1—11月，全国规上工业企业实现利润总额66268.6亿元—— 工业企业利润延续增长态势 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。 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比增长0.1%，自今年8月份以来累计增速连续4个月 保持增长。从三大门类看，1—11月份，制造业实现利润总额50317.9亿元，增长5.0%；电力、热力、燃 气及水生产和供应业实现利润总额8054.4亿元，增长8.4%；采矿业实现利润总额7896.3亿元，同比下降 27.2%，降幅较1—10月份收窄0.6个百分点。 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 ...

展望2026年，工信部将深入实施新一轮十大重点行业稳增长工作方案，推动特色优势矿产资源产业高质 量发展，打造新兴支柱产业，推进"人工智能+制造"专项行动，深入整治"内卷式"竞争。 经济日报北京12月26日讯（记者黄鑫、李芃达）12月25日至26日，全国工业和信息化工作会议在京召 开。记者从会上获悉，预计2025年全年，电信业务总量和软件业务收入分别同比增长9%和12%左右， 数字产业业务收入同比增长9%左右。 据介绍，2025年前11个月，规模以上高技术制造业、装备制造业增加值同比分别增长9.2%和9.3%，人 工智能核心产业规模超过万亿元，新能源汽车出口突破200万辆。制造业转型升级步伐加快。累计建成 7000余家先进级、500余家卓越级智能工厂，全国工业5G专网项目超过2万个、5G工厂超过8000家，累 计培育国家绿色工厂6430家、绿色工业园区491家，大宗工业固废综合利用率达到57%。截至10月底， 5G基站总数达到475.8万个，5G融入97个国民经济大类中的91个，个人信息保护、APP治理得到加强， 防范治理电信网络诈骗纵深推进。 ...

Group 1 - The core viewpoint of the meetings is to implement the spirit of the Central Economic Work Conference, summarize the work of 2025 and the "14th Five-Year Plan" period, analyze new situations, and research key tasks for the "15th Five-Year Plan" period, while deploying key work for 2026 [1][2] - In 2025, the industrial economy is expected to achieve effective qualitative improvements and reasonable quantitative growth, with telecommunications business volume and software business revenue projected to grow by approximately 9% and 12% year-on-year, respectively [1] - The resilience of industrial and supply chains is continuously enhanced, with high-tech manufacturing and equipment manufacturing value-added growing by 9.2% and 9.3% year-on-year from January to November, respectively [1] Group 2 - The year 2026 marks the beginning of the "15th Five-Year Plan," focusing on achieving new industrialization, deepening reforms, and promoting the integration of technological and industrial innovation [2] - Ten key areas of work have been deployed for 2026, including consolidating the positive trend of the industrial economy, enhancing the resilience and safety of industrial chains, and promoting green low-carbon development in the industrial sector [2] - The Ministry of Industry and Information Technology plans to establish the first batch of national emerging industry development demonstration bases and create innovative industrial clusters [3]

Core Insights - The meeting focused on deploying key tasks for 2026, emphasizing the importance of new industrialization and the implementation of the 14th Five-Year Plan while preparing for the 15th Five-Year Plan [1][6] Summary by Sections Industrial Economic Performance - In 2025, under the leadership of the central government, the industrial economy is expected to show steady progress, with telecommunications and software business revenues projected to grow by approximately 9% and 12% respectively, and digital industry revenue also expected to increase by around 9% [3] - The resilience of industrial supply chains is improving, with significant advancements in key manufacturing sectors and breakthroughs in landmark technologies and products [3] Technological Innovation and Manufacturing Upgrades - From January to November, the added value of high-tech manufacturing and equipment manufacturing increased by 9.2% and 9.3% respectively, with the core AI industry exceeding 1 trillion yuan and exports of new energy vehicles surpassing 2 million units [3] - Over 7,000 advanced and 500 excellent smart factories have been established, with over 20,000 industrial 5G private networks and more than 8,000 5G factories [3] Key Focus Areas for 2026 - The meeting outlined ten key areas for focus in 2026, including consolidating the positive trend of the industrial economy, enhancing supply chain resilience, and accelerating technological innovation [7][8] - Emphasis was placed on fostering emerging industries such as integrated circuits, new materials, and biomedicine, while also promoting the deep integration of information technology and industrialization [8][9] Industry Governance and Policy Implementation - The meeting highlighted the need for improved industry governance, including the implementation of a series of plans for the industrial and information sectors during the 15th Five-Year Plan [10] - There is a strong focus on enhancing the quality of enterprises, with initiatives to support small and medium-sized enterprises and to eliminate overdue payments to businesses [9][10] Political and Organizational Support - The meeting underscored the importance of the Party's leadership in ensuring the success of various initiatives, emphasizing the need for political construction and the enhancement of talent and organizational capabilities [11] - It called for a unified approach to implementing the central government's decisions and fostering a positive political environment [12]

本报讯 （记者郭冀川）12月25日至26日，全国工业和信息化工作会议在京召开。会议总结2025年和"十 四五"时期工作，分析把握新形势，研究"十五五"时期重点任务，部署2026年重点工作。 会议指出，2025年，工业和信息化系统认真贯彻落实党中央、国务院决策部署，顺利完成全年目标任 务。 工业经济稳中有进。工业经济顶压前行、向新向优发展，实现质的有效提升和量的合理增长，展现强大 韧性和活力。预计全年，电信业务总量和软件业务收入分别同比增长9%和12%左右，数字产业业务收 入同比增长9%左右。 一是全力巩固工业经济稳中向好态势。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。加大绿色产品、潮品、适老产品等供给，系统培育中国消费品名品方阵。着力稳定制造业有效投 资。继续保持烟草行业稳健发展。 二是持续提升产业链韧性和安全水平。实施新一轮重点产业链高质量发展行动，推动特色优势矿产资源 产业高质量发展，深入实施产业基础再造工程，办好产业转移发展对接活动。 三是加快提升产业科技创新能力。攻克一批带动产业发展的核心技术，做强一批高水平制造业中试平 台，打造全国制造业中试服务网络。加快培育全国一体化技术市场 ...

新华社北京12月22日电（记者周圆）记者22日从工业和信息化部获悉，今年前11个月，我国通信业整体 运行平稳。其中，截至11月末，5G基站总数达483万个，比上年末净增57.9万个。 数据显示，前11个月，电信业务收入累计完成16096亿元，同比增长0.9%。截至11月末，三家基础电信 企业的固定互联网宽带接入用户总数达6.97亿户，比上年末净增2712万户；三家基础电信企业发展移动 物联网终端用户29亿户，比上年末净增2.44亿户，互联网电视（IPTV、OTT）用户数达4.15亿户。 5G用户规模持续扩大，截至11月末，三家基础电信企业及中国广电的移动电话用户总数达18.28亿户， 比上年末净增3854万户。其中，5G移动电话用户达11.93亿户，比上年末净增1.79亿户，占移动电话用 户的65.3%。（完） ...

本报讯 （记者郭冀川）12月22日，工业和信息化部运行监测协调局公布2025年前11个月通信业经济运行情况。数据显示， 前11个月，通信业整体运行平稳。电信业务量收稳步增长，移动互联网接入流量保持较快增长，5G、千兆光网、物联网等网络 基础设施建设深入推进。 通信能力情况方面，千兆光纤宽带网络建设持续推进。截至11月末，全国互联网宽带接入端口数量达12.5亿个，比上年末 净增4811万个。其中，光纤接入（FTTH/O）端口达到12.1亿个，比上年末净增4942万个，占互联网宽带接入端口的96.8%。截 至11月末，具备千兆网络服务能力的10GPON端口数达3134万个，比上年末净增313.3万个。 5G基站占比持续提升。截至11月末，5G基站总数达483万个，比上年末净增57.9万个，占移动基站总数的37.4%，占比较前 10个月提高0.4个百分点。 从总体运行情况来看，电信业务收入稳步增长，电信业务总量小幅回升。前11个月，电信业务收入累计完成16096亿元， 同比增长0.9%。按照上年不变价计算的电信业务总量同比增长9.1%。 电信用户发展情况方面，千兆用户数持续增加。截至11月末，三家基础电信企业的固定 ...

人民财讯12月22日电，工信部发布2025年前11个月通信业经济运行情况，前11个月，电信业务收入累计 完成16096亿元，同比增长0.9%。按照上年不变价计算的电信业务总量同比增长9.1%。 ...

Investment Rating - The report maintains a positive outlook on the midstream and upstream PPI price increase chain [1] Core Viewpoints - The report highlights that the industrial sectors such as automotive manufacturing, oil and coal extraction and processing, black metal mining, and electricity and heat supply are showing improved performance in terms of revenue, industrial added value, and profit growth [2][3] - It emphasizes the potential for recovery in sectors like pharmaceuticals, food and beverage, textiles, and non-metallic materials, which are currently facing challenges but may present opportunities for supply clearing [2][3] Summary by Relevant Sections Industrial Sector Monthly Tracking - As of October 2025, revenue and profit growth rates are improving in midstream manufacturing and upstream resource sectors, while sectors like pharmaceuticals and consumer goods are still in a low growth phase [2][3] - Inventory and fixed asset growth rates are low, indicating ongoing supply chain adjustments in industries such as pharmaceuticals and non-metallic materials [2][3] Economic Climate - The manufacturing PMI for November 2025 shows a slight recovery at 49.2%, with improved order and export order conditions, although service sector activities have returned to contraction [2][3] High-Frequency Indicators - In the automotive sector, retail sales of passenger vehicles decreased by 0.8% year-on-year in October 2025, while new energy vehicle sales grew by 7.3% [2][3] - The home appliance sector is facing high base pressure, with negative growth expected in domestic production due to previous demand surges and high base effects from 2024 [2][3] - The food and beverage sector is experiencing price stabilization, with white liquor and pork prices bottoming out, while dairy and meat prices are recovering [2][3] Advanced Manufacturing - The report notes that prices for new energy products remain high, with significant demand for lithium batteries and engineering machinery [3] - The price of lithium hexafluorophosphate has surged over 200% in the past year, indicating a tight supply-demand balance that may persist into 2026 [3] Financial Sector - The banking sector shows a slight increase in non-performing loan rates, but overall risk remains manageable, with net interest margins stabilizing [3] - Insurance premium income growth has slowed, reflecting a shift towards more flexible insurance products [3] Real Estate Chain - The real estate market is experiencing a decline in both sales and prices, with significant weakness in investment and construction activities [3] - Cement prices are fluctuating at low levels, while prices for glass and other building materials are stabilizing [3] Commodity Prices - Oil prices are fluctuating around $60 per barrel, while coal prices have rebounded above 800 yuan due to supply constraints and winter storage needs [3] - The report indicates a general upward trend in metal prices, driven by macroeconomic factors and expectations of interest rate cuts [3]

Core Insights - The report maintains a positive outlook on the sustainability of price increases in the midstream and upstream PPI chain, indicating a favorable environment for investment opportunities in these sectors [1] Industrial Sector Monthly Tracking - The automotive manufacturing, oil and coal extraction and processing, black metal mining, and electricity and heat sectors show improvements in economic indicators, while sectors like pharmaceuticals, food and beverage, textiles, and non-metallic materials are in a phase of supply clearing and potential recovery [2] - As of October 2025, industries with improving inventory and fixed asset growth include pharmaceuticals, non-metallic mining and products, light manufacturing, textiles, and food and beverage [2] Economic Conditions - The manufacturing PMI for November 2025 slightly rebounded to 49.2%, with price conditions improving due to reduced internal competition; raw material prices are in an expansion phase [3] - Order conditions have improved, particularly in export orders, while inventory replenishment sentiment has decreased, with the service sector returning to contraction [3] High-Frequency Indicators by Sector - **Consumer Sector**: Service consumption outperforms durable goods, with strong resilience in external demand [3] - Automotive sales, particularly in new energy vehicles, show a year-on-year retail sales growth of 7.3% in October 2025, despite a 0.8% decline in overall passenger vehicle sales [3] - Home appliance sales face high base pressure, with negative growth expected in domestic production for major appliances due to previous demand overextension [3] - Retail growth in textiles stabilizes, with upstream raw material prices showing signs of recovery [3] - **Advanced Manufacturing**: Prices for new energy products remain high, with significant growth in sales of engineering machinery and heavy trucks [3] - The photovoltaic sector sees stable supply-demand dynamics, while lithium battery materials face severe supply-demand mismatches, leading to price increases [3] - **Technology Sector**: Improvements in telecommunications business volume and base station equipment shipments, with domestic chip sales accelerating [3] - **Financial Sector**: Insurance premium growth slows after product repricing, while secondary market transaction volumes recover [3] - **Real Estate Chain**: Real estate sales and prices remain weak, with cement prices fluctuating at low levels [3] - **Cyclical Commodities**: Oil prices fluctuate within a narrow range, while coal prices rise due to winter storage replenishment [3] Supply Indicators - As of October 2025, the inventory growth rate and fixed asset investment growth rate are low, indicating a continued process of supply clearing in various sectors [6]