1 — 11 月份，全国规模以上工业企业实现利润总额 66268.6 亿元，同比增长 0.1% （按可比口径计算，详见附注二）。 1 — 11 月份，规模以上工业企业中，国有控股企业实现利润总额 20083.6 亿元，同比 下降 1.6% ；股份制企业实现利润总额 49565.6 亿元，下降 0.4% ；外商及港澳台投资企 业实现利润总额 16355.3 亿元，增长 2.4% ；私营企业实现利润总额 19319.9 亿元，下降 0.1% 。 1 — 11 月份，采矿业实现利润总额 7896.3 亿元，同比下降 27.2% ；制造业实现利润 总额 50317.9 亿元，增长 5.0% ；电力、热力、燃气及水生产和供应业实现利润总额 8054.4 亿元，增长 8.4% 。 1 — 11 月份，主要行业利润情况如下：计算机、通信和其他电子设备制造业利润同比增 长 15.0% ，电力、热力生产和供应业增长 11.8% ，有色金属冶炼和压延加工业增长 11.1% ，汽车制造业增长 7.5% ，农副食品加工业增长 4.8% ，通用设备制造业增长 4.8% ，专用设备制造业增长 4.6% ，电气机械和器材制造业增长 4.2 ...

Core Viewpoint - The profits of large-scale industrial enterprises in China continued to grow, reaching a total of 66,268.6 billion yuan from January to November, indicating a sustained upward trend supported by new industrial momentum [1][2]. Group 1: Profit Growth - From January to November, the profit of large-scale industrial enterprises increased by 0.1% year-on-year, marking four consecutive months of growth since August [2]. - The manufacturing sector achieved a profit total of 50,317.9 billion yuan, growing by 5.0% [2]. - The electricity, heat, gas, and water production and supply sector reported profits of 8,054.4 billion yuan, with an increase of 8.4% [2]. - The mining sector experienced a profit total of 7,896.3 billion yuan, showing a year-on-year decline of 27.2%, although the decline was slightly less severe than in the previous months [2]. Group 2: Revenue and Assets - Large-scale industrial enterprises generated operating revenue of 125.34 trillion yuan from January to November, reflecting a year-on-year growth of 1.6% [3]. - By the end of November, total assets of large-scale industrial enterprises reached 189.28 trillion yuan, up by 4.8% year-on-year [3]. - The total equity of these enterprises was 79.32 trillion yuan, increasing by 4.5% [3]. - The operating revenue per 100 yuan of assets was 74.4 yuan [3]. Group 3: New Momentum Industries - New momentum industries, particularly equipment manufacturing and high-tech manufacturing, showed rapid growth [4]. - The profit of large-scale equipment manufacturing increased by 7.7% year-on-year, contributing 2.8 percentage points to the overall profit growth of large-scale industrial enterprises [4]. - In the equipment manufacturing sector, seven out of eight major categories reported year-on-year profit growth, with the railway, shipbuilding, and aerospace industries seeing profits grow by 27.8% and 15.0% respectively [4]. - High-tech manufacturing profits grew by 10.0% year-on-year, surpassing the average growth rate of all large-scale industrial enterprises by 9.9 percentage points [4]. Group 4: Sector-Specific Growth - The "Artificial Intelligence+" initiative has positively impacted related equipment manufacturing sectors, with profits in the electronic industrial specialized equipment manufacturing sector increasing by 57.4% [5]. - The aerospace industry also saw significant profit growth, with profits in aerospace and related equipment manufacturing rising by 13.3% [5]. - Profits in smart consumer device manufacturing surged by 54.0%, driven by advancements in intelligent products [5]. Group 5: Industrial Economic Development - The overall profit growth reflects a steady advancement in the industrial economy, with a focus on achieving qualitative improvements and reasonable quantitative growth by 2025 [6][7]. - The high-tech manufacturing and equipment manufacturing sectors reported value-added growth of 9.2% and 9.3% respectively from January to November [6]. - The establishment of advanced and excellent smart factories, along with the expansion of 5G networks, supports the ongoing transformation and upgrading of traditional industries [7].

1—11月，全国规上工业企业实现利润总额66268.6亿元—— 工业企业利润延续增长态势 国家统计局12月27日发布的数据显示，1—11月份，全国规模以上工业企业实现利润总额66268.6亿元。 国家统计局有关负责人表示，总体看，规模以上工业企业利润延续增长态势，工业新动能的支撑作用进 一步显现。 累计增速连续4个月保持增长 国家统计局工业司首席统计师于卫宁介绍，1—11月份，规模以上工业企业利润延续8月份以来的增长态 势，工业经济转型升级有序推进。 看利润增速，1—11月份，规模以上工业企业利润同比增长0.1%，自今年8月份以来累计增速连续4个月 保持增长。从三大门类看，1—11月份，制造业实现利润总额50317.9亿元，增长5.0%；电力、热力、燃 气及水生产和供应业实现利润总额8054.4亿元，增长8.4%；采矿业实现利润总额7896.3亿元，同比下降 27.2%，降幅较1—10月份收窄0.6个百分点。 装备制造业利润带动作用明显。1—11月份，规模以上装备制造业利润同比增长7.7%，拉动全部规模以 上工业企业利润增长2.8个百分点，是对规模以上工业企业利润增长拉动作用最强的板块。从行业看， 装备制造业 ...

1—11月份，规模以上工业企业利润增速有所回落，但仍然延续8月份以来的增长态势，以装备制造业、 高技术制造业为代表的新动能行业保持较快增长，工业经济转型升级有序推进。 原材料制造业利润较快增长。1—11月份，规模以上原材料制造业利润增长较快，同比增速达16.6%， 拉动全部规模以上工业企业利润增长2.0个百分点。从行业看，自今年以来，钢铁行业盈利状况改善明 显，叠加低基数因素，行业利润同比大幅增长；在市场需求增加、营收增长较快的带动下，有色行业利 润保持两位数增长。 总体看，规模以上工业企业利润延续增长态势，工业新动能的支撑作用进一步显现。但也要看到，国际 环境不稳定不确定因素较多、工业新旧动能转换仍面临结构调整压力，工业企业效益恢复基础还需继续 巩固。下阶段，要全面贯彻落实中央经济工作会议精神，推动传统产业改造升级，大力培育新质生产 力，加快建设现代化产业体系，推动工业经济持续健康发展。 装备制造业利润带动作用明显。1—11月份，规模以上装备制造业利润同比增长7.7%，拉动全部规模以 上工业企业利润增长2.8个百分点，是对规模以上工业企业利润增长拉动作用最强的板块。从行业看， 装备制造业的8个大类行业中有7 ...

Core Viewpoint - The profits of industrial enterprises above designated size in China continued to grow, reaching a total of 66,268.6 billion yuan from January to November, indicating a sustained upward trend supported by new industrial momentum [1] Group 1: Profit Growth - From January to November, the profits of industrial enterprises above designated size increased by 0.1% year-on-year, marking four consecutive months of growth since August [2] - The manufacturing sector achieved a profit total of 50,317.9 billion yuan, growing by 5.0%, while the electricity, heat, gas, and water production and supply sector saw profits of 8,054.4 billion yuan, up by 8.4% [2] - The mining sector reported a profit total of 7,896.3 billion yuan, experiencing a year-on-year decline of 27.2%, although the decline was narrowed by 0.6 percentage points compared to the previous month [2] Group 2: Sector Performance - The steel industry showed significant improvement in profitability, with a substantial year-on-year increase due to low base factors, while the non-ferrous metals sector maintained double-digit profit growth driven by increased market demand [2] - The profits of raw material manufacturing industries grew rapidly, with a year-on-year growth rate of 16.6%, contributing 2.0 percentage points to the overall profit growth of industrial enterprises [2] Group 3: Revenue and Assets - From January to November, the total operating revenue of industrial enterprises above designated size reached 125.34 trillion yuan, reflecting a year-on-year growth of 1.6% [3] - By the end of November, the total assets of these enterprises amounted to 189.28 trillion yuan, up by 4.8%, while total equity reached 79.32 trillion yuan, growing by 4.5% [3] - The operating revenue per 100 yuan of assets for these enterprises was 74.4 yuan [3] Group 4: New Momentum Industries - New momentum industries, represented by equipment manufacturing and high-tech manufacturing, exhibited rapid growth, with equipment manufacturing profits increasing by 7.7%, contributing 2.8 percentage points to overall profit growth [4] - In the equipment manufacturing sector, seven out of eight major categories reported year-on-year profit growth, with the railway, shipbuilding, aerospace, and electronics industries achieving double-digit growth rates of 27.8% and 15.0% respectively [4] - High-tech manufacturing profits grew by 10.0% year-on-year, surpassing the average growth rate of all industrial enterprises by 9.9 percentage points [4] Group 5: Impact of Technological Advancements - The implementation of the "Artificial Intelligence +" initiative positively influenced the profits of related equipment manufacturing sectors, with profits in the electronic industrial specialized equipment manufacturing sector soaring by 57.4% [5] - The aerospace industry also experienced rapid profit growth, with profits in aerospace and related equipment manufacturing increasing by 13.3%, including a remarkable 192.9% growth in space-related equipment manufacturing [5] - The smart consumer device manufacturing sector saw profits rise by 54.0%, with specific categories like smart vehicle-mounted devices and intelligent drones achieving growth rates of 105.7% and 76.6% respectively [5] Group 6: Industrial Economic Development - The growth in profits reflects a steady advancement in the industrial economy, with a national conference highlighting goals for 2025 aimed at achieving qualitative improvements and reasonable quantitative growth [6] - The added value of high-tech manufacturing and equipment manufacturing industries increased by 9.2% and 9.3% year-on-year respectively [6] - The establishment of over 7,000 advanced and 500 excellent smart factories, along with significant advancements in green manufacturing, underscores the ongoing transformation and upgrading of traditional industries [7]

国家统计局工业司首席统计师于卫宁介绍，1—11月份，规模以上工业企业利润延续8月份以来的增长态 势，工业经济转型升级有序推进。 看利润增速，1—11月份，规模以上工业企业利润同比增长0.1%，自今年8月份以来累计增速连续4个月 保持增长。从三大门类看，1—11月份，制造业实现利润总额50317.9亿元，增长5.0%；电力、热力、燃 气及水生产和供应业实现利润总额8054.4亿元，增长8.4%；采矿业实现利润总额7896.3亿元，同比下降 27.2%，降幅较1—10月份收窄0.6个百分点。 "从行业看，自今年以来，钢铁行业盈利状况改善明显，叠加低基数因素，行业利润同比大幅增长；在 市场需求增加、营收增长较快的带动下，有色行业利润保持两位数增长。"于卫宁说，1—11月份，规模 以上原材料制造业利润增长较快，同比增速达16.6%，拉动全部规模以上工业企业利润增长2.0个百分 点。 看营业收入，1—11月份，规模以上工业企业实现营业收入125.34万亿元，同比增长1.6%。11月末，规 模以上工业企业资产总计189.28万亿元，同比增长4.8%；所有者权益合计79.32万亿元，增长4.5%；规 模以上工业企业每百元资 ...

Core Viewpoint - The article emphasizes that the midstream sector is currently the standout performer in terms of profit growth and revenue, contrasting with the overall decline in industrial profits [4][5][24]. Group 1: Midstream Sector Performance - In November, the midstream sector showed a profit growth of 6.77%, the only sector with a positive growth rate among five sectors, while upstream and downstream sectors experienced declines of -9.52% and -48.04% respectively [5][13]. - The revenue growth for the midstream sector in November was 4.66%, outperforming other sectors [5][13]. - The equipment manufacturing sector, particularly in electronics, aerospace, and smart devices, significantly contributed to the midstream sector's profit growth, with specific industries seeing profits increase by 57.4% and 54.0% respectively [5][29]. Group 2: Overall Industrial Profit Data - In November, the overall profit of industrial enterprises decreased by 13.1%, a decline from the previous value of -5.5% [24]. - The inventory level as of November showed a year-on-year increase of 4.6%, up from 3.7% [24]. - The profit growth rates for state-owned enterprises, private enterprises, and foreign enterprises were -17.0%, -12.6%, and -7.3% respectively [24]. Group 3: Quantity and Price Analysis - The midstream sector's value-added growth rate in November was 7.36%, higher than the overall industrial growth rate of 4.8% [6][15]. - The Producer Price Index (PPI) for the midstream sector turned positive in November, marking the first month of positive growth since June 2024, with a month-on-month increase of 0.04% [7][18]. - The profit margin for the midstream sector in November was 5.7%, which is an improvement compared to the same period last year [7][18]. Group 4: Supply and Demand Dynamics - The supply-demand dynamics for the midstream sector have been improving, with a favorable difference between demand and investment growth rates compared to upstream and downstream sectors [8][22]. - The article predicts that midstream prices are likely to continue to recover, leading to further profit increases in the sector [8][22].

r and and and the start ■ 证券研究报告 宏观专题报告 / 2025.12.28 核心观点 ❖ 库存视角来看: 请阅读最后一页的重要声明! 张伟 分析师 SAC 证书编号：S0160525060002 liants@ctsec.com 工业企业利润增速为何回落: 11 月 , 工业经营量价同降、利润率增速回落, � 工业利润增速的"恶化"，除了利润率的掣肘，与基数也有较大关系，这一点 延续了 10 月的态势。 分结构来看: � � 上游采矿业"增利+增收+大幅增率",与上个月相比利润出现大幅提升,营收 增速也由负转正。非金属矿采选营是核心支撑,可能受到 11 月《关于增强消 费品供需适配性进一步促进消费的实施方案》的拉动。 ❖ 上游原材料工业"增收+增利+不增率",利润率最差。企业处于"控产维利" 阶段,其背后可能是由于 11 月生产经济指标疲弱、旺季需求恢复有限和多地 环保限产等多因素综合影响的结果。 中游中间品制造业掣肘于 PPI，呈现"不增利+不增收+小幅增率"。"原材料 � -产成品"价格剪刀差不断拉大，依旧压制了中游环节的利润空间。装备制造 业仍然受益于企业的出海和产业链的重 ...

Core Viewpoint - The company has established a partnership for a titanium ore project in Sierra Leone, which is expected to enhance its competitive position in supplying high-quality raw materials to global industrial clients [1][2]. Group 1: Partnership and Project Details - The company’s subsidiary, Kinetic Development Metal Mining (SL) Limited, has signed a cooperation agreement with Minenet Company Limited for a titanium ore project in Sierra Leone [1]. - The project covers an area of approximately 117 square kilometers and has a mining license valid until February 25, 2049 [1]. - Metal Mining will invest and operate within a designated 50 square kilometer area, holding exclusive rights for exploration, mining, processing, and sales [1]. Group 2: Production Capacity and Investment - In the first phase, three production lines will be constructed, each with an annual processing capacity of over 2 million tons of raw ore, with an estimated investment of approximately $18 million [2]. - The expected annual output from these three lines is around 280,000 tons of heavy mineral sand, with a product distribution of 80% to Metal Mining and 20% to Minenet [2]. - If the initial production lines operate successfully, two additional lines will be constructed within twelve months, bringing the total to five lines [2]. Group 3: Market and Financial Projections - The heavy mineral sand is expected to contain 30%-45% titanium dioxide and is projected to be sold primarily to customers in China, with potential global sales depending on market conditions [3]. - The indicative average prices for the products are $410 per ton for heavy mineral sand, $960 per ton for titanium ore, $251 per ton for ilmenite, and $1,456 per ton for zircon [3]. - The estimated production cost for heavy mineral sand is approximately $200 per ton, with the project expected to commence production by September 2026 [3].

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Views - **Industrial Sector**: In November 2025, industrial profit declined significantly, with a 13.1% year - on - year drop in the profits of large - scale industrial enterprises, mainly due to low PPI, cost pressure, weak demand in some industries, and high inventory pressure. There is a significant industry differentiation, with new kinetic energy industries such as equipment manufacturing and high - tech manufacturing growing rapidly, while traditional industries like upstream resource extraction and some mid - stream raw material manufacturing are under pressure [8]. - **Consumption and Real Estate**: In November 2025, the year - on - year increase in social retail总额 was 1.3%, with service and online consumption as the main growth drivers. The real estate market was under pressure, with both new and second - hand housing prices showing a downward trend in most cities [10]. - **Macroeconomic Indicators**: GDP growth showed certain fluctuations, and different industries had different contributions to GDP growth. Industrial added value, power consumption, and foreign trade also had their own characteristics and trends [13][38][92]. 3. Summary by Directory National Economic Accounting - **GDP Growth**: From 2023 to 2025, GDP quarterly year - on - year growth rates fluctuated. Different industries such as agriculture, forestry, animal husbandry, and fishery, industry, and services had different growth trends. For example, the service industry had a relatively high growth rate in some quarters [13]. - **Contribution to GDP**: Different industries had different contributions to the year - on - year growth of constant - price GDP. The industrial sector generally had a relatively large contribution [18]. Industry - **Industrial Growth**: In November 2025, the added value of large - scale industrial enterprises increased by 4.8% year - on - year and 0.44% month - on - month, with new kinetic energy industries growing significantly faster than the overall level [8]. - **Industrial Production Volume**: The production volumes of major industrial products such as crude oil, coal, and steel showed different trends. For example, in November 2025, the steel output decreased by 2.6% year - on - year [8]. - **Industrial Profit**: From January to November 2025, the total profit of large - scale industrial enterprises was 66268.6 billion yuan, a year - on - year increase of 0.1%. Different industries had different profit situations, with some industries like computer, communication, and other electronic equipment manufacturing showing growth, while others like coal mining and washing showed a decline [8][42]. - **Industrial Inventory**: As of the end of October 2025, the finished - product inventory of large - scale industrial enterprises reached 6.82 trillion yuan, a year - on - year increase of 3.7%. The inventory levels of different industries varied, with the inventory of the mining industry decreasing significantly and that of the mid - and downstream manufacturing industries increasing slightly [8][53]. Price Index - **CPI**: In November 2025, the national consumer price index increased by 0.7% year - on - year. Food prices increased by 0.2%, and non - food prices increased by 0.8% [60]. - **PPI**: In November 2025, the national industrial producer price index decreased by 2.2% year - on - year, with a month - on - month increase of 0.1%. Production material prices decreased by 2.4%, and living material prices decreased by 1.5% [68]. Real Estate - **New Residential Prices**: In November 2025, new residential prices in first - tier cities decreased by 1.2% year - on - year, with significant differentiation among cities. Second - and third - tier cities also saw price declines [78]. - **Second - hand Residential Prices**: In November 2025, second - hand residential prices in first - tier cities decreased by 5.8% year - on - year, and second - and third - tier cities also showed year - on - year declines [83]. Foreign Trade and Investment - **Import and Export**: In November 2025, China's total import and export value was 520.63 billion US dollars, a year - on - year decrease of 0.3%. Exports were 305.35 billion US dollars, a year - on - year decrease of 1.1%, and imports were 215.28 billion US dollars, a year - on - year increase of 1.0% [92]. - **Key Commodity Trade**: The export and import volumes of key commodities such as agricultural products, industrial raw materials, and mechanical and electrical products showed different trends [100][101]. Fixed - Asset Investment - **Overall Investment**: From January to November 2025, the national fixed - asset investment (excluding rural households) was 44403.5 billion yuan, a year - on - year decrease of 2.6%. There were differences in investment among different industries, with the first industry showing growth, the second industry having a certain increase, and the third industry showing a decline [115]. - **Real Estate Investment**: From January to November 2025, real estate development investment was 7859.1 billion yuan, a year - on - year decrease of 15.9%. The construction, new construction, completion, and sales areas of real estate also showed downward trends [123]. Domestic Trade - **Retail Sales**: The growth rate of social consumer goods retail总额 and service retail sales showed certain trends, with service and online consumption driving growth. The retail sales of different categories of products also had different performance [157][164]. Transportation - **Freight and Passenger Transport**: The freight and passenger transport volumes of different transportation modes such as rail, road, water, and air showed different trends. The freight rates of shipping also had fluctuations [167][178]. Banking and Currency - **Social Financing**: The new social financing scale and its components, as well as the year - on - year growth rate of social financing stock, showed different trends. The growth rates of M1 and M2 also changed, with the M1 - M2 scissors - difference showing a certain trend [182][198]. - **Interest Rates and Exchange Rates**: The central bank emphasized reasonable interest rate control to promote a stable decline in the financing cost of the real economy. The exchange rate of the RMB against the US dollar and the US dollar index also showed certain trends [207][217]. Fiscal and Employment - **Fiscal Revenue and Expenditure**: The general public fiscal revenue and expenditure of the central and local governments showed different trends. Fiscal revenue included tax and non - tax revenues, and fiscal expenditure included infrastructure and people's livelihood - related expenditures [232][233]. - **Employment**: The urban surveyed unemployment rate and the number of new urban employment showed certain trends [238]. Business Surveys - **Global Manufacturing PMI**: The global manufacturing PMI showed certain fluctuations, with different countries and regions having different performance [241]. - **China's Manufacturing and Non - Manufacturing PMI**: In November 2025, China's manufacturing PMI was 49.2%, showing a slight recovery but still in the contraction range. The non - manufacturing business activity index was 49.5%, in the contraction range [244][252]. US Macroeconomy - **GDP Growth**: The US real GDP showed different growth rates in different quarters, with private consumption, investment, and net exports having different contributions [259]. - **Employment**: The US new non - farm employment and unemployment rate showed certain trends [262]. - **Treasury Yields**: The yields of US Treasury bonds of different maturities and their yield curve inversion degree showed certain trends [267]. - **Retail Sales**: The year - on - year growth rate of US retail and food service sales showed certain trends, with different categories of products having different performance [270].