（原标题：泰国货运商对出口增长5%持乐观态度） 他周五表示，船运协会仍然相信，由于第一季度和第二季度的强劲增长， 今年出口额仍将实现3%至5%的增幅；这些增长足以抵消下半年出口增速的放 缓。 然而，各会员企业正在密切关注几项可能影响今年剩余时间以及2026年出 口状况的风险因素。主要问题在于美国的关税政策，这些关税正在加剧全球经 济的不确定性，同时也暴露了全球贸易体系的脆弱性。其他值得关注的问题包 括泰铢的升值、小型企业难以获得信贷支持、用于出口生产的原材料短缺，以 及产品被绕过相关监管措施进行销售的情况。 据曼谷邮报10月11日报道,泰国全国船运协会（TNSC）相信，尽管今年最 后一个季度的出口增速可能会放缓，但该国的出口总额仍有望实现5%的增 长。 主席达纳科恩表示，今年前八个月，泰国出口总额同比增长了13.3%，达 到2232亿美元；进口额则增长了11.3%，达到了2249亿美元。 ...

据泰媒报道，泰商业部新闻发言人蓬蓬表示，8月份泰国出口额277亿美元，增长5.8%，连续14个月增 长，1-8月增长13.3%，不包括石油、黄金和军事装备。美国实施对等关税后，增速放缓，大多数进口商 放缓进口。但电子和电器仍增长。大米、橡胶和木薯等农产品面临价格竞争压力。 其中，农产品及加工农产品下降11%，工业产品增长11%。对美出口增长13%，连续23个月增长，主要 是计算机及相关设备、电话通讯设备及零部件、电力变压器及零部件。下降的主要有半导体、橡胶制 品、珠宝。1-8月对美出口增长28%。 对华增长6%，增长的主要产品有计算机及相关设备、电路板、铜及铜产品。下滑的主要有水果、化学 品、塑料颗粒。1-8月对华出口增长18%。 预计全年出口仍保持增长。美国与多个国家达成了低于原先水平的对等关税税率，人们对关税的担忧有 所缓解。泰国关税水平与本地区其他国家相近。但此前的预防性进口和目前的需求疲软，预计将减缓出 口速度。持续的边境贸易障碍、印度大米出口加速、美国经济放缓、泰铢快速增值将继续给泰国今年出 口造成压力。泰商业部将加快推进贸易协议谈判、拓展新的出口市场，确保出口增长。 ...

Core Insights - Vietnam's total exports to the United States reached $99.05 billion by the end of August, marking a year-on-year increase of 26.4%, solidifying the U.S. as Vietnam's largest export market [1] Export Performance - The top ten exported goods to the U.S. include: - Computers, electronic products, and accessories: $26.1 billion, up 67.7% year-on-year [1] - Machinery, equipment, tools, and accessories: $15.19 billion, up 15.2% year-on-year [1] - Textiles: $12.07 billion, up 11.8% year-on-year [1] - Mobile phones and accessories: $7.53 billion, up 2.9% year-on-year [1] - Wood and wood products: $6.2 billion, up 7.6% year-on-year [1] - Footwear: $6.07 billion, up 8.6% year-on-year [1] - Toys and sports equipment: $3.74 billion, up 228.1% year-on-year [1] - Plastic products: $2.45 billion, up 28.3% year-on-year [1] - Transport vehicles and accessories: $2.34 billion, up 7.8% year-on-year [1] - Aquatic products: $1.24 billion, up 6.9% year-on-year [1]

Core Insights - Chile's export value declined again in August, but lithium exports saw their first increase in over two years [1] Export Performance - Total merchandise exports in August amounted to $7.86 billion, a decrease of 1.7% compared to the same month in 2024, marking the lowest level since September of the previous year [1] - Mining exports fell by 1.9% year-on-year to $4.6 billion, with copper exports decreasing by 2.2% to $4.2 billion [1] - Lithium exports increased by 2.4% to $145 million, representing the first growth since March 2023 [1] - Agricultural, forestry, and fishing exports rose by 19.1% to $462 million, while industrial exports declined by 4.2% to $2.8 billion [1] Import and Trade Balance - Total imports grew by 1.6% to $7.48 billion [1] - Chile's trade surplus in August was $906 million, a year-on-year decrease of 24.7% [1]

Group 1 - Vietnam's consumer prices increased by 3.24% year-on-year in August, lower than the forecast of 3.70% [1] - Exports from Vietnam grew by 14.5% year-on-year in August [1] - Imports into Vietnam rose by 17.7% year-on-year in August [1]

Group 1 - Vietnam's consumer prices increased by 3.24% year-on-year in August, lower than the forecast of 3.70% [1] - Vietnam's exports grew by 14.5% year-on-year in August [1] - Vietnam's imports rose by 17.7% year-on-year in August [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Views - The company is expected to benefit from both export growth and domestic demand, with a projected increase in profits due to cost reduction and efficiency improvements [3] - The company’s heavy truck sales in the first half of 2025 outperformed the industry, with a year-on-year increase of 14.8% [10] - The gross margin for Q2 2025 showed a year-on-year increase, indicating improved profitability [10] Financial Performance Summary - Total revenue for 2023 is projected at 42,070 million RMB, with a year-on-year growth of 45.96% [1] - The net profit attributable to the parent company for 2023 is expected to be 1,080 million RMB, reflecting a significant year-on-year increase of 405.52% [1] - The earnings per share (EPS) for 2023 is estimated at 0.92 RMB, with a price-to-earnings (P/E) ratio of 20.05 [1] Sales and Profitability Insights - The company achieved a revenue of 132.5 billion RMB in Q2 2025, with a year-on-year growth of 2.2% [10] - The net profit for Q2 2025 was 3.58 billion RMB, marking a year-on-year increase of 4.0% [10] - The gross margin for Q2 2025 was reported at 7.94%, showing a recovery compared to previous quarters [10] Future Projections - The forecast for net profit attributable to the parent company for 2025 is adjusted to 16.58 billion RMB, with corresponding P/E ratios of 13.07 for 2025 [3] - The company anticipates domestic sales to reach 700,000 units or more in 2025, representing a year-on-year increase of over 16% [3]

Core Insights - Thailand's exports grew by 11% year-on-year in July, marking the 13th consecutive month of growth [1] - The export value reached $28.5 billion in July, while imports increased by 5.1% to $28.2 billion, resulting in a trade surplus of $322.1 million [1] - Strong global import demand prior to the expiration of U.S. tariff exemptions in August has driven continued export growth [1] Export and Import Performance - In the first seven months of the year, exports increased by 14.4% to $195.4 billion, and imports rose by 10.6% to $195.1 billion, yielding a trade surplus of $259.9 million [1] - Exports to major markets in July saw significant growth: 31.4% to the U.S., 23.1% to China, 7.1% to Japan, and 6.6% to the EU [1] - Exports to ASEAN countries grew by 5.6%, while Cambodia, Laos, Myanmar, and Vietnam saw a growth rate of 1.9% [1] Future Outlook - Although exports are expected to slow down in August and the remainder of the year, there remains an optimistic outlook [1] - If the average monthly export value stays between $22 billion and $23 billion, Thailand can achieve its export growth target of 2% to 3% for the year [1] - Potential risks for exports in the second half of the year include trade disruptions with Cambodia, restrictions on truck transport in Myanmar, and inventory levels in importing countries [1]

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the **Chinese economy** and its current challenges, particularly focusing on the economic performance in July 2025 and projections for the remainder of the year [1][21]. Core Insights and Arguments 1. **Economic Slowdown**: In July, domestic growth momentum weakened significantly, with retail sales growth slowing to **3.7%** year-on-year, below market expectations [1][5]. 2. **Investment Decline**: Overall fixed asset investment decreased by **5.2%** year-on-year, with both infrastructure and manufacturing investments declining [1][10]. 3. **Real Estate Market**: Real estate activities continued to decline, with sales down **7.8%** year-on-year and new construction area down **15.4%** [6][26]. 4. **Industrial Production**: Industrial production growth fell to **5.7%** year-on-year, indicating a slowdown in manufacturing output [1][12]. 5. **Export Recovery**: Despite a decline in exports to the US, overall export growth improved to **7.2%** year-on-year, supported by lower base effects [1][11]. 6. **Inflation Metrics**: The Consumer Price Index (CPI) growth rate fell to **0%**, while the Producer Price Index (PPI) dropped by **3.6%** year-on-year [1][17]. 7. **Credit Market**: July saw a contraction in new RMB loans for the first time in 20 years, with a reduction of **500 billion RMB**, indicating weak credit demand [1][18]. Additional Important Insights 1. **Policy Measures**: The government has introduced several support measures, including childcare subsidies and consumer loan interest subsidies, but the scale of these measures is expected to be moderate [3][32]. 2. **Future Challenges**: The economic outlook remains cautious, with expectations of continued challenges in the real estate sector and consumer spending due to weak income growth and consumer confidence [2][27]. 3. **Trade Relations**: Ongoing US-China trade negotiations are expected to prolong tariff uncertainties, which may negatively impact export growth in the coming months [22][24]. 4. **Government Stimulus**: Potential fiscal stimulus measures may be introduced in Q3 or Q4, depending on economic data trends, with a baseline GDP growth forecast of **4.7%** for 2025 [3][32]. This summary encapsulates the key points discussed in the conference call, highlighting the current state of the Chinese economy, the challenges it faces, and the government's response to these challenges.

Group 1 - The core point of the article is that South Korea's exports have shown a strong increase due to robust demand in the semiconductor and automotive sectors, with a year-on-year growth of 7.6% in the first 20 days of August, reaching $35.5 billion [1][3] Group 2 - The average daily export amount also increased by 7.6% compared to the same period last year, with 14.5 working days during this timeframe remaining unchanged from the previous year [3] - Imports rose by 0.4% year-on-year, totaling $34.7 billion, resulting in a trade surplus of $800 million [3] Group 3 - Semiconductor exports amounted to $8.71 billion, marking a significant year-on-year increase of 29.5%, accounting for 24.5% of total exports in the first 20 days of August, which is an increase of 4.2 percentage points from the previous year [3] - Automotive exports grew by 21.7% to $2.77 billion, while ship exports increased by 28.9% to $2.3 billion [3] Group 4 - Exports to the United States decreased by 2.7% to $5.03 billion, influenced by the Trump tariffs [3] - Conversely, exports to China, South Korea's largest trading partner, increased by 2.7% to $6.99 billion [3]