央视网消息：岁末年初，巨轮往来、装卸繁忙，中国多地港口货物、集装箱吞吐量持续刷新纪录。宁波舟山港成全球首个货物14亿 吨大港，山东青岛港提前15天年货物吞吐量累计突破7亿吨。数据的飞跃源于基础设施、智慧物流枢纽的加快升级和新兴市场航线加 速拓展等。中国外贸的韧性与活力，在沿海港口的繁忙景象中得到生动印证。 宁波舟山港连续17年蝉联全球第一 记者从宁波舟山港了解到，2025年，宁波舟山港货物吞吐量突破14亿吨，连续17年蝉联全球第一。年集装箱吞吐量超4300万标准 箱，居全球第三。 宁波舟山港集装箱航线300多条 连接全球700多个港口 宁波舟山港调度指挥中心主任罗科杰介绍，码头的开放能级也在逐步提升，穿山1号泊位实现国家级扩大开放，穿山港区实现了11个 泊位全域开放。 山东青岛港提前15天年货物吞吐量累计突破7亿吨 截至2025年底，宁波舟山港集装箱航线达309条，连接全球200多个国家和地区的700多个港口。每日迎送货轮近300艘次，2025年海 铁联运业务量超200万标准箱。 吞吐量的飞跃，源于基础设施的持续升级。中国北方第一大港山东青岛港2025年货物吞吐量累计突破7亿吨，提前15天达成。 开年首日，青 ...

"十四五"规划收官之年，人民网财经推出"承前启后看发展·数读2025经济答卷"系列图解，透过民间投资、科技创新、交通物 流外贸等核心数据，感受中国经济发展的强劲脉动。 本期聚焦我国前11个月外贸核心数据，带大家透过亮眼答卷，读懂今年以来，面对复杂严峻的外部环境，中国外贸逆势而 上，量稳质升，实现"10月连增"背后彰显的韧性与活力。 数读2025经济答卷 贸易结构继续优化 前 日十月 "新三样" 船舶 包括 在内的 机电产品是出口主力 同比增长 60.9% 8.8% ● 占同期我国出口总值 数法 数读2025经济答卷 "扬帆出海" 民营企业加速 我国外贸主力军 民营企业进出口23.52万亿元 同比增长7.1% 有进出口记录 的居营企业数量 同比增加 6.6万家 数读 /中国 数读2025经济答卷 外商投资企业进出口增长 外商投资企业 进出口12.07万亿元 同比增长 3.5% 29.3% 前 日个月 ( 民)2 18.7% 手游 - 拔美 5.6% 5.4% 欧盟 数读2025经济答卷 外贸多元化支撑明显 前1个月 我国与全球 1 1 0多个国家和地区 实现出口、进口同时增长 LL++ 来源：人民日报、海关总署 ...

面对多重压力，今年中国外贸依旧保持稳健增长，展现出超市场预期的韧性。官方数据显示，今年前11 个月，中国货物贸易进出口总值41.21万亿元人民币，同比增长3.6%。11月当月，进出口同比增速回升 至4.1%，连续10个月保持同比增长。这份沉甸甸的"成绩单"，不仅展现了中国经济的强大韧性与深厚底 蕴，也为稳定宏观经济大盘、促进全球贸易发展注入了宝贵的信心与动力。 乘风破浪，稳舵前行。只要持续发挥好综合竞争优势，用好改革开放关键一招，加速培育外贸新动能， 不断拓展国际合作新空间，中国外贸必将在高质量发展的航道上破浪前行，为巩固和增强经济回升向好 态势、推动世界经济发展贡献更为稳健的"中国力量"。(明月松) 规模稳中有进，向好基础持续巩固。观察外贸态势，既要看单月波动，更要察长期趋势。前11个月超41 万亿元的规模，是在去年同期高基数上实现的增长，彰显了我国外贸基本盘的稳固。连续10个月的同比 增长态势，特别是下半年以来增速的企稳回升，清晰表明中国外贸抵御风险、自我修复的能力不断增 强。这一稳健表现，根植于中国经济的固有优势：超大规模市场为内需韧性筑基，完整产业体系为供应 链韧性固本，强劲创新动能为科技韧性蓄势，显 ...

商务部新闻发言人何亚东称："下一步，我们将会同各地方、各相关部门落实好各项稳外贸政策，推动市场多元化，加强对企业开拓市场 的服务保障；拓展中间品贸易、绿色贸易，推动贸易创新发展；推动进出口平衡发展，持续打造'出口中国'这个品牌；提升贸易促进平台功 能，支持跨境电商、海外仓等新业态新模式发展，促进外贸提质增效。" 央视网消息：商务部11日召开例行新闻发布会，新闻发言人表示，面对复杂外部环境，中国外贸逆势而上。今年前11个月，我国货物进出 口总值同比增长3.6%，实现量稳质升。 商务部新闻发言人何亚东表示，当前，全球经贸领域的不确定不稳定因素显著增多，产供链深刻调整，这是包括中国在内的所有国家面临 的共同挑战。 ...

资格编号：S0120523070007 邮箱：tansy＠tebon.com.cn 证券研究报告 | 宏观点评 2025 年 12 月 9 日 [Table_Main] 宏观点评 证券分析师 程强 资格编号：S0120524010005 邮箱：chengqiang＠tebon.com.cn 薛威 资格编号：S0120523080002 邮箱：xuewei＠tebon.com.cn 谭诗吟 出口回暖，验证韧性 ——2025 年 11 月进出口数据点评 [Table_Summary] 投资要点： 核心观点：2025 年 11 月中国出口金额（美元计价）同比 5.9%，进口金额（美元 计价）同比+1.9%；按人民币计价，出口和进口金额同比分别为 5.7%与+1.7%； 均显著高于前值，我们认为外贸整体的回暖是欧洲与日韩市场需求修复叠加我国 强大的出口竞争力带来的结果，而连续正增的进口凸显内需韧性，高企的顺差凸显 我国的外贸竞争力。 一、对美经贸回落，难阻出口回暖，对欧与日韩出口显著回升 2025 年 11 月当月中国出口金额（美元计价）同比 5.9%，迅速扭转了上月转负的 状态，海外需求修复的背景下，我国产业出口竞 ...

央视网消息：海关总署12月8日对外公布，今年前11个月，中国货物贸易保持增长，进出口总值41.21万亿元，同比增长3.6%。 11月份，我国外贸增速回升，进出口3.9万亿元，同比增长4.1%。其中，出口2.35万亿元，增长5.7%；进口1.55万亿元，增长 1.7%。 海关总署统计分析司司长 吕大良：截至11月份，我国货物贸易进出口已经连续10个月保持同比增长。11月当月，进出口同比增 速回升，比上月加快了4个百分点。打开来看，当月出口、进口双增长，同比、环比双增长，我国外贸韧性和活力持续彰显。 据海关统计，今年前11个月，我国货物贸易进出口总值41.21万亿元，同比增长3.6%。其中，出口24.46万亿元，增长6.2%；进口 16.75万亿元，增长0.2%。对共建"一带一路"国家进出口21.33万亿元，增长6%，占我国外贸总值的51.8%。我国民营企业进出口23.52 万亿元，同比增长7.1%。 ...

新华社权威快报 2025年11月 我国货物贸易进出口总值 3.9万亿元 同比增长 4.1% 比上月加快4个百分点 海关总署12月8日发布的最新数据显示，前11个月，我国货物贸易进出口总值41.21万亿元，同比增长3.6%。其中，出口 24.46万亿元，同比增长6.2%；进口16.75万亿元，同比增长0.2%。 11月份，我国货物贸易增速回升，进出口总值3.9万亿元，增长4.1%。其中，出口2.35万亿元，同比增长5.7%；进口1.55 万亿元，同比增长1.7%。 上海财经大学商学院讲席教授、中国式现代化研究院首席专家鲍晓华接受上海证券报记者采访时表示，前11个月，我国 外贸总体仍延续"稳中有进、结构优化"的态势。未来的外贸情况短期虽有压力，但中长期看，我国制造业体系完备、市 场空间广阔，只要政策保持连续性、针对性，我国外贸完全有条件保持在合理区间运行。 "面对全球经贸环境的复杂性，我国外贸韧性并非体现为单一规模的扩张，而是表现为市场、产品与经营主体的全方位升 级。"中国首席经济学家论坛理事陈雳对上海证券报记者说，整体而言，外贸增长正从"量"的驱动转向更可持续的"质"的 突破。 从贸易伙伴看，我国对东盟、欧盟进 ...

Core Insights - The 138th Canton Fair concluded successfully on November 4, showcasing the growth of China's foreign trade and manufacturing during the 14th Five-Year Plan period [1] - The event set 31 new records and attracted over 310,000 overseas buyers, highlighting significant business opportunities [1] - More than one million products with independent intellectual property rights were presented at this year's fair, indicating a strong emphasis on innovation and quality [1] Group 1 - The Canton Fair serves as a historical marker for the evolution of China's foreign trade [1] - The fair's success reflects the transformation of Chinese manufacturing and foreign trade towards higher quality and new directions [1] - The event's achievements include the creation of numerous business opportunities through extensive international participation [1]

Core Insights - The "14th Five-Year Plan" period is marked as a significant milestone for the development of trade promotion in China, with a total of 2,982 overseas exhibition projects organized and over 120,000 participating enterprises, contributing positively to foreign trade and international expansion of Chinese companies [1] - In the first nine months of this year, the trade promotion system issued 6.1532 million various certificates, a year-on-year increase of 17.64%, indicating robust growth in trade facilitation [1] - The RCEP certificates issued during the same period amounted to $7.08 billion, reflecting a 24.01% increase in value and a 25.57% increase in the number of certificates issued [1] Group 1 - The trade promotion system's issuance of certificates, including origin certificates and ATA carnets, has significantly increased, demonstrating the resilience and adaptability of Chinese foreign trade enterprises in a complex external environment [1] - The expansion of the "foreign trade circle" and the accumulation of new advantages and momentum are expected to provide strong support for the stable development of China's foreign trade in the next phase [1] - The Chinese and American business communities are seen as the main force in bilateral economic and trade cooperation, forming a mutually beneficial community of interests [1] Group 2 - In the first ten months, over 3,500 Chinese enterprises were guided to participate in more than 50 professional exhibitions in the U.S., covering various sectors such as electronics, textiles, and pharmaceuticals, with an exhibition area exceeding 48,000 square meters [2] - The trade promotion system issued 66,000 origin certificates for exports to the U.S. in the first nine months, indicating strong trade ties [2] - The trade promotion agency aims to leverage the outcomes of the upcoming summit between the two countries' leaders to enhance economic and trade exchanges and cooperation [2]

Core Insights - The 138th China Import and Export Fair (Canton Fair) is being held from October 15 to November 4, with a record total of 74,600 exhibition booths and over 32,000 participating companies, marking a historical high and attracting significant international attention [1][3]. Group 1: Participation and Economic Indicators - This year's fair has surpassed 32,000 participating companies, with over 10,000 high-tech and specialized enterprises, showcasing the resilience and vitality of China's foreign trade [3]. - China's foreign trade report for the first three quarters indicates an export growth rate exceeding 7%, maintaining growth for eight consecutive quarters, reflecting a solid economic foundation [3]. Group 2: Innovation and Product Development - The fair features over 1 million new products developed in the past year, nearly 1.1 million products with independent intellectual property rights, and around 800,000 products making their debut, highlighting the ongoing R&D strength of Chinese enterprises [5]. - The event serves as a crucial window for understanding the dynamics of China's manufacturing development, showcasing a complete industrial chain and robust innovation capabilities [5]. Group 3: Global Trade and Market Integration - The Canton Fair exemplifies China's comprehensive industrial chain and mature industrial support capabilities, acting as a one-stop trade platform for global buyers [7]. - The fair facilitates efficient connections between emerging and traditional market demands, injecting more certainty into global trade [7]. Group 4: Future Directions and Trade Ecosystem - The fair focuses on "new," "intelligent," and "green" development directions, aligning with the ongoing R&D and upgrade efforts of Chinese foreign trade enterprises [9]. - The integration of online and offline models at the fair breaks spatial and temporal limitations, creating a perpetual trade ecosystem that enhances the quality and efficiency of China's foreign trade [9].