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。 工业企业利润和营业收入保持增长。 1 — 11 月份，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增长。从三大门类看， 1 — 11 月份， 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 1 — 10 月份收窄 0.6 个百分点。 1 — 11 月份，规模以上工业企业营业收入同比 增长 1.6% 。 来源： 统计微讯 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 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 1 — 10 月份加快 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 ...

中新社北京12月27日电 (记者 王恩博)中国国家统计局27日公布，1—11月份，全国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增长。 国家统计局工业司首席统计师于卫宁表示，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。 据统计，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，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%。 1—11月份，规模以上高技术制造业利润同比增长10.0%，较1—10月份加快2.0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。从行业看，"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% ...

Core Insights - The profit growth of industrial enterprises in China has shown a slight decline but continues to maintain an upward trend since August, with significant contributions from equipment manufacturing and high-tech manufacturing sectors [1][4]. Group 1: Industrial Profit Data - From January to November, the profit of large-scale industrial enterprises increased by 0.1% year-on-year, marking four consecutive months of growth since August [1]. - The manufacturing sector saw a profit increase of 5.0%, while the electricity, heat, gas, and water production and supply sector grew by 8.4%. In contrast, the mining sector experienced a decline of 27.2%, although this decline was 0.6 percentage points less than the previous month [1]. - The total operating revenue for large-scale industrial enterprises rose by 1.6% year-on-year during the same period [1]. Group 2: Equipment Manufacturing Sector - The profit of large-scale equipment manufacturing increased by 7.7% year-on-year, contributing 2.8 percentage points to the overall profit growth of large-scale industrial enterprises, making it the strongest driving sector [2]. - Among the eight major categories in the equipment manufacturing sector, seven reported year-on-year profit growth, with the railway, shipbuilding, aerospace, and electronics industries showing double-digit growth rates of 27.8% and 15.0%, respectively [2]. - The automotive industry also saw a profit increase of 7.5%, accelerating by 3.1 percentage points compared to the previous month [2]. Group 3: High-Tech Manufacturing Sector - The profit of large-scale high-tech manufacturing grew by 10.0% year-on-year, which is 9.9 percentage points higher than the average profit growth of all large-scale industrial enterprises [3]. - The "Artificial Intelligence+" initiative has positively impacted related equipment manufacturing, with profits in the electronic industrial specialized equipment sector increasing by 57.4%, and specific segments like semiconductor device manufacturing and electronic components seeing growth rates of 97.2% and 46.0%, respectively [3]. - The aerospace industry also experienced significant profit growth, with the aerospace and related equipment manufacturing sectors reporting increases of 13.3%, 192.9%, and 36.3% [3]. Group 4: Raw Materials Manufacturing Sector - The profit of large-scale raw materials manufacturing increased significantly by 16.6% year-on-year, contributing 2.0 percentage points to the overall profit growth of large-scale industrial enterprises [4]. - The steel industry has shown marked improvement in profitability this year, aided by low base factors, while the non-ferrous metals sector has maintained double-digit profit growth due to increased market demand and revenue growth [4].

12月27日，国家统计局工业司首席统计师于卫宁解读2025年1—11月份工业企业利润数据。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1—10月份加快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%。 ...

Core Insights - The total profit of industrial enterprises above designated size in China reached 59,502.9 billion yuan from January to October, showing stable growth [1] - The profit growth rate for these enterprises was 1.9% year-on-year, maintaining an upward trend for three consecutive months since August [1] - The manufacturing sector saw a profit increase of 7.7%, while the electricity, heat, gas, and water production and supply industries grew by 9.5% [1] Industrial Performance - The operating revenue of industrial enterprises above designated size increased by 1.8% year-on-year, creating favorable conditions for profit recovery [1] - The profit of the equipment manufacturing industry rose by 7.8% year-on-year, contributing 2.8 percentage points to the overall profit growth of industrial enterprises [1] - The equipment manufacturing sector accounted for 38.5% of the total profit of all industrial enterprises, an increase of 2.0 percentage points compared to the same period last year, indicating an ongoing optimization of industrial efficiency [1] High-Tech Manufacturing - The profit of high-tech manufacturing industries grew by 8% year-on-year, surpassing the average growth rate of all industrial enterprises by 6.1 percentage points [2] - The smart electronics manufacturing sector is experiencing positive development [2]

Economic Overview - The overall economic operation in the province has been stable and progressing steadily in the first ten months of the year, with key sectors such as industry, consumption, and services showing positive developments [1][2]. Industrial Performance - The industrial economy has maintained a robust growth trend, with the industrial added value of large-scale enterprises increasing by 6.8% year-on-year from January to October. In October alone, the growth rate was 5.8%, with high-end manufacturing sectors such as equipment manufacturing, high-tech manufacturing, and digital core product manufacturing growing by 8.0%, 11.7%, and 9.4% respectively, outpacing the overall growth [1]. Consumption Market - The consumption market has shown signs of recovery, with total retail sales of consumer goods reaching 38,816.8 billion yuan, a year-on-year increase of 4.0% from January to October. In October, retail sales of household appliances and audio-visual equipment rose by 7.4%, while sales of computers and related products surged by 48%, indicating strong demand for upgraded and digital products [2]. Service Sector - The service sector has maintained a stable development trend, with revenue from large-scale service industries increasing by 7.2% year-on-year from January to September. Notable growth was observed in residential services, repair and other services, rental and business services, and water, environment, and public facility management, with respective growth rates of 14.2%, 12.7%, and 9.7% [2]. Fixed Asset Investment - Fixed asset investment has seen a year-on-year decline of 8.7% from January to October; however, the investment structure has been optimizing. Significant growth was noted in infrastructure investments, particularly in the electricity and heat production and supply industry, which grew by 22.9%, and in loading, unloading, and warehousing, which increased by 27.2% [3].

Group 1 - The core viewpoint is that the profits of industrial enterprises have shown a recovery trend, with a year-on-year increase of 3.2% from January to September, marking the highest cumulative growth rate since August of the previous year [1] - In the manufacturing sector, profits increased by 9.9%, while the electricity, heat, gas, and water production and supply industry saw a growth of 10.3%. The mining industry, however, experienced a decline of 29.3%, although the decline has narrowed [1][2] - In September, the profits of industrial enterprises increased by 21.6% year-on-year, accelerating by 1.2 percentage points compared to August [1] Group 2 - Over half of the industries saw profit growth, with 23 out of 41 major industrial categories reporting year-on-year profit increases from January to September, and 30 industries showing profit growth in September [2] - High-tech manufacturing played a significant role, with profits increasing by 8.7% year-on-year, contributing 1.6 percentage points to the overall profit growth of industrial enterprises [2] - In September, high-tech manufacturing profits grew by 26.8%, contributing 6.1 percentage points to the overall profit growth of industrial enterprises [2] Group 3 - The equipment manufacturing sector showed strong support, with profits increasing by 9.4% year-on-year, surpassing the average growth rate of all industrial enterprises by 6.2 percentage points [3] - In September, profits in the equipment manufacturing sector grew by 25.6%, contributing 10.5 percentage points to the overall profit growth of industrial enterprises [3] - All eight industries within the equipment manufacturing sector reported profit growth from January to September, with notable increases in railways, shipbuilding, and aerospace [3] Group 4 - The profit margin for industrial enterprises improved, with a profit margin of 5.26% from January to September, an increase of 0.04 percentage points year-on-year [4] - In September, the profit margin rose to 5.49%, reflecting an increase of 0.85 percentage points year-on-year, marking two consecutive months of improvement [4] - The focus moving forward will be on expanding domestic demand and strengthening the domestic economic cycle to promote stable and healthy industrial economic development [4]

Core Viewpoint - The macroeconomic policies implemented in China have effectively supported economic stability and growth, with significant contributions from consumer spending and industrial upgrades [1][2][3][4] Group 1: Consumer Spending - In 2023, the contribution rate of final consumption expenditure to economic growth reached 53.5%, an increase of 9.0 percentage points compared to the previous year [2] - The government allocated 300 billion yuan in special bonds to support the replacement of old consumer goods, leading to a significant increase in retail sales of household appliances and other consumer goods [2] - The number of applications for vehicle replacements exceeded 8.3 million by September 10, indicating strong consumer demand for new vehicles [2] Group 2: Industrial Upgrades - Investment in equipment and tools increased by 14.0% year-on-year in the first three quarters, contributing 2.0 percentage points to overall investment growth [2] - Key manufacturing sectors such as general equipment and aerospace saw investment growth rates of 11.8% and 22.3%, respectively [2] Group 3: New Growth Drivers - The production value of industries related to lithium-ion batteries, shipbuilding, and electric motors grew by 29.8%, 22.9%, and 17.1% year-on-year, respectively [3] - The output of new energy vehicles and electric bicycles increased by 29.7% and 27.1%, respectively, reflecting a shift towards high-quality products [3] Group 4: Economic Circulation - The focus on expanding domestic demand has improved market competition and accelerated the flow of goods, personnel, and capital [4] - The Producer Price Index (PPI) showed a narrowing decline for two consecutive months, indicating improved market conditions [4] - The trading volume of stocks in the Shanghai and Shenzhen markets increased by 106.8% year-on-year in the first three quarters, boosting social confidence [4]

Core Viewpoint - The article highlights the gradual recovery of fiscal revenue in the first three quarters, with a notable increase in tax revenue driven by emerging industries and a vibrant capital market, while non-tax revenue shows a decline in growth dependence [1][5][12]. Fiscal Revenue - Fiscal revenue increased sequentially, with a year-on-year decline of 1.1% in Q1, a growth of 0.6% in Q2, and a growth of 2.5% in Q3 [1][5]. - Tax revenue showed steady growth, while non-tax revenue growth has receded, indicating a reduced reliance on non-tax income [1][5]. - Key contributors to revenue growth include strong performance in emerging industries, high-end manufacturing, and a buoyant capital market leading to increased personal and corporate income taxes [1][5][6]. Fiscal Expenditure - Public fiscal expenditure in September grew by 3.1% year-on-year, up from 0.8% in the previous month [2][14]. - The expenditure structure shows significant increases in social security and employment spending (10%), environmental spending (8.8%), and technology spending (6.5%) [2][14]. - Infrastructure-related spending has been lower, particularly in agriculture, community affairs, and transportation, but is expected to rebound in Q4 due to new policy financial tools [2][14]. Government Fund Budget - Government fund budget revenue decreased by 0.5% year-on-year in the first three quarters, but showed a recovery of 5.6% in September [3][19]. - The expenditure from bond funds has increased significantly, with a year-on-year growth of 23.9%, indicating strong support for fiscal spending [3][19]. Central Government Support - The central government allocated an additional 500 billion yuan to local governments, reflecting a proactive adjustment in fiscal policy amid slowing infrastructure growth [4][21]. - This allocation aims to support local governments in managing existing debts and funding eligible projects, indicating a focus on infrastructure investment recovery in Q4 [4][21].

Group 1 - In the first eight months of the year, the total profit of industrial enterprises above designated size reached 46,929.7 billion yuan, a year-on-year increase of 0.9%, while operating income was 89.62 trillion yuan, up 2.3% [1] - The profit of the equipment manufacturing industry increased by 7.2%, significantly supporting the recovery of profits in industrial enterprises, with rapid profit growth in the railway, shipbuilding, aerospace, and electrical machinery sectors, achieving growth rates of 37.3% and 11.5% respectively [3] - In August, the profit of industrial enterprises turned from a decline in July to a growth of 20.4%, with operating income increasing by 1.9%, accelerating by 1.0 percentage points compared to July [4] Group 2 - The profit of the raw materials manufacturing industry increased by 22.1% year-on-year, accelerating by 10 percentage points compared to the first seven months, with the steel industry turning profitable with a total profit of 83.7 billion yuan, and the non-ferrous industry profit growing by 12.7%, accelerating by 5.8 percentage points [6] - Experts indicate that in the next phase, it is essential to further expand domestic demand and promote the construction of a unified national market to create favorable conditions for the sustained recovery of industrial enterprise profits [8]