瑞银：中国工业-追踪美国对华关税变动下的贸易流向

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The report highlights the impact of changing US tariffs on trade flows with China, focusing on shipping, shipbuilding, ports, and land transportation [2] - Container throughput at key ports in China showed better-than-expected performance, with increases of 7% and 6% year-over-year for weeks 20 and 21 respectively [3][6] - The shipping rate between China and the US increased by 7% week-over-week, indicating a busy international freight market [4] - Vietnam and South Korea experienced strong export growth, with Vietnam's exports rising by 15% year-over-year in early May and South Korea's exports increasing by 20% year-over-year [3][18] Summary by Sections Trade Flows - The report tracks trade flows amid high US tariffs on China, gathering data from various sources to present recent trends [2] - Container throughput at China's key ports increased by 4% week-over-week and 6% year-over-year last week [6][7] Shipping Rates - The spot container freight rate between China and the US rose by 7% week-over-week, with specific increases of 6% on the West Coast and 5% on the East Coast [4] - The number of international freight flights increased by 3% week-over-week and 22% year-over-year last week [32] Sector Observations - The operating rate of China's vehicle tyre makers remained flat week-over-week but decreased by 1 percentage point year-over-year [28] - Polyester makers in China saw a notable recovery in operating profit, increasing by Rmb64 per ton week-over-week, although they still reported a loss of Rmb46 per ton [5][34]