2025年末，规模以上工业企业应收账款27.43万亿元，比上年末增长4.7%；产成品存货6.73万亿元，增长3.9%。 2025年，规模以上工业企业每百元营业收入中的成本为85.31元，比上年增加0.16元；每百元营业收入中的费用为8.62元，比上年减少0.02元。 2025年末，规模以上工业企业每百元资产实现的营业收入为75.9元，比上年末减少2.7元；人均营业收入为188.9万元，比上年末增加5.5万元；产成品存货周 转天数为19.9天，比上年末增加0.6天；应收账款平均回收期为67.9天，比上年末增加3.6天。 12月份，规模以上工业企业利润同比增长5.3%。 2025年，全国规模以上工业企业实现利润总额73982.0亿元，比上年增长0.6%（按可比口径计算，详见附注二）。 2025年，规模以上工业企业中，国有控股企业实现利润总额20561.0亿元，比上年下降3.9%；股份制企业实现利润总额55408.3亿元，下降0.1%；外商及港澳 台投资企业实现利润总额17447.4亿元，增长4.2%；私营企业实现利润总额22810.6亿元，与上年持平。 2025年，采矿业实现利润总额8345.1亿元，比上年下降2 ...

2025年，河北民间投资增长8.6%，比上年加快6.6个百分点，高于全省固定资产投资增速2.5个百分点， 占固定资产投资的比重达47.9%。其中，信息传输、软件和信息技术服务业投资增长1.4倍，电力、热 力、燃气及水生产和供应业投资增长39.7%，水利、环境和公共设施管理业投资增长37.7%。这三个行 业投资合计占全省民间投资的19.2%，拉动全省民间投资增长7.4个百分点。 本报讯 近日，河北省政府新闻办召开2025年河北经济运行情况新闻发布会。会上，河北省统计局一级 巡视员、新闻发言人周国华介绍，2025年，河北民营经济实现增加值32321.0亿元，按不变价格计算， 比上年增长5.6%，占全省生产总值的比重达65.6%，对全省经济增长的贡献率为66.8%。也就是说，在 河北省地区生产总值增长5.6%中，民营经济拉动了3.7个百分点，成为支撑经济增长的重要力量。 （来源：中国经济导报） 自2026年1月1日起，《河北省民营经济促进条例》正式施行，为民营经济发展提供长期、稳定、可预期 的法治保障。周国华表示，该条例的实施必将有力促进河北民营经济整体实力、创新能力和市场竞争力 的显著提升。（宗航宇） 转自：中国 ...

Investment Rating - The report maintains a "Positive" outlook for the utility sector [8] Core Views - The growth rate of electricity generation is marginally declining, with a narrowing decrease in thermal power generation. In December 2025, the electricity generation of large-scale power plants increased by 0.1% year-on-year, a recovery from a decline of 2.6 percentage points in November 2025, primarily affected by temperature factors [8][12] - Fund holdings in the utility sector have increased, with a focus on thermal power companies. As of the end of Q4 2025, the utility sector accounted for 1.25% of the total fund equity investment market value, up by 0.10 percentage points from the previous quarter [11] - The performance expectations for the utility sector have reached a low point, making low-priced utility assets worth considering. The report indicates that the utility sector's long-term dividend assets remain attractive for allocation [8][11] Summary by Sections Electricity Generation - In December 2025, the year-on-year growth rates for various power sources were as follows: wind power +8.9%, solar power +18.2%, hydropower +4.1%, and nuclear power +3.1%. The decrease in thermal power was -3.2% [8][12][18] Fund Holdings - Fund holdings in the utility sector have increased, with significant increases in holdings of Huaneng International (+1.1%), Waneng Power (+0.9%), and Jiantou Energy (+0.9%) [11][12] Market Performance - The utility sector outperformed the Shanghai and Shenzhen 300 Index, with a 2.3% increase compared to a 0.6% decrease in the index during the week of January 19-23, 2026 [47][49] Investment Recommendations - The report recommends focusing on thermal power companies such as Jiantou Energy, Huaneng International, and Guodian Power, as well as hydropower companies like Yangtze Power and Guangxi Power [8][11]

Economic Overview - The total GDP of Shanxi Province reached 25,495.7 billion yuan in 2025, representing a 4.0% increase from the previous year [1] - The primary industry added value was 1,410.5 billion yuan, growing by 4.5%; the secondary industry added value was 10,305.0 billion yuan, increasing by 3.1%; and the tertiary industry added value was 13,780.2 billion yuan, also growing by 4.5% [1] Agricultural Sector - The agricultural, forestry, animal husbandry, and fishery sector achieved an added value of 1,502.0 billion yuan, a 4.5% increase year-on-year [2] - The total grain production reached 29.74 billion jin, a historical high, with a 1.2% increase from the previous year [2] - Livestock production showed positive trends, with the year-end pig stock at 9.216 million heads, up 5.8% [2] Industrial Sector - The added value of large-scale industries in Shanxi grew by 4.9% year-on-year [3] - The mining industry increased by 6.3%, while manufacturing and electricity, heat, gas, and water production and supply industries grew by 2.6% and 1.7%, respectively [3] - New emerging industries saw significant growth, with the computer and office equipment manufacturing sector increasing by 121.6% [3] Service Sector - The service sector's added value grew by 4.5%, accelerating by 0.2 percentage points compared to the first three quarters [4] - The information transmission, software, and IT services sector saw a 9.8% increase in added value [4] Investment Trends - Fixed asset investment in Shanxi decreased by 0.4% year-on-year [5] - Investment in new energy vehicle manufacturing surged by 57.0%, while new energy power generation investment grew by 18.8% [6] Consumer Market - The total retail sales of consumer goods reached 8,030.9 billion yuan, a 4.7% increase from the previous year [8] - The tourism market thrived, with monitored scenic spots receiving 124.55 million visitors, a 14.8% increase [8] Financial Sector - By the end of December, the balance of deposits in financial institutions reached 64,600.4 billion yuan, a 5.7% increase year-on-year [9] - The balance of loans increased by 7.4% to 48,963.9 billion yuan [9] Employment and Income - The urban employment situation remained stable, with 473,000 new jobs created, achieving 105.0% of the annual target [10] - The per capita disposable income in Shanxi reached 33,923 yuan, a 4.6% increase from the previous year [9]

中新社济南1月23日电 (李明芮)2025年山东省实现地区生产总值(GDP)103197亿元(人民币，下同)，比上 年增长5.5%，成为继广东、江苏后中国第三个、北方第一个突破10万亿元的省份。 山东省政府新闻办1月23日召开发布会，山东省政府副秘书长、办公厅主任孙起生现场表示，从产业类 型看，2025年山东第一产业增加值6775亿元，比上年增长4.0%；第二产业增加值40541亿元，比上年增 长5.0%；第三产业增加值55881亿元，比上年增长6.1%。 山东货物进出口持续增长，贸易结构不断优化，2025年全年货物进出口总额35300.3亿元，同比增长 4.5%。其中，出口21618.1亿元，增长4.0%；进口13682.2亿元，增长5.1%。(完) 山东农业生产总体平稳，主要农产品供应充足，2025年实现农林牧渔业总产值13179.3亿元，按可比价 格计算，同比增长4.4%。全年粮食总产稳中略升，总产量1142.1亿斤，连续5年稳定在1100亿斤以上。 （文章来源：中国新闻网） 山东工业保持较高增速，装备制造业增势较好。山东省工业和信息化厅总工程师、二级巡视员孙京军 称，2025年，该省规模以上工业增加值 ...

机构之家注意到，2025年第四季度公募基金报告的披露工作仍在紧锣密鼓地进行中，然而，在基金管理人陆续亮出"成绩单"之际，两则更正公告的发布，为 这本应严谨的数据披露季增添了一抹"异色"。1月22日，宏利基金与新华基金相继发布公告，对旗下基金的2025年第四季度报告内容进行更正。 | 代码 | 简称 | 公告标题 | 类别 | 公告时间 | | --- | --- | --- | --- | --- | | 164304 | 新华中证环保产业指数 | 新华中证环保产业指数证券投资基金2025年第4季度报告更 正公告 | 更正公告 | 2026-01-22 | | 023418 | 宏利中证A50指数增强 | 宏利中证A50指数增强型证券投资基金2025年第四季度报告 更正公告 | 更正公告 | 2026-01-22 | 图片来源：资本市场电子化信息披露平台 其中，宏利基金旗下宏利中证A50指数增强基金的更正，主要问题在于5.3.2章节中，错误地将"积极投资组合"与"指数投资组合"的股票投资明细进行了混淆 披露。具体而言，该部分本应披露"积极投资按公允价值占基金资产净值比例大小排序的前五名股票投资明细"，但误将" ...

Group 1 - The mining industry grew by 7.5%, manufacturing by 8.7%, and the production and supply of electricity, heat, gas, and water by 3.5% [2] - State-owned enterprises grew by 6.0%, joint-stock enterprises by 8.1%, foreign and Hong Kong, Macao, and Taiwan-invested enterprises by 10.0%, and private enterprises by 8.9% [2] - Among 40 major industrial categories, 30 showed year-on-year growth, resulting in a growth rate of 75.0% [2] Group 2 - Seven key industries contributed to a 5.5 percentage point increase in the industrial added value, accounting for 68.8% of the total contribution [2] - In the production of 445 products, 255 showed growth, with a growth rate of 57.3% [2] - In raw materials, steel increased by 7.8%, ten non-ferrous metals by 18.0%, and tempered glass by 10.2% [2] Group 3 - In consumer products, refined tea grew by 190%, raw salt by 14.2%, and light leather by 13.0% [2] - In equipment products, feed production equipment grew by 15.3%, food manufacturing machinery by 29.5%, and automobiles by 2.0% [2]

Economic Growth - In 2025, GDP is projected to grow by 5.0% year-on-year, aligning with the initial economic growth target set at the beginning of the year[8] - In Q4 2025, GDP reached 387,911 billion yuan, growing by 4.5% year-on-year, a decrease of 0.3 percentage points from Q3 and 0.9 percentage points from the same period in 2024[19] - The industrial added value in December 2025 grew by 5.2% year-on-year, with a cumulative growth of 5.9%[22] Investment and Consumption - Fixed asset investment in 2025 decreased by 3.8% year-on-year, a decline of 1.2 percentage points compared to the previous period[11] - Social retail sales in December 2025 grew by 0.9% year-on-year, with an annual growth of 3.7%, a slight increase of 0.2 percentage points from 2024[34] - The per capita disposable income of residents in 2025 increased by 5.0% year-on-year, reflecting a downward trend in income growth[34] Trade and Inflation - In December 2025, total exports amounted to 357.78 billion USD, increasing by 6.6% year-on-year, while imports reached 243.64 billion USD, up by 5.7%[42] - The trade surplus in December 2025 was 114.14 billion USD, indicating a recovery in bilateral trade with Europe[42] - The Consumer Price Index (CPI) in December 2025 rose by 0.8% year-on-year, while the Producer Price Index (PPI) decreased by 1.9%[55]

2026.01. 22 本文字数：2727，阅读时长大约4分钟 作者 | 第一财经 祝嫣然 作为"十五五"开局之年，2026年年初以来，中国稳投资政策密集加力。 新年首场国务院常务会议部署实施财政金融协同促内需一揽子政策；围绕支持民间投资，实施中小微 企业贷款贴息政策，设立民间投资专项担保计划，建立支持民营企业债券风险分担机制，优化实施设 备更新贷款财政贴息政策，进一步降低企业融资门槛和成本。 1月22日，国家发改委发布消息称，2026年第一批936亿元超长期特别国债支持设备更新资金已经 下达，支持工业、能源电力等领域约4500个项目，带动总投资超过4600亿元；同时，采取直接向地 方下达资金的方式，继续支持老旧营运货车报废更新、新能源城市公交车更新、老旧农机报废更新。 纵观"十四五"时期，积极扩大有效投资取得显著成效。从总量看，固定资产投资（不含农户）从 2021年的46万亿元增长到2025年的48.5万亿元；从结构看，制造业投资占比总体稳定，绿色能源 等领域投资高速增长，投资结构持续优化。 面向未来，中国投资潜力和空间依然巨大。国家发改委表示，"十五五"时期我国发展环境面临深刻 复杂变化，投资领域新旧动能 ...

新华财经贵阳1月21日电（记者肖艳）记者21日从贵州省政府新闻办召开的新闻发布会上获悉，2025 年，贵州省规模以上工业增加值比上年增长7.0%；工业用电量比上年增长7.9%，提高2.0个百分点；1- 11月份，规模以上工业企业实现利润总额1361.48亿元，比上年同期增长9.0%。 据介绍，分经济类型看，2025年贵州省国有控股企业增加值增长5.9%，股份制企业增长7.3%，私营企 业增长5.8%。 分三大门类看，采矿业增加值增长9.4%，其中，有色金属矿采选业增长14.9%，非金属矿采选业增长 10.8%，煤炭开采和洗选业增长8.8%； 制造业增加值增长7.2%，其中，汽车制造业增长42.3%，电气机械和器材制造业增长41.1%，计算机、 通信和其他电子设备制造业增长35.9%，纺织业增长27.1%，有色金属冶炼和压延加工业增长26.1%，化 学原料和化学制品制造业增长17.0%，食品制造业增长12.4%，酒、饮料和精制茶制造业增长2.4%； 电力、热力、燃气及水生产和供应业增加值增长3.0%，其中，电力、热力生产和供应业增长3.3%。 分产品看，汽车产量比上年增长94.9%，辣椒制品增长29.8%，电子 ...