11月进出口点评：全球资本开支仍是出口主线

Group 1: Export Performance - In November, exports saw a significant year-on-year increase of 5.9%, rebounding from a previous decline of -1.1%[6] - Exports to the US decreased by 28.6% year-on-year, indicating ongoing weakness in consumer goods exports[6] - Non-US regions showed resilience in import demand, particularly in capital goods, which outperformed consumer goods[6] Group 2: Market Dynamics - The demand for investment-related equipment remains a core driver of export recovery, especially in non-US markets[6] - The AI-related processing trade chain between China and other Asian regions continues to boost exports, with significant increases in integrated circuit exports[6] - The reduction of tariffs on fentanyl by the US has not diminished the confidence of Chinese manufacturers in expanding overseas[6] Group 3: EU Export Trends - Exports to the EU surged by 14.8% year-on-year in November, marking the highest growth rate for the year[6] - The sustainability of this growth is uncertain, as it may be driven by preemptive imports ahead of the upcoming carbon tax legislation in January 2026[6] - Overall, the export structure remains unchanged, with limited recovery expected in consumer goods exports until the end of Q1 next year[6]