage points faster than in August [37]. - Revenue growth: From January to September, the operating revenue of industrial enterprises above designated size increased by 2.4% year-on-year, 0.1 percentage point faster than from January to August. Among them, in September, the revenue increased by 2.7%, 0.8 percentage points faster than in August, and the monthly growth rate accelerated for two consecutive months [38]. - Industry performance: More than half of the industries achieved profit growth, and more than 60% of the industries saw an increase in growth rate. High-tech manufacturing and equipment manufacturing played a significant driving and supporting role. The profit of high-tech manufacturing increased by 8.7% year-on-year, and in September, it increased by 26.8%, driving the profit growth of all industrial enterprises above designated size by 6.1 percentage points. The profit of equipment manufacturing increased by 9.4% year-on-year, and in September, it increased by 25.6%, driving the profit growth of all industrial enterprises above designated size by 10.5 percentage points [38][39][40]. - Enterprise performance: The profits of enterprises of different scales and types have improved. The profits of large, medium and small enterprises increased by 2.5%, 5.3% and 2.7% respectively year-on-year. The profits of private and foreign-funded enterprises increased by 5.1% and 4.9% respectively, 1.8 and 4.0 percentage points faster than from January to August [40]. - Profit margin: From January to September, the operating profit margin of industrial enterprises above designated size was 5.26%, a year-on-year increase of 0.04 percentage points; in September, it was 5.49%, a year-on-year increase of 0.85 percentage points, and it has increased for two consecutive months [41].

Core Insights - The profits of industrial enterprises above designated size increased by 3.2% year-on-year in the first three quarters, with a notable acceleration in September, where profits grew by 21.6% [1][2] Group 1: Profit Growth - The profit growth rate for industrial enterprises above designated size has continued to rebound, with manufacturing profits increasing by 9.9% and profits in the electricity, heat, gas, and water production and supply sector rising by 10.3% [2] - In terms of enterprise size, large, medium, and small enterprises saw profit increases of 2.5%, 5.3%, and 2.7% respectively [2] - Private enterprises and foreign-invested enterprises reported profit growth of 5.1% and 4.9%, respectively, indicating a recovery across different types of enterprises [2] Group 2: Revenue Growth - Revenue for industrial enterprises above designated size grew by 2.4% year-on-year in the first three quarters, with September showing a growth of 2.7% [3] - The profit margin for these enterprises improved, with a profit margin of 5.26% in the first three quarters, increasing to 5.49% in September [3] Group 3: Industrial Value Added - The industrial value added for enterprises above designated size increased by 6.2% year-on-year in the first three quarters, with manufacturing growing by 6.8% [4][5] - A significant majority of industries saw growth, with 37 out of 41 major industrial categories reporting an increase in value added [5] Group 4: High-tech and Green Manufacturing - High-tech manufacturing value added grew by 9.6%, contributing 24.7% to the overall industrial growth [6] - The production of green products, such as new energy vehicles and lithium-ion batteries, saw substantial increases, with production growth rates of 29.7% and 46.9%, respectively [7]

Core Insights - The profit of industrial enterprises above designated size in China increased by 3.2% year-on-year in the first nine months, marking the highest cumulative growth rate since August of the previous year, and accelerating by 2.3 percentage points compared to the first eight months [1] - In September, the profit growth rate reached 21.6% year-on-year, indicating significant improvement in the manufacturing sector due to policy support and recovering market demand [2] - Revenue growth for industrial enterprises also accelerated, with a 2.4% year-on-year increase in the first nine months, and a 2.7% increase in September, contributing positively to profit recovery [2] Revenue and Profit Margins - The operating revenue profit margin for industrial enterprises was 5.26% in the first nine months, a year-on-year increase of 0.04 percentage points, while in September, it rose to 5.49%, an increase of 0.85 percentage points [2] - The decrease in costs and expenses per hundred yuan of operating revenue indicates effective cost control and product structure optimization by enterprises [2] Performance by Enterprise Size - Profit growth was observed across all sizes of enterprises, with private and foreign enterprises showing particularly notable increases. Large, medium, and small enterprises saw profit growth rates of 2.5%, 5.3%, and 2.7% respectively in the first nine months [2] Sector Performance - The manufacturing sector grew by 9.9% in the first nine months, while the electricity, heat, gas, and water production and supply sector grew by 10.3%. The mining sector experienced a decline of 29.3%, but the rate of decline has narrowed [3] - Among 41 major industrial categories, 23 saw year-on-year profit growth, with 30 industries experiencing profit growth in September, representing a growth rate of 73.2% [3] Future Outlook - The industrial sector is expected to continue its recovery, with a focus on expanding domestic demand and strengthening the domestic economic cycle to promote stable and healthy industrial economic development [3]

Group 1 - The article discusses two different measures of infrastructure investment: narrow infrastructure (excluding electricity) and broad infrastructure (including electricity, heat, gas, and water supply) [2][8] - The differences between the two measures include the inclusion of the electricity sector in broad infrastructure, while narrow infrastructure includes telecommunications and internet services [2][8] - In September, narrow infrastructure showed a slight improvement with a growth rate of -4.6%, while broad infrastructure declined further to -8% [3][11] Group 2 - The divergence in growth rates between the two measures can be attributed to several factors, including the performance of the electricity, heat, gas, and water sectors, which had a growth rate of -2% in September [11][12] - The internet and related services sector, which is included in narrow infrastructure but not in broad infrastructure, experienced a significant growth of 20.6% in the first three quarters [11][12] - The warehousing sector, which is included in broad infrastructure but not in narrow infrastructure, saw a sharp decline in investment from 4% to -23%, contributing to the weakness in broad infrastructure [12]

Group 1: Infrastructure Investment Definitions - Narrow infrastructure investment excludes electricity and includes telecommunications and internet services, while broad infrastructure includes electricity, heat, gas, water production, and supply[1][5] - In 2017, electricity, heat, gas, and water production accounted for approximately 17% of broad infrastructure investment, while warehousing accounted for about 4%[1][7] Group 2: Recent Trends and Discrepancies - In September, narrow infrastructure investment growth was -4.6%, improving from -5.9%, while broad infrastructure investment fell to -8% from -6.4%[2][8] - Excluding the impact of electricity, heat, gas, and water industries, broad infrastructure growth would decline further, exacerbating the discrepancy[2][8] - Internet and related services, included in narrow but not broad infrastructure, saw a 20.6% increase in investment, contributing to the divergence[2][8] Group 3: Impact of Specific Sectors - Warehousing investment dropped from 4% to -23% in September, significantly affecting broad infrastructure investment[3][9] - Estimated that warehousing accounted for about 3.9% of total infrastructure investment in September, contributing a -0.9 percentage point drag on broad infrastructure growth[3][9]

Core Insights - The National Bureau of Statistics reported that from January to September, the total profit of industrial enterprises above designated size reached 53,732 billion yuan, marking a year-on-year increase of 3.2%, the highest cumulative growth rate since August 2024 [1] - The manufacturing sector saw a profit growth of 9.9%, accelerating by 2.5 percentage points compared to January to August [1] - The electricity, heat, gas, and water production and supply industry experienced a profit growth of 10.3%, an increase of 0.9 percentage points [1] Revenue Growth - From January to September, the operating income of industrial enterprises above designated size grew by 2.4% year-on-year, which is an acceleration of 0.1 percentage points compared to January to August [1] - In September, the operating income increased by 2.7%, accelerating by 0.8 percentage points compared to August, marking two consecutive months of revenue growth acceleration [1] Industry Performance - Among 41 major industrial categories, 23 industries reported a year-on-year profit increase, with a growth coverage exceeding 50% [1] - In terms of recovery, 26 industries saw profit growth accelerate or a narrowing of decline compared to January to August, with a recovery coverage exceeding 60% [1] - High-tech manufacturing played a significant role, with profits in this sector growing by 8.7% year-on-year, accelerating by 2.7 percentage points compared to January to August, contributing 1.6 percentage points to the overall profit growth of industrial enterprises [1]

央视网消息：10月27日上午，国家统计局发布数据显示，1—9月份，全国规模以上工业企业实现利润总额53732亿元，同比增长 3.2%，为2024年8月份以来各月累计最高增速。全国规模以上工业企业利润呈加快恢复态势。 1—9月份，制造业实现利润增长9.9%，较1—8月份加快2.5个百分点；电力、热力、燃气及水生产和供应业增长10.3%，加快0.9个百 分点。 工业企业营收增长加快。1—9月份，规模以上工业企业营业收入同比增长2.4%，较1—8月份加快0.1个百分点。其中，9月份营业收 入增长2.7%，较8月份加快0.8个百分点，营业收入当月增速连续两个月加快，为企业盈利持续恢复创造有利条件。 分行业看，1—9月份，在41个工业大类行业中，有23个行业利润同比增长，增长面超过五成。从回升面看，1—9月份，有26个行业 利润增速较1—8月份加快或降幅收窄、由降转增，回升面超过六成。 其中，高技术制造业带动作用明显。1—9月份，全国规模以上高技术制造业利润同比增长8.7%，较1—8月份加快2.7个百分点，拉 动全部规模以上工业企业利润增长1.6个百分点，成为工业企业高质量发展的重要动力。 ...

Core Viewpoint - The profit of industrial enterprises above designated size in China has shown a significant recovery in the first nine months of 2025, driven by proactive macro policies and growth in high-tech and equipment manufacturing sectors [1][2]. Group 1: Profit Recovery - In the first nine months, the profit of industrial enterprises above designated size increased by 3.2% year-on-year, marking the highest cumulative growth rate since August of the previous year, and accelerating by 2.3 percentage points compared to the previous month [1]. - In September, the profit growth reached 21.6% year-on-year, an acceleration of 1.2 percentage points from August [1]. Group 2: Revenue Growth - The revenue of industrial enterprises above designated size grew by 2.4% year-on-year in the first nine months, with a slight acceleration of 0.1 percentage points compared to the previous month [2]. - In September, revenue growth was 2.7%, accelerating by 0.8 percentage points from August, indicating favorable conditions for sustained profit recovery [2]. Group 3: Industry Performance - Over half of the industries saw profit growth, with 23 out of 41 major industrial categories reporting year-on-year profit increases in the first nine months [2]. - In September, 30 industries experienced profit growth, representing 73.2% of the total [2]. Group 4: High-Tech Manufacturing - High-tech manufacturing profits increased by 8.7% year-on-year in the first nine months, contributing 1.6 percentage points to the overall profit growth of industrial enterprises [3]. - In September, high-tech manufacturing profits surged by 26.8%, contributing 6.1 percentage points to the monthly profit growth [3]. Group 5: Equipment Manufacturing - Equipment manufacturing profits rose by 9.4% year-on-year in the first nine months, exceeding the average growth rate of all industrial enterprises by 6.2 percentage points [4]. - In September, equipment manufacturing profits grew by 25.6%, contributing 10.5 percentage points to the overall profit growth for that month [4]. Group 6: Enterprise Size and Type - Profits improved across all enterprise sizes, with large, medium, and small enterprises reporting year-on-year profit growth of 2.5%, 5.3%, and 2.7% respectively [5]. - Private and foreign-invested enterprises saw significant profit acceleration, with growth rates of 5.1% and 4.9%, respectively [5]. Group 7: Profitability Metrics - The profit margin for industrial enterprises above designated size was 5.26% in the first nine months, a year-on-year increase of 0.04 percentage points [5]. - In September, the profit margin rose to 5.49%, reflecting a year-on-year increase of 0.85 percentage points and marking two consecutive months of improvement [5].

Core Viewpoint - In the first nine months of the year, the total profit of industrial enterprises above designated size in China reached 53,732 billion yuan, reflecting a year-on-year growth of 3.2% [1] Group 1: Profit Performance - In the first nine months, state-controlled enterprises achieved a total profit of 17,021.8 billion yuan, a decrease of 0.3% year-on-year [1] - Joint-stock enterprises reported a total profit of 39,923.5 billion yuan, an increase of 2.8% year-on-year [1] - Foreign and Hong Kong, Macao, and Taiwan-invested enterprises saw a total profit of 13,509.7 billion yuan, growing by 4.9% year-on-year [1] - Private enterprises achieved a total profit of 15,131.7 billion yuan, marking a growth of 5.1% year-on-year [1] - The mining industry experienced a total profit of 6,369.2 billion yuan, down 29.3% year-on-year, while the manufacturing sector's profit was 40,671.8 billion yuan, up 9.9% [1][2] Group 2: Revenue and Cost Analysis - In the first nine months, industrial enterprises above designated size generated operating revenue of 102.08 trillion yuan, a year-on-year increase of 2.4% [2] - Operating costs amounted to 87.34 trillion yuan, reflecting a growth of 2.6% [2] - The operating profit margin was 5.26%, an increase of 0.04 percentage points year-on-year [2] Group 3: Financial Health Indicators - By the end of September, total assets of industrial enterprises above designated size reached 186.27 trillion yuan, a year-on-year growth of 5.0% [3] - Total liabilities were 107.96 trillion yuan, increasing by 5.2% [3] - Total owners' equity was 78.31 trillion yuan, up 4.7% [3] - The asset-liability ratio stood at 58.0%, an increase of 0.1 percentage points year-on-year [3] Group 4: Inventory and Receivables - By the end of September, accounts receivable amounted to 27.22 trillion yuan, a year-on-year increase of 5.7% [3] - Finished goods inventory was 6.71 trillion yuan, growing by 2.8% [3] - The average collection period for accounts receivable was 69.2 days, an increase of 3.3 days year-on-year [3]