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%，石油、煤炭及其他燃料加工业同比减亏，非金属矿物制品业下降4.6%，化学原料和化学 制品制造业下降6.9%，纺织业下降8.2%，石油和天然气开采业下降13.6%，煤炭开采和洗选业下降 47.3%。 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 ...

截至发稿，杭氧股份市值为300亿元。 每经头条（nbdtoutiao）——直击茅台经销商大会：2000多人周末齐聚！重大变革公布：涉及茅台酒价 格、分销等，董事长陈华：经销商不能再"躺着赚钱" 每经AI快讯，杭氧股份（SZ 002430，收盘价：30.68元）12月29日晚间发布公告称，公司第八届第三十 五次董事会会议于2025年12月29日以通讯方式召开。会议审议了《关于注销山西晋南钢铁新材料气体有 限公司的议案》等文件。 2025年1至6月份，杭氧股份的营业收入构成为：气体行业占比62.68%，制造业占比35.97%，其他业务 占比0.7%，工程总包占比0.66%。 （记者 曾健辉） ...

Core Viewpoint - In the first eleven months, the total profit of industrial enterprises above designated size reached 66,268.6 billion yuan, with a year-on-year growth of 0.1% [1][4]. Group 1: Profit and Revenue Overview - In the first eleven months, state-controlled enterprises achieved a total profit of 20,083.6 billion yuan, down 1.6% year-on-year; joint-stock enterprises reported a profit of 49,565.6 billion yuan, down 0.4%; foreign and Hong Kong, Macao, and Taiwan-invested enterprises saw a profit of 16,355.3 billion yuan, up 2.4%; private enterprises reported a profit of 19,319.9 billion yuan, down 0.1% [1]. - The mining industry recorded a total profit of 7,896.3 billion yuan, a decline of 27.2% year-on-year; the manufacturing sector achieved a profit of 50,317.9 billion yuan, an increase of 5.0%; the electricity, heat, gas, and water production and supply industry reported a profit of 8,054.4 billion yuan, up 8.4% [1]. Group 2: Industry-Specific Profit Trends - In November, the computer, communication, and other electronic equipment manufacturing industry saw a profit increase of 15.0%; the electricity and heat production and supply industry grew by 11.8%; the non-ferrous metal smelting and rolling processing industry increased by 11.1%; the automotive manufacturing industry grew by 7.5% [2]. - Conversely, the coal mining and washing industry experienced a profit decline of 47.3%; the oil and natural gas extraction industry fell by 13.6%; the textile industry decreased by 8.2% [2]. Group 3: Financial Metrics - In the first eleven months, the total operating revenue of industrial enterprises above designated size was 125.34 trillion yuan, a year-on-year increase of 1.6%; operating costs amounted to 107.17 trillion yuan, up 1.8%; the operating profit margin was 5.29%, down 0.08 percentage points year-on-year [2]. - By the end of November, total assets of industrial enterprises above designated size reached 189.28 trillion yuan, a year-on-year growth of 4.8%; total liabilities were 109.96 trillion yuan, up 5.0%; total equity was 79.32 trillion yuan, increasing by 4.5%; the asset-liability ratio stood at 58.1%, up 0.1 percentage points year-on-year [2][3]. Group 4: Efficiency Indicators - By the end of November, accounts receivable amounted to 28.40 trillion yuan, a year-on-year increase of 5.5%; finished goods inventory was 6.92 trillion yuan, up 4.6% [3]. - The average cost per 100 yuan of operating revenue was 85.50 yuan, an increase of 0.18 yuan year-on-year; the average expense per 100 yuan of operating revenue was 8.39 yuan, a decrease of 0.06 yuan year-on-year [3].

Economic Growth Outlook - China's economy is expected to maintain a reasonable growth rate of around 5% in 2026, with overall economic growth risks decreasing[2] - The decline in real estate investment is anticipated to narrow, supported by proactive policies aimed at stabilizing the housing market[3] - Consumption, infrastructure investment, and manufacturing upgrades are expected to be the main drivers of growth, with these sectors projected to grow faster than in 2025[2] Inflation and Price Trends - CPI is expected to show moderate improvement, driven by rising pork and service prices, while PPI is projected to narrow its decline and potentially rebound by Q4 2026[3] - The overall price level recovery will be gradual, characterized by "moderate recovery and structural differentiation," contributing to further nominal economic growth[3] Policy Environment - The macroeconomic policy will continue to be "proactive and effective," emphasizing coordination and flexibility, with increased counter-cyclical adjustments[2] - Fiscal policy is expected to remain "more proactive," with a projected deficit rate of around 4% and a deficit scale of approximately 5.9 trillion yuan[61] - Monetary policy will maintain an "appropriately loose" stance, with expectations of a 0.5 percentage point reduction in the reserve requirement ratio[67] Risks and Challenges - Potential risks include policy underperformance, unstable consumer expectations, escalating US-China strategic tensions, and geopolitical conflicts[4]

Core Insights - The news highlights the significant progress made by Wudi County in consumption, foreign trade, and foreign investment during the "14th Five-Year Plan" period [3] Consumption - E-commerce empowerment has been deepened, with Xinyang Town and Haifeng Street selected as national Taobao towns in 2021 and 2022, respectively [4] - The county has implemented a county-level commercial construction action, successfully applying for four central projects with a total funding of 12.16 million yuan from 2022 to 2024 [4] - The social retail sales of consumer goods reached 10.162 billion yuan in 2023, a year-on-year increase of 14.8%, with a total of 1.613 million yuan in consumption vouchers issued [4] - The projected social retail sales for 2024 are 10.980 billion yuan, with a growth rate of 8.0% [4] Foreign Trade - The total import and export volume has shown continuous growth, reaching 16.09 billion yuan in 2023, with a forecast of 19 billion yuan for 2025, quadrupling since the end of 2020 [5] - The county has supported local leading enterprises and cultivated new material companies to become ten-billion-level export leaders [5] Foreign Investment - The actual utilization of foreign capital is expected to reach 32.2037 million USD during the "14th Five-Year Plan," which is 6.2 times that of the "13th Five-Year Plan" period [5] - The county has introduced several foreign investment projects, enhancing the foreign capital industrial structure [5] Future Plans for the "15th Five-Year Plan" - The focus will be on consumption upgrades, creating a diverse consumption ecosystem, and enhancing commercial infrastructure [6] - Plans include promoting market diversification in foreign trade, supporting high-tech enterprises, and optimizing service guarantees for foreign trade [7] - Strategies for foreign investment will involve expanding manufacturing projects, promoting county resources, and enhancing service for foreign enterprises [8]

全市固定资产投资同比下降26.4%。分类别看，国有投资下降25.0%，民间投资下降24.8%。分产业看， 第一产业投资下降23.0%，第二产业投资下降28.7%，其中制造业投资下降36.1%，第三产业投资下降 23.0%。 12月29日，江门市统计局发布2025年1-11月江门经济运行简况，全市经济运行总体平稳，规模以上工业 增加值同比增长3.3%；地方一般公共预算收入283.48亿元，同比增长2.3%；外贸进出口总额为1799.4亿 元，同比增长3.9%。 规上工业增加值同比增长3.3% 1-11月，江门市规模以上工业增加值同比增长3.3%。分行业看，制造业增加值增长4.4%，电力、热力、 燃气及水生产和供应业下降3.6%，采矿业下降31.0%。分经济类型看，股份制企业增加值增长4.2%，外 商及港澳台投资企业增长2.2%。分企业规模看，大型企业增加值增长3.4%，中型企业增长0.8%，小微 型企业增长5.0%。 中车（广东）轨道交通车辆有限公司生产车间。来源：新会区政府网 全市社会消费品零售总额1208.72亿元，同比增长2.0%。全市居民消费价格指数（CPI）同比下降0.3%。 11月份，CPI同比增长 ...

2025年，我国保持支出强度，全年一般公共预算支出超过29万亿元。同时，顺利发行超长期特别国债1.3万亿元，更大力度支持"两重"项目， 加力扩围实施"两新"政策。 央视网消息：12月27日至28日，全国财政工作会议在北京召开。记者从会议上了解到，2025年，我国积极财政政策打出一系列"组合拳"，有力 有效支持经济向新向优发展。 新增地方政府专项债券4.4万亿元。盘活5000亿元债务结存限额，补充地方综合财力。发行5000亿元特别国债补充国有大型商业银行资本，有 力增强信贷投放能力。 值得一提的是，2025年，更加积极的财政政策在供需两端激发消费潜力，出台实施个人消费贷款和服务业经营主体贷款贴息政策。 此外，2025年，更加积极的财政政策精准发力支持高质量发展，大幅增加基础研究投入，组织开展新型技术改造城市试点、中小企业数字化转 型试点。 同时，持续加强民生保障，充实稳就业政策工具。逐步推进免费学前教育，提高国家奖学金、助学金标准，建立育儿补贴制度。数据显示，财 政在中国式现代化建设中的支撑和保障作用越来越强。 中央财经大学财税学院教授白彦锋介绍，"十四五"时期相比上一个五年，我们国家财政实力进一步增强。财政收 ...

Core Insights - Shandong Province's Rizhao City has implemented the "Industrial Doubling" initiative, leveraging its coastal advantages to optimize industrial structure and stimulate private investment, resulting in an 8% growth in industrial added value and a 28.8% increase in industrial investment from January to November this year [1] Group 1: Industrial Structure Optimization - Rizhao City is redefining traditional steel industries by introducing deep processing projects, extending steel products into high-performance fasteners for heavy machinery and new energy vehicles [2] - The city focuses on processing bulk raw materials, with traditional industries like paper and steel serving as solid pillars for industrial development, supported by ongoing equipment upgrades and technological transformations [2] - The city has seen significant growth in key manufacturing sectors, with metal products increasing by 277.8%, general equipment manufacturing by 90.2%, and automotive manufacturing by 210.7% from January to November [3] Group 2: Stimulating Private Investment - Private investment in Rizhao City has grown by 11.8% this year, accounting for 60.6% of fixed asset investment, becoming a major driver of industrial investment growth [4] - The city has launched initiatives to enhance the investment environment, including the release of project opportunity lists and hosting events to connect businesses with market opportunities, resulting in a cooperation intention of 3.7 billion yuan [5] Group 3: Comprehensive Service and Support - Rizhao City has adopted a "project first" approach, providing comprehensive services to ensure timely project initiation, construction, and production, with 279 out of 285 key projects having commenced by November [6] - The local government has established a dedicated project work team to focus on project planning, attraction, and service, ensuring efficient coordination of resources and support for project execution [6]

Core Viewpoint - The fund "Xingyin Enhanced Income A" (003628) has achieved a record high net value of 1.3305 yuan as of December 26, with a daily increase of 0.11%, and has shown strong performance over the past five years, ranking in the top 2% of its category [1]. Group 1: Fund Performance - As of the latest report, the fund has a five-year return of 42.85%, outperforming its benchmark by 35.32% [1]. - The fund's one-year return is 24.29%, exceeding the benchmark return of 20.59% [1]. - Since its inception, the fund has achieved a total return of 62.33%, surpassing its benchmark by 46.36% [1]. Group 2: Fund Composition - The fund maintains a stock allocation of 16.93% and a bond allocation of 71.29%, with government bonds making up 71.91% of the bond portfolio, an increase of 65.57% from the previous period [1]. - The primary industry allocation for stocks is in manufacturing, which constitutes 15.44% of the net value, reflecting an increase of 6.53% from the previous period [1]. Group 3: Manager Insights - The fund managers have expressed a cautious outlook on the market, particularly in light of the Shanghai Composite Index reaching a 10-year high above 3900 points, and have reduced convertible bond positions due to insufficient attractiveness [2]. - The focus is on sectors benefiting from the optimization of the "anti-involution" landscape, such as chemicals, soda ash, and glass, as well as electric grid equipment driven by overseas updates and AI power [2]. - The managers are also exploring opportunities in medical devices and sectors like aquaculture, express delivery, and liquor, especially during periods of suppressed consumer data [2].

Group 1 - The article discusses the implementation of the policy on VAT end-period tax refund, focusing on how to accurately deliver refunds to market entities and the details taxpayers should pay attention to [8] - Manufacturing enterprises established before April 2025 can apply for VAT refunds if they meet certain conditions, including having over 50% of their VAT sales from manufacturing-related activities [10] - Real estate development companies must determine if they qualify as "real estate development taxpayers" based on the proportion of VAT sales and advance payments from real estate activities, which must exceed 50% [13][14] Group 2 - Taxpayers applying for VAT refunds must have a credit rating of A or B, which is determined at the time of submitting the refund application [17] - Taxpayers who have previously enjoyed VAT immediate refund policies since April 1, 2019, must repay all refunded amounts before they can apply for end-period VAT refunds [21] - Companies can simultaneously apply for both VAT exemption and end-period VAT refunds within the same tax declaration period, but if the export sales amount eligible for exemption is zero, a zero declaration must be filed [19]