出口稳、价格升，稳信心扩需求仍有待增强

Export Performance - In October, China's export growth rate turned negative at -1.1% due to base effects, but the two-year compound growth rate remained resilient at 5.55%[11] - Exports to the US continued to decline, with a growth rate of -25.17%, although the decline was slightly narrowed by a 1.86 percentage point improvement from the previous value[13] - Exports to Japan showed a slight recovery, with a growth rate of -5.71%, attributed to Japan's high inflation and China's relative price advantage[14] Import Performance - In October, China's import growth rate was 1%, a significant drop of 6.4 percentage points from the previous value, and below market expectations of 3.91%[24] - The main contributors to import growth were positive contributions from the EU, Japan, Brazil, and Russia, while imports from the US and ASEAN had negative impacts[26] Inflation Trends - The Consumer Price Index (CPI) rose by 0.2% in October, recovering from negative growth, and was 0.25 percentage points higher than market expectations[28] - The core CPI increased by 1.2%, reflecting a 0.2 percentage point rise from the previous value, but remained below the five-year average of 0.94%[30] Producer Price Index (PPI) Insights - The PPI showed a year-on-year decline of -2.1% in October, which was better than the expected -2.3%, indicating a marginal recovery[36] - The divergence between PPI and PMI factory prices suggests a coexistence of policy support and insufficient market confidence[37] Future Outlook - China's export growth is expected to stabilize around 2% in 2026, influenced by strengthened cooperation with the EU and gradual stabilization of trade tensions with the US[27] - CPI is anticipated to continue its mild recovery due to improving consumption structure and supportive policies, while PPI is likely to remain low due to ongoing market challenges[45][46]