中文摘要：

基于“垂直专业化-÷利润创造”过程传导的研究视角，从静态和动态两方面，分析了中国制造业垂直专业化（VSS）、价值增值率（VAR）、产品盈利率（PM）、总资产获利率（ACR）四者间的统计分布与计量相关关系特征，并基于利润创造视角对中国制造业21个行业的发展态势进行了定位分析。研究发现，中国21个制造细分行业中，能形成“垂直专业化一价值增值能力一产品盈利能力一总资产获利能力”全过程良性循环的行业不多，较多制造行业存在较为明显的利润创造能力停滞、递减甚至被全面侵蚀的趋势。对此，本文提出了以中国一东盟自由贸易区（CAFTA）为“外延拓展空间”的突破战略机制。

英文摘要：

From the research perspective of “vertical specialization -, profits creation”, this paper first makes an empiri- cal study, from static and dynamic aspects, on the statistical and metrological characteristics of the distribution between verti- cal specialization, value - added ratio, product profitability and total assets profit ratio, and then takes the positioning analysis for twenty- one Chinese manufacturing industries＇ development strategic posture from the perspective of “profits ereation”. Through the empirical researeh, we observe that there are a small number of industries which have formed the benign circle of “vertical specialization-value - added ability-rproduct profitability-,total assets profits ability”, there are the notable dimin- ishing and erosion tendency on profits creation for most china manufacturing industries. Finally, this paper proposes the break- through strategy mechanism of “extending space” based on China- ASEAN Free Trade Area.