Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The corn market this year is expected to be relatively stable with limited price fluctuations. The lower bound of the price range is supported by planting costs and farmers' selling sentiment, while the upper bound is determined by downstream inventory - building sentiment, grain substitution scale, and policy - related grain auction rhythm and intensity. In the short term, the price is expected to be weak before November; in the medium term, the decline is limited; in the long term, the upward potential is also limited [8][9] - The corn industry chain has a higher acceptance and more proficient use of corn futures and derivatives for risk management [10][11][12] - For corn futures, the short - term logic is about new - grain supply pressure and cost support; the medium - term is about new - season drivers and wide - range trading; the long - term is about import substitution and policy orientation. The trading strategy is to maintain a medium - and long - term range - trading approach and pay attention to low - buying opportunities [13][14] Group 3: Summary by Directory 1. New and Old Corn Alternation: Focus on New - Season Corn - New - season corn in Heilongjiang is expected to have a stable and increasing yield this year, with an increase in single - yield and better quality compared to last year [4] - The corn planting cost in Heilongjiang has decreased this year, mainly due to the decline in land rent. The estimated new - grain planting cost at the port is about 2100 - 2150 yuan/ton [5] - The opening price of new - season corn in Heilongjiang has shown a high - opening and low - going trend. The market sentiment is cautious, and downstream enterprises are in a passive inventory - building stage. Some farmers will start to hold back if the price is too low [7] 2. Current Situation and Outlook of the Corn Market - The corn market price has shown a trend of rising first and then falling this year, with a wide - range operation. The international supply is under pressure, but the impact of imports on the domestic market is small. Domestic new - season corn is expected to be abundant, and the supply - demand gap depends on wheat substitution and policy - related grain sources. The demand from the breeding and deep - processing industries is weak [8] - The future corn market is expected to be relatively stable, with price fluctuations mainly affected by factors such as planting costs, farmers' selling sentiment, downstream inventory - building, grain substitution, and policy - related grain auctions [9] 3. Participation of Enterprises in Corn Futures and Derivatives - The corn industry chain has a high recognition of the price - discovery and hedging functions of corn futures. Enterprises use pricing models such as basis + fixed price, and the acceptance and use of basis pricing are relatively common [10][11] - All links in the corn industry chain have improved their acceptance and proficiency in using corn futures and derivatives for risk management, such as upstream farmers using hedging and insurance + futures, and downstream enterprises using selling hedging [11][12] 4. Corn Futures Views and Operation Suggestions - The short - term market logic is about new - grain supply pressure and the impact of bad weather in North China. The medium - term is about new - season drivers, and the long - term is about import substitution and policy orientation [13] - The trading strategy is to maintain a medium - and long - term range - trading approach, pay attention to low - buying opportunities around 2100 and below for the 2601 contract, and hold long positions lightly. The first pressure level is 2140, and the second is 2150 [14]

1. Report Industry Investment Rating - The report does not provide an industry investment rating. 2. Core Viewpoints - The global economy is entering the top - region due to the US's continuous wrong policies [2] - After the key nodes at the end of October (trade conflicts, tech giants' earnings reports, Fed decisions), if the Nasdaq continues to rise, the market will enter the strong upward phase of the last stage of the bull market, but also the most dangerous top moment is approaching [1] 3. Summary According to Related Information Global Economic News - Fed Chair Powell hinted at a possible rate cut in October and a potential halt to balance - sheet reduction in the coming months [1] - The US bank raised its price forecasts for gold to $5000 per ounce and silver to $65 per ounce in 2026 [1] - Google's parent company Alphabet will invest $15 billion in India over five years to build an AI data - center hub [1][2] - OpenAI plans to invest up to $25 billion in Argentina to build a data - center hub [1] - Goldman Sachs will limit employee growth and cut some positions by the end of this year and launched the "OneGS 3.0" strategy [1] Chinese Economic News - China's September exports were $328.5 billion, up 8.3% year - on - year, and imports rose 7.4% year - on - year, with the growth rates hitting multi - month highs [2] - The RMB central parity rate against the US dollar was reported at 7.0995, up 26 points, the first time since last November [1][2] - According to the HSBC emerging market survey, China is the preferred stock investment market, and 100 surveyed institutions manage $423 billion of emerging - market assets [2] Tech - related News - Huawei announced the evolution and goals of its Ascend chips, with computing power leading Nvidia by over a year [2] - Alibaba is actively promoting 380 billion yuan of AI infrastructure construction and plans to increase investment [2] - Broadcom released the Thor Ultra network chip, strengthening its position in AI data - center network communication and competing with Nvidia [1]

1. Report Industry Investment Rating - No specific industry investment rating is provided in the report. 2. Core Viewpoints - The global economy is entering the top - region due to the US's continuous wrong policies [2] - If the MSCI China Index drops to 74, it will get strong support and investors may buy on the dip. A - shares' current valuation is reasonably low, attractive to foreign investors for global diversification and hedging US dollar asset risks [1] 3. Summary by Relevant Information 3.1 Corporate Investment and Cooperation - JPMorgan Chase launches a ten - year $1.5 trillion "Safety and Resilience Initiative", planning to invest up to $1 billion in 27 sub - technologies of four major fields including supply - chain manufacturing, defense aviation, energy technology, and frontier technology [1] - OpenAI and Broadcom cooperate to launch custom chips with a total capacity of 10GW. OpenAI is responsible for design, and Broadcom will start development and deployment in the second half of 2026 [1] - Google will invest $9 billion in South Carolina by 2027 to expand existing data - center parks and build new sites to support cloud - computing and AI application growth [1] - OpenAI has signed agreements worth about $1 trillion with giants like Oracle, Infineon, and AMD, expecting over 30GW of computing - power support in the next decade [1] - Alibaba is actively promoting 380 billion yuan of AI infrastructure construction and plans to increase investment [2] 3.2 Market and Economic Data - China's September export value was $328.5 billion, with an 8.3% year - on - year increase, and imports had a 7.4% year - on - year increase, reaching a six - month high for exports and a 17 - month high for imports [1] - In the HSBC emerging - market survey, China is the top stock - investment market. 100 surveyed institutions manage $423 billion of emerging - market assets [2] 3.3 Industry Trends - The German auto industry is facing a large - scale lay - off wave due to the slow European new - energy transition (15% pure - electric vehicle penetration rate) and the rise of the Chinese supply chain [1] - A large amount of funds are flowing from currency and treasury bonds to alternative assets, which may just be the beginning [1] 3.4 Technological Competition - China's control of rare earths is a response to the US's restrictions on mature - process semiconductor equipment materials, which may disrupt the US's AI chip production and cause turmoil in US stocks [1][2] - Huawei's Ascend chips' computing power in "ultra - node + cluster" is more than one year ahead of NVIDIA [2]

Report Summary 1) Report Industry Investment Rating - The investment rating for the cotton in the agricultural, forestry, and livestock sector is bearish [1] 2) Core Viewpoints - Affected by the external environment, ICE cotton futures closed lower, with the main 12 - month contract settling at 63.59 cents, a decline of 0.39%. The purchase price of seed cotton remains cautious, with the mainstream price at 6.1 - 6.2 yuan per kilogram. Downstream textile enterprises maintain normal operation, but the orders in the peak season are insufficient. Overall, Zhengzhou cotton is in a state of oscillating and bottom - building [1] 3) Summary by Related Content [Market Review] - ICE December contract settled at 63.59, down 25 points; March at 65.26, down 34 points; May at 66.56, down 33 points, with about 44,000 contracts traded. Zhengzhou cotton's total trading volume was 424,737 contracts, with an open interest of 839,493 contracts. The settlement prices of January, May, and September contracts were 13,285 yuan/ton (down 70 yuan/ton), 13,325 yuan/ton (down 80 yuan/ton), and 13,510 yuan/ton (down 80 yuan/ton) respectively compared to the previous day [1] [Important Information] - On October 11, in Kashgar, Xinjiang, the basis of hand - picked new cotton of Double 29 quality with less than 1.7% impurity for the 2601 contract in Xinjiang warehouses was around 1200 - 1250 yuan/ton, and the pick - up price was 14,500 - 14,550 yuan/ton, stable compared to the previous day [1] - According to US Department of Commerce data, in August 2025, US retail sales of clothing and clothing accessories (seasonally adjusted) were $27.183 billion, an 8.27% year - on - year increase (the adjusted figure in the same period last year was $25.106 billion) and a 1.02% month - on - month increase (last month was $26.908 billion) [1] - The warm and dry weather in the southwestern and south - central cotton regions of the US promotes harvesting, while thunderstorms in the southeastern cotton region pose a threat to the quality of boll opening [1] - As of September 25, according to local Brazilian industry institutions, the cotton picking progress in Brazil was about 99.7%, and the processing progress was 46% [1] - On October 11, the spot price of cotton yarn was stable. According to feedback from inland textile enterprises, new orders are generally sluggish in October, and there is always downward pressure on cotton yarn prices. Enterprises have difficulty making profits, so the cotton consumption is in a state of contraction [1] [Market Logic] - Due to external environmental impacts, ICE US cotton futures closed lower. The purchase price of seed cotton is cautious, and although downstream textile enterprises maintain normal operation, the peak - season orders are insufficient, resulting in Zhengzhou cotton oscillating and building a bottom [1] [Trading Strategy] - Hold the previous at - the - money straddle options of the 01 contract [1]

Report Summary 1) Report Industry Investment Rating - The investment rating for the apple in the agricultural, forestry, and livestock sector is "Bullish" [1] 2) Core View of the Report - Apple futures prices have corrected, and the main contract has shifted. The closing price of the 2601 contract is 838 yuan/ton, down 1.21%. The new - season late Fuji large - scale trading still needs to wait for the coloring and ripening process, and the AP2601 contract long positions should be gradually taken profit [1] 3) Summary by Relevant Catalogs Market Review - Apple futures prices corrected, and the main contract shifted. The closing price of the 2601 contract was 838 yuan/ton, down 1.21% [1] Important Information - In Shandong, the price of bagged late Fuji 80 (flake red, first and second - grade) is 3.80 - 4.00 yuan/jin; 80 and above (flake red, general goods) is 3.00 - 3.50 yuan/jin; 80 and above third - grade is 2.50 - 2.80 yuan/jin; the price of striped 80 first and second - grade is 4.10 - 4.50 yuan/jin. In Shaanxi, the price of bagged late Fuji 70 starting semi - commodity is 4.70 - 4.80 yuan/jin, and the current price of late Fuji 75 starting general goods is about 4.00 yuan/jin. In Gansu, the price of late Fuji 75 and above mountain semi - commodity fruits in Renda Town is about 4.50 yuan/jin [1] Market Logic - In Shaanxi, although the rainfall has stopped, fruit farmers' picking is blocked. The redness of a small amount of trading goods is light, and a large amount of trading still needs to wait. The ordering of high - quality goods is basically over, and the price is stable. The price of general goods is chaotic and slightly weak. In Shandong, the late Fuji trading is not yet large - scale, and the redness is light. Some merchants go to Liaoning to purchase. Fruit farmers in Liaoning ask for high prices, and the supply of good goods is limited. In Gansu, the reservation of high - quality goods is basically over, and the trading of general goods is average. Shandong is still in the process of bag removal, and the mainstream trading is expected to start around the 12th. Overall, there is a game between fruit farmers' waiting and merchants' on - demand procurement [1] Trading Strategy - Gradually take profit on long positions in the AP2601 contract [1]

Group 1: Report Industry Investment Rating - The investment rating for the log in the agriculture, forestry, and livestock sector is moderately bullish [1] Group 2: Core View of the Report - The domestic log market has shown a situation of stable supply and demand recently. The overall price trend is stable. The supply is expected to increase, and the demand shows a differentiated performance. As the peak - season demand is gradually released, the spot price has strong support, but the hedging pressure when the 11 - contract approaches the delivery month should be watched out for [1] Group 3: Summary by Relevant Catalogs Market Review - The log futures price declined. The closing price of the main 2511 contract was 803.0 yuan per cubic meter, a decrease of 2.19% [1] Important Information - The spot price of 3.9 - meter medium - grade A radiata pine logs in Shandong was 750 yuan per cubic meter, unchanged from the previous day and down 10 yuan per cubic meter from the previous week; the spot price of 4 - meter medium - grade A radiata pine logs in Jiangsu was 780 yuan per cubic meter, unchanged from the previous day and down 10 yuan per cubic meter from the previous week [1] - As of August 15, the weekly arrival volume of domestic softwood logs was 33.9 million cubic meters, a decrease of 16.65 million cubic meters from the previous week [1] - The average daily outbound volume of softwood logs at 13 ports in 7 provinces in China was 6.33 million cubic meters, a decrease of 0.09 million cubic meters from the previous week [1] Market Logic - The domestic log market shows a stable supply - demand situation. The prices in Shandong and Jiangsu are stable. The supply is expected to increase to 55.05 million cubic meters due to holiday factors. The demand is differentiated: the daily shipment in Shandong has slightly decreased, and the purchase volume in Jiangsu has declined. The inventory in Jiangsu decreased by 6.97 million cubic meters, while that in Shandong increased slightly by 0.8 million cubic meters [1] Trading Strategy - The log 11 - contract will fluctuate [1]

Report Summary 1. Report Industry Investment Rating - Gold and silver in the non-ferrous and precious metals sector are rated as "Bullish" [1] 2. Core View - Despite the easing of the Israel-Hamas conflict and the financial market's digestion of the US President's tariff threats, gold and silver prices continued to surge overnight. The combination of safe-haven funds and market inertia drove gold to break through $4,100 for the first time in history, and a historic short squeeze in the London silver market pushed silver to break through the $50 mark for the first time since 1980. However, due to the large number of profit-taking positions accumulated from the recent continuous rise, short - term volatility has intensified [1] 3. Summary by Related Catalogs Market Review - COMEX gold futures closed up 3.24% at $4,130 per ounce, and COMEX silver futures closed up 7.47% at $50.775 per ounce. Shanghai gold closed up 2.45% at 936.72 yuan per gram, and Shanghai silver rose 4.22% at 11,710 yuan per kilogram [1] Important Information - The world's largest gold ETF, SPDR Gold Trust, increased its holdings by 1.72 tons to 1,018.88 tons. The world's largest silver ETF, iShares Silver Trust, increased its holdings by 310.5 tons, the largest increase since July 21, to 15,754.26 tons. A cease - fire agreement in Gaza was signed in Egypt, and the US President said they were in the third and fourth stages of the Gaza agreement [1] Market Logic - The financial market has digested the impact of the US President's tariff threats, with the Wind All - A Index rebounding and US stocks rising. Despite the easing of the Israel - Hamas conflict, gold and silver prices continued to soar. Gold's rise was driven by safe - haven funds and market inertia, and silver's rise was due to a historic short squeeze [1] Trading Strategy - Gold and silver have risen continuously, accumulating many profit - taking positions, and short - term volatility has intensified. Long positions should continue to hold, but be cautious about chasing the rise [1]

Report Summary 1) Report Industry Investment Rating - The investment rating for the macro and financial (treasury bond) sector is "oscillation" [1] 2) Core View of the Report - The market's reaction to the tariff information is generally optimistic, believing that the probability of a compromise between China and the US in the future is relatively high, resulting in a narrowing decline in the stock market and a corresponding correction in the bond market. Treasury bond futures may oscillate in the short - term [1] 3) Summary by Relevant Catalogs Market Review - On Monday, the main contracts of treasury bond futures opened higher across the board, fluctuated horizontally in the morning session, and slightly declined in the afternoon. As of the close, the 30 - year treasury bond futures main contract TL2512 rose 0.37%, the 10 - year T2512 rose 0.10%, the 5 - year TF2512 rose 0.03%, and the 2 - year TS2512 rose 0.02% [1] - The Wande All - A index opened significantly lower due to the US President's tariff threat on Friday, quickly rebounded in the morning, fluctuated horizontally, and then oscillated upward in the afternoon, recovering most of the losses. The trading volume was 2.37 trillion yuan, a slight decline from the previous trading day's 2.53 trillion yuan [1] Important Information - Open market: On Monday, the central bank conducted 137.8 billion yuan of 7 - day reverse repurchase operations, with no reverse repurchase due on the same day, resulting in a net withdrawal of 137.8 billion yuan [1] - Funding market: On Monday, the overnight interest rate in the inter - bank funding market remained flat compared to the previous trading day. The weighted average of DR001 was 1.31% throughout the day, the same as the previous trading day; the weighted average of DR007 was 1.45%, up from 1.39% the previous day [1] - Cash bond market: On Monday, the closing yields of inter - bank treasury bonds generally increased compared to the previous trading day. The 2 - year treasury bond yield rose 1.00 BP to 1.49%, the 5 - year rose 1.89 BP to 1.60%, the 10 - year rose 1.77 BP to 1.84%, and the 30 - year rose 4.01 BP to 2.27% [1] - China's exports in September (in US dollars) increased 8.3% year - on - year (previous value: 4.4%); imports increased 7.4% (previous value: 1.3%); the trade surplus was 90.45 billion US dollars (previous value: 102.33 billion US dollars) [1] Market Logic - China's September exports in US dollars increased 8.3% year - on - year, exceeding the market expectation of 5.7%. The market's reaction to the tariff information is generally optimistic, believing that the probability of a compromise between China and the US in the future is relatively high, leading to a narrowing decline in the stock market and a corresponding correction in the bond market. Overnight US stocks also rose, with the S&P 500 and Nasdaq recovering half of Friday's losses [1] Trading Strategy - For trading - type investments, conduct band operations [2]

Report Industry Investment Rating - The investment rating for the global economy in the macro and financial sector is "flat" [1] Core Viewpoints - The report presents a complex global economic and financial situation, with various factors influencing different markets. The U.S. economic data shows a "schizophrenic" state, and the global economic order is facing challenges. Meanwhile, China's economic indicators are positive, and the AI competition between China and the U.S. has changed the situation [1][2] Summaries by Related Catalogs Important Information - After U.S. President Trump hinted at canceling new tariffs on China on the 12th, U.S. stock index futures rose [1] - The spread between the near - month New York silver futures contract and the London silver spot reached $2.73 per ounce, a multi - year high. The one - month implied lease rate of London silver spot has risen to 40.3%, and the free - floating volume in the London silver market has dropped by 75% compared to the 2019 high [1] - The core driving force of the gold price is the market's expectation of the "order reconstruction" of the global political and economic situation, and its upward trend may not end [1] - Bridgewater Associates founder Ray Dalio warned that the rapid growth of U.S. government debt and intensifying internal and external conflicts are creating a situation "very similar" to that before World War II [1] - U.S. consumer spending and AI capital expenditure are strong, with third - quarter consumer spending growing nearly 3%, but the employment market has slowed down and the unemployment rate has risen, which poses challenges to asset pricing [1] - The era when the 10 - year U.S. Treasury yield is above 4% is coming to an end [1] - The U.S. stock bull market that started in October 2022 has reached its third anniversary, with the S&P 500 index rising 83% and its market value increasing by $28 trillion. The current valuation is at a record - high price - to - earnings ratio of 25 times [1] - The Houthi rebels said they would stop attacking Israeli and Israel - related ships in the Red Sea if Israel complies with the cease - fire agreement in the Gaza Strip [1] - Goldman Sachs has significantly raised its forecast for Alibaba's capital expenditure in the next three years to 460 billion yuan, believing that AI capital expenditure transformation is reshaping Alibaba's growth expectations [1][2] Global Economic Logic - China's September exports were $328.5 billion, with an 8.3% year - on - year increase, and imports had a 7.4% year - on - year increase, reaching a six - month high for exports and a 17 - month high for imports [2] - China's control of rare earths is a firm response to the U.S. restrictions on mature - process semiconductor equipment and materials. Interrupting the U.S. AI chip production may lead to a catastrophic decline in U.S. stocks [2] - According to the HSBC emerging markets survey, China is the preferred stock investment market. International capital is actively increasing its positions in China's technology sector [2] - Huawei's Ascend chips are leading NVIDIA in computing power. Alibaba is actively promoting 380 billion yuan of AI infrastructure construction and plans to increase investment [2] - Due to the U.S.'s continuous wrong policies, the global economy is entering the top - region [2]

Group 1: Overall Trade Performance - China's September exports denominated in US dollars increased by 8.3% year-on-year, exceeding the forecast of 5.7% and the previous value of 4.4%; imports increased by 7.4% year-on-year, exceeding the forecast of 1.4% and the previous value of 1.3%; the trade surplus was $90.45 billion, compared with a previous surplus of $102.33 billion [1][4]. - From January to September, China's cumulative export amount increased by 6.1% year-on-year, compared with a 5.82% increase for the whole of last year; the cumulative import amount decreased by 1.1% year-on-year, compared with a 1.03% increase for the whole of last year [4]. Group 2: Export by Region - In September, China's exports to ASEAN increased by 15.6% year-on-year (14.7% from January to September, 12% for the whole of last year); exports to the EU increased by 14.2% year-on-year (8.2% from January to September, 3.0% for the whole of last year); exports to the US decreased by 27.0% year-on-year (-16.9% from January to September, 4.9% for the whole of last year); exports to South Korea increased by 7.0% year-on-year (-0.3% from January to September, -1.8% for the whole of last year); exports to Japan increased by 1.8% year-on-year (4.4% from January to September, -3.5% for the whole of last year) [2][5]. - In September, China's exports to countries and regions other than the top five export destinations increased by 16.5% year-on-year, faster than the overall export growth rate of 8.3% [2][5]. - In the first nine months of this year, China's exports to countries participating in the Belt and Road Initiative increased by 11.4% year-on-year; exports to Africa from January to September increased by 28.3% year-on-year, compared with a 3.5% increase for the whole of 2024; exports to Latin America from January to September increased by 6.9% year-on-year, compared with a 13.0% increase for the whole of 2024 [2][5]. Group 3: Export by Product Category - In the first nine months, China's exports of mechanical and electrical products reached $1.55 trillion, a year-on-year increase of 8.6% (8.1% from January to August, 7.5% for the whole of last year); high-tech product exports increased by 7.1% year-on-year (6.4% from January to August, 4.8% for the whole of last year); integrated circuit exports increased by 23.3% year-on-year (22.1% from January to August, 17.4% for the whole of last year); exports of automobiles (including chassis) increased by 10.8% year-on-year (10.8% from January to August, 15.5% for the whole of last year); exports of ships increased by 21.4% year-on-year (18.3% from January to August, 57.3% for the whole of last year) [2][8]. - In the first nine months, exports of household appliances decreased by 2.2% year-on-year (-1.2% from January to August, 14.1% for the whole of last year); exports of mobile phones decreased by 9.8% year-on-year (-11.5% from January to August, -3.1% for the whole of last year); exports of clothing and clothing accessories decreased by 2.5% year-on-year (-1.7% from January to August, 0.3% for the whole of last year); exports of toys decreased by 8.3% year-on-year (-5.2% from January to August, -1.7% for the whole of last year); exports of furniture and parts decreased by 4.8% year-on-year (-5.3% from January to August, 5.8% for the whole of last year); exports of luggage and similar containers decreased by 11.5% year-on-year (-11.5% from January to August, -3.2% for the whole of last year) [2][8]. Group 4: Import Performance - In September, China's imports exceeded expectations. The import of integrated circuits was 55.5 billion units, a year-on-year increase of 12%, with an amount of $41 billion, a year-on-year increase of 14%; the import of copper ore concentrates was 2.59 million tons, a year-on-year increase of 6%, and the amount spent was $7.3 billion, a year-on-year increase of 24% due to the year-on-year increase in copper prices; the import of iron ore concentrates was 116 million tons, a year-on-year increase of 12%, and the amount spent was $11.3 billion, a year-on-year increase of 13% as the price was slightly higher than the same period last year; the import of crude oil was 47.25 million tons, a year-on-year increase of 4%, and the amount spent was $23.8 billion, a year-on-year decrease of 7% as the crude oil price fell compared with the same period last year; the import of automobiles (including chassis) was 41,000 units, a year-on-year decrease of 26%, and the amount spent was $2 billion, a year-on-year decrease of 36% [3][9][10]. - In September, the largest year-on-year increase in imports was for aircraft with an empty weight of more than 2 tons. 27 were imported, a year-on-year increase of 93%, and the amount spent was $2 billion, a year-on-year increase of 201% [10]. Group 5: International Trade Environment and Outlook - In September, South Korea's exports increased by 12.7% year-on-year (1.3% in August), and Vietnam's exports increased by 24.7% year-on-year (14.5% in August), indicating that the overall international trade environment in September was good [3][11]. - In September, the eurozone's manufacturing Purchasing Managers' Index (PMI) was 49.5, falling below the boom - bust line again, indicating that the eurozone's manufacturing industry was in recession; the US ISM manufacturing PMI new orders index in September was 48.9, falling back below the boom - bust line, and the US ISM services PMI index in September was 50.0 [3][11]. - In the fourth quarter, China's year-on-year export growth rate is expected to slow down due to the high base last year, and the results of a new round of Sino - US trade negotiations will also have a certain impact on China's exports [3][11]. - The World Trade Organization raised its forecast for global goods trade growth in 2025 from 0.9% to 2.4% on October 7, and significantly lowered its forecast for global goods trade growth in 2026 to 0.5%, compared with 1.8% in August [11].