历史性突破！中国万亿顺差，巧妙“绕开”美国，强势扛起市场大旗

Core Insights - China's trade surplus reached a record $1.0758 trillion in the first 11 months of 2025, marking a historic achievement in global trade [1][3] - This impressive performance occurred despite rising U.S. tariffs and increasing global trade protectionism, indicating a significant transformation in China's foreign trade [3] Trade Partners and Market Dynamics - The U.S. trade volume with China fell by nearly 16.9%, with its share in China's total foreign trade dropping below 8.9%, highlighting China's resilience in achieving a trillion-dollar surplus [6] - ASEAN emerged as China's largest trading partner with a trade volume of nearly 7 trillion yuan, growing at 8.5%, followed by the EU with 5.37 trillion yuan and a growth rate of 5.4% [7] - Countries involved in the Belt and Road Initiative saw a total trade value exceeding 21 trillion yuan, with exports to these nations growing by 10.5% [10] Export Product Evolution - The main export products have shifted significantly towards electromechanical products, which accounted for over 60% of total exports, with a growth rate of 8.8% [16] - Notably, integrated circuit exports grew by over 25%, and automotive exports increased by nearly 20%, reflecting China's transition from a manufacturing powerhouse to a stronghold of intelligent manufacturing [16][21] - China's automotive exports are projected to exceed 6.8 million units in 2025, with a significant lead over Japan's exports [17] Logistics and Global Trade Infrastructure - The development of logistics has been crucial for foreign trade, with the China-Europe Railway Express expanding to 17 routes and operating over 1,000 trains annually [25] - The efficiency of this logistics network has improved dramatically, reducing transit times and costs, thus providing a stable alternative for global trade [29] Future Outlook - China's foreign trade growth rate has rebounded to 4.1%, with continuous growth in imports and exports for ten consecutive months [31] - Morgan Stanley predicts that China's share of global goods exports will rise from 15% to 16.5% by 2030, indicating a positive long-term trend [31] - The trade surplus is seen as a result of market diversification, industrial upgrading, and intelligent logistics, showcasing China's adaptability in the face of external pressures [32][34]