证券研究报告：宏观报告 发布时间：2025-12-29 研究所 分析师:袁野 SAC 登记编号:S1340523010002 Email:yuanye@cnpsec.com 研究助理:苑西恒 SAC 登记编号:S1340124020005 Email:yuanxiheng@cnpsec.com 近期研究报告 《大国发展经验，生产服务消费更值 得关注》 - 2025.12.22 宏观研究 工业企业利润延续放缓，结构性亮点凸显 核心观点 11 月，工业企业利润总额增速延续边际放缓趋势，连续两个月回 落，存在基数走高影响，剔除基数效应后，增速亦呈现边际走弱。（1） 从量、价、利润率三维拆分看，生产和价格小幅放缓，销售费用上升， 或是拖累 11 月工业企业利润的主要原因，关注近期清理拖欠企业账 款政策效果显现；（2）从企业运营来看，企业库存走高、资产运营能 力下降，如应收账款周转率、产成品周转率均走弱，均掣肘企业盈利 能力；（3）从行业来看，行业利润的结构性亮点表现主要集中在新兴 产业领域，高技术制造业利润保持高速增长，"人工智能+"、航空航 天、智能化消费设备相关行业利润高增，包括半导体器件专用设备、 电子元器件与 ...

Core Viewpoint - A new company, Xile Leather Co., Ltd., has been established in Xinxiang City, Pingyuan Demonstration Zone, with a registered capital of 10,000 RMB, focusing on leather product sales and various internet services [1] Company Summary - The legal representative of Xile Leather Co., Ltd. is Shan Xiao [1] - The registered capital of the company is 10,000 RMB [1] - The business scope includes general projects such as leather product sales, internet sales (excluding items requiring licenses), ordinary cargo warehousing services (excluding hazardous chemicals), cargo packing services, and personal internet live streaming services [1]

天眼查App显示，近日，新兴县罗杰斯皮具有限公司成立，注册资本2万人民币，经营范围为一般项 目：皮革制品制造；皮革制品销售；皮革销售；箱包制造；箱包销售；箱包修理服务；鞋和皮革修理； 皮革鞣制加工；非金属废料和碎屑加工处理；互联网销售（除销售需要许可的商品）。（除依法须经批 准的项目外，凭营业执照依法自主开展经营活动）。 ...

天眼查App显示，近日，阜阳芸博皮革制品销售有限公司成立，法定代表人为肖前进，注册资本100万 人民币，经营范围为一般项目：皮革鞣制加工；皮革制品制造；皮革制品销售；皮革销售；毛皮鞣制加 工；毛皮制品加工；初级农产品收购；畜禽收购；农副产品销售（除许可业务外，可自主依法经营法律 法规非禁止或限制的项目）。 ...

天眼查App显示，近日，石家庄新璟皮革制品有限公司成立，法定代表人为李永强，注册资本20万人民 币，经营范围为一般项目：皮革制品制造;皮革制品销售;皮革销售;初级农产品收购;货物进出口;箱包销 售;毛皮制品加工;化工产品销售（不含许可类化工产品）（除依法须经批准的项目外，凭营业执照依法 自主开展经营活动）。 ...

Core Viewpoint - A new company, Hebei Xiong'an Ju'an Latex Products Sales Co., Ltd., has been established with a registered capital of 10,000 RMB, focusing on the sales and manufacturing of various rubber and plastic products, textiles, and daily necessities [1] Company Summary - The legal representative of the newly established company is Diao Peilong [1] - The registered capital of the company is 10,000 RMB [1] - The company's business scope includes sales of rubber products, plastic products, textiles, leather goods, and daily necessities, among others [1] Industry Summary - The company operates in the rubber and plastic products industry, as well as the textile and daily necessities sectors [1] - The business activities include both manufacturing and sales, indicating a comprehensive approach to market engagement [1]

Group 1 - A new company named Wujixian Zhengzhuo Leather Products Co., Ltd. has been established with a registered capital of 500,000 RMB [1] - The legal representative of the company is Wang Caiqing [1] - The business scope includes manufacturing and sales of leather products, processing of fur products, and import-export activities [1] Group 2 - The company is involved in the manufacturing of specialized equipment for leather and fur processing [1] - It also engages in the sale of chemical products, excluding licensed chemical products [1] - The company operates under the principle of conducting business activities independently based on its business license [1]

Company Overview - Chengdu Xinxin Yin Feng Leather Products Co., Ltd. has been established with a registered capital of 500,000 RMB [1] - The legal representative of the company is Yang Lei [1] Business Scope - The company operates in various sectors including leather products sales, textile sales, furniture sales, and building decoration materials sales [1] - It also engages in the sale of daily necessities, arts and crafts, and provides installation and maintenance services for furniture [1] - The company is involved in import and export activities, as well as technology import and export [1] Licensing and Regulatory Compliance - The company has specific licensed activities including residential interior decoration and road cargo transportation (excluding hazardous goods) [1] - It is noted that certain projects require approval from relevant authorities before commencement [1]

Group 1 - Dongguan Zhuoyue Leather Products Co., Ltd. has been established with a registered capital of 300,000 RMB [1] - The legal representative of the company is Wei Xiaofei [1] - The business scope includes sales of leather products, leather, textile products, shoe materials, and various other goods [1] Group 2 - The company is authorized to conduct business activities independently based on its business license, except for projects that require approval [1]