每日经济新闻 （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 2025年7月28日，市场早间冲高回落，三大指数涨跌互现。创业板新能源ETF华夏（159368）上涨 后回调，盘中涨幅最高达到0.8%，午间收盘下跌0.2%。该ETF持仓股德福科技、欣旺达领涨，涨幅超过 4%。 7月27日，国家统计局发布了6月份工业企业利润数据。数据显示，1月至6月份，全国规模以上工业 企业实现利润总额34365.0亿元，同比下降1.8%；实现营业收入66.78万亿元，同比增长2.5%。制造业实 现利润总额25900.6亿元，增长4.5%。制造业中，高端化、智能化、绿色化相关行业利润快速增长。锂 离子电池制造、生物质能发电、环境监测专用仪器仪表制造等行业利润分别增长72.8%、24.5%、 22.2%。 创业板新能源ETF华夏（159368）是全市场首只上市跟踪创业板新能源指数的ETF基金，该指数主 要 ...

Core Insights - The overall profit of industrial enterprises in China decreased by 1.8% year-on-year in the first half of the year, totaling 34,365 billion yuan, while revenue increased by 2.5% to 667,800 billion yuan [1] - In June, profits for industrial enterprises showed a smaller decline of 4.3% year-on-year, an improvement from May's decline of 4.8 percentage points, particularly in the manufacturing sector where profits turned from a 4.1% decline in May to a 1.4% increase [1] - The revenue growth of industrial enterprises in June was steady at 1.0%, maintaining the same growth rate as in May, which supports the recovery of profits [1] Industry Performance - The equipment manufacturing sector experienced rapid growth in both revenue and profits, with June revenue increasing by 7.0% year-on-year and profits shifting from a 2.9% decline in May to a 9.6% increase, contributing 3.8 percentage points to the overall profit growth of industrial enterprises [2] - Within the equipment manufacturing sector, the automotive industry saw a remarkable profit increase of 96.8%, driven by promotional activities and investment returns from key enterprises [2] - High-end, intelligent, and green manufacturing sectors reported significant profit growth, with electronic materials manufacturing, aircraft manufacturing, and marine engineering equipment manufacturing seeing year-on-year profit increases of 68.1%, 19.0%, and 17.8% respectively [2] Consumer Goods and Related Industries - The consumer goods sector, particularly in smart and household appliances, benefited from policies encouraging upgrades, with profits in smart drones, computer manufacturing, and air conditioning manufacturing increasing by 160.0%, 97.2%, and 21.0% respectively [3] - Related industries such as optoelectronic devices and computer components also saw profit increases of 29.6% and 16.9% year-on-year [3] Financial Indicators - As of the end of June, accounts receivable for industrial enterprises reached 26.69 trillion yuan, approaching the previous year's high, although the year-on-year growth rate has been declining for four consecutive months since March [3] - The profit growth rate for industrial enterprises has shown negative growth for two consecutive months, influenced by external shocks, slow clearance of outdated capacity, and persistent negative growth in the Producer Price Index (PPI) [3] Future Outlook - Looking ahead to the third quarter, it is anticipated that the overall efficiency of industrial enterprises may improve due to the progress in US-China trade negotiations and the implementation of domestic "anti-involution" policies, alongside a rebound in prices of commodities like coking coal and steel [4]

Group 1 - In June, the revenue of industrial enterprises above designated size increased by 1.0% year-on-year, maintaining the same growth rate as in May [1] - The total profit of these enterprises reached 715.58 billion yuan, with a year-on-year decline narrowing by 4.8 percentage points compared to May [1] - The manufacturing sector showed significant improvement, with profits turning from a decline in May to a growth of 1.4% in June [3] Group 2 - The equipment manufacturing industry played a crucial role, with June revenue increasing by 7.0% year-on-year, accelerating by 0.3 percentage points compared to May [3] - Profits in the equipment manufacturing sector grew by 9.6%, contributing to a 3.8% increase in total industrial profits [3] - High-end, intelligent, and green manufacturing is advancing, with industries such as electronic materials, smart consumer devices, and lithium-ion batteries seeing profit increases of 68.1%, 40.9%, and 72.8% respectively [5] Group 3 - The "Two New" policies continue to show positive effects, leading to significant profit improvements in related industries [7] - In June, industries such as medical instruments and general components manufacturing experienced rapid profit growth due to large-scale equipment updates [7] - From January to June, the cumulative revenue of industrial enterprises above designated size grew by 2.5% [7]

Core Insights - In June, the revenue of industrial enterprises above designated size in China increased by 1.0% year-on-year, maintaining the same growth rate as in May [3] - The total profit for these enterprises reached 715.58 billion yuan, with a year-on-year decline narrowing by 4.8 percentage points compared to May [3] - The equipment manufacturing sector showed significant growth, with revenue increasing by 7.0% year-on-year and profits turning from a decline of 2.9% in May to a growth of 9.6% in June, contributing to a 3.8 percentage point increase in overall industrial profits [6][13] Revenue and Profit Trends - For the first half of 2023, industrial enterprises achieved a total revenue of 6.678 trillion yuan, reflecting a year-on-year growth of 2.5% [10] - The manufacturing sector's total profit for the same period was 2.590 trillion yuan, marking a year-on-year increase of 4.5% [10] Sector Performance - Notable profit growth was observed in specific industries, including: - Electronic special materials manufacturing: 68.1% increase [5] - Smart consumer equipment manufacturing: 40.9% increase [5] - Lithium-ion battery manufacturing: 72.8% increase [5] - The automotive industry experienced a remarkable profit increase of 96.8% year-on-year [13] - The smart unmanned aerial vehicle manufacturing and computer assembly industries saw profits rise by 160% and 97.2%, respectively, in June [15] Economic Drivers - The development of new production capacities and the emergence of new technologies, industries, and business models are accelerating the transformation of traditional industries [8] - The integration of AI and digital technologies is driving price increases for products related to new growth drivers, leading to an optimization of profit structures [8]

Group 1 - In June, profits of China's industrial enterprises above designated size decreased by 4.3% year-on-year, a reduction in decline by 4.8 percentage points compared to May [1] - The manufacturing sector showed significant improvement, with profits shifting from a 4.1% decline in May to a 1.4% increase in June [1] - Cumulatively, from January to June, profits of industrial enterprises above designated size fell by 1.8% year-on-year [1] Group 2 - In June, the operating income of industrial enterprises increased by 1.0% year-on-year, maintaining the same growth rate as in May, which supports profit recovery [1] - The equipment manufacturing sector's operating income grew by 7.0% year-on-year, accelerating by 0.3 percentage points from May, with profits turning from a 2.9% decline in May to a 9.6% increase in June [1] - The automotive industry saw a remarkable profit increase of 96.8% due to promotional activities and investment returns from key enterprises [1] Group 3 - Profits in high-end, intelligent, and green manufacturing sectors grew rapidly in June, with electronic special materials manufacturing, aircraft manufacturing, and marine engineering equipment manufacturing seeing profit increases of 68.1%, 19.0%, and 17.8% respectively [2] - The lithium-ion battery manufacturing and biomass energy generation sectors reported profit increases of 72.8% and 24.5% respectively [2] - The smart unmanned aerial vehicle manufacturing and computer assembly manufacturing sectors experienced profit growth of 160.0% and 97.2% respectively, driven by the effectiveness of the consumption upgrade policy [2]

Price Trends - June CPI increased by 0.1% year-on-year, marking a return to positive growth after four months of negative figures[7] - June PPI decreased by 3.6% year-on-year, with the decline continuing to expand compared to the previous month[7] - Core CPI rose to 0.7% year-on-year, the highest in nearly 14 months, supported by the "trade-in" policy[14] Consumer Behavior - The "trade-in" subsidy policy has been a significant factor in supporting durable goods prices, leading to a slight recovery in core CPI[7] - Food prices saw a marginal improvement, with fresh vegetable prices rising by 0.7% month-on-month, better than seasonal trends[12] - Service-related prices remained weak, indicating limited progress in the recovery of household balance sheets[7] Economic Risks - The ongoing uncertainty in the real estate market poses risks to economic stability[3] - External pressures, including tariff issues and uncertain foreign demand, continue to affect the economy[30] - The potential overspending of future consumption demand due to the "trade-in" policy could lead to economic challenges[30]

Group 1: CPI Analysis - The core viewpoint indicates that the CPI turned positive in June, primarily driven by the recovery in industrial consumer goods prices, with energy and core goods showing improvement [1][2] - CPI food prices decreased by 0.3% year-on-year, with pork prices shifting from a 3.1% increase to an 8.5% decrease, negatively impacting CPI by 0.14 percentage points [2] - Industrial consumer goods prices improved, with CPI for these goods decreasing by 0.8%, a reduction in the decline by 0.4 percentage points compared to the previous month [2][9] Group 2: PPI Analysis - The PPI further widened its year-on-year decline from -3.3% to -3.6%, marking the seventh consecutive month of negative growth, with 26 out of 30 categories showing no growth month-on-month [4][5] - Domestic and international energy prices exhibited divergent trends, with international oil prices recovering due to geopolitical tensions, while coal prices fell due to seasonal demand and high inventory levels [5][6] - The "anti-involution" policy is expected to improve prices in certain sectors, with prices for gasoline and new energy vehicles showing smaller year-on-year declines [6] Group 3: Policy Implications - The focus is on expanding domestic demand and the implementation of "anti-involution" policies, addressing the supply-demand imbalance exacerbated by external uncertainties [7][8] - Policies are anticipated to promote consumption and improve supply-side regulations to correct market failures, aiming for a reasonable recovery in prices and sustainable innovation [8]

Group 1 - The Consumer Price Index (CPI) in June showed a slight increase of 0.1% year-on-year, ending four consecutive months of negative growth, primarily due to the recovery in industrial product prices and the gradual effects of consumption promotion policies [1][3] - The Producer Price Index (PPI) experienced a year-on-year decline of 3.6%, indicating continued weakness in domestic investment and export demand [1][3] - Positive changes were observed in previously competitive industries such as automotive and photovoltaic sectors, where prices began to stabilize and recover [1][4] Group 2 - The transition of CPI from negative to positive is attributed to reduced international input pressure and the effectiveness of domestic consumption promotion policies, alongside base effect considerations [3] - The core CPI, excluding food and energy, rose by 0.7%, reaching a 14-month high, indicating an increasing domestic demand influence on prices [3] - Despite the positive CPI movement, economists suggest that the core CPI remains in a low inflation environment, and significant changes in this trend are unlikely in the short term [3] Group 3 - The PPI saw a month-on-month decrease of 0.4%, with the year-on-year decline expanding by 0.3 percentage points to 3.6%, driven by seasonal price declines in certain raw material manufacturing sectors and increased green energy supply [3] - The automotive manufacturing sector, including both traditional and new energy vehicles, experienced a month-on-month price increase, with a notable narrowing of year-on-year price declines [4] - The Chinese government has introduced measures to support employment, indicating a focus on job stability alongside price monitoring, which includes increased unemployment insurance and expanded loan support for small and medium enterprises [4]

Group 1: Inflation Overview - The June CPI year-on-year increased by 0.1%, higher than the expected 0% and the previous month’s -0.1% [1] - The core CPI, excluding food and energy, year-on-year rose by 0.7%, compared to the previous value of 0.6% [1] - The PPI year-on-year decreased by 3.6%, which was worse than the expected -3.3% [1] Group 2: Food Prices - Food prices fell by 0.4% month-on-month, but the decline was smaller than the average drop of 1.2% during the same period from 2021 to 2024 [2] - Fresh vegetable prices increased by 0.7% due to supply shortages caused by high temperatures and excessive rainfall, contrasting with the average decline of 4.1% in previous years [2] - In July, food prices continued to show a slight decline, with average prices of 28 monitored vegetables and 7 fruits dropping by 0.3% and 1.2% respectively [2] Group 3: Energy Prices - Oil prices rebounded, significantly reducing the drag on CPI from energy [2] - The average price of Brent crude oil increased by 9.1% month-on-month, leading to a month-on-month increase of 0.3% in transportation fuel prices after three consecutive months of decline [2][11] Group 4: Other Price Movements - The prices of platinum jewelry, rent, and medical services showed improvement, with platinum prices rising by 12.6%, marking the largest month-on-month increase in nearly a decade [3] - Medical service prices increased by 0.3% for three consecutive months, likely due to the implementation of new pricing guidelines [3] - Tourism services experienced a month-on-month price drop of 0.8% due to seasonal factors following the end of holiday periods [3] Group 5: PPI Analysis - The PPI remained at -0.4% month-on-month for the fourth consecutive month, indicating persistent weakness in industrial prices [4] - Seasonal and structural factors contributed to the decline, with significant price drops in the mining and raw materials sectors [4] - The increase in renewable energy generation has exerted structural pressure on traditional energy prices, contributing to the PPI decline [4] Group 6: Industry Insights - Prices in the photovoltaic and lithium battery sectors fell in June, but a policy shift is expected to curb price wars and lead to a potential rebound [5] - The automotive industry has shown signs of recovery, with prices increasing by 0.2% month-on-month after a period of aggressive price competition [6] - Overall, the CPI showed slight improvement while the PPI remained weak, indicating ongoing price stabilization efforts in various sectors [6]

Group 1: CPI Trends - In June, the Consumer Price Index (CPI) turned from a decline to an increase of 0.1% year-on-year, while the month-on-month change decreased by 0.1%, narrowing the decline by 0.1 percentage points compared to the previous month [2] - The marginal improvement in CPI is attributed to the rebound in industrial consumer goods prices and the upward pressure on domestic refined oil prices due to external factors [2] - The core CPI, excluding food and energy, rose by 0.7% year-on-year in June, marking a 0.1 percentage point increase from the previous month, the highest in nearly 14 months [3] Group 2: PPI Trends - The Producer Price Index (PPI) decreased by 0.4% month-on-month in June, with the decline remaining consistent with the previous month, although some industry prices showed signs of stabilization and recovery [5] - The year-on-year decline in PPI expanded by 0.3 percentage points compared to the previous month, influenced by seasonal price declines in domestic raw materials and uncertainties in the international trade environment [5] - Certain sectors, such as the manufacturing of gasoline and new energy vehicles, saw a month-on-month price increase of 0.5% and 0.3%, respectively, with year-on-year declines narrowing by 1.9 and 0.4 percentage points [6] Group 3: Consumer Behavior and Policy Impact - The implementation of more proactive macro policies has led to continuous improvement in the economic climate for both manufacturing and non-manufacturing sectors, addressing supply-demand structural issues and boosting the development speed of certain consumer goods and equipment manufacturing industries [4] - The effects of consumption promotion policies have been evident, with prices of durable consumer goods, home textiles, and household appliances rising by 2.0%, 2.0%, and 1.0% year-on-year, respectively [3] - The transition of the consumption market from "scale expansion" to "quality enhancement" is expected to further improve service consumption in culture and sports, driving a rebound in consumer prices [6]