海 外 征 伐 ， 户 储 军 团 的 崛 起 户用储能（即家庭储能系统） ，是一种针对家庭用户的模块化能源存储装置，可以帮助家庭实现能源自给、降低电费支出，并提升用电可靠 性。 户用储能市场是一个典型的 外向型市场 ，主要集中在高电价的国家，在欧洲、美国、日本、澳大利亚等发达市场已然成熟，并正逐步向东南 亚、非洲、南美等新兴区域拓展。 依托完善的光伏与储能产业链， 一批中国户储品牌凭借产品力与渠道力成功出海， 奠定了自身的市场地位。从2025年上半年业绩看，这支"海 外军团"依然表现亮眼： 派能科技 ，上半年营收11.49亿元，同比增加33.75%，产品销售量达1328MWh，同比增长132.57%。 文 | 中关村储能产业技术联盟 在能源转型的十字路口，一批凭借海外户储市场崭露头角的中国储能企业，正面临一道关乎未来命运的战略选择题。 当海外市场从蓝海变为红海，当国内储能商业模式逐步跑通，是继续深耕熟悉的海外战场，还是也要争夺国内已成规模的储能大市场？ 固德威 ，上半年营收40.86亿元，同比增长29.80%。逆变器销量约为39.95万台，其中储能逆变器销量约为3.32万台，占比约8.31%。 德业股份 ， ...

前言： 家人们爆大瓜了！今年以来，特朗普政府掀起的关税风暴让全球贸易市场风声鹤唳。美国对中国出口商 品的关税税率一度飙升至125%，冲突烈度远超上一轮贸易摩擦。 就在外界担忧中国出口会遭受重创时，数据给出了意外答案：上半年中国货物出口占全球份额升至 14.2%，创下历史同期新高。 在如此严峻的外部环境下，中国出口为何能保持强劲韧性？这背后既有市场布局和产业升级的硬支撑， 也暗藏着需要警惕的隐忧。 市场多元化：对冲美国关税冲击的关键 上一轮中美贸易冲突爆发时，中国对美出口依赖度还在20%左右，而现在这一比例已经降至10%上下。 依赖度的下降，让本轮关税冲击的影响大幅缓解。 欧洲市场也带来了惊喜。受需求回暖以及中欧合作加深的影响，前10个月中国对欧盟出口增长7.5%， 拉动整体出口增速1.1个百分点，比上年同期多贡献0.8个百分点。 这些数据清晰表明，中国出口已经摆脱了对美国市场的过度依赖，形成了多点开花的格局，这也是抵御 外部贸易政策冲击的重要底气。 商品结构升级：制造业竞争力的硬核支撑 今年前10个月，中国对美出口累计降幅高达17.8%，连续七个月保持两位数下滑，仅这一项就拖累整体 出口增速2.6个百分点。 ...

Core Viewpoint - Despite significant pressure from increased tariffs and geopolitical uncertainties, China's overall export growth has exceeded market expectations, showcasing remarkable resilience in the face of challenges [2][3]. Group 1: China's Export Resilience - In the first three quarters of 2025, China's total export reached $2.8 trillion, a year-on-year increase of 6.1%, marking the highest level for the same period in nearly three years [2][3]. - The net export of goods and services contributed 1.5 percentage points to GDP growth, the second-highest in nearly a decade, only behind the recovery period of 2021 [2]. Group 2: Market Diversification and Structural Upgrading - Exports to non-U.S. markets have shown significant growth, compensating for the decline in exports to the U.S. [5][6]. - In the first three quarters of 2025, exports to Africa, ASEAN, India, the UK, the EU, Latin America, and Canada grew by 28.3%, 14.7%, 12.9%, 8.7%, 8.2%, 6.9%, and 5.1% respectively, collectively contributing approximately 6.3 percentage points to overall export growth [5][6]. Group 3: Changes in Export Structure - The share of intermediate goods in total exports increased from 41.7% in 2017 to 47.4% in the first three quarters of 2025, while the share of consumer goods decreased from 37.2% to 32.5% [9][10]. - Intermediate goods and capital goods have become the main drivers of overall export growth, with intermediate goods exports growing by 10.2% year-on-year in the first three quarters of 2025 [9][11]. Group 4: Trade Relations with Major Economies - The trade relationship with developed economies like the U.S. and EU is shifting from complementarity to a mix of competition and cooperation, with China's exports to these regions facing pressure [12][13]. - Despite challenges, there remains potential for growth in high-value intermediate and capital goods exports to developed economies, as China's competitiveness in high-tech sectors continues to improve [14][15]. Group 5: Emerging Markets as Growth Drivers - Emerging markets, particularly in Africa, are becoming significant growth markets for Chinese exports, with a shift in the export structure from consumer goods to capital and intermediate goods [19][20]. - China's exports to Africa have increased from 4.2% to 5% of total exports from 2017 to 2024, with capital goods' share rising from 17.4% to 24% during the same period [19][20].

Summary of Key Points from Conference Call Industry Overview - The conference call discusses the performance of China's export and import data for October 2025, as well as the challenges faced by the real estate market in China. Export Data - In October 2025, China's export growth rate declined to -6.4%, influenced by fewer working days due to the Mid-Autumn Festival and National Day holidays, a high base effect from the previous year (12.6%), and a divergence in foreign trade demand [1][2] - Cumulative export growth from January to October 2025 was 5.3%, with optimistic projections suggesting a maximum annual growth rate of 5.7% and a neutral expectation of around 5.2% [1][5] - Exports to various regions showed a decline: ASEAN from 15.6% to 11%, Africa from 56.4% to 10.6%, and Latin America from 15.2% to 2.1% [1][3] Import Data - In October 2025, the import growth rate significantly dropped to 1%, down from 7.4% in September, primarily due to insufficient domestic demand [6] - Key imports included integrated circuits and automobiles, with integrated circuit imports decreasing from 32.7% to 26.9% and automobile imports increasing from 10.9% to 34% [7][8] Real Estate Market Challenges - The real estate market is facing challenges with declining sales area, average prices, and investment amounts, leading to increased financial pressure on real estate companies [10][11] - Sales data showed a downward trend across all regions, with significant declines in domestic loans, deposits, and personal mortgage loans [11][14] - The market remains cautious, requiring effective policy support to alleviate financial pressures on real estate firms [14] Future Outlook - For 2026, despite risks such as inventory buildup and trade policy uncertainties, China's export growth is expected to remain resilient at approximately 4.4% [9] - The focus of the 15th Five-Year Plan for real estate development emphasizes high-quality growth, improving housing supply, and enhancing regulatory frameworks for pre-sale systems [12]

Group 1: Export Performance - In the first three quarters of 2025, China's total export value reached $2.8 trillion, with a year-on-year growth of 6.1%, the highest level in three years[18] - Despite a 16.9% decline in exports to the US, overall export growth was supported by significant increases in non-US markets, contributing approximately 6.3 percentage points to total export growth[3][22] - Exports to emerging markets such as Africa and ASEAN grew by 28.3% and 14.7%, respectively, effectively offsetting declines in exports to the US[3][4] Group 2: Export Structure and Dynamics - Intermediate goods and capital goods have become the main drivers of overall export growth, with intermediate goods exports increasing by 10.2% and contributing 4.7 percentage points to total exports[5][37] - The share of intermediate goods in total exports rose from 41.7% in 2017 to 47.4% in 2025, while the share of consumer goods fell from 37.2% to 32.5%[36][37] - Consumer goods exports faced pressure, growing only by 0.2%, primarily due to competition from low-cost economies and ongoing trade frictions[5][40] Group 3: Trade Relations and Future Outlook - China's export relationship with developed economies like the US and EU is shifting from complementarity to a mix of competition and cooperation, with the share of exports to these regions declining from 35.4% in 2017 to 29.1% in 2024[42][46] - The export growth to ASEAN and other developing economies is expected to continue, driven by local manufacturing capabilities and increasing demand for intermediate and capital goods[47][49] - Future export growth is projected to stabilize at around 4% to 5%, supported by a complete industrial system and significant upgrading potential[56]

Core Insights - China's total goods trade import and export value reached 37.31 trillion yuan in the first ten months of 2025, showing a year-on-year growth of 3.6%, with a slight decrease of 0.4 percentage points compared to the first nine months [1] - Exports demonstrated strong momentum, with a total of 22.12 trillion yuan, up 6.2% year-on-year, driven primarily by electromechanical products, which grew by 8.7% [1] - The private sector played a significant role, with imports and exports amounting to 21.28 trillion yuan, a 7.2% increase year-on-year, accounting for 57% of the total foreign trade [1][2] Trade Partners and Market Dynamics - ASEAN remained China's largest trading partner, with a trade value of 6.18 trillion yuan, up 9.1% year-on-year, representing 16.6% of China's total foreign trade [2] - The EU and the US were the second and third largest trading partners, with trade growth of 4.9% and a decline of 15.9%, respectively [2] - Trade with Belt and Road Initiative countries totaled 19.28 trillion yuan, reflecting a growth of 5.9% [2] Supply and Demand Factors - The resilience of China's foreign trade is attributed to both supply and demand factors, with new production capabilities and innovative products emerging from the manufacturing sector [2] - Global consumer demand for diverse and high-quality products continues to rise, particularly benefiting from the deepening cooperation under the Belt and Road Initiative [2] Policy and Future Outlook - The "14th Five-Year Plan" emphasizes market diversification and the integration of domestic and foreign trade, alongside the recent signing of the upgraded China-ASEAN Free Trade Area 3.0 protocol [3] - New policies from the Ministry of Commerce and the State Administration of Foreign Exchange aim to promote trade innovation and international cooperation, supporting stable future development of foreign trade [3]

Core Insights - Hong Kong Stock Exchange (HKEX) reported record-high total revenue and net profit for the first three quarters of the year, with total revenue reaching HKD 21.851 billion, a 37% year-on-year increase, and net profit at HKD 13.419 billion, up 45% year-on-year [1][2] Group 1: Financial Performance - In Q3, HKEX's revenue was HKD 7.775 billion, reflecting a 45% year-on-year increase, while net profit was HKD 4.9 billion, up 56% year-on-year [1] - Average daily trading volume for the first three quarters reached HKD 256.4 billion, a 126% increase year-on-year, significantly contributing to the rise in trading and settlement fees [1] - Revenue from equity securities trading fees was HKD 4.193 billion, more than double the amount from the same period last year [1] Group 2: Market Activity - The average daily trading volume for the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect reached RMB 206.4 billion and HKD 125.9 billion respectively, both marking record highs for the first three quarters, with year-on-year increases of 67% and 229% [2] - Total revenue from the Stock Connect program rose to HKD 3.225 billion, an 81.18% increase year-on-year [2] - The derivatives market saw average daily trading volume for warrants and structured products reach HKD 17.7 billion, a 67% year-on-year increase [2] Group 3: New Listings and Capital Raising - The number of new stock listing applications surged, with 297 applications pending as of the end of Q3, more than three times the 84 applications expected by the end of 2024 [2] - HKEX ranked first globally in new stock fundraising for the first three quarters of 2025, with 69 companies listed and total fundraising amounting to HKD 188.3 billion, over three times the amount from the same period last year [2] - The total amount raised from follow-on offerings after listing reached HKD 457.2 billion, more than double the amount from the same period last year, marking the highest level since 2021 [2] Group 4: Strategic Developments - HKEX is actively optimizing mechanisms and responding to investor demands, with ongoing strategic reforms aimed at enhancing market diversification, liquidity, and global connectivity [3] - Analysts express optimism about HKEX's future performance, highlighting its core trading business and capital-raising capabilities as indicators of resilience and vitality as an international financial hub [3] - Continuous attention to international regulatory changes and compliance governance is essential for HKEX to maintain its competitive edge [3]

Core Insights - Hong Kong Stock Exchange (HKEX) reported record high revenue and profit for the first three quarters of 2025, with total revenue and other income reaching HKD 21.851 billion, a 37% increase compared to the same period in 2024, and shareholder profit rising to HKD 13.419 billion, up 45% year-on-year [1] Group 1: Financial Performance - Total revenue and other income for the first three quarters of 2025 was HKD 21.851 billion, a 37% increase from HKD 15.973 billion in 2024 [1] - Shareholder profit for the same period reached HKD 13.419 billion, reflecting a 45% increase from HKD 9.253 billion in 2024 [1] - Average daily trading volume in the cash market reached HKD 256.4 billion, more than double the amount in the first three quarters of 2024 [1] Group 2: Market Activity - The average daily trading volume for the third quarter of 2025 hit a record high of HKD 286.4 billion, more than double that of the third quarter of 2024 [1] - In September 2025, the average daily trading volume exceeded HKD 300 billion for the first time, reaching HKD 316.7 billion [1] - The average daily trading volume for the first three quarters of 2025 was HKD 256.4 billion, a 126% increase compared to the same period in 2024 [1] Group 3: Stock Connect and IPOs - The average daily trading volume for the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect reached historical highs, with average daily trading amounts of RMB 206.4 billion and RMB 125.9 billion, respectively, representing increases of 67% and 229% year-on-year [2] - The total fundraising amount from IPOs in Hong Kong reached HKD 188.3 billion, more than three times that of the first three quarters of 2024, with 69 companies listed during this period [2] - HKEX's CEO emphasized the ongoing strategic reforms aimed at enhancing market diversification, liquidity, and global connectivity [2]

Group 1 - The core viewpoint of the article highlights that Hong Kong Exchanges and Clearing Limited (HKEX) reported a significant increase in revenue and profits for the third quarter of 2025, with total income and other gains reaching HKD 77.75 billion, a 45% year-on-year increase, marking the third consecutive quarter of record highs [2] - The main business revenue of HKEX rose by 54% year-on-year, driven by record trading volumes in the cash market, which led to increased trading and settlement fees [2] - The net investment income from the company's funds was HKD 2.54 billion, impacted by a decrease in fair value gains from externally managed investment funds and reduced returns from internally managed funds [2] Group 2 - Operating expenses increased by 8%, while the EBITDA profit margin improved to 81%, up 7 percentage points year-on-year [2] - Shareholder profit attributable to the company was HKD 49.00 billion, reflecting a 56% year-on-year increase [2] - The CEO of HKEX, Charles Li, noted that the new stock market maintained a leading global position with numerous new stock applications across various thriving sectors, including technology [2][3] Group 3 - HKEX continues to advance strategic reforms aimed at enhancing market diversification, liquidity, and global connectivity [3] - The company is focused on seizing current opportunities to invest in building a diversified asset ecosystem, laying a solid foundation for the long-term development of Hong Kong's capital markets [3]

Core Viewpoint - The meeting between the leaders of China and the United States in Busan, South Korea, emphasizes the importance of strengthening economic and trade cooperation between the two countries, with a focus on mutual benefits for the business communities involved [1][3]. Group 1: Economic Cooperation - The Chinese and U.S. business communities are seen as the main force and beneficiaries of bilateral economic cooperation, forming a mutually beneficial interest community [3]. - The China Council for the Promotion of International Trade (CCPIT) has organized over 60 delegations from U.S. institutions and enterprises to visit China this year, indicating strong engagement [3]. - The number of U.S. exhibitors at the third Chain Expo increased by 15% compared to the previous year, highlighting growing interest in collaboration [3]. Group 2: Trade Statistics - In the first nine months of this year, the CCPIT issued 66,000 certificates of origin for exports to the U.S., and facilitated over 7,000 patent and trademark applications for U.S. applicants in China [3]. - From January to October, over 3,500 Chinese enterprises participated in more than 50 professional exhibitions in the U.S., covering various sectors such as electronics and textiles, with a total exhibition area exceeding 48,000 square meters [3]. Group 3: Market Diversification - China's trade with countries involved in the Belt and Road Initiative reached 17.37 trillion yuan, a 6.2% increase, accounting for 51.7% of total trade value [6]. - Trade with ASEAN, Latin America, Africa, and Central Asia saw increases of 9.6%, 3.9%, 19.5%, and 16.7% respectively [6]. Group 4: Regional Cooperation - The CCPIT is actively promoting trade cooperation with ASEAN countries, organizing over 152 exhibition projects with more than 5,000 participating enterprises this year [7]. - The 18th China-Latin America Entrepreneurs Summit will be held in Zhengzhou, focusing on cooperation in sectors such as mining, meat, and electronics [7]. Group 5: Upcoming Events - The 18th China-EU Investment Trade and Technology Cooperation Fair will be held in Chengdu, promoting collaboration in energy, digital technology, and biomedicine [8].