1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - Industrial enterprise profit structure shows significant differentiation, with consumer and real - estate related industries under pressure and equipment manufacturing and high - tech manufacturing showing positive growth [5][6] - Affected by the base in the same period of 2024, the year - on - year changes in industrial enterprise profits from August to November 2025 fluctuated greatly, and December data may also be affected [5] - The demand side is weak, and both nominal and real inventories of enterprises continue to rise; further boosting of the demand side is needed [6] - The decline in volume, flat prices, and falling profit margins have led to a continuous decline in the cumulative profits of industrial enterprises above designated size [6] - In the bond market, the long - and short - end yields are differentiated, and bond yields are expected to rise trend - wise under the correction of economic expectations [7][8] 3. Summary by Related Catalogs 3.1 Event: 2025 November Industrial Enterprise Profit Data - From January to November 2025, the cumulative year - on - year growth of profits of industrial enterprises above designated size was 0.1% (previous value +1.9%), revenue increased by 1.6% year - on - year (+1.8%), and the revenue profit margin was 5.29% (5.25%); in November 2025, the year - on - year profit of industrial enterprises above designated size decreased by 13.1% (-5.5%) [4] 3.2 Content Needing Attention in November Industrial Enterprise Profits - **Structural differentiation**: The cumulative year - on - year growth of profits of industrial enterprises above designated size from January to November decreased by 1.8pct compared with the previous value, and in November, it decreased by 13.1% year - on - year. Industries in the consumer and real - estate chains had a large decline in cumulative year - on - year total profits, while most equipment manufacturing industries had positive growth [5] - **Base effect**: Affected by the base in 2024, the year - on - year changes in industrial enterprise profits from August to November 2025 fluctuated greatly, and December data may also be affected. In 2024, a series of policies promoted the improvement of industrial enterprise revenues and profit margins, leading to significant profit recovery from September to December, which affected the 2025 data [5] - **Weak demand and rising inventory**: Except for a few sub - industries in the consumer goods manufacturing industry from January to November, the profits of other sub - industries declined compared with January - October. Both nominal and real inventories increased year - on - year, indicating weak domestic demand [6] - **Analysis of profit factors**: From January to November, the industrial added value of industrial enterprises above designated size increased by 6.0% year - on - year, a 0.1pct decrease from January - October; PPI of all industrial products decreased by 2.7% year - on - year, the same as January - October; the revenue profit margin decreased by 2.04pct year - on - year, with the decline expanding by 1.28pct compared with January - October. The decline in volume, flat prices, and falling profit margins led to the continuous decline of cumulative profits [6] 3.3 Structural Highlights in Industrial Enterprise Profit Data - **New and old kinetic energy conversion**: From January to November, equipment manufacturing industry profits increased by 7.7% year - on - year, driving the growth of all industrial enterprises above designated size by 2.8pct, and its profit share reached 39.1%, 2.7pct higher than the same period in 2024. High - tech manufacturing industry profits increased by 10.0% year - on - year, 9.9pct higher than the average level of all industrial enterprises above designated size, and continued to improve [6] - **Fast - growing raw material manufacturing**: From January to November, the cumulative year - on - year profit of the raw material manufacturing industry above designated size increased by 16.6%, driving the growth of all industrial enterprises above designated size by 2.0pct [7] 3.4 Bond Market Situation - **Market trend**: The bond market has continued the volatile trend recently, with the long - and short - end yields showing differentiation. On December 26, the long - end yield showed a narrow - range volatile trend, and the short - end yield continued to decline [7] - **Future focus**: Attention should be paid to the December PMI data announced before the Spring Festival and the December national debt trading data announced by the central bank in early January after the festival [7] 3.5 Bond Market Viewpoint - **Economic expectations**: In the second half of 2025, the economic growth rate may not decline significantly; structural problems such as prices are expected to improve trend - wise [8] - **Stock - bond allocation**: The bond - stock allocation continues to switch, and bond yields are expected to continue to rise [8]

Core Viewpoint - The profit growth of industrial enterprises above designated size has continued since August, with new momentum industries like equipment manufacturing and high-tech manufacturing showing rapid growth, indicating a steady progress in industrial economic transformation and upgrading [1]. Group 1: Industrial Profit Growth - From January to November, the profit of industrial enterprises above designated size increased by 0.1% year-on-year, marking four consecutive months of growth since August. The manufacturing sector grew by 5.0%, while the electricity, heat, gas, and water production and supply sector grew by 8.4%. The mining sector saw a decline of 27.2%, but the decline was narrowed by 0.6 percentage points compared to January to October [1]. - The total operating income of industrial enterprises above designated size increased by 1.6% year-on-year [1]. Group 2: Equipment Manufacturing Sector - The profit of the equipment manufacturing sector increased by 7.7% year-on-year, contributing 2.8 percentage points to the overall profit growth of industrial enterprises above designated size. Among the eight major categories in the equipment manufacturing sector, seven achieved year-on-year profit growth, with the railway, shipbuilding, aerospace, and electronics industries experiencing double-digit growth rates of 27.8% and 15.0%, respectively. The automotive industry saw a profit increase of 7.5%, accelerating by 3.1 percentage points compared to January to October [2]. Group 3: High-Tech Manufacturing Sector - The profit growth rate of high-tech manufacturing increased to 10.0% year-on-year, accelerating by 2.0 percentage points compared to January to October, significantly higher than the average growth rate of all industrial enterprises. The "AI +" initiative has positively impacted related equipment manufacturing sectors, with profits in the electronic industrial specialized equipment manufacturing sector growing by 57.4%. Profits in semiconductor device manufacturing and electronic components manufacturing increased by 97.2% and 46.0%, respectively. The aerospace industry also saw rapid profit growth, with profits in aerospace and related equipment manufacturing increasing by 13.3%, including a 192.9% increase in aerospace-related equipment manufacturing [3]. Group 4: Raw Materials Manufacturing Sector - The profit of the raw materials manufacturing sector grew rapidly, with a year-on-year growth rate of 16.6%, contributing 2.0 percentage points to the overall profit growth of industrial enterprises. The steel industry has shown significant improvement in profitability this year, and the non-ferrous metals industry has maintained double-digit profit growth due to increased market demand and rapid revenue growth [4].

Group 1: Industrial Profit Trends - In November, the total profit growth rate of industrial enterprises was -13.1%, a decrease of 7.6 percentage points from the previous value, marking two consecutive months of decline[10] - The cumulative profit growth rate for industrial enterprises from January to November was 0.1%, down 1.8 percentage points from the previous value[10] - The average recovery period for accounts receivable increased to 70.4 days in November, up 3.7 days year-on-year, indicating a decline in asset turnover efficiency[15] Group 2: Cost and Revenue Dynamics - The operating revenue growth rate for industrial enterprises from January to November was 1.6%, a decrease of 0.2 percentage points from the previous value[11] - The profit margin for industrial enterprises was 5.29%, down 0.11 percentage points year-on-year, with a profit growth rate of -2.04%[12] - The cost per 100 yuan of operating revenue was 85.5 yuan, reflecting a year-on-year increase of 0.19%[12] Group 3: Sector-Specific Insights - The profit growth rate for the raw materials manufacturing sector was 16.6% from January to November, contributing 2.0 percentage points to the overall profit growth of industrial enterprises[16] - High-tech manufacturing profits grew by 10.0% year-on-year, significantly outpacing the average industrial profit growth rate[19] - The aerospace and intelligent consumer equipment sectors showed notable profit increases, with profits in the semiconductor equipment sector rising by 97.2%[19] Group 4: Economic Outlook and Policy Focus - The economic fundamentals are showing signs of a phase of slowdown, with expectations of continued marginal profit decline in industrial enterprises[20] - The focus of macroeconomic policy is shifting towards stimulating investment and managing low inflation, as indicated by recent policy discussions[20]

人民日报海外版记者 邱海峰 国家统计局12月27日发布的数据显示，1—11月份，全国规模以上工业企业实现利润总额66268.6亿 元。国家统计局有关负责人表示，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。 于卫宁分析，"人工智能+"行动深入实施带动相关设备制造行业利润向好，电子工业专用设备制造 行业利润同比增长57.4%，其中半导体器件专用设备制造、电子元器件与机电组件设备制造行业利润分 别增长97.2%、46.0%；航空航天产业快速发展推动行业利润增长较快，航空、航天器及设备制造行业 利润同比增长13.3%，其中航天相关设备制造、航空相关设备制造行业利润分别增长192.9%、36.3%； 智能化产品助力数智化转型，智能消费设备制造行业利润同比增长54.0%，其中智能车载设备制造、智 能无人飞行器制造、其他智能消费设备制造行业利润分别增长105.7%、76.6%、58.1%。 累计增速连续4个月保持增长 国家统计局工业司首席统计师于卫宁介绍，1—11月份，规模以上工业企业利润延续8月份以来的增 长态势，工业经济转型升级有序推进。 看利润增速，1—11月份，规模以上工业企业利润同 ...

Core Viewpoint - The profits of industrial enterprises in China have continued to grow, with a total profit of 66,268.6 billion yuan from January to November, indicating a sustained upward trend supported by new industrial momentum [2][3]. Profit Growth - From January to November, the profit of industrial enterprises above designated size increased by 0.1% year-on-year, marking four consecutive months of growth since August [3]. - The manufacturing sector achieved a total profit of 50,317.9 billion yuan, growing by 5.0%, while the electricity, heat, gas, and water production and supply sector saw profits of 8,054.4 billion yuan, up by 8.4%. In contrast, the mining sector experienced a profit decline of 27.2% [3]. Revenue and Assets - The total operating revenue for industrial enterprises above designated size reached 125.34 trillion yuan, reflecting a year-on-year increase of 1.6%. By the end of November, total assets amounted to 189.28 trillion yuan, up by 4.8%, and total equity was 79.32 trillion yuan, growing by 4.5% [4]. New Momentum Industries - New momentum industries, particularly equipment manufacturing and high-tech manufacturing, have shown rapid growth. The profit of the equipment manufacturing sector increased by 7.7%, contributing 2.8 percentage points to the overall profit growth of industrial enterprises [5]. - In the high-tech manufacturing sector, profits grew by 10.0%, surpassing the average growth rate of all industrial enterprises by 9.9 percentage points [5]. Specific Industry Performance - The "Artificial Intelligence+" initiative has positively impacted related equipment manufacturing sectors, with profits in the electronic industrial specialized equipment manufacturing sector rising by 57.4%. Notably, profits in semiconductor device manufacturing and electronic components manufacturing surged by 97.2% and 46.0%, respectively [6]. - The aerospace industry also experienced significant profit growth, with profits in aerospace and related equipment manufacturing increasing by 13.3%, including a remarkable 192.9% growth in aerospace-related equipment manufacturing [6]. Industrial Economic Development - The growth in profits reflects a steady advancement in the industrial economy, with a focus on achieving qualitative improvements and reasonable quantitative growth by 2025 [7]. - The high-tech manufacturing and equipment manufacturing sectors have shown substantial value-added growth, with increases of 9.2% and 9.3%, respectively, from January to November [8].

1—11月份，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。 原材料制造业利润较快增长。1—11月份，规模以上原材料制造业利润增长较快，同比增速达16.6%， 拉动全部规模以上工业企业利润增长2.0个百分点。从行业看，自今年以来，钢铁行业盈利状况改善明 显，叠加低基数因素，行业利润同比大幅增长；在市场需求增加、营收增长较快的带动下，有色行业利 润保持两位数增长。 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。下阶段，要全面贯彻落实中央经济工作会议精神，推动传统产业改造升级，大力培育新质生产 力，加快建设现代化产业体系，推动工业经济持续健康发展。 装备制造业利润带动作用明显。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 ...

Core Viewpoint - The cumulative profit growth rate of industrial enterprises has maintained growth for four consecutive months, with a year-on-year growth rate of 0.1% for the first 11 months, despite a decline compared to the previous months. New momentum industries, represented by equipment manufacturing and high-tech manufacturing, continue to grow rapidly [1][2]. Group 1: Profit Growth and Industry Performance - The revenue of industrial enterprises above designated size increased by 1.6% year-on-year, with a slowdown of 0.2 percentage points compared to the previous 10 months [1]. - The profit of industrial enterprises above designated size increased by 0.1% year-on-year, with a decline of 1.8 percentage points compared to the previous 10 months [1]. - Equipment manufacturing profits increased by 7.7% year-on-year, contributing 2.8 percentage points to the overall profit growth of industrial enterprises [2]. Group 2: Sector-Specific Insights - In the equipment manufacturing sector, seven out of eight major industries achieved year-on-year profit growth, with railways, shipping, aerospace, and electronics showing double-digit growth rates of 27.8% and 15.0%, respectively [2]. - High-tech manufacturing profits grew by 10.0% year-on-year, surpassing the average growth rate of all industrial enterprises by 9.9 percentage points [2]. - The smart consumer device manufacturing industry saw a remarkable profit increase of 54.0%, with specific segments like smart vehicle equipment and drones experiencing growth rates of 105.7% and 76.6%, respectively [2]. Group 3: Challenges and Future Outlook - Industrial enterprises face challenges such as increased finished goods inventory and longer average accounts receivable collection periods, with finished goods inventory at 6.92 trillion yuan, up 4.6% year-on-year [3]. - The average accounts receivable reached 28.40 trillion yuan, increasing by 5.5% year-on-year, with an average collection period of 70.4 days, up by 3.7 days [3]. - The central economic work conference emphasized the need to address "involution" competition, which may help stabilize and gradually improve industrial product prices, thereby supporting profit growth [3].

前11个月工业企业利润总体保持增长 ◎记者 陈芳 工业企业利润累计增速连续四个月保持增长。国家统计局12月27日公布的数据显示，前11个月规模以上 工业企业利润同比增速为0.1%，虽较前10个月增速有所回落，但仍然延续8月以来的增长态势。其中， 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。专家分析称，价格拖累、内需不足等 是企业利润放缓的原因，下一阶段，整治"内卷式"竞争深入推进，工业品需求修复，工业品价格或将改 善，有助于工业企业利润增速渐进式改善。 1至11月，规模以上工业企业的营收和利润均保持增长，但增速有所放缓。数据显示：规模以上工业企 业营业收入同比增长1.6%，增速较1至10月下滑0.2个百分点；规模以上工业企业利润同比增长0.1%，增 速较1至10月回落1.8个百分点。 "工业企业利润增速有所放缓，工业品价格修复不足、内需放缓是主因。"浙商证券首席经济学家李超对 上海证券报记者表示。 价格因素仍是工业企业利润的拖累因素之一。中银证券首席宏观分析师朱启兵对上海证券报记者表 示，"11月当月，工业生产活动维持活跃，但价格端表现仍较弱势。其中PPI同比降幅较10月走扩0.1个 百分点，工 ...

Core Insights - The total profit of industrial enterprises above designated size in China reached 66,268.6 billion yuan from January to November, showing a year-on-year growth of 0.1%, marking four consecutive months of growth since August, although the growth rate has slowed down [1] Group 1: Industrial Profit Trends - The profit of the equipment manufacturing sector increased by 7.7% year-on-year, contributing 2.8 percentage points to the overall profit growth of industrial enterprises [1] - The profit of high-tech manufacturing increased by 10.0% year-on-year, accelerating by 2.0 percentage points compared to the first ten months of the year [1] Group 2: Factors Supporting High-Tech Manufacturing - The application iteration of AI technology has created new demand, increasing market needs for high-tech manufacturing, including sectors like new energy vehicles, smart home appliances, and digital products [2] - The implementation of "anti-involution" policies has significantly improved profit margins for some high-tech manufacturing companies [2] - Global monetary easing has led high-tech manufacturing into a cyclical destocking phase [2] Group 3: Sector-Specific Profit Growth - The profit of the electronic industrial equipment manufacturing sector surged by 57.4% year-on-year, with semiconductor device manufacturing and electronic components manufacturing growing by 97.2% and 46.0%, respectively [3] - The aerospace industry has seen rapid development, with profits in aerospace and related equipment manufacturing increasing by 13.3%, including a 192.9% increase in space-related equipment manufacturing [3] - The smart consumer device manufacturing sector experienced a profit increase of 54.0%, with smart vehicle equipment and smart unmanned aerial vehicle manufacturing growing by 105.7% and 76.6%, respectively [3] Group 4: Raw Material Manufacturing and Steel Industry - The raw materials manufacturing sector saw a profit growth of 16.6% year-on-year, contributing 2.0 percentage points to the overall profit growth of industrial enterprises [4] - The steel industry has shown significant improvement in profitability, with year-on-year profit growth driven by increased market demand and revenue growth [4] Group 5: Enterprise Type Profit Analysis - Among industrial enterprises above designated size, state-controlled enterprises reported a total profit of 20,083.6 billion yuan, down 1.6% year-on-year; shareholding enterprises reported 49,565.6 billion yuan, down 0.4%; foreign and Hong Kong, Macao, and Taiwan-invested enterprises reported 16,355.3 billion yuan, up 2.4%; and private enterprises reported 19,319.9 billion yuan, down 0.1% [4] Group 6: Revenue Structure - The cost per 100 yuan of revenue for industrial enterprises above designated size was 85.50 yuan, an increase of 0.18 yuan year-on-year; expenses per 100 yuan of revenue were 8.39 yuan, a decrease of 0.06 yuan year-on-year [5]

2025.12. 28 本文字数：3317，阅读时长大约5分钟 作者 | 第一财经 祝嫣然 虽然国际环境不稳定、不确定因素较多，新旧动能转换仍有压力，但今年中国工业经济向新向优发 展，展现出强大韧性和活力。工信部预计，今年中国规模以上工业增加值同比增长5.9%。 全国工业和信息化工作会议近日召开，部署了2026年十个方面的重点工作，其中排在首位的是"全力 巩固工业经济稳中向好态势"。工信部强调，深入实施新一轮十大重点行业稳增长工作方案，支持工 业大省挑大梁。打造集成电路、新型显示、新材料、航空航天、低空经济、生物医药等新兴支柱产 业。完善具身智能、元宇宙等创新发展政策。 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。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。 高技术制造业利润增速加快，1～11月份，规模以上高技术制造业利润同比增长10%，较1～10月份 加快2个百分点，增速高于全部规模以上工业平均水平9.9个百分点。其中，"人工智能+"行动深入实 施带动相关设备制造行业利润向好，电 ...