Core Insights - China's import and export activities have maintained a level above 10 trillion yuan for nine consecutive quarters, indicating strong trade performance [1] - In the first half of this year, the total import and export value increased by over 600 billion yuan compared to the same period last year [1] Trade Performance - In June, the total import and export scale reached 3.85 trillion yuan, marking a 5.2% year-on-year growth, which is the second highest monthly trade volume in history [1] - Exports in June amounted to 2.34 trillion yuan, reflecting a growth rate of 7.2%, with notable increases in electronic components and ships [1] - Imports for June were recorded at 1.51 trillion yuan, showing a growth of 2.3%, with significant growth in automatic data processing equipment parts and dried/fresh fruits [1]

Group 1 - Canada's exports increased by 1.1% in May [1] - Imports in Canada decreased by 1.6% in May [1]

1. Report Industry Investment Rating - The investment rating for the shipping and port industry is "Positive" [2] 2. Core View of the Report - The overall performance of throughput is stable, so the "Positive" rating for the shipping and port sector is maintained [7] 3. Summary by Relevant Catalog 3.1 Overview: National Import - Export Volume and Cargo Throughput - **Import - Export Volume**: In May 2025, the national import - export volume reached 3.81 trillion yuan, a year - on - year increase of 2.75%. From January to May 2025, it reached 17.94 trillion yuan, a year - on - year increase of 2.5%. The import volume in May was 1.53 trillion yuan, a year - on - year decrease of 1.76%, and from January to May it was 7.28 trillion yuan, a year - on - year decrease of 3.8%. The export volume in May was 2.28 trillion yuan, a year - on - year increase of 6.04%, and from January to May it was 10.67 trillion yuan, a year - on - year increase of 7.2% [14] - **Cargo Throughput**: In May 2025, the cargo throughput of national coastal ports was 10.07 billion tons, a year - on - year increase of 3.65%. From January to May 2025, it was 47.10 billion tons, a year - on - year increase of 2.3%. The foreign - trade cargo throughput in May was 4.28 billion tons, a year - on - year increase of 1.27%, and from January to May it was 20.30 billion tons, a year - on - year increase of 1.5% [30] 3.2 Container: Container Shipping Freight Rates and Container Throughput - **Freight Rates**: On June 27, 2025, CCFI closed at 1369.34 points, a year - on - year decrease of 25.14% and a month - on - month increase of 2% compared to June 20, 2025. SCFI closed at 1861.51 points, a year - on - year decrease of 46.44% and a month - on - month decrease of 0.43% compared to June 20, 2025. The PDCI on June 20, 2025, was 1105 points, a year - on - year increase of 24.16% and a month - on - month decrease of 1.78% compared to June 13, 2025 [36][38] - **Throughput**: From January to May 2025, the container throughput of national coastal ports was 125.52 million TEUs, a year - on - year increase of 7.7% [42] 3.3 Liquid Bulk: Oil Shipping Freight Rates and Crude Oil Throughput - **Freight Rates**: On June 27, 2025, BDTI closed at 1002 points, a year - on - year decrease of 12.87% and a month - on - month decrease of 4.93% compared to June 20, 2025. BCTI closed at 613 points, a year - on - year decrease of 26.5% and a month - on - month decrease of 13.42% compared to June 20, 2025 [44] - **Crude Oil Import and Throughput**: From January to May 2025, the crude oil import volume was 230 million tons, a year - on - year increase of 0.3%. The throughput of major crude oil receiving port enterprises was 164 million tons, a year - on - year decrease of 7.15% [52][59] 3.4 Dry Bulk: Bulk Shipping Freight Rates and Iron Ore, Coal Throughput - **Freight Rates**: On June 27, 2025, BDI closed at 1521 points, a year - on - year decrease of 25.8% and a month - on - month decrease of 9.95% compared to June 20, 2025 [61] - **Iron Ore**: On June 25, 2025, the port iron ore inventory was 132 million tons, a year - on - year decrease of 6.86%. From January to May 2025, the iron ore throughput of major iron ore receiving port enterprises was 569 million tons, a year - on - year increase of 0.91% [63][67] - **Coal**: On June 27, 2025, the coal inventory in northern ports was 28 million tons, a year - on - year increase of 4.36%. From January to May 2025, the coal throughput of major northern coal - shipping port enterprises was 272 million tons, a year - on - year decrease of 4.19% [68][76] 3.5 Key Port Listed Companies' Monthly Throughput - **Performance**: In May 2025 and from January to May 2025, the cargo and container throughputs of companies such as Shanghai Port Group, Ningbo Port, China Merchants Port, Beibu Gulf Port, and Guangzhou Port are presented showing different growth rates [80]

Core Insights - Guangdong's import and export trade with Hong Kong reached 470.77 billion yuan in the first five months of 2024, representing a year-on-year growth of 7.8% [1] - The total trade volume of 1.14 trillion yuan in 2024 has increased 3.1 times since 1997, with an average annual growth rate of 5.3% [1] Trade Performance - Exports to Hong Kong amounted to 445.28 billion yuan, showing a growth of 6.7% compared to the same period last year [1] - Imports from Hong Kong were recorded at 25.49 billion yuan, which is a significant increase of 31.1% year-on-year [1] Comparative Growth - The growth rate of Guangdong's trade with Hong Kong outpaced the overall import and export growth rate of Guangdong by 3.8 percentage points [1]

Core Insights - Xi'an's total import and export value from January to May reached 190.96 billion yuan, with a year-on-year growth of 11.5%, surpassing the national growth rate by 9 percentage points [1] - Exports totaled 133.57 billion yuan, increasing by 16.2%, while imports were approximately 57.4 billion yuan, growing by 1.8% [1] Trade Composition - Processing trade accounted for 903.7 billion yuan, a slight increase of 0.2%, representing 47.3% of the total trade [1] - General trade saw a significant increase of 33.6%, totaling 721.8 billion yuan, making up 37.8% of the total [1] - Bonded logistics contributed 226.1 billion yuan, accounting for 11.8% of the total [1] Regional Trade Performance - Trade with ASEAN countries reached 32.69 billion yuan, up by 33.7% [1] - Trade with Taiwan surged by 71.3% to 24.41 billion yuan [1] - Trade with the EU increased by 39.5%, totaling 22.43 billion yuan [1] - Trade with Malaysia grew by 50.9%, reaching 17.27 billion yuan [1] - Trade with the US and Russia were 10.34 billion yuan and 8.96 billion yuan, respectively [1] Foreign Investment and Enterprise Performance - Foreign-invested enterprises in Xi'an had a total import and export value of 116.77 billion yuan, growing by 11.5% [2] - Private enterprises reported 63.6 billion yuan in trade, a growth of 3.8% [2] - State-owned enterprises saw a remarkable increase of 108.3%, totaling 9.96 billion yuan [2] Export Product Breakdown - Mechanical and electrical products accounted for 1,180.7 billion yuan in exports, representing 88.4% of total exports [2] - Integrated circuits exports were 51.39 billion yuan, growing by 8.3% [2] - Automotive exports increased by 49%, totaling 26.24 billion yuan [2] - "New three items" exports reached 27.43 billion yuan, with a growth of 34.6% [2] - Other notable exports included agricultural products at 1.82 billion yuan, steel at 2.66 billion yuan (up 572.8%), and plastic products at 770 million yuan (up 15.6%) [2]

Core Insights - The Yangtze River Delta region achieved an import and export value of 6.73 trillion yuan in the first five months of the year, representing a year-on-year growth of 5.2% and accounting for 37.5% of the national total [1] - Exports from the region reached 4.29 trillion yuan, with a year-on-year increase of 10.3%, while imports totaled 2.44 trillion yuan, showing a decline of 2.7% [1] Group 1: Trade Performance - In May alone, the region's import and export value was 1.44 trillion yuan, reflecting a year-on-year growth of 5.6% [1] - Exports in May were 915.93 billion yuan, up 7.7% year-on-year, while imports were 520.12 billion yuan, increasing by 2.1% [1] Group 2: Provincial Contributions - Jiangsu province had the largest foreign trade scale in the region, with a total import and export value of 2.33 trillion yuan, a growth of 5.3% year-on-year, making up 34.7% of the region's total [1] - Zhejiang province contributed 20.7% to the national export growth, with exports reaching 1.69 trillion yuan [1] - Anhui province saw a significant growth of 15.4% in its total import and export value, totaling 374.79 billion yuan, surpassing the national growth rate of 12.9% [1] - Shanghai maintained its position as an import hub, with imports nearing 1 trillion yuan, accounting for 40.7% of the region's total imports [1] Group 3: Private and Foreign Investment Enterprises - Private enterprises in the Yangtze River Delta accounted for 55.6% of the region's total import and export value, totaling 3.74 trillion yuan, with a year-on-year growth of 9.1% [2] - Foreign-invested enterprises had an import and export value of 2.41 trillion yuan, reflecting a growth of 1.6% [2] Group 4: Trade Partners - The region's trade with ASEAN and the EU reached 1.07 trillion yuan and 1.02 trillion yuan respectively, with year-on-year growth of 16.9% and 3.9% [2] - Trade with countries involved in the Belt and Road Initiative totaled 3.36 trillion yuan, marking a growth of 10.1% [2] Group 5: Export Products - The export of electromechanical products reached 2.56 trillion yuan, a year-on-year increase of 9.9%, making up 59.6% of the region's total exports [2] - Notable exports included integrated circuits at 211.16 billion yuan (up 19.3%), computers and components at 180.29 billion yuan (up 2.1%), and automobiles at 146.41 billion yuan (up 14%) [2] Group 6: Import Products - The import of electromechanical products was 979.33 billion yuan, a growth of 2.5%, constituting 40.1% of the region's total imports [3] - Key imports included integrated circuits at 324.34 billion yuan (up 2.7%) and computers and components at 64.8 billion yuan (up 29.9%) [3] - Imports of consumer goods such as meat, dairy, and cooking oil also saw significant growth [3] Group 7: Long-term Trade Growth - Since the elevation of the Yangtze River Delta integration development to a national strategy in November 2018, the cumulative foreign trade scale of the region has surpassed 100 trillion yuan, reaching 101.2 trillion yuan, showcasing strong resilience and vitality [3]

Group 1 - The total import and export volume of Shenzhen reached 1.78 trillion RMB in the first five months of the year, a year-on-year decrease of 1.9%, accounting for 9.9% of the national total [1] - Exports amounted to 1.06 trillion RMB, down 8.6% year-on-year, while imports increased to 716.63 billion RMB, up 10.1% [1] - Private enterprises contributed 1.23 trillion RMB to Shenzhen's total import and export volume, representing 69.5% of the total [1] Group 2 - The export of electromechanical products maintained a dominant position, totaling 793.69 billion RMB, a growth of 1.7%, making up 75% of Shenzhen's total exports [1] - The export of lithium batteries reached 28.87 billion RMB, a year-on-year increase of 33.1%, while electric vehicle exports were 11.18 billion RMB, up 16.7% [2] - Integrated circuits accounted for 310.72 billion RMB in imports, growing by 16.5%, while computer components surged to 144.05 billion RMB, a significant increase of 96.6% [2]

Core Insights - Shenzhen's total import and export value for the first five months of 2025 reached 1.78 trillion yuan, a year-on-year decrease of 1.9%, accounting for 9.9% of the national total [1][2] - Exports amounted to 1.06 trillion yuan, down 8.6%, while imports increased by 10.1% to 716.63 billion yuan [1][2] Import and Export Breakdown - Mechanical and electrical products remain the mainstay of Shenzhen's trade, with imports making up 82% and exports 75% of the total [1][2] - In the first five months, exports of mechanical and electrical products reached 793.69 billion yuan, a growth of 1.7%, with electronic components, computers and their parts, and audio-video equipment showing significant increases [1][2] - Notable exports included lithium batteries and electric vehicles, valued at 28.87 billion yuan and 11.18 billion yuan respectively, with growth rates of 33.1% and 16.7% [1][2] Import Details - Imports of mechanical and electrical products totaled 587.76 billion yuan, an increase of 18.8%, representing 82% of total imports [2] - Key components such as integrated circuits and computer parts saw substantial growth, with integrated circuits valued at 310.72 billion yuan (up 16.5%) and computer parts at 144.05 billion yuan (up 96.6%) [2] Trade Methods and Partners - General trade accounted for 54.1% of Shenzhen's total trade, with a value of 960.42 billion yuan, while bonded logistics and processing trade contributed 27.2% and 18.1% respectively [2] - Private enterprises dominated the trade landscape, with a total of 1.23 trillion yuan in imports and exports, nearly 70% of the total [2] - The top three trading partners for Shenzhen were ASEAN, Hong Kong, and Taiwan, with trade values of 290.46 billion yuan, 284.68 billion yuan, and 216.67 billion yuan respectively, showing growth rates of 7.8% and 41% [2]

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