上证50期货 (CFX_IH) 加自选

2025年上半年，中国工业企业的利润同比下降1.8%，至3.44万亿元人民币，比1月至5月的1.1%下降幅度更大。这些数据突显出，在美国广泛征收关税的情况下，持续的通货紧缩压力和日益增长的贸易不确定性。国有企业的亏损更为严重（-7.6%，而1月至5月为-7.4%），而私营部门的利润增长明显放缓（1.7%，而3.4%）。煤炭开采（-53.0%）、石油和天然气开采（-11.5%）、化学品（-9.0%）、纺织品（-8.1%）和非金属矿物（-5.4%）的利润下降。与此同时，农业（22.8%）、黑色金属冶炼（13.7%）、电机（13.0%）、有色金属（7.8%）、一般制造业（6.5%）、热能生产（5.6%）、特种设备（4.4%）、汽车（3.6%）、计算机和通信（3.5%）以及其他电子产品（3.5%）的价格上涨。仅在6月份，利润同比下降4.3%，较5月份的9.1%有所缓解，但这是连续第二个月下降。

Profits at China’s industrial firms declined 1.8% from a year earlier to CNY 3.44 trillion in the first half of 2025, widening from a 1.1% fall in January–May. The data highlights persistent deflation pressures and growing trade uncertainty amid broad U.S. tariffs. State-owned enterprises experienced steeper losses (-7.6% vs. -7.4% in January-May), while profit growth in the private sector slowed markedly (1.7% vs. 3.4%). Profits fell in coal mining (-53.0%), oil and gas extraction (-11.5%), chemicals (-9.0%), textiles (-8.1%), and non-metallic minerals (-5.4%). Meanwhile, gains were seen in agriculture (22.8%), ferrous metal smelting (13.7%), electrical machinery (13.0%), non-ferrous metals (7.8%), general manufacturing (6.5%), heat production (5.6%), special equipment (4.4%), autos (3.6%), computers and communications (3.5%), and other electronics (3.5%). In June alone, profits fell 4.3% yoy, easing from a 9.1% drop in May but marking the second straight monthly decline.