<晴风村n style="color: rgb(51, 51, 51); font-family: "Microsoft Yahei", Tahoma, Verdana, Arial; font-size: 16px;"> <晴风村n style="word-break: break-all; font-family: 微软雅黑; text-size-adjust: none; color: rgb(51, 51, 51); font-size: 16px; text-indent: 2em;">1<晴风村n style="word-break: break-all; font-family: 宋体; text-size-adjust: none; color: rgb(51, 51, 51); font-size: 16px; text-indent: 2em; border-width: 0px; margin: 0px; padding: 0px;">至<晴风村n style="word-break: break-all; font-family: 微软雅黑; text-size-adjust: none; color: rgb(51, 51, 51); font-size: 16px; text-indent: 2em;">4<晴风村n style="word-break: break-all; font-family: 宋体; text-size-adjust: none; color: rgb(51, 51, 51); font-size: 16px; text-indent: 2em; border-width: 0px; margin: 0px; padding: 0px;">月份，全国规模以上工业企业利润同比增长<晴风村n style="word-break: break-all; font-family: 微软雅黑; text-size-adjust: none; color: rgb(51, 51, 51); font-size: 16px; text-indent: 2em;">3.5%<晴风村n style="word-break: break-all; font-family: 宋体; text-size-adjust: none; color: rgb(51, 51, 51); font-size: 16px; text-indent: 2em; border-width: 0px; margin: 0px; padding: 0px;">，增速较<晴风村n style="word-break: break-all; font-family: 微软雅黑; text-size-adjust: none; color: rgb(51, 51, 51); font-size: 16px; text-indent: 2em;">1<晴风村n style="word-break: break-all; font-family: 宋体; text-size-adjust: none; color: rgb(51, 51, 51); font-size: 16px; text-indent: 2em; border-width: 0px; margin: 0px; padding: 0px;">至<晴风村n style="word-break: break-all; font-family: 微软雅黑; text-size-adjust: none; color: rgb(51, 51, 51); font-size: 16px; text-indent: 2em;">3<晴风村n style="word-break: break-all; font-family: 宋体; text-size-adjust: none; color: rgb(51, 51, 51); font-size: 16px; text-indent: 2em; border-width: 0px; margin: 0px; padding: 0px;">月份回落<晴风村n style="word-break: break-all; font-family: 微软雅黑; text-size-adjust: none; color: rgb(51, 51, 51); font-size: 16px; text-indent: 2em;">5.0<晴风村n style="word-break: break-all; font-family: 宋体; text-size-adjust: none; color: rgb(51, 51, 51); font-size: 16px; text-indent: 2em; border-width: 0px; margin: 0px; padding: 0px;">个百分点。<晴风村n style="word-break: break-all; font-family: 微软雅黑; text-size-adjust: none; color: rgb(51, 51, 51); font-size: 16px; text-indent: 2em;">4<晴风村n style="word-break: break-all; font-family: 宋体; text-size-adjust: none; color: rgb(51, 51, 51); font-size: 16px; text-indent: 2em; border-width: 0px; margin: 0px; padding: 0px;">月当月，工业企业利润同比下降<晴风村n style="word-break: break-all; font-family: 微软雅黑; text-size-adjust: none; color: rgb(51, 51, 51); font-size: 16px; text-indent: 2em;">8.5%<晴风村n style="word-break: break-all; font-family: 宋体; text-size-adjust: none; color: rgb(51, 51, 51); font-size: 16px; text-indent: 2em; border-width: 0px; margin: 0px; padding: 0px;">。

<晴风村n style="word-break: break-all; font-family: 宋体; text-size-adjust: none; border-width: 0px; margin: 0px; padding: 0px;">国家统计局工业司高级统计师朱虹表示，工业企业受国内疫情短期冲击及国际形势更趋复杂严峻等因素影响，4<晴风村n style="word-break: break-all; font-family: 宋体; text-size-adjust: none; border-width: 0px; margin: 0px; padding: 0px;">月份利润短期承压明显。随着全国疫情形势总体趋于稳定，企业复工复产有序推进，进一步减轻市场主体负担的各项政策效应不断释放，工业企业效益状况将逐步恢复。

<晴风村n style="word-break: break-all; font-family: 宋体; text-size-adjust: none; border-width: 0px; margin: 0px; padding: 0px;">业内人士认为，5<晴风村n style="word-break: break-all; font-family: 宋体; text-size-adjust: none; border-width: 0px; margin: 0px; padding: 0px;">月以来，促进工业企业利润恢复的积极因素开始增多。预计5<晴风村n style="word-break: break-all; font-family: 宋体; text-size-adjust: none; border-width: 0px; margin: 0px; padding: 0px;">月份工业产出将出现明显改善，企业利润有望恢复。

<晴风村n style="word-break: break-all; font-family: 宋体; text-size-adjust: none; border-width: 0px; margin: 0px; padding: 0px;">疫情冲击导致利润下降

4<晴风村n style="word-break: break-all; font-family: 宋体; text-size-adjust: none; border-width: 0px; margin: 0px; padding: 0px;">月份，工业企业利润同比下降8.5%<晴风村n style="word-break: break-all; font-family: 宋体; text-size-adjust: none; border-width: 0px; margin: 0px; padding: 0px;">。朱虹分析，4<晴风村n style="word-break: break-all; font-family: 宋体; text-size-adjust: none; border-width: 0px; margin: 0px; padding: 0px;">月份，国内部分地区疫情散发多发，给工业企业生产经营造成较大冲击，工业企业利润出现下降。

<晴风村n style="word-break: break-all; font-family: 宋体; text-size-adjust: none; border-width: 0px; margin: 0px; padding: 0px;">部分地区和行业受疫情影响较大，下拉工业企业利润增速明显。数据显示，1<晴风村n style="word-break: break-all; font-family: 宋体; text-size-adjust: none; border-width: 0px; margin: 0px; padding: 0px;">至4<晴风村n style="word-break: break-all; font-family: 宋体; text-size-adjust: none; border-width: 0px; margin: 0px; padding: 0px;">月份，东部地区、东北地区工业企业利润同比分别下降16.7%<晴风村n style="word-break: break-all; font-family: 宋体; text-size-adjust: none; border-width: 0px; margin: 0px; padding: 0px;">、8.1%<晴风村n style="word-break: break-all; font-family: 宋体; text-size-adjust: none; border-width: 0px; margin: 0px; padding: 0px;">，合计影响工业企业利润增速较1<晴风村n style="word-break: break-all; font-family: 宋体; text-size-adjust: none; border-width: 0px; margin: 0px; padding: 0px;">至3<晴风村n style="word-break: break-all; font-family: 宋体; text-size-adjust: none; border-width: 0px; margin: 0px; padding: 0px;">月份回落4.2<晴风村n style="word-break: break-all; font-family: 宋体; text-size-adjust: none; border-width: 0px; margin: 0px; padding: 0px;">个百分点。主要行业中，汽车制造业受冲击较明显，影响制造业4<晴风村n style="word-break: break-all; font-family: 宋体; text-size-adjust: none; border-width: 0px; margin: 0px; padding: 0px;">月份当月利润下降6.7<晴风村n style="word-break: break-all; font-family: 宋体; text-size-adjust: none; border-width: 0px; margin: 0px; padding: 0px;">个百分点。

<晴风村n style="word-break: break-all; font-family: 宋体; text-size-adjust: none; border-width: 0px; margin: 0px; padding: 0px;">值得关注的是，不同行业的利润表现分化加大。采矿业利润延续高增长态势，制造业利润下降明显。数据显示，4<晴风村n style="word-break: break-all; font-family: 宋体; text-size-adjust: none; border-width: 0px; margin: 0px; padding: 0px;">月份，采矿业利润同比增长1.42<晴风村n style="word-break: break-all; font-family: 宋体; text-size-adjust: none; border-width: 0px; margin: 0px; padding: 0px;">倍，制造业利润同比下降22.4%<晴风村n style="word-break: break-all; font-family: 宋体; text-size-adjust: none; border-width: 0px; margin: 0px; padding: 0px;">，电力、热力、燃气及水生产和供应业利润同比下降26.8%<晴风村n style="word-break: break-all; font-family: 宋体; text-size-adjust: none; border-width: 0px; margin: 0px; padding: 0px;">。1<晴风村n style="word-break: break-all; font-family: 宋体; text-size-adjust: none; border-width: 0px; margin: 0px; padding: 0px;">至4<晴风村n style="word-break: break-all; font-family: 宋体; text-size-adjust: none; border-width: 0px; margin: 0px; padding: 0px;">月份，采矿业利润同比增长1.46<晴风村n style="word-break: break-all; font-family: 宋体; text-size-adjust: none; border-width: 0px; margin: 0px; padding: 0px;">倍，继续保持快速增长；制造业利润同比下降8.3%<晴风村n style="word-break: break-all; font-family: 宋体; text-size-adjust: none; border-width: 0px; margin: 0px; padding: 0px;">，降幅较1<晴风村n style="word-break: break-all; font-family: 宋体; text-size-adjust: none; border-width: 0px; margin: 0px; padding: 0px;">至3<晴风村n style="word-break: break-all; font-family: 宋体; text-size-adjust: none; border-width: 0px; margin: 0px; padding: 0px;">月份扩大6.2<晴风村n style="word-break: break-all; font-family: 宋体; text-size-adjust: none; border-width: 0px; margin: 0px; padding: 0px;">个百分点。

<晴风村n style="word-break: break-all; font-family: 宋体; text-size-adjust: none; border-width: 0px; margin: 0px; padding: 0px;">朱虹表示，能源保供持续显效，煤炭等能源产品产量较快增长，大宗商品价格仍处高位，带动部分上游行业利润快速增长。

<晴风村n style="word-break: break-all; font-family: 宋体; text-size-adjust: none; border-width: 0px; margin: 0px; padding: 0px;">中信证券首席宏观分析师程强认为，面对输入性通胀压力，高层密集部署稳定能源价格、保障能源供应，预计后期中下游行业利润格局有望改善。

<晴风村n style="word-break: break-all; font-family: 宋体; text-size-adjust: none; border-width: 0px; margin: 0px; padding: 0px;">积极因素开始增多

<晴风村n style="word-break: break-all; font-family: 宋体; text-size-adjust: none; border-width: 0px; margin: 0px; padding: 0px;">尽管工业企业利润增长回落，但工业企业效益仍有稳定恢复的基础。朱虹表示，前4<晴风村n style="word-break: break-all; font-family: 宋体; text-size-adjust: none; border-width: 0px; margin: 0px; padding: 0px;">个月，规模以上工业企业利润在上年同期增长1.06<晴风村n style="word-break: break-all; font-family: 宋体; text-size-adjust: none; border-width: 0px; margin: 0px; padding: 0px;">倍的较高基数上仍保持增长。从资产和营收看，4<晴风村n style="word-break: break-all; font-family: 宋体; text-size-adjust: none; border-width: 0px; margin: 0px; padding: 0px;">月末规模以上工业企业资产总计同比增长10.4%<晴风村n style="word-break: break-all; font-family: 宋体; text-size-adjust: none; border-width: 0px; margin: 0px; padding: 0px;">，所有者权益合计增长10.5%<晴风村n style="word-break: break-all; font-family: 宋体; text-size-adjust: none; border-width: 0px; margin: 0px; padding: 0px;">，均为近五年以来较高水平，企业规模不断发展。

<晴风村n style="word-break: break-all; font-family: 宋体; text-size-adjust: none; border-width: 0px; margin: 0px; padding: 0px;">企业复工复产加快。朱虹表示，目前长三角地区疫情防控形势有所好转，企业复工复产正稳步推进，疫情对工业企业的影响有望逐步减弱。

<晴风村n style="word-break: break-all; font-family: 宋体; text-size-adjust: none; border-width: 0px; margin: 0px; padding: 0px;">纾困政策助力企业减负增效。1<晴风村n style="word-break: break-all; font-family: 宋体; text-size-adjust: none; border-width: 0px; margin: 0px; padding: 0px;">至4<晴风村n style="word-break: break-all; font-family: 宋体; text-size-adjust: none; border-width: 0px; margin: 0px; padding: 0px;">月份，规模以上工业企业每百元营业收入中的费用为7.97<晴风村n style="word-break: break-all; font-family: 宋体; text-size-adjust: none; border-width: 0px; margin: 0px; padding: 0px;">元，比1<晴风村n style="word-break: break-all; font-family: 宋体; text-size-adjust: none; border-width: 0px; margin: 0px; padding: 0px;">至3<晴风村n style="word-break: break-all; font-family: 宋体; text-size-adjust: none; border-width: 0px; margin: 0px; padding: 0px;">月份、上年同期分别减少0.12<晴风村n style="word-break: break-all; font-family: 宋体; text-size-adjust: none; border-width: 0px; margin: 0px; padding: 0px;">元、0.51<晴风村n style="word-break: break-all; font-family: 宋体; text-size-adjust: none; border-width: 0px; margin: 0px; padding: 0px;">元。

<晴风村n style="word-break: break-all; font-family: 宋体; text-size-adjust: none; border-width: 0px; margin: 0px; padding: 0px;">国家统计局近期对工业企业的快速调查显示，大规模留抵退税政策实施后，获得增值税留抵退税的工业企业中95.4%<晴风村n style="word-break: break-all; font-family: 宋体; text-size-adjust: none; border-width: 0px; margin: 0px; padding: 0px;">对此政策表示满意，87.9%<晴风村n style="word-break: break-all; font-family: 宋体; text-size-adjust: none; border-width: 0px; margin: 0px; padding: 0px;">的企业认为改善了企业现金流。

<晴风村n style="word-break: break-all; font-family: 宋体; text-size-adjust: none; border-width: 0px; margin: 0px; padding: 0px;">“5<晴风村n style="word-break: break-all; font-family: 宋体; text-size-adjust: none; border-width: 0px; margin: 0px; padding: 0px;">月以来促进企业利润恢复的积极因素明显增多。”红塔证券宏观分析师殷越表示，减税降费、纾困帮扶政策持续发力，供应链矛盾有所缓和，疫情形势边际向好，复工复产有序推进，这些都有助于企业利润在5<晴风村n style="word-break: break-all; font-family: 宋体; text-size-adjust: none; border-width: 0px; margin: 0px; padding: 0px;">月修复，6<晴风村n style="word-break: break-all; font-family: 宋体; text-size-adjust: none; border-width: 0px; margin: 0px; padding: 0px;">月有望进一步改善。

<晴风村n style="word-break: break-all; font-family: 宋体; text-size-adjust: none; border-width: 0px; margin: 0px; padding: 0px;">光大银行金融市场部宏观研究员周茂华认为，从趋势上看，我国工业体系基础好，市场广阔。随着国内疫情逐步得到控制，货运物流、产业链供应链逐步恢复畅通，国内保供稳价、助企纾困政策力度持续加大，工业生产和需求端将会很快恢复。预计5<晴风村n style="word-break: break-all; font-family: 宋体; text-size-adjust: none; border-width: 0px; margin: 0px; padding: 0px;">月份工业产出将出现明显改善，工业企业盈利将恢复增长，但上下游行业利润恢复平衡仍需要一定时间。