Core Insights - In September, profits of industrial enterprises above designated size increased by 21.6% year-on-year, with a 1.2 percentage point rise compared to August. For the first nine months, profits rose by 3.2%, marking the highest cumulative growth rate since August of the previous year [1] - High-tech manufacturing and equipment manufacturing sectors showed rapid growth, contributing to the overall profit increase of industrial enterprises [1][2] Group 1: Profit Growth - For the first nine months, the manufacturing sector grew by 9.9%, accelerating by 2.5 percentage points compared to the previous period [1] - The electricity, heat, gas, and water production and supply sector grew by 10.3%, up by 0.9 percentage points [1] - In contrast, the mining sector saw a decline of 29.3%, although the rate of decline narrowed by 1.3 percentage points [1] Group 2: High-tech Manufacturing Impact - High-tech manufacturing profits increased by 8.7% year-on-year for the first nine months, contributing 1.6 percentage points to the overall profit growth of industrial enterprises [2] - In September, high-tech manufacturing profits surged by 26.8%, contributing 6.1 percentage points to the monthly profit growth [2] - Specific sectors within high-tech manufacturing, such as aerospace and smart devices, reported significant profit increases, with aerospace profits up by 11.3% and smart consumer devices up by 81.6% [2] Group 3: Equipment Manufacturing - Equipment manufacturing profits rose by 9.4% year-on-year, exceeding the average growth rate of all industrial enterprises by 6.2 percentage points [2] - In September, equipment manufacturing profits grew by 25.6%, contributing 10.5 percentage points to the overall profit growth for that month [2] Group 4: Future Outlook - The chief economist at China Minsheng Bank anticipates a continued moderate recovery in industrial enterprise profits, with steady cumulative growth expected [2] - Policy emphasis on sustained efforts and timely adjustments is expected to support profit quality and market competition [3] - Ongoing "anti-involution" measures may improve supply-demand dynamics in certain industries, although some manufacturing sectors may face structural downward pressure [3]

Group 1 - The core viewpoint is that the profits of industrial enterprises have shown a recovery trend, with a year-on-year increase of 3.2% from January to September, marking the highest cumulative growth rate since August of the previous year [1] - In the manufacturing sector, profits increased by 9.9%, while the electricity, heat, gas, and water production and supply industry saw a growth of 10.3%. The mining industry, however, experienced a decline of 29.3%, although the decline has narrowed [1][2] - In September, the profits of industrial enterprises increased by 21.6% year-on-year, accelerating by 1.2 percentage points compared to August [1] Group 2 - Over half of the industries saw profit growth, with 23 out of 41 major industrial categories reporting year-on-year profit increases from January to September, and 30 industries showing profit growth in September [2] - High-tech manufacturing played a significant role, with profits increasing by 8.7% year-on-year, contributing 1.6 percentage points to the overall profit growth of industrial enterprises [2] - In September, high-tech manufacturing profits grew by 26.8%, contributing 6.1 percentage points to the overall profit growth of industrial enterprises [2] Group 3 - The equipment manufacturing sector showed strong support, with profits increasing by 9.4% year-on-year, surpassing the average growth rate of all industrial enterprises by 6.2 percentage points [3] - In September, profits in the equipment manufacturing sector grew by 25.6%, contributing 10.5 percentage points to the overall profit growth of industrial enterprises [3] - All eight industries within the equipment manufacturing sector reported profit growth from January to September, with notable increases in railways, shipbuilding, and aerospace [3] Group 4 - The profit margin for industrial enterprises improved, with a profit margin of 5.26% from January to September, an increase of 0.04 percentage points year-on-year [4] - In September, the profit margin rose to 5.49%, reflecting an increase of 0.85 percentage points year-on-year, marking two consecutive months of improvement [4] - The focus moving forward will be on expanding domestic demand and strengthening the domestic economic cycle to promote stable and healthy industrial economic development [4]

Core Insights - The profit of industrial enterprises above designated size in China showed a recovery trend, with a year-on-year increase of 3.2% from January to September, marking the highest cumulative growth rate since August of the previous year [1] - The manufacturing sector experienced a profit growth of 9.9%, while the electricity, heat, gas, and water production and supply sector grew by 10.3%. The mining sector, however, saw a decline of 29.3% [1][2] - In September alone, the profit of industrial enterprises increased by 21.6% year-on-year, indicating a continuous recovery [1] Revenue Growth - From January to September, the operating revenue of industrial enterprises above designated size grew by 2.4% year-on-year, with September's revenue growth reaching 2.7%, marking a continuous acceleration over two months [1] Industry Performance - Over half of the 41 major industrial categories saw profit growth, with 23 industries reporting year-on-year increases. In September, 30 industries experienced profit growth, representing 73.2% of the total [2] - High-tech manufacturing played a significant role, with profits increasing by 8.7% year-on-year, contributing 1.6 percentage points to the overall profit growth of industrial enterprises [2] - The aerospace industry saw a profit increase of 11.3%, while sectors like smart consumer devices and electronic components experienced substantial growth rates of 81.6% and 39.7%, respectively [2] Equipment Manufacturing - The equipment manufacturing sector's profits rose by 9.4%, exceeding the average growth rate of all industrial enterprises by 6.2 percentage points, contributing 3.4 percentage points to the overall profit growth [3] - In September, the profit growth for equipment manufacturing reached 25.6%, contributing 10.5 percentage points to the overall profit growth of industrial enterprises [3] Enterprise Size and Type - Profits improved across different enterprise sizes, with large, medium, and small enterprises reporting year-on-year profit growth of 2.5%, 5.3%, and 2.7%, respectively [4] - Private enterprises and foreign-invested enterprises saw profit growth of 5.1% and 4.9%, respectively, indicating a notable acceleration compared to previous months [4] Profitability Metrics - The operating income profit margin for industrial enterprises above designated size was 5.26%, a year-on-year increase of 0.04 percentage points. In September, this margin rose to 5.49%, reflecting a continuous improvement over two months [5]

Core Insights - The profit of industrial enterprises above designated size in China showed a recovery, with a year-on-year increase of 3.2% from January to September, marking the highest cumulative growth rate since August of the previous year [2] - The manufacturing sector experienced a profit growth of 9.9%, while the electricity, heat, gas, and water production and supply sector grew by 10.3%. The mining sector saw a decline of 29.3%, but the rate of decline narrowed [2][3] - In September alone, profits for industrial enterprises increased by 21.6% year-on-year, reflecting a continuous recovery trend [2] Revenue Growth - From January to September, the operating revenue of industrial enterprises above designated size grew by 2.4% year-on-year, with September's revenue growth reaching 2.7%, indicating a favorable condition for sustained profit recovery [2][5] Industry Performance - Over half of the 41 major industrial sectors reported profit growth, with 23 sectors showing year-on-year increases. In September, 30 sectors experienced profit growth, representing 73.2% of the total [3] - High-tech manufacturing played a significant role, with profits increasing by 8.7% year-on-year, contributing 1.6 percentage points to the overall profit growth of industrial enterprises [3] - The equipment manufacturing sector also showed strong support, with a profit increase of 9.4%, surpassing the average growth rate of all industrial enterprises [4] Company Size and Type - Profits improved across different enterprise sizes, with large, medium, and small enterprises seeing year-on-year profit growth of 2.5%, 5.3%, and 2.7%, respectively [4] - Private enterprises and foreign-invested enterprises reported profit growth of 5.1% and 4.9%, respectively, indicating a notable acceleration compared to previous months [4] Profitability Metrics - The operating income profit margin for industrial enterprises was 5.26% from January to September, with a notable increase to 5.49% in September, reflecting a continuous upward trend [5]

Core Insights - The industrial profit data for January to September 2025 shows a recovery trend, with a year-on-year increase of 3.2% for large-scale industrial enterprises, marking the highest cumulative growth rate since August of the previous year [1] - The manufacturing sector experienced a significant growth of 9.9%, accelerating by 2.5 percentage points compared to the previous month [1] - The electricity, heat, gas, and water production and supply industry grew by 10.3%, with an acceleration of 0.9 percentage points [1] - The mining industry saw a decline of 29.3%, although the rate of decline narrowed by 1.3 percentage points [1] - In September alone, the profit of large-scale industrial enterprises increased by 21.6% year-on-year, accelerating by 1.2 percentage points compared to August [1]

央视网消息：国家统计局工业司首席统计师于卫宁解读2025年1—9月份工业企业利润数据。 不同规模类型企业利润均有改善，私营和外资企业利润明显加快。1—9月份，分规模看，规模以上工业 大型、中型、小型企业利润同比分别增长2.5%、5.3%、2.7%，较1—8月份回升2.6个、2.6个、1.2个百分 点。分企业类型看，私营企业、外商和港澳台投资企业利润分别增长5.1%、4.9%，较1—8月份加快1.8 个、4.0个百分点；股份制企业利润增长2.8%，加快1.7个百分点；国有控股企业利润降幅收窄1.4个百分 点。 营收利润率回升。1—9月份，规模以上工业企业营业收入利润率为5.26%，同比提高0.04个百分点；其 中，9月份规模以上工业企业营业收入利润率为5.49%，同比提高0.85个百分点，已连续两个月提高。 下阶段，在外部环境复杂演变、经济发展仍面临压力的背景下，要认真贯彻落实党中央、国务院决策部 署，持续用力扩大内需、做强国内大循环，促进国内国际双循环，进一步激发市场活力、提振发展预 期，推动工业经济平稳健康发展。 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 ...

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。 10月27日，国家统计局工业司首席统计师于卫宁解读2025年1—9月份工业企业利润数据。 1—9月份，各地区各部门认真落实更加积极有为宏观政策，培育壮大新经济增长点，高技术制造业、装 备制造业等新质生产力较快增长，叠加低基数效应影响，规模以上工业企业利润增速继续回升。 工业企业利润加快恢复。1—9月份，规模以上工业企业利润同比增长3.2%，为去年8月份以来各月累计 最高增速；较1—8月份加快2.3个百分点，呈现加快恢复态势。从三大门类看，1—9月份，制造业增长 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；采矿业下降29.3%，降幅收窄1.3个百分点。9月份，规模以上工业企业利润同比增长21.6%，较8月 份加快1.2个百分点。 高技术制造业带动作用明显。1—9月份，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。其中，9月份高技术制造业利润两位数 增长，增速达26.8 ...

Core Insights - Industrial enterprises' profits are recovering rapidly, with a year-on-year increase of 3.2% from January to September 2025, marking the highest cumulative growth rate since August of the previous year [3][4] - Revenue growth for industrial enterprises has also accelerated, with a year-on-year increase of 2.4% during the same period [3][4] Profit Recovery - In the first nine months of 2025, profits in the manufacturing sector grew by 9.9%, while the electricity, heat, gas, and water production and supply sector saw a growth of 10.3%. Conversely, the mining sector experienced a decline of 29.3%, although the decline has narrowed [3][4] - In September alone, profits for industrial enterprises increased by 21.6% year-on-year, reflecting a 1.2 percentage point acceleration from August [3][4] Revenue Growth - The revenue for industrial enterprises in the first nine months of 2025 increased by 2.4% year-on-year, with September's revenue growth reaching 2.7%, an acceleration of 0.8 percentage points from August [3][4] Industry Performance - Over half of the 41 major industrial sectors reported profit growth in the first nine months, with 23 sectors showing year-on-year increases. In September, 30 sectors experienced profit growth, representing 73.2% of the total [4] - High-tech manufacturing significantly contributed to profit growth, with a year-on-year increase of 8.7% in the first nine months, which accelerated by 2.7 percentage points compared to the previous period [4][5] Equipment Manufacturing - The equipment manufacturing sector's profits grew by 9.4% year-on-year, surpassing the overall industrial average by 6.2 percentage points, contributing 3.4 percentage points to the total industrial profit growth [5] - In September, profits in the equipment manufacturing sector surged by 25.6%, contributing 10.5 percentage points to the overall industrial profit growth [5] Enterprise Size and Type - Profits improved across all enterprise sizes, with large, medium, and small enterprises seeing year-on-year profit growth of 2.5%, 5.3%, and 2.7%, respectively [5] - Private enterprises and foreign-invested enterprises reported profit growth of 5.1% and 4.9%, respectively, with significant acceleration compared to the previous period [5] Profitability Metrics - The profit margin for industrial enterprises increased to 5.26% in the first nine months of 2025, a year-on-year rise of 0.04 percentage points. In September, the profit margin reached 5.49%, reflecting a 0.85 percentage point increase year-on-year [6]

Core Insights - The industrial profit data for January to September 2025 shows strong support from the equipment manufacturing sector, with a notable growth rate compared to the overall industrial average [1] Summary by Category Industrial Profit Growth - From January to September 2025, profits in the equipment manufacturing sector increased by 9.4%, surpassing the overall industrial average growth of 6.2% [1] - This growth contributed to a 3.4% increase in profits for all large-scale industrial enterprises [1] Monthly Performance - In September 2025, profits in the equipment manufacturing sector surged by 25.6%, driving a 10.5% increase in profits for all large-scale industrial enterprises for that month [1] Sector-Specific Performance - All eight sub-sectors within equipment manufacturing reported profit growth from January to September 2025, with notable increases in: - Railway, shipbuilding, and aerospace sectors at 37.3% - Electronics sector at 12.0% - Electrical machinery sector at 11.3% [1]

Core Viewpoint - The industrial economy in China has shown steady growth in the first three quarters of the year, characterized by innovation-driven development, resilient industries, and green transformation [1][9]. Innovation-Driven Growth - Innovation is a key driver for high-quality industrial development, moving away from traditional factor inputs to focus on original and disruptive technological advancements [2]. - In the first three quarters, the added value of the equipment manufacturing industry grew by 9.7%, accounting for 35.9% of the total industrial output, marking 31 consecutive months above 30% [2]. - High-tech manufacturing also saw a 9.6% increase, outpacing the overall industrial growth by 3.4 percentage points, highlighting its significant impact on industrial expansion [2]. - The demand for new energy vehicles and electronic information has positively influenced the equipment manufacturing sector, creating a virtuous cycle of demand, production, and innovation [2]. Resilient Industries - Industrial resilience is crucial for maintaining stable operations and adapting to external shocks, with the machine tool industry exemplifying this resilience [4]. - The demand for high-end machine tools is increasing due to the rapid development of new industries such as new energy vehicles and aerospace, presenting both opportunities and challenges for domestic manufacturers [4]. - A specific example includes a new machine tool developed by a company that improves processing efficiency by 40% compared to conventional models, reflecting innovation in response to market needs [4]. - Exports of machine tools from Jiangsu province reached 10.97 billion yuan, a 15.3% increase year-on-year, driven by both leading and small enterprises [4]. Green Development - The green transformation of the industrial sector has made significant progress, with notable increases in the production of green products [7][8]. - In the first three quarters, the production of new energy vehicles rose by 29.7%, lithium-ion battery production increased by 46.9%, and charging station production grew by 22.2%, supporting the electric vehicle industry's transition [8]. - The production of green energy equipment also saw substantial growth, with wind turbine production up by 72.4%, nuclear power generator production up by 38.9%, and solar cell production up by 14.0% [8]. Outlook for Future Growth - The conditions for stable growth in the industrial economy remain favorable, with ongoing advancements in new industrialization and the integration of technological and industrial innovation [9]. - Recent policies aimed at promoting green low-carbon development are expected to enhance both the quality and reasonable growth of the industrial sector [9].