Group 1: Industrial Profit Growth - In the first eight months of 2025, the total profit of industrial enterprises above designated size reached 46,929.7 billion yuan, a year-on-year increase of 0.9% [2][4] - State-owned enterprises reported a profit of 15,156.5 billion yuan, down 1.7% year-on-year, while private enterprises saw a profit increase of 3.3% to 13,076.1 billion yuan [2][4] - The manufacturing sector achieved a profit of 35,233.5 billion yuan, reflecting a growth of 7.4% [4] Group 2: R&D Investment - In 2024, China's R&D expenditure reached 36,326.8 billion yuan, an increase of 8.9% compared to the previous year [6][7] - The intensity of R&D investment, measured as a percentage of GDP, rose to 2.69%, up by 0.11 percentage points [6] - Basic research funding grew by 10.7% to 2,500.9 billion yuan, while applied research funding increased by 17.6% to 4,305.5 billion yuan [6][7] Group 3: Electricity Market Transactions - In the first eight months of 2025, the total electricity market transaction volume was 43,442 billion kWh, a year-on-year increase of 7.0% [9] - By August 2025, the electricity market transaction volume reached 6,550 billion kWh, reflecting an 11.6% increase year-on-year [9] Group 4: Purchasing Managers' Index (PMI) - In September 2025, the manufacturing PMI was recorded at 49.8%, indicating a slight improvement in manufacturing sentiment [13][21] - The non-manufacturing business activity index stood at 50.0%, showing stability in the non-manufacturing sector [18][20] - The comprehensive PMI output index was 50.6%, suggesting continued expansion in production activities [21]

Core Insights - The profits of large-scale industrial enterprises in China have shown significant improvement due to macroeconomic policies, the advancement of a unified national market, and a low base effect from the previous year [1][2] Group 1: Profit Improvement - From January to August, the profits of large-scale industrial enterprises shifted from a year-on-year decline of 1.7% in July to a growth of 0.9% [1] - In August alone, profits experienced a notable increase of 20.4%, reversing a 1.5% decline in July [1] - The revenue of large-scale industrial enterprises grew by 2.3% year-on-year from January to August, maintaining stability [1] Group 2: Sector Performance - The manufacturing sector saw a profit increase of 7.4% from January to August, accelerating by 2.6 percentage points compared to the previous month [2] - The electricity, heat, gas, and water production and supply sector grew by 9.4%, an increase of 5.5 percentage points [2] - The mining sector experienced a decline of 30.6%, but the rate of decline narrowed by 1.0 percentage point [2] Group 3: Industry Contributions - The equipment manufacturing sector was a significant contributor, with profits growing by 7.2% from January to August, accounting for a 2.5 percentage point increase in overall industrial profits [2] - In the raw materials manufacturing sector, profits increased by 22.1%, accelerating by 10.0 percentage points compared to the previous month [3] - The consumer goods manufacturing sector transitioned from a 2.2% decline to a 1.4% profit growth, driven by stable demand and policies aimed at boosting consumption [3] Group 4: Cost and Profitability - In August, the cost per hundred yuan of revenue for large-scale industrial enterprises decreased by 0.20 yuan year-on-year, marking the first decline since July 2024 [3] - The profit margin for large-scale industrial enterprises in August was 5.83%, an increase of 0.90 percentage points year-on-year [3]

Core Insights - In the first eight months of the year, the total profit of industrial enterprises above designated size reached 46,929.7 billion yuan, reflecting a year-on-year growth of 0.9% [4][5] - The equipment manufacturing sector showed a profit growth of 7.2%, significantly contributing 2.5 percentage points to the overall profit growth of industrial enterprises, marking it as one of the strongest sectors [6][9] - The profit trend reversed from a decline of 1.7% in the first seven months to a growth of 0.9% in the first eight months, indicating a recovery in industrial profits [4][5] Profit Analysis - In August alone, the profit of industrial enterprises above designated size saw a remarkable year-on-year increase of 20.4%, recovering from a decline of 1.5% in the previous month [4][5] - The total operating revenue for the first eight months was 89.62 trillion yuan, with a year-on-year growth of 2.3%, while operating costs increased by 2.5% to 76.70 trillion yuan [4][5] - The profit margin for operating revenue was 5.24%, showing a slight decrease of 0.06 percentage points year-on-year [4] Sector Performance - The mining sector experienced a significant profit decline of 30.6%, while the manufacturing sector's profits grew by 7.4%, and the electricity, heat, gas, and water supply sector saw a profit increase of 9.4% [7][8] - Notably, the power and heat production sector's profits rose by 13.0%, and the non-ferrous metal smelting and rolling sector increased by 12.7% [8] - The equipment manufacturing sector's profits increased by 7.2%, with seven out of eight industries within this sector reporting profit growth, particularly in railways, ships, and aerospace, which saw a profit increase of 37.3% [6][9] Future Outlook - The raw materials manufacturing sector's profits grew by 22.1%, driven by increased market demand and price recovery, while the consumer goods manufacturing sector transitioned from a profit decline of 2.2% to a growth of 1.4% [9] - The report emphasizes the need for policies to expand domestic demand and enhance market conditions for sustained profit recovery in industrial enterprises [9]

Core Insights - The profit of industrial enterprises above designated size in August turned from a decline of 1.5% in July to a growth of 20.4% year-on-year, leading to a cumulative profit growth of 0.9% from January to August, reversing a previous decline trend since May [1][3][2] Summary by Categories Profit Trends - The profit of industrial enterprises above designated size showed significant improvement, with a notable monthly increase in August [3] - From January to August, the manufacturing sector grew by 7.4%, the electricity, heat, gas, and water production and supply sector grew by 9.4%, while the mining sector saw a decline of 30.6% [3] Revenue and Cost Analysis - In August, the operating revenue of industrial enterprises increased by 1.9%, accelerating by 1.0 percentage points compared to July, while the cost per hundred yuan of operating revenue decreased by 0.20 yuan, marking the first year-on-year decrease since July 2024 [3][4] Sector Performance - The equipment manufacturing and raw materials manufacturing sectors significantly contributed to profit growth, with equipment manufacturing profits increasing by 7.2% from January to August, contributing 2.5 percentage points to overall industrial profit growth [6] - The raw materials manufacturing sector saw a profit increase of 22.1% year-on-year, also contributing 2.5 percentage points to overall industrial profit growth [6] Company Size and Type - Profits improved across different scales of enterprises, with medium and small enterprises seeing year-on-year profit growth of 2.7% and 1.5%, respectively [8] - Private enterprises experienced a profit growth of 3.3%, surpassing the average growth rate of all industrial enterprises [9] Policy Impact - Recent policies aimed at promoting the development of the private economy, such as the Shanghai Private Economy Promotion Regulation, are expected to enhance market competition and support private enterprises [9]

Core Viewpoint - The profit of industrial enterprises above designated size in August showed a significant recovery, with a year-on-year increase of 20.4%, reversing the previous month's decline of 1.5% [1][2]. Summary by Sections Industrial Profit Recovery - From January to August, the cumulative profit of industrial enterprises turned from a year-on-year decline of 1.7% to a growth of 0.9%, marking a turnaround from the continuous decline since May [2]. - In August, the profit of industrial enterprises experienced a notable improvement, with a two-digit growth rate compared to the previous month [2]. Revenue and Cost Analysis - In August, the operating income of industrial enterprises increased by 1.9%, accelerating by 1.0 percentage points compared to July, while the cost per hundred yuan of operating income decreased by 0.20 yuan, marking the first year-on-year decrease since July 2024 [2]. Profit Margin - The operating profit margin for industrial enterprises above designated size in August was 5.83%, an increase of 0.90 percentage points year-on-year [3]. Sector Performance - The equipment manufacturing and raw materials manufacturing sectors significantly contributed to profit growth, with equipment manufacturing profits increasing by 7.2% from January to August, contributing 2.5 percentage points to the overall profit growth of industrial enterprises [4]. - The raw materials manufacturing sector saw a profit increase of 22.1%, accelerating by 10 percentage points compared to the previous month, also contributing 2.5 percentage points to overall profit growth [4]. Performance by Enterprise Size - Profits improved across different sizes of enterprises, with medium and small enterprises seeing year-on-year profit growth of 2.7% and 1.5%, respectively [5]. - Private enterprises outperformed the average profit growth of all industrial enterprises, achieving a profit increase of 3.3%, which is 2.4 percentage points higher than the overall average [5]. Policy Support for Private Enterprises - Recent policies in various regions, such as the Shanghai Municipal People's Congress passing the "Regulations on Promoting the Private Economy," aim to ensure fair market competition for all economic organizations, particularly benefiting private enterprises [5]. - Measures in Tianjin to support high-quality development of venture capital and technology finance are also aimed at fostering the growth of private enterprises [6].

Core Insights - In the first eight months of 2023, profits of large-scale industrial enterprises in China shifted from a year-on-year decline of 1.7% in the first seven months to a growth of 0.9%, marking a turnaround from a continuous decline since May [1] - The manufacturing sector saw a year-on-year profit increase of 7.4%, accelerating by 2.6 percentage points compared to the first seven months [1] - The electricity, heat, gas, and water production and supply sector experienced a profit growth of 9.4%, up by 5.5 percentage points [1] - The mining sector, however, faced a year-on-year profit decline of 30.6%, although the rate of decline narrowed by 1.0 percentage points [1] Monthly Performance - In August, profits of large-scale industrial enterprises experienced a significant year-on-year growth of 20.4%, reversing a 1.5% decline in July [1] - Revenue for large-scale industrial enterprises in the first eight months grew by 2.3% year-on-year, consistent with the first seven months, while August revenue increased by 1.9%, accelerating by 1.0 percentage point from July [1] Sector Analysis - Profits in the equipment manufacturing sector rose by 7.2% year-on-year, contributing 2.5 percentage points to the overall profit growth of large-scale industrial enterprises, making it one of the strongest driving sectors [1] - In the raw materials manufacturing sector, profits increased by 22.1% year-on-year, accelerating by 10.0 percentage points compared to the first seven months, with the steel industry returning to profitability [2] - The consumer goods manufacturing sector also saw a turnaround, with profits shifting from a 2.2% decline in the first seven months to a growth of 1.4% in the first eight months [2] Enterprise Type Performance - For state-owned enterprises, the year-on-year profit decline narrowed by 5.8 percentage points compared to the first seven months [2] - Private enterprises reported a profit growth of 3.3%, significantly above the average level of all large-scale industrial enterprises, accelerating by 1.5 percentage points from the first seven months [2]

Core Insights - From January to August, the total profit of industrial enterprises above designated size reached 46,929.7 billion yuan, showing a year-on-year increase of 0.9% [1] - The profit trend reversed from a decline of 1.7% in the first seven months to a growth of 0.9% in the first eight months, marking a significant recovery since May [1] Group 1: Industrial Sector Performance - The manufacturing sector experienced a profit growth of 7.4%, accelerating by 2.6 percentage points compared to the first seven months [1] - The electricity, heat, gas, and water production and supply sector saw a profit increase of 9.4%, up by 5.5 percentage points [1] - The mining sector reported a decline of 30.6%, but the rate of decline narrowed by 1.0 percentage point [1] Group 2: Monthly Performance - In August, profits of industrial enterprises above designated size showed a significant improvement, with a growth of 20.4% compared to a decline of 1.5% in July [1] - Industrial enterprises' operating revenue grew by 1.9% in August, accelerating by 1.0 percentage point from July, creating favorable conditions for profit recovery [1] Group 3: Sector Contributions - The equipment manufacturing sector contributed significantly, with a profit growth of 7.2% from January to August, driving an overall profit increase of 2.5 percentage points for all industrial enterprises [1] - The raw materials manufacturing sector's profit increased by 22.1%, accelerating by 10.0 percentage points compared to the first seven months, also contributing 2.5 percentage points to the overall profit growth [2] - The consumer goods manufacturing sector reversed its trend from a 2.2% decline in the first seven months to a profit growth of 1.4% [2] Group 4: Private Enterprises - Profits of private enterprises grew by 3.3%, exceeding the average growth rate of all industrial enterprises by 2.4 percentage points and accelerating by 1.5 percentage points compared to the first seven months [2]

Core Insights - The profits of industrial enterprises above designated size in China increased by 0.9% year-on-year from January to August, reversing a decline that had persisted since May [1] - The equipment manufacturing sector played a significant role in this recovery, with profits growing by 7.2%, contributing 2.5 percentage points to the overall profit growth of industrial enterprises [2] - Different scales of enterprises showed profit improvements, with private enterprises experiencing a notable acceleration in profit growth [3] Group 1: Industrial Profit Growth - From January to August, the profits of industrial enterprises above designated size turned from a 1.7% decline in the first seven months to a 0.9% increase, marking a significant recovery [1] - In August alone, profits surged by 20.4%, a stark contrast to a 1.5% decline in July [1] - The manufacturing sector saw a 7.4% profit increase, while the electricity, heat, gas, and water production and supply sector grew by 9.4% [1] Group 2: Equipment Manufacturing Sector - The equipment manufacturing sector's profits increased by 7.2%, making it one of the strongest contributors to the overall profit growth of industrial enterprises [2] - Seven out of eight industries within the equipment manufacturing sector reported profit growth, with the railway, shipbuilding, and aerospace industries seeing rapid profit increases of 37.3% and 11.5% respectively [2] - The raw materials manufacturing sector also experienced a profit increase of 22.1%, significantly contributing to the overall profit recovery [2] Group 3: Profit Improvement by Enterprise Size - Profits for medium and small-sized enterprises grew by 2.7% and 1.5% respectively, showing improvements compared to the previous months [3] - Private enterprises reported a profit growth of 3.3%, surpassing the average growth rate of all industrial enterprises [3] - In August, the cost per hundred yuan of revenue for industrial enterprises decreased by 0.20 yuan, marking the first year-on-year decline since July 2024 [3]

Core Viewpoint - The industrial profit growth in China has turned positive in the first eight months of the year, reversing a declining trend since May, driven by macroeconomic policies and low base effects from the previous year [2] Group 1: Industrial Profit Growth - From January to August, profits of large-scale industrial enterprises increased by 0.9% year-on-year, compared to a 1.7% decline in the first seven months [2] - In August alone, profits of large-scale industrial enterprises saw a significant increase of 20.4%, recovering from a 1.5% decline in July [2] - The chief statistician of the National Bureau of Statistics noted that the recovery in profits was supported by effective macro policies and the deepening of a unified national market [2] Group 2: Revenue Growth - The revenue of large-scale industrial enterprises grew by 2.3% year-on-year from January to August, maintaining the same growth rate as in the first seven months [4] - In August, industrial revenue increased by 1.9%, accelerating by 1.0 percentage point compared to July [4] - The manufacturing sector experienced a growth of 7.4%, while the electricity, heat, gas, and water production and supply sector grew by 9.4% [4] Group 3: Sector Performance - The equipment manufacturing sector played a crucial role, with profits increasing by 7.2% from January to August, contributing 2.5 percentage points to the overall profit growth of large-scale industrial enterprises [4] - The raw materials manufacturing sector saw a profit increase of 22.1%, significantly accelerating from the previous month, with the steel industry turning profitable with total profits of 83.7 billion [4] - The consumer goods manufacturing sector also showed improvement, with profits turning from a 2.2% decline in the first seven months to a 1.4% increase in the first eight months [5] Group 4: Profit Improvement by Enterprise Size - Profits of medium and small-sized enterprises increased by 2.7% and 1.5% respectively, showing improvement compared to the first seven months [6] - Private enterprises experienced a profit growth of 3.3%, surpassing the average growth rate of large-scale industrial enterprises by 2.4 percentage points [6] - The cost situation for large-scale industrial enterprises improved, with costs per 100 yuan of revenue decreasing by 0.20 yuan, marking the first year-on-year decrease since July 2024 [6] Group 5: Future Outlook - Analysts expect a continued moderate recovery in industrial profits, supported by the normalization of supply and demand dynamics and improved market competition [7] - The policy emphasis on sustained efforts and timely adjustments is anticipated to bolster profit quality and support ongoing recovery [7]

记者 辛圆 国家统计局周六公布数据显示，8月份，规模以上工业企业利润同比由上月下降1.5%转为增长20.4%。1-8月，规模以上工业企业利润同比上涨0.9%，上月为 下降1.7%。 国家统计局工业司首席统计师于卫宁解读称，1-8月，在宏观政策发力显效、全国统一大市场纵深推进，叠加去年同期低基数等多重因素作用下，规模以上 工业企业利润同比转正。 于卫宁表示，在外部环境严峻复杂、国内市场需求仍显不足的背景下，要进一步扩大国内需求，纵深推进全国统一大市场建设，规范企业竞争秩序，为工业 企业利润持续恢复创造更多有利条件。 从三大门类看，1-8月份，制造业增长7.4%，较1-7月份加快2.6个百分点；电力、热力、燃气及水生产和供应业增长9.4%，加快5.5个百分点；采矿业下降 30.6%，降幅收窄1.0个百分点。 装备制造业"压舱石"作用明显。统计局称，1-8月份，规模以上装备制造业利润增长7.2%，拉动全部规模以上工业企业利润增长2.5个百分点，是拉动作用最 强的板块之一，对规模以上工业企业利润恢复支撑作用明显。 从行业看，在装备制造业的8个行业中有7个行业利润实现增长，其中，铁路船舶航空航天、电气机械行业利润增长较 ...