川财证券：研究所晨报-20240918

Core Insights - The report highlights a significant increase in China's export growth rate, with a year-on-year increase of 4.6% from January to August 2024, which is an improvement of 0.6 percentage points compared to previous data [4][20][24] - In August 2024 alone, exports grew by 8.7% year-on-year, marking a substantial increase of 1.7 percentage points from the previous month [4][25] - The report attributes the strong export performance to several factors, including cyclical trends in the global semiconductor industry, weather-related delays in shipments, and geopolitical tensions leading to increased tariffs on Chinese goods [4][31] Export Performance - The total export value for the first eight months of 2024 reached $2.31 trillion, with transportation equipment and electronic products showing particularly high growth rates [20][30] - Specific growth rates for transportation equipment include a 77.3% increase in ship exports and a 20.0% increase in automobile exports [30] - The report notes that ASEAN remains China's largest trading partner, with exports to ASEAN totaling $378.38 billion, accounting for 16.3% of total exports [30] Future Outlook - The report anticipates that while external demand may slow and trade frictions could create short-term disturbances, China's export resilience is expected to continue due to effective foreign trade policies [4][31] - The report emphasizes the importance of maintaining a focus on low-valuation sectors with stable profitability as a strategic investment direction [5]