Group 1: Overall Industrial Profit Trends - In November, the profit growth rate of industrial enterprises decreased to -13.1%, down from -5.5% in the previous month[2] - As of November, inventory increased by 4.6% year-on-year, compared to 3.7% in the previous month[2] - State-owned industrial enterprises saw a profit growth rate of -17.0%, while private enterprises had -12.6%, and foreign and Hong Kong, Macao, and Taiwan enterprises reported -7.3%[2] Group 2: Midstream Sector Performance - The midstream sector showed a profit growth rate of 6.77% in November, the only sector with positive growth, compared to -3.85% previously[5] - Midstream revenue growth was 4.66% in November, outperforming other sectors[5] - The midstream PPI turned positive for the first time since June 2024, with a month-on-month increase of 0.04%[19] Group 3: Industry-Specific Insights - The electronic equipment manufacturing industry saw a profit increase of 57.4%, driven by rapid development in aerospace and intelligent products[5] - The mining sector's profit growth was -21.16%, while manufacturing and electric heat, gas, and water sectors reported -13.54% and -1.59%, respectively[31] - The midstream sector's profit margin in November was 5.7%, higher than the previous year's 5.5%[19]

2025 年 12 月 27 日 总量研究 盈利承压，分化加剧 ——2025 年 11 月工业企业盈利数据点评 作者 分析师：赵格格 执业证书编号：S0930521010001 0755-23946159 zhaogege@ebscn.com 分析师：刘星辰 执业证书编号：S0930522030001 021-52523880 liuxc@ebscn.com 相关研报 10 月盈利增速再次转负，需要担心吗？—— 2025 年 10 月工业企业盈利数据点评 （2025-11-27） 利润率改善驱动企业利润加速修复——2025 年9月工业企业盈利数据点评（2025-10-27） 8 月工业企业利润缘何高增？——2025 年 8 月工业企业盈利数据点评（2025-09-27） 工业企业盈利增速将继续改善——2024 年 11 月工业企业盈利数据点评（2024-12-27） 工业企业盈利或迎来曙光——2024 年 10 月 工业企业盈利数据点评（2024-11-27） "反内卷"推动制造业盈利好转——2025 年 7 月工业企业盈利数据点评（2025-08-27） 企业利润继续承压，亟待"反内卷"政策提 振——202 ...

Group 1: Profit Trends - In November, the profit growth rate of industrial enterprises fell to -13.1% year-on-year, marking the weakest level since September 2024[5] - Revenue growth for the same month showed a slight improvement, decreasing by only -0.3% year-on-year[5] - The decline in profit growth is primarily attributed to a significant drop in profit margins, despite a recovery in volume growth[6] Group 2: Export and Industry Performance - While profits in export-related industries showed improvement, they did not offset the overall decline in profits across sectors[6] - The mining industry experienced a profit decline of -21.2%, while the manufacturing sector's profit growth rate fell to -13.5%[6] - The recovery in exports, particularly in electronics, automotive, and pharmaceuticals, contributed to a 5.9% year-on-year increase in exports, boosting overall profits by 4.98 percentage points[6] Group 3: Inventory and Operational Pressure - By the end of November, the nominal year-on-year growth rate of finished goods inventory rose to 4.6%, indicating a passive accumulation of inventory due to weak demand[6] - The turnover days for finished goods increased to 20.5 days, reflecting worsening operational pressures on enterprises[6] - The overall business pressure is expected to continue accumulating, with potential implications for the employment market[6] Group 4: Future Outlook - There is a significant possibility that policy measures will be implemented in early 2026 to stimulate growth and stabilize profits amid weakening external demand[6] - The upcoming national development and reform meeting emphasizes the need for proactive policy measures to ensure a strong start in 2026[6]

Group 1: Infrastructure and Trade - The Sino-Russian cross-river railway bridge, located between China's Tongjiang and Russia's Nizhneleninskoye, spans approximately 2,200 meters and has been operational since November 2022 [1] - The bridge has an annual cargo capacity of about 21 million tons, with current annual import and export freight volume exceeding 5 million tons, primarily consisting of coal, iron ore, and consumer goods [1] - The Russian side is modernizing the railway port, planning to construct three new freight stations to enhance transportation capacity and promote trade growth between Russia and China [1] Group 2: Regional Development and Cooperation - The Jewish Autonomous Oblast, the smallest region in Russia's Far East, is leveraging its proximity to China and connection to the Trans-Siberian Railway to enhance its logistics potential [2] - The region's key industries include logistics, agriculture, mineral development, and tourism, with increasing cooperation and exchanges with China [2] - Recent visa-free policies for Chinese citizens traveling to Russia have led to a noticeable increase in Chinese tourists, contributing to local tourism and hospitality sectors [2] - The region is also fostering cultural cooperation with China, including hosting an international education forum and planning a skills competition for students [2]

国家统计局工业司首席统计师于卫宁解读时表示，前11个月，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。 从三大门类看，前11个月，制造业增长5.0%；电力、热力、燃气及水生产和供应业增长8.4%；采矿业 下降27.2%，降幅较前10个月收窄0.6个百分点。前11个月，规模以上工业企业营业收入同比增长1.6%。 装备制造业利润带动作用明显。前11个月，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个行业利润实现同比增长，其中，铁路船舶航空航天、电子行业利润两 位数增长，增速分别达27.8%、15.0%；汽车行业利润增长7.5%，较前10个月加快3.1个百分点；通用设 备、专用设备、电气机械行业利润继续增长，增速分别为4.8%、4.6%、4.2%。 12月27日，国家统计局发布数据显示，前11个月，规模以上工业企业利润同比增长0.1%，自今年8月份 以来累计增速连续四个月保持 ...

Core Insights - In November, profits of industrial enterprises above designated size decreased by 13.1% year-on-year, with the decline expanding by 7.6 percentage points compared to the previous month [1] - From January to November, profits of industrial enterprises above designated size grew by 0.1%, maintaining a growth trend for four consecutive months since August [1] Group 1: Profit Trends - In the manufacturing sector, profits increased by 5.0% from January to November, while the electricity, heat, gas, and water production and supply sector saw an 8.4% profit growth [3] - The mining industry experienced a profit decline of 27.2%, although the decline was narrowed by 0.6 percentage points compared to the first ten months of the year [3] Group 2: Sector Performance - The equipment manufacturing sector significantly contributed to profit growth, with a 7.7% increase in profits from January to November, accounting for a 2.8 percentage point increase in overall industrial profits [3] - High-tech manufacturing profits accelerated, with a 10.0% year-on-year increase, surpassing the average growth rate of all industrial enterprises by 9.9 percentage points [3] - The raw materials manufacturing sector also saw a robust profit growth of 16.6%, contributing 2.0 percentage points to the overall industrial profit growth [4] Group 3: Future Outlook - The overall profit growth of industrial enterprises indicates a continued upward trend, supported by new industrial dynamics, although challenges remain due to international uncertainties and structural adjustments [5] - The Ministry of Industry and Information Technology has set goals for 2026, prioritizing the stabilization of the industrial economy, with an expected 5.9% year-on-year growth in industrial added value for the year [5] - Analysts predict that industrial profits may recover from low levels, potentially achieving around 10% growth by the end of 2026, indicating a shift from policy-driven to profit-driven market dynamics [5]

中新经纬12月27日电 据国家统计局网站27日披露，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)。 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%，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 ...

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%，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，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%；发生营业成本107.17万亿 元，增长1.8%；营业收入利润率为5.29%，同比下降0.08个百分点。 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%；负债合计109.96万亿元，增长 5.0%；所有者权 ...

新华财经北京12月27日电据国家统计局消息，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）。 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%，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 ...

记者 辛圆 国家统计局周六发布数据显示，1-11月，规模以上工业利润同比增长0.1%，涨幅较前10个月回落1.8个 百分点，但仍延续8月以来的增长态势。11月份，规模以上工业企业利润同比下降13.1%，降幅较10月 扩大7.6个百分点。 国家统计局工业司首席统计师于卫宁解读称，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。 分三大门类看，1-11月份，采矿业实现利润总额7896.3亿元，同比下降27.2%，降幅较前10个月收窄0.6 个百分点；制造业实现利润总额50317.9亿元，增长5.0%，涨幅较前10个月回落2.7个百分点；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%，涨幅较前10个月回落1.1个百分点。 统计数据显示，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个行业利润实现同比增 ...