Core Viewpoint - In October, the profit growth of industrial enterprises above designated size in China experienced a decline after two months of rapid growth, with a year-on-year decrease of 5.5% due to high base effects and rising financial costs [1][2]. Summary by Sections Industrial Profit Growth - From January to October, the profit of industrial enterprises above designated size increased by 1.9% year-on-year, maintaining growth for three consecutive months since August [1]. - In August and September, the profits saw significant increases of 20.4% and 21.6% respectively [2]. Revenue and Sector Performance - The operating income of industrial enterprises above designated size grew by 1.8% year-on-year from January to October, creating favorable conditions for profit recovery [4]. - By sector, mining profits fell by 27.8%, while manufacturing profits rose by 7.7%, and profits in the electricity, heat, gas, and water production and supply sector increased by 9.5% [4]. High-Tech and Equipment Manufacturing - High-tech and equipment manufacturing sectors were the main drivers of profit growth, with profits in this category rising by 7.8%, contributing 2.8 percentage points to the overall profit growth of industrial enterprises [4]. - High-tech manufacturing profits increased by 8.0%, outperforming the average industrial profit growth by 6.1 percentage points [5]. Traditional Industries and Upgrading - Traditional industries showed signs of quality improvement, with profits significantly exceeding the industry average [5]. - In specific segments, profits in the chemical and building materials sectors saw substantial increases, with graphite and carbon products manufacturing up by 77.7% and biochemical pesticides up by 73.4% [6]. Future Outlook and Policy Implications - The National Development and Reform Commission is addressing issues of price competition in various industries to maintain a stable market order, which is expected to support high-quality development [7]. - Analysts suggest that ongoing policies to expand domestic demand and manage price competition will be crucial for the sustained improvement of industrial profits [6][7].

工业企业利润稳定增长。1—10月份，规模以上工业企业利润同比增长1.9%，自今年8月份以来累 计增速连续三个月保持增长。从三大门类看，1—10月份，采矿业下降27.8%，降幅较1—9月份收窄1.5 个百分点；制造业增长7.7%；电力、热力、燃气及水生产和供应业增长9.5%。10月份，受上年同期基 数有所抬高、财务费用增长较快等因素影响，规模以上工业企业利润同比下降5.5%。 下阶段，在国际环境复杂严峻，国内周期性结构性矛盾交织的背景下，要深入学习贯彻党的二十届 四中全会精神，继续精准落实党中央、国务院决策部署，推动各项政策协同发力，进一步扩内需、优结 构、育新能，推动工业经济量质齐升、动能焕新，不断筑牢实体经济根基。 工业企业营收保持增长。1—10月份，规模以上工业企业营业收入同比增长1.8%，营业收入持续保 持增长，为工业企业盈利恢复创造有利条件。 中新网11月27日电 据国家统计局网站27日消息，国家统计局工业司首席统计师于卫宁对2025年1— 10月份工业企业利润数据进行解读。 高技术制造业效益增势良好。1—10月份，规模以上高技术制造业利润同比增长8.0%，高于全部规 模以上工业平均水平6.1个百分点 ...

北京商报讯（记者 和岳）11月27日，国家统计局发布数据，1—10月份，全国规模以上工业企业实现利 润总额59502.9亿元，同比增长1.9%。1—10月份，规模以上工业企业中，国有控股企业实现利润总额 18490.2亿元，同比持平；股份制企业实现利润总额44328.3亿元，增长1.5%；外商及港澳台投资企业实 现利润总额14848.6亿元，增长3.5%；私营企业实现利润总额16995.6亿元，增长1.9%。1—10月份，采 矿业实现利润总额7123.3亿元，同比下降27.8%；制造业实现利润总额45050.3亿元，增长7.7%；电力、 热力、燃气及水生产和供应业实现利润总额7329.3亿元，增长9.5%。 ...

装备制造业利润较快增长。1—10月份，规模以上装备制造业利润同比增长7.8%，拉动全部规模以上工 业企业利润增长2.8个百分点；实现利润总额占全部规模以上工业企业利润总额比重达38.5%，较上年同 期提高2.0个百分点，工业企业效益结构持续优化。从行业看，1—10月份，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 32.0%、12.8%；电气机械、通用设备、专用设备行业利润增长较快，增速分别为7.0%、6.2%、5.0%。 1—10月份，在党中央坚强领导下，各地区各部门认真落实党中央、国务院决策部署，着力做强国内大 循环，积极畅通国内国际双循环，带动工业企业利润稳定增长，工业经济高质量发展稳步推进。 工业企业利润稳定增长。1—10月份，规模以上工业企业利润同比增长1.9%，自今年8月份以来累计增 速连续三个月保持增长。从三大门类看，1—10月份，采矿业下降27.8%，降幅较1—9月份收窄1.5个百 分点；制造业增长7.7%；电力、热力、燃气及水生产和供应业增长9.5%。10月份，受上年同期基数有 所抬高、财务费用增长较快等因素影响，规模以上 ...

Group 1 - The core viewpoint of the articles highlights the overall growth in industrial profits in China, with a 1.9% year-on-year increase from January to October, despite a 5.5% decline in October due to high base effects and rising financial costs [1] - In the mining sector, profits decreased by 27.8% year-on-year, although the decline was 1.5 percentage points less than the previous period; manufacturing profits increased by 7.7%, and the electricity, heat, gas, and water production and supply sector saw a 9.5% increase [1] - Notable profit growth was observed in various industries, including non-ferrous metal smelting and rolling (14.0%), electricity and heat production (13.1%), and computer and electronic equipment manufacturing (12.8%) [1] Group 2 - The high-tech manufacturing sector also showed strong performance, with profits increasing by 8.0% year-on-year, surpassing the average growth rate of all industrial sectors by 6.1 percentage points [2] - Specific high-tech industries such as smart drone manufacturing and smart vehicle equipment manufacturing experienced remarkable profit growth of 116.1% and 114.9%, respectively [2] - Analysts suggest that while there is optimism in inventory cycles and production adjustments, external demand fluctuations and cost pressures remain potential uncertainties for industrial profit recovery [2][3] Group 3 - Future observations will focus on the pace of domestic demand expansion policies, which are expected to be continuously introduced to enhance economic growth [3] - The impact of external demand and geopolitical risks is also crucial, with ongoing US-China negotiations potentially providing support for external demand, which could positively influence industrial profits and production [3]

Core Insights - Industrial enterprises in China experienced stable profit growth from January to October 2025, with a year-on-year increase of 1.9%, marking three consecutive months of growth since August 2025 [2] - The mining sector saw a decline of 27.8%, although the drop was 1.5 percentage points less than the previous period; manufacturing grew by 7.7%, and the electricity, heat, gas, and water production and supply sector increased by 9.5% [2] - In October, profits for industrial enterprises fell by 5.5% year-on-year due to a higher base from the previous year and rising financial costs [2] Revenue Growth - From January to October, the revenue of large-scale industrial enterprises increased by 1.8% year-on-year, contributing positively to the recovery of industrial profits [2] Equipment Manufacturing Sector - The profit of large-scale equipment manufacturing increased by 7.8% year-on-year, contributing 2.8 percentage points to the overall profit growth of large-scale industrial enterprises [3] - The equipment manufacturing sector accounted for 38.5% of total profits in large-scale industrial enterprises, an increase of 2.0 percentage points compared to the previous year [3] - Among the eight major categories in equipment manufacturing, seven reported profit growth, with significant increases in the railway, shipbuilding, aerospace, and electronics sectors, achieving growth rates of 32.0% and 12.8% respectively [3] High-Tech Manufacturing Sector - High-tech manufacturing profits rose by 8.0% year-on-year, surpassing the average growth rate of large-scale industrial enterprises by 6.1 percentage points [3] - Notable growth was observed in smart electronics manufacturing, with profits from smart unmanned aerial vehicles and smart vehicle-mounted equipment increasing by 116.1% and 114.9% respectively [3] - The semiconductor manufacturing sector also showed strong performance, with profits in integrated circuit manufacturing, electronic specialty materials, and semiconductor discrete devices growing by 89.2%, 86.0%, and 17.4% respectively [3] Traditional Industries - Traditional industries demonstrated significant improvements, with profits notably exceeding the industry average [4] - In the raw materials sector, industries such as graphite and carbon products, biochemical pesticides, and cultural information chemicals saw profit increases of 77.7%, 73.4%, and 19.1% respectively, all surpassing their respective industry averages [4] - The chemical fiber, rubber, and plastic products sectors also reported strong profit growth, with bio-based chemical fiber and recycled rubber manufacturing increasing by 61.2% and 15.4% respectively [4]

Core Insights - In the first ten months of 2025, the total profit of industrial enterprises above designated size in China reached 59,502.9 billion yuan, reflecting a year-on-year growth of 1.9% [1][2] Summary by Category Overall Performance - The total profit of industrial enterprises above designated size was 59,502.9 billion yuan, with a year-on-year increase of 1.9% [2] - The operating income for the same period was 1,133,692.6 billion yuan, growing by 1.8% year-on-year [3][12] Profit by Ownership Type - State-owned enterprises reported a total profit of 18,490.2 billion yuan, remaining flat year-on-year [2] - Joint-stock enterprises achieved a profit of 44,328.3 billion yuan, up by 1.5% [2] - Foreign and Hong Kong, Macao, and Taiwan-invested enterprises saw profits of 14,848.6 billion yuan, increasing by 3.5% [2] - Private enterprises reported a profit of 16,995.6 billion yuan, with a growth of 1.9% [2] Profit by Industry - The mining industry experienced a profit decline of 27.8%, totaling 7,123.3 billion yuan [2] - The manufacturing sector saw a profit increase of 7.7%, amounting to 45,050.3 billion yuan [2] - The electricity, heat, gas, and water production and supply industry reported a profit of 7,329.3 billion yuan, growing by 9.5% [2] Key Industry Performance - Notable profit growth was observed in: - Non-ferrous metal smelting and rolling processing industry: 14.0% increase [3] - Electricity and heat production and supply: 13.1% increase [3] - Computer, communication, and other electronic equipment manufacturing: 12.8% increase [3] - Declines were noted in: - Coal mining and washing: 49.2% decrease [3] - Textile industry: 6.1% decrease [3] - Oil and gas extraction: 12.5% decrease [3] Financial Ratios and Metrics - The operating income profit margin was 5.25%, an increase of 0.01 percentage points year-on-year [3] - The total assets of industrial enterprises at the end of October reached 187.23 trillion yuan, up by 4.7% [3] - The total liabilities were 108.59 trillion yuan, increasing by 5.0% [3] - The asset-liability ratio stood at 58.0%, up by 0.2 percentage points year-on-year [3] Accounts Receivable and Inventory - Accounts receivable amounted to 27.69 trillion yuan, growing by 5.1% [4] - Finished goods inventory was 6.82 trillion yuan, increasing by 3.7% [4] Cost and Revenue Analysis - The cost per 100 yuan of operating income was 85.56 yuan, an increase of 0.17 yuan year-on-year [5] - The average collection period for accounts receivable was 69.8 days, an increase of 3.4 days year-on-year [5]

Core Insights - The core viewpoint of the article highlights the performance of industrial enterprises in China, indicating a mixed trend in profits across different sectors from January to October 2023 [1] Group 1: Overall Profit Trends - From January to October, profits of large-scale industrial enterprises increased by 1.9% year-on-year, marking three consecutive months of growth since August 2023 [1] - In October, profits of large-scale industrial enterprises decreased by 5.5% year-on-year, influenced by a higher base from the previous year and a rapid increase in financial costs [1] Group 2: Sector Performance - The mining industry experienced a decline of 27.8%, although the decline was narrowed by 1.5 percentage points compared to the first nine months of the year [1] - The manufacturing sector saw a profit growth of 7.7% from January to October [1] - The electricity, heat, gas, and water production and supply sector reported a profit increase of 9.5% during the same period [1]

Core Viewpoint - The enthusiasm for ESG (Environmental, Social, and Governance) practices in the A-share market remains strong, with 36 companies disclosing or updating their ESG management systems by November 20, indicating a shift from compliance to proactive engagement in ESG practices [1] Group 1: ESG Practice Development - A-share listed companies are increasingly integrating ESG practices across various industries, with a notable rise in the number of companies publishing sustainability reports, reaching 2,462 by April 30, 2025, a 5.72 percentage point increase from the previous year [2] - The proactive awareness of ESG among A-share companies is growing, focusing on institutional frameworks, digital capabilities, and value creation [2][3] Group 2: Institutional Framework - More A-share companies are embedding ESG principles into their strategic frameworks, establishing a three-tier governance structure that includes the board, management, and execution levels [3] - By 2025, 185 A-share companies have disclosed their ESG management systems, promoting standardization in ESG governance [3] Group 3: Digitalization and Value Creation - A-share companies are leveraging technologies like big data, AI, and blockchain to enhance their ESG management capabilities, improving accuracy and efficiency in areas such as carbon emissions accounting and supply chain risk monitoring [3] - ESG is becoming a crucial link between companies and capital, with 500 ESG-related indices in the A-share market, 91% of which have seen gains this year, indicating that companies with strong ESG performance attract more capital [4] Group 4: Market Ecosystem - The development of ESG practices is supported by a robust market ecosystem involving policies, capital, and intermediary institutions, with regulations mandating the disclosure of sustainability reports [5] - The issuance of green bonds has surged, with 316 green bonds issued this year, totaling 256.74 billion, marking a 22.48% increase in quantity and a 20.83% increase in scale compared to the previous year [6] Group 5: Future Directions - The future of ESG practices in China is expected to focus on product innovation, expanding from single tools to comprehensive solutions, and increasing participation from individual investors [7]

Group 1 - The industrial added value in China from January to October increased by 6.1% year-on-year, which is 0.3 percentage points higher than the same period last year, indicating a sustained rapid growth trend [1] - In October, the industrial added value increased by 4.9% year-on-year, with a month-on-month increase of 0.17% after seasonal adjustment [2] - Among the 41 major industrial categories, 29 categories saw a year-on-year increase in added value, resulting in a growth coverage of 70.7% [2] Group 2 - The equipment manufacturing industry showed a year-on-year increase of 8.0% in added value, with all eight sectors within this category experiencing growth [2] - The automotive and electronics sectors grew rapidly, with growth rates of 16.8% and 8.9% respectively, contributing 22.8% and 19.3% to the overall industrial growth [2] - High-end equipment products, such as railway locomotives and civil steel vessels, saw significant production increases of 71.3% and 21.4% respectively [2] Group 3 - The competitiveness of industrial enterprises is continuously improving, as evidenced by advancements in technology and production processes [3][4] - Companies are focusing on optimizing their core business and enhancing product quality, such as the successful development of new mining equipment and the application of AI technology in manufacturing [4] Group 4 - The manufacturing purchasing manager index for October was recorded at 49.0%, while the business activity expectation index was at 52.8% [5] - From January to October, industrial investment increased by 4.9%, contributing 1.7 percentage points to overall investment growth [5] Group 5 - Local governments are implementing practical measures to strengthen the foundation for industrial economic growth, focusing on high-end, intelligent, green, and cluster development [6] - Experts believe that China's economic fundamentals are strong, with many favorable factors supporting further stabilization and recovery of the industrial economy [6]