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📍23.8% 中國工業企業在2025年虧損,為2000年以來最高,且是2017年的兩倍,而利潤率僅剩4.5%,為十多年來最低,且連續4年下降。
📌人民銀行必須注入流動性,導致大量僵屍企業依賴信貸存續。中國企業又陷入過剩循環——低利潤——需要信貸——再次產生過剩。
📌產能過剩但需求未增加,迫使企業降價,接受微薄利潤。國內競爭變成一場共同走向低迷的競賽。