文 ： 华创证券首席经济学家 张瑜 执业证号：S0360518090001 联系人： 陆银波（15210860866） 报告摘要 12 月工业企业利润数据：受其他损益收入比下降影响，利润增速回升 12 月，据统计局数据，规模以上工业企业当月利润由 11 月份下降 13.1% 转为增长 5.3% ，回升 18.4 个 百分点。库存方面，截止至 2025 年 12 月，库存同比 3.9% ，前值为 4.6% 。分所有制看， 12 月，国有 控股工业企业利润增速为 -51.5% ，私营企业增速为 0.56% ，外商及港澳台为 41.4% 。 量、价、利润率拆分来看，量价双升 。 PPI 同比， 12 月同比为 -1.9% ， 11 月为 -2.2% 。工增 12 月增 速为 5.2% ， 11 月为 4.8% ；收入端 12 月增速为 -3.21% ， 11 月为 -0.26% 。利润率方面， 12 月为 5.57% ，去年同期（可比口径）为 5.13% 。 利润率拆分来看， 12 月毛利率为 16.40% ，去年同期为 16.44% ；费用率 10.7% ，去年同期为 10.23% ；其他损益收入比为 0.14% ...

宏观研究 证 券 研 究 报 告 【宏观快评】 年度回顾：利润的结构变化 ——12月工业企业利润点评 主要观点 12 月工业企业利润数据：受其他损益收入比下降影响，利润增速回升 12 月，据统计局数据，规模以上工业企业当月利润由 11 月份下降 13.1%转为 增长 5.3%，回升 18.4 个百分点。库存方面，截止至 2025 年 12 月，库存同比 3.9%，前值为 4.6%。分所有制看，12 月，国有控股工业企业利润增速为-51.5%， 私营企业增速为 0.56%，外商及港澳台为 41.4%。 量、价、利润率拆分来看，量价双升。PPI 同比，12 月同比为-1.9%，11 月为 -2.2%。工增 12 月增速为 5.2%，11 月为 4.8%；收入端 12 月增速为-3.21%， 11 月为-0.26%。利润率方面，12 月为 5.57%，去年同期（可比口径）为 5.13%。 利润率拆分来看，12 月毛利率为 16.40%，去年同期为 16.44%；费用率 10.7%， 去年同期为 10.23%；其他损益收入比为 0.14%，去年同期为 0.87%。 全年利润结构回顾：中游制造与大宗商品占比回升 （一） ...

Summary of Conference Call Records Industry Overview - The conference call discusses the performance of industrial enterprises in the first half of 2025, highlighting the impact of trade wars and price wars on various sectors [1][2][3]. Key Points and Arguments - **Profit Growth Trends**: In the first half of 2025, industrial enterprises experienced a profit growth improvement in the first quarter, but a decline was noted in May and June due to the introduction of equal tariffs and price wars. June showed a slight improvement in profit growth, but it remained weak overall [2][3]. - **Impact of Trade Wars**: The trade war has led to a pattern where midstream raw materials and downstream industrial products saw initial revenue and profit growth, followed by a decline. This trend aligns with the timing of export rush and tariff policies [3][4]. - **"Revenue without Profit" Phenomenon**: The downstream consumer goods sector exhibited a "revenue without profit" characteristic, where revenue remained stable but profits declined due to price wars [4][5]. - **Sector Performance**: In June 2025, midstream dye processing, non-ferrous processing, and downstream sectors like instrumentation and automotive manufacturing showed improvements in both revenue and profit growth. However, the communication electronics manufacturing sector faced continuous profit decline despite revenue growth, likely due to price competition and tariff costs [5][6]. - **Inventory Cycle Trends**: The inventory cycle in the first half of 2025 showed a trend of initial replenishment followed by destocking, reflecting unstable business expectations. Midstream raw materials began destocking in the second quarter, while downstream industrial and consumer goods sectors continued to destock, indicating a lack of replenishment motivation [6][7]. - **High Inventory Turnover**: Industrial enterprises faced high product turnover days and extended accounts receivable collection periods, indicating weak replenishment intentions due to unstable demand [8]. Additional Important Insights - **Future Policy Expectations**: Anticipation of upcoming political meetings and ongoing US-China negotiations may influence future policies. There is a possibility of focusing on domestic demand policies in the latter half of the year, especially if fundamental pressures begin to emerge [9][10]. - **Export and Consumption Outlook**: The overall export orders are expected to face pressure in the second half of the year, particularly in the latter part of the third quarter, necessitating attention to domestic demand policies to address potential challenges [10].