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工业生产稳定增长 转型升级持续推进
Guo Jia Tong Ji Ju· 2025-09-17 00:50
Core Viewpoint - In August, the industrial economy showed steady progress with most industries and products experiencing growth, supported by the equipment manufacturing sector and a rebound in raw materials manufacturing, while the transformation towards high-end, intelligent, and green manufacturing continued to yield results [1][4]. Industrial Production - From January to August, the industrial added value of large-scale enterprises increased by 6.2% year-on-year, 0.4 percentage points higher than the same period last year, maintaining a rapid growth trend [1]. - In August, the industrial added value increased by 5.2% year-on-year, with a month-on-month increase of 0.37% after seasonal adjustments [1]. - Among the three major sectors, manufacturing added value grew by 5.7%, outpacing the overall industrial growth by 0.5 percentage points [1]. Equipment Manufacturing - In August, the added value of large-scale equipment manufacturing increased by 8.1%, accounting for 35.6% of total industrial output, an increase of 1.0 percentage points compared to 2024 [2]. - All eight industries within equipment manufacturing maintained growth, with the railway, shipbuilding, and aerospace sectors achieving a double-digit growth rate of 12.0% [2]. - Key products in the mid-to-high-end equipment sector saw significant production increases, including civil steel ships (39.8%), generator sets (30.7%), and urban rail vehicles (15.3%) [2]. Raw Materials Manufacturing - The added value of large-scale raw materials manufacturing increased by 6.8% in August, the highest growth rate in 18 months [2]. - The non-ferrous metal industry experienced a growth of 9.1%, driven by high prices and good profits, while the chemical industry saw a 7.6% increase [2]. High-Tech Manufacturing - High-tech manufacturing maintained rapid growth, with an added value increase of 9.3% in August, contributing 28.5% to the overall industrial growth [3]. - Key sectors such as aircraft manufacturing and biopharmaceuticals saw substantial growth rates of 27.9% and 14.5%, respectively [3]. - Notable product growth included servers (86.2%), mobile communication base station equipment (48.9%), and 5G smartphones (15.6%) [3]. Digital Production - The digital product manufacturing sector's added value grew by 8.6% in August, exceeding the overall industrial growth by 3.4 percentage points [3]. - Industries such as smart vehicle equipment manufacturing and electronic components manufacturing reported growth rates of 17.7% and 13.1%, respectively [3]. Green Transformation - The production of "new three types" products, including new energy vehicles and lithium-ion batteries, showed impressive growth rates of 22.7% and 44.2% [4]. - Green equipment such as wind turbine generators and charging piles also saw rapid production increases of 78.1% and 14.9% [4]. - The supply of green materials increased, with carbon fiber and bio-based chemical fibers growing by 62.0% and 22.8%, respectively [4].
国家统计局:8月太阳能电池产量同比增长16.8%
Guo Jia Tong Ji Ju· 2025-09-15 08:42
Core Insights - The industrial economy is showing steady progress with most industries and products experiencing growth, supported by robust equipment manufacturing and a rebound in raw materials manufacturing [1][2][5] Group 1: Industrial Production Growth - In the first eight months of the year, the industrial added value above designated size increased by 6.2% year-on-year, 0.4 percentage points higher than the same period last year [2] - In August, the industrial added value increased by 5.2% year-on-year, with a month-on-month growth of 0.37% after seasonal adjustments [2] - Among the three major sectors, manufacturing added value grew by 5.7%, outpacing the overall industrial growth by 0.5 percentage points [2] Group 2: Equipment Manufacturing - The added value of equipment manufacturing above designated size increased by 8.1% year-on-year, accounting for 35.6% of total industrial output, an increase of 1.0 percentage points from 2024 [3] - All eight industries within equipment manufacturing maintained growth, with the railway, shipbuilding, and aerospace sectors achieving a double-digit growth rate of 12.0% [3] - Key products in the mid-to-high-end equipment sector saw significant production increases, including civil steel ships (39.8%), generator sets (30.7%), and urban rail vehicles (15.3%) [3] Group 3: Raw Materials Manufacturing - The added value of raw materials manufacturing increased by 6.8% year-on-year, marking the highest growth rate in 18 months [3] - The non-ferrous metal industry saw a 9.1% increase in added value, driven by sustained high prices [3] - The petroleum processing industry maintained a double-digit growth rate of 10.2% [3] Group 4: High-Tech Manufacturing - High-tech manufacturing added value grew by 9.3% year-on-year, contributing 28.5% to the overall industrial growth [4] - Key sectors such as aircraft manufacturing and biopharmaceuticals saw substantial growth rates of 27.9% and 14.5%, respectively [4] - Notable product growth included servers (86.2%), mobile communication base station equipment (48.9%), and 5G smartphones (15.6%) [4] Group 5: Green Transition - The production of new energy vehicles, lithium-ion batteries for vehicles, and solar cells saw year-on-year increases of 22.7%, 44.2%, and 16.8%, respectively [5] - Green equipment production, such as wind turbines and charging piles, experienced rapid growth rates of 78.1% and 14.9% [5] - The supply of green materials also increased, with carbon fiber and bio-based chemical fibers growing by 62.0% and 22.8% [5]
7月工业企业利润降幅收窄,高技术制造业利润大幅回升
Ge Lin Qi Huo· 2025-08-28 08:58
Group 1: Investment Rating - Not provided Group 2: Core Viewpoints - In July, the decline in profits of large-scale industrial enterprises narrowed, and the profits of the manufacturing industry, especially high-tech manufacturing, rebounded significantly year-on-year. Whether this trend can continue is worthy of attention. The implementation of anti-involution policies and the narrowing of the year-on-year decline in PPI are beneficial to the year-on-year recovery of industrial enterprise profits [3][14] Group 3: Summary by Relevant Content Operating Income and Profit - From January to July, large-scale industrial enterprises achieved operating income of 78.07 trillion yuan, a year-on-year increase of 2.3%. In July, the operating income of large-scale industrial enterprises increased by 0.9% year-on-year. The total profit was 402.035 billion yuan, a year-on-year decrease of 1.7%. In July, the profit of large-scale industrial enterprises decreased by 1.5% year-on-year [1][4] - From January to July, private industrial enterprises' total profit increased by 1.8% year-on-year, and in July, their profit increased by 2.6% year-on-year [4] - From January to July, large-scale manufacturing enterprises achieved a total profit of 3.02 trillion yuan, a year-on-year increase of 4.8%. In July, manufacturing profits increased by 6.8% year-on-year, 5.4 percentage points faster than in June [2][7] - In July, the profit of raw material manufacturing turned from a 5.0% decline in June to a 36.9% increase. The consumer goods manufacturing industry decreased by 4.7%, with the decline narrowing by 3.0 percentage points compared to June. The profit of high-tech manufacturing turned from a 0.9% decline in June to an 18.9% increase [2][7] - Industries with relatively fast year-on-year profit growth from January to July include the ferrous metal smelting and rolling processing industry (5175.9%), non-ferrous metal mining and dressing industry (39.1%), etc. Industries with relatively large year-on-year profit declines include the coal mining and washing industry (-55.2%), ferrous metal mining and dressing industry (-33.7%), etc. [8] Operating Income Profit Margin - From January to July, the operating income profit margin of large-scale industrial enterprises was 5.15%, a year-on-year decrease of 0.25 percentage points. The manufacturing industry was 4.46%, slightly higher than the same period last year but about one percentage point lower than the same period in 2019. The mining industry was 16.75%, still higher than the same period in 2019. The production and supply of electricity, heat, gas, and water was 6.92%, better than the same period last year and higher than the same period in 2019 [2][9] Asset - Liability Ratio - At the end of July, the asset - liability ratio of large-scale industrial enterprises was 57.9%, a year-on-year increase of 0.3 percentage points. The asset - liability ratio of large-scale manufacturing enterprises was 57.2%, a year-on-year increase of 0.1 percentage point. Both are at the highest levels for the same period in the past decade [3][10] Accounts Receivable and Inventory - At the end of July, the average collection period of accounts receivable of large-scale industrial enterprises was 69.8 days, a year-on-year increase of 3.4 days, and that of large-scale manufacturing enterprises was 70.8 days, a year-on-year increase of 2.9 days, both at the highest levels for the same period since 2015, putting pressure on corporate cash flow [3][13] - From January to July, the cumulative year-on-year growth of finished product inventory of large-scale industrial enterprises was 2.4%. Industrial enterprises controlled a small year-on-year increase in finished product inventory under the circumstances of falling ex-factory prices, negative year-on-year net profit growth, longer accounts receivable periods, and rising debt ratios [3][13]
中信证券点评7月工企利润数据:“反内卷”对利润率的影响初步显现
Zheng Quan Shi Bao Wang· 2025-08-28 00:48
Core Viewpoint - In July, industrial enterprises managed to maintain stable revenue growth and narrowed profit decline despite pressures from tariffs and extreme weather, with a notable recovery in profit growth in the midstream sector [1] Group 1: Profit Performance - The improvement in profit margins is a key factor driving the continued recovery of industrial enterprise profits in July [1] - The "anti-involution" policy has started to positively impact profit margins in certain industries [1] Group 2: Industry Highlights - The raw materials manufacturing sector, which experienced a significant price rebound in July due to the "anti-involution" effect, showed strong profit performance [1] - Emerging industries represented by semiconductors, aerospace, and pharmaceuticals also demonstrated favorable profit outcomes [1] Group 3: Future Outlook - Although July economic data indicates pressure on investment and consumption, industries benefiting from strong "anti-involution" measures and new trends in overseas expansion are expected to become structural highlights [1]
中信证券:反内卷对利润率的影响初步显现
Di Yi Cai Jing· 2025-08-28 00:37
Core Insights - The report from CITIC Securities indicates that in July, industrial enterprises managed to maintain stable revenue growth and a narrowing decline in profits despite pressures from tariffs and extreme weather [1] - The improvement in profit margins is identified as a key driver for the continued recovery of industrial profits in July, potentially influenced by anti-involution policies boosting profit rates in certain sectors [1] Industry Performance - The raw materials manufacturing sector, which experienced a significant rebound in prices in July due to anti-involution effects, showed strong profit performance [1] - Emerging industries such as semiconductors, aerospace, and pharmaceuticals also demonstrated favorable profit trends [1] Economic Outlook - Looking ahead, although July's economic data indicates some pressure on domestic demand indicators like investment and consumption, industries benefiting from strong anti-involution measures and new trends in overseas expansion are expected to emerge as structural highlights [1]
规上工业企业利润降幅连续两个月收窄
Jing Ji Ri Bao· 2025-08-28 00:17
Core Insights - The profit decline of large-scale industrial enterprises has narrowed for two consecutive months, with a year-on-year decrease of 1.5% in July, which is an improvement of 2.8 percentage points compared to June [1] - Manufacturing profits have shown significant growth, contributing greatly to the recovery of industrial profits, with a 6.8% year-on-year increase in July, accelerating by 5.4 percentage points from June [2] Group 1: Industrial Profit Trends - In July, the gross profit margin of large-scale industrial enterprises shifted from a 1.3% decline in June to a 0.1% increase, indicating a recovery in profitability [1] - The operating revenue of large-scale industrial enterprises increased by 0.9% year-on-year in July, with a cumulative growth of 2.3% over the first seven months [1] Group 2: Manufacturing Sector Performance - The profit of the raw materials manufacturing sector turned from a 5.0% decline in June to a 36.9% increase in July, with the steel and petroleum processing industries achieving profits of 18.09 billion and 3.46 billion respectively [1] - High-tech manufacturing profits surged by 18.9% in July, with notable growth in aerospace (40.9%), integrated circuits (176.1%), and semiconductor devices (104.5%) [2] Group 3: Small and Medium Enterprises - Profits of medium and small enterprises improved significantly in July, with medium-sized enterprises showing a 1.8% increase and small enterprises a 0.5% increase, reversing previous declines [3] - Private enterprises reported a profit growth of 2.6% in July, exceeding the average growth rate of all large-scale industrial enterprises by 4.1 percentage points [3]
7月规模以上工业生产保持稳定增长
Zhong Guo Zheng Quan Bao· 2025-08-27 20:17
Core Insights - In July, the profits of large-scale industrial enterprises in China decreased by 1.5% year-on-year, but the decline narrowed by 2.8 percentage points compared to June, marking a continuous two-month contraction [1] - High-tech manufacturing profits turned from a 0.9% decline in June to an 18.9% increase in July, significantly contributing to the overall profit recovery of large-scale industrial enterprises [1][2] - The operating income of large-scale industrial enterprises grew by 0.9% year-on-year in July, with a cumulative growth of 2.3% from January to July, creating favorable conditions for profit recovery [1] Industrial Performance - Medium and small enterprises showed significant profit improvement in July, with profits rising by 1.8% and 0.5% respectively, compared to declines of 7.8% and 9.7% in June [2] - Private enterprises experienced a profit increase of 2.6% in July, surpassing the national average by 4.1 percentage points [2] - The gross profit margin for enterprises improved, with a shift from a 1.3% decline in June to a 0.1% increase in July [2] Manufacturing Sector Growth - Manufacturing profits increased by 6.8% year-on-year in July, accelerating by 5.4 percentage points compared to June, contributing significantly to the overall profit recovery [2][3] - The raw materials manufacturing sector saw profits rebound from a 5.0% decline in June to a 36.9% increase in July, with the steel and petroleum processing industries turning profitable [2] - High-tech manufacturing profits surged by 18.9% in July, with notable growth in aerospace (40.9%), integrated circuits (176.1%), and semiconductor devices (104.5%) [2][3] Policy Impact - The implementation of "two new" policies has led to significant profit growth in related industries, with equipment manufacturing sectors experiencing increases of 87.9% and 15.3% [3] - The "old-for-new" policy in consumer goods has driven profits in computer manufacturing and smart drone production to grow by 124.2% and 100.0% respectively [3] - The manufacturing sector is experiencing a divergence in profit growth rates across upstream, midstream, and downstream segments, with upstream raw materials benefiting from price increases and downstream consumer goods seeing reduced profit declines [3]
前7月规上工业利润超4万亿 制造业引领复苏
Zheng Quan Shi Bao· 2025-08-27 17:53
Core Insights - In the first seven months of the year, the total profit of industrial enterprises above designated size reached 40,203.5 billion yuan, with operating income of 78.07 trillion yuan, reflecting a year-on-year growth of 2.3% [1] - In July, the profit of industrial enterprises above designated size decreased by 1.5% year-on-year, but the decline narrowed by 2.8 percentage points compared to June, marking two consecutive months of narrowing [1] - The manufacturing sector showed significant profit recovery, particularly in high-tech manufacturing, which saw profits grow by 18.9% in July, reversing a 0.9% decline in June [1] Manufacturing Sector Performance - The profit of the manufacturing sector increased by 6.8% year-on-year in July, with the growth rate accelerating by 5.4 percentage points compared to June [1] - The manufacturing profit growth contributed to a 3.6 percentage point increase in the overall profit growth of industrial enterprises above designated size compared to June [1] Raw Material and Consumer Goods Manufacturing - In the raw materials manufacturing sector, profits shifted from a 5.0% decline in June to a 36.9% increase in July, with the steel and petroleum processing industries turning profitable, achieving total profits of 18.09 billion yuan and 3.46 billion yuan, respectively [2] - Consumer goods manufacturing saw a decline of 4.7%, but the decline was narrower by 3.0 percentage points compared to June [2] High-Tech Manufacturing Growth - High-tech manufacturing profits grew rapidly, with the aerospace sector seeing a profit increase of 40.9% [3] - In the semiconductor sector, profits for integrated circuit manufacturing, semiconductor device manufacturing, and discrete semiconductor manufacturing grew by 176.1%, 104.5%, and 27.1%, respectively [3] Policy Impact on Profit Growth - The "Two New" policies have continued to drive profit growth in various industries, with significant increases in profits for electronic and electrical machinery manufacturing (87.9%), general parts manufacturing (15.3%), and specialized equipment for food and beverage production (11.3%) [4] - The "old-for-new" policy in consumer goods led to profit increases of 124.2% in computer manufacturing, 100.0% in smart drone manufacturing, and 29.7% in household cleaning appliances [4] Future Outlook - The industrial profit data indicates signs of stabilization, with expectations for continued moderate recovery in profits as extreme weather disruptions fade and supply-demand dynamics normalize [4] - The current profit improvements are more pronounced in structural optimization and quality enhancement rather than rapid demand expansion, necessitating attention to policy implementation effects and marginal changes in domestic and external demand [4]
国家统计局:规模以上工业企业盈利水平继续好转
Zheng Quan Ri Bao· 2025-08-27 16:18
Core Insights - In July, the revenue of industrial enterprises above designated size increased by 0.9% year-on-year, while the profit decreased by 1.5%, showing a narrowing decline compared to June [1] - The manufacturing sector saw a profit increase of 6.8% in July, with significant contributions from raw material manufacturing and high-tech manufacturing sectors [2] - The implementation of the "Two New" policies has led to rapid profit growth in related industries, particularly in equipment manufacturing and consumer goods [3] - Small and medium-sized enterprises showed notable profit improvements, with private enterprises outperforming the national average [4] Revenue and Profit Trends - The revenue growth for the first seven months of the year was 2.3%, indicating a favorable condition for profit recovery [1] - The profit decline for the first seven months was reduced by 0.1 percentage points compared to the first half of the year, suggesting a continued improvement in profitability [1] Sector Performance - Raw materials manufacturing profits rebounded from a 5.0% decline in June to a 36.9% increase in July, with steel and petroleum processing industries turning profitable [2] - High-tech manufacturing profits increased by 18.9% in July, contributing significantly to the overall profit growth of industrial enterprises [2] Impact of Policies - The "Two New" policies have shown clear effectiveness, with specific industries like electronic equipment manufacturing experiencing profit growth of 87.9% [3] - The consumer goods sector benefited from trade-in policies, with computer manufacturing profits doubling [3] Small and Medium Enterprises - Medium and small enterprises reported profit growth of 1.8% and 0.5% respectively in July, marking a significant improvement from previous declines [4] - Private enterprises' profits increased by 2.6%, exceeding the average growth rate of all industrial enterprises by 4.1 percentage points [4] Future Outlook - The industrial profit recovery is expected to continue as external uncertainties diminish and market demand stabilizes [4] - Emphasis on policy continuity and innovation is crucial for sustaining industrial economic growth [4]
国家统计局公布:增长0.9%!
Jin Rong Shi Bao· 2025-08-27 11:35
Core Insights - In July, industrial production maintained stable growth, leading to a reasonable recovery in price levels and continuous improvement in corporate profitability [1] - The revenue of industrial enterprises above designated size increased by 0.9% year-on-year in July, with a cumulative growth of 2.3% from January to July [1] - Although industrial profits are still declining, the rate of decline has narrowed for two consecutive months, with a 1.5% year-on-year decrease in July, which is 2.8 percentage points less than in June [1] Revenue and Profit Trends - The manufacturing sector saw a significant profit increase of 6.8% year-on-year in July, accelerating by 5.4 percentage points compared to June, contributing to the overall improvement in industrial profits [2] - The profits of raw material manufacturing turned from a 5.0% decline in June to a 36.9% increase in July, with notable recoveries in the steel and petroleum processing industries [2] - High-tech manufacturing profits grew by 18.9% in July, reversing a 0.9% decline in June, significantly boosting overall industrial profit growth [3] Small and Medium Enterprises - Profits of small and medium-sized industrial enterprises turned positive in July, with medium-sized and small enterprises experiencing profit growth of 1.8% and 0.5%, respectively [4] - Private enterprises reported a profit growth of 2.6%, exceeding the national average by 4.1 percentage points, indicating a faster recovery in the private sector [4] - The positive turnaround in profits for small and medium enterprises is attributed to effective policy measures, improved business environment, and enhanced financing support [4] Policy Implications - Experts emphasize the need for stable and continuous policy support to further expand domestic demand and promote the transformation and upgrading of traditional industries [4]