对外贸易图谱2025年第30期：反内卷情绪收敛

External Demand - The expansion of tariffs on U.S. industries has led to a continued decline in shipping volumes from China to the U.S.[5] - The overall export performance is weakening, with container throughput significantly decreasing and the growth rate of container bookings from China to the U.S. declining by 15.6% year-on-year[19][33]. Internal Demand - Sales of new and second-hand homes are experiencing a widening decline, with new home sales in August showing a year-on-year drop that is expanding[8]. - The sales growth rate of passenger vehicles has also decreased, with retail and wholesale sales both falling in July[8]. - Despite the downturn in housing and automotive sales, summer tourism consumption remains strong, with box office revenues exceeding 7.7 billion yuan, significantly higher than the same period last year[8]. Commodity Prices - Gold and copper prices are rebounding, while oil prices are under pressure, reflecting a complex interplay of market factors[8]. - The average price of cement in China has increased, while the prices of rebar and glass have decreased[8]. Economic Indicators - The U.S. manufacturing new orders have decreased year-on-year, indicating a slowdown in industrial activity[8]. - The labor market in the U.S. is weakening, which is raising expectations for interest rate cuts[8].