Group 1 - China's total goods trade import and export value reached 17.94 trillion yuan in the first five months of the year, with a year-on-year growth of 2.5%, accelerating by 0.1 percentage points compared to the first four months [3] - The export of equipment manufacturing products increased by 9.2% year-on-year, accounting for nearly 60% of total exports, contributing 73% to overall export growth [8] - The export of industrial robots, electric vehicles, ships, and engineering machinery saw significant growth rates of 55.4%, 19%, 18.9%, and 10.7% respectively [8] Group 2 - Following the high-level economic talks between China and the US, the growth rate of imports and exports accelerated, with a month-on-month increase of 2.7% and 6.3% in exports in May [6] - Companies like Zhongtong Bus have achieved remarkable overseas business results, signing contracts for 895 electric buses with Chile and winning large-scale public transport orders in Dubai [10] - The export of agricultural machinery from companies like Hunan Farmer Machinery Co., Ltd. has seen a 15% to 20% increase in orders from African countries compared to previous years [16] Group 3 - The trade volume with African countries reached a historical high for the same period, with exports to ASEAN and the EU growing by 9.1% and 2.9% respectively [14][15] - The external trade environment remains complex and uncertain, but the fundamental stability of China's foreign trade development has not changed [21]

6月9日是第十八个"世界认可日"。广东省2025年"世界认可日"暨市场监管部门支持外贸企业拓内销促进 内外贸一体化发展宣传活动在广州举行。广东省市场监督管理局推出17项支持外贸企业拓内销工作措 施，现场开展帮扶政策解读及服务资源对接。 活动现场还发起成立广东省内外贸检测认证一体化服务联盟，8家认证机构联合发布出口转内销产品强 制性产品认证绿色通道服务承诺。 17项具体工作举措支持外贸企业拓内销 威凯认证检测有限公司有关负责人表示，近年来，该公司以"技术走出去"加快国际化发展进程，深度参 与海湾地区家电能效标准和合格评定制度建设。威凯在阿联酋成立的威凯海湾公司累计为美的、海信、 奥马、夏宝等企业颁发500多张海湾地区能效证书，能效认定周期与中东其他国家相比，从一到两个月 缩短至两周内，降低了企业年度确认的成本200多万元人民币。 102个产品通过"同线同标同质"第三方评价认定或自我声明 据现场消息，近年来，省市场监管局充分发挥市场监管部门职能作用，大力推进内外贸检测认证一体化 服务行动，服务构建"双循环"新发展格局。 在着力提升内外贸检测认证服务能力方面，支持、引导检测认证机构融入国际互认体系，拓展内外贸检 测 ...

Group 1 - The ninth disciplinary inspection and supervision group in Huai'an City focuses on stabilizing the industrial and supply chains, revitalizing traditional industries, supporting foreign trade, and promoting consumption through precise supervision of the local economic and commerce departments [1][2] - The group has established a "list-based tracking and clearance management" mechanism to ensure effective supervision of major project recruitment and to prevent issues such as superficial recruitment and data falsification [1] - The group emphasizes the importance of integrating into the national unified market and enhancing the resilience of the industrial chain by organizing supply chain docking activities and building demand-supply matching platforms [1] Group 2 - The group is actively supervising the implementation of the traditional industry revitalization project, focusing on five major actions: eliminating backward production, updating old equipment, promoting green transformation, upgrading products, and optimizing layouts [2] - In the foreign trade sector, the group is pushing for the establishment of a one-stop service system for second-hand car exports and ensuring that e-commerce platforms effectively support export-to-domestic sales transitions [2] - The group is also monitoring the execution of various consumption promotion policies to ensure that consumer subsidy funds are accurately distributed, thereby stimulating consumption growth [2] Group 3 - The ninth disciplinary inspection and supervision group will continue to enhance its supervisory capabilities by focusing on political supervision, regular oversight, and targeted supervision to strengthen institutional execution and improve supervisory effectiveness [3]

本报特约评论员 综观外贸今年前五个月的走向，承压前行是重要特征。尽管稳外贸挑战不小，但机遇更大。我国经济基 础稳、优势多、韧性强、潜能大，长期向好的支撑条件和基本趋势没有变。这是中国与世界共享机遇、 共谋发展的最大底气与信心。优势产业上的竞争力、贸易结构的升级力、高水平对外开放的行动力，辅 之以政策加力、增量推力、帮扶助力，将势必带来对外贸易的繁荣和国内经济的促进。 一方面，随着新型工业化稳步推进，我国高技术产品市场竞争力不断增强，一系列以智能化、数字化、 绿色化为特征的"新品""爆款"持续涌现，成为出口的重要增长点。另一方面，我国与东盟、欧盟等非美 贸易伙伴进出口保持了良好增长态势，180多个国家和地区自我国进口实现正增长，有力支撑了我国外 贸持续发展。 与此同时，在外部冲击加大的背景下，以民营企业为主的外贸经营主体积极作为，展现了较强的市场应 变能力，为促进外贸平稳增长发挥了主力军作用。推动市场多元化、内外贸一体化，支持外贸企业纾困 转型的诸多举措，令中国外贸迎难而上，在妥善应对贸易摩擦中，持续发挥了对我国经济增长的稳定作 用。 当前，我国正处于从贸易大国向贸易强国迈进的重要关口，面对全球单边主义、保护主 ...

Group 1 - The Shaanxi Provincial International Economic Cooperation Promotion Association organized a delegation of 15 companies to participate in the 2025 Moscow International Automotive Parts and Aftermarket Exhibition, which is one of the key overseas exhibitions supported by the provincial commerce department [1] - The exhibition is the largest professional exhibition in Central Asia and Eastern Europe, with an exhibition area of 215,000 square meters, 1,700 exhibitors, and 80,000 attendees [1] - The participating companies from Shaanxi showcased a wide range of products, including high-performance engine parts, intelligent transmission components, brake pads, and filters, highlighting the strong capabilities and development potential of Shaanxi in the automotive parts and engineering machinery sectors [1] Group 2 - The Shaanxi delegation received over 3,000 clients at the exhibition, with an intended transaction amount of $44.05 million [2] - Shaanxi Zhongtian Rocket Technology Co., Ltd. secured 78 intended orders for carbon-ceramic brake discs, amounting to $1.86 million; Shaanxi Sikeside Trading Co., Ltd. signed orders worth approximately $24.5 million for mobile refueling machines [2] - Other companies such as Xi'an Tianming Tools Co., Ltd., Baoji Dadao Electromechanical Technology Co., Ltd., and Shaanxi United Import and Export Company also attracted attention from exhibitors and buyers, actively pursuing in-depth cooperation discussions [2]

Group 1 - The core viewpoint of the article highlights the significance of the first round of Sino-U.S. economic and trade consultations held in London, which aims to strengthen economic relations and deepen mutual understanding between the two countries [1][8] - China's foreign trade demonstrated resilience and adaptability, with a total import and export value of 17.94 trillion yuan in the first five months of the year, reflecting a year-on-year growth of 2.5% [2][4] - Exports reached 10.67 trillion yuan, growing by 7.2%, while imports fell by 3.8% to 7.27 trillion yuan [2][4] Group 2 - In May, China's trade surplus increased by 25% year-on-year, reaching 103.2 billion USD, indicating strong export performance despite external pressures [2][4] - The export growth rates to ASEAN, EU, Africa, and Central Asia were 16.9%, 13.7%, 35.3%, and 8.8% respectively, showcasing the diversification of China's export markets [4][5] - The structure of China's foreign trade continues to optimize, with exports of equipment manufacturing products amounting to 6.22 trillion yuan, a year-on-year increase of 9.2%, accounting for 58.3% of total exports [4][5] Group 3 - Following the Geneva economic talks, financial institutions have raised their growth forecasts for China's economy, with Goldman Sachs, UBS, and JPMorgan increasing their predictions by 0.6% to 0.7% [6] - Morgan Stanley also adjusted its quarterly GDP growth forecast for China, anticipating that companies may accelerate exports to take advantage of temporarily lower tariffs [6] - The OECD has downgraded growth forecasts for the global economy, indicating potential risks from trade fragmentation and supply chain disruptions [6][8] Group 4 - The ongoing Sino-U.S. trade negotiations are seen as crucial for addressing fundamental issues, with the U.S. seeking to restore exports of key rare earth minerals to pre-trade war levels [8][9] - The global investment community is hopeful that these negotiations will ease trade tensions, as indicated by comments from various financial analysts and government representatives [9]

海关总署6月9日发布数据，今年前5个月，我国货物贸易进出口总值17.94万亿元，同比增长2.5%。其 中，出口10.67万亿元，增长7.2%；进口7.27万亿元，下降3.8%。 外贸量质提升，优化了区域开放布局。据统计，前5个月，中部地区进出口1.5万亿元，增长11.1%。其 中，出口1万亿元，增长16.9%；进口4965.5亿元，增长1%。在中部崛起战略推动下，中部6省积极打造 内陆地区改革开放新高地，外贸发展潜力不断释放。前5个月，中部地区进出口增速高出全国整体8.6个 百分点，占比提升0.6个百分点，达到8.3%。 海关总署新闻发言人、统计分析司司长吕大良表示，进入5月份，我国进出口延续增长态势，特别是中 美经贸高层会谈之后，增速明显加快。在同比少2个工作日的情况下，5月份进出口、出口同比分别增长 2.7%、6.3%。 白明表示，今年以来，我国货物贸易顶住外部压力保持较强韧性，外贸增速从一季度1.3%提升至当前 2.5%。未来，随着经营主体活跃度进一步增强、对外合作空间进一步拓展，我国外贸"含新量""含绿 量"有望进一步提升。 前5个月，我国一般贸易、加工贸易进出口均同比增长。其中，一般贸易进出口11. ...

6月9日，海关总署发布数据显示，今年前5个月，我国货物贸易进出口总值17.94万亿元，同比增长 2.5%，增速较前4个月加快0.1个百分点。其中，出口增长7.2%，进口下降3.8%。海关总署有关负责人表 示，今年以来，我国经济持续回升向好，货物贸易在外部压力下保持较强韧性。 进出口累计增速逐月回升 怎么看当前外贸发展形势？累计增速逐月回升是一个突出亮点。 专家分析，前5个月装备制造业产品对整体出口增长的贡献率为73%，其中5月份贡献率高达76.9%，为 外贸稳定增长提供了有力支撑。 中部地区进出口增速领跑全国 根据海关总署数据，今年1月份，进出口同比下降2.2%；前2个月，进出口同比下降1.2%，降幅收窄； 前3个月，增速由负转正，进出口同比增长1.3%；前4个月，进出口同比增长2.4%；前5个月，进出口增 速进一步回升至2.5%。 根据海关总署数据，前5个月，外贸第一大经营主体——民营企业进出口10.25万亿元，增长7%，占外 贸总值的57.1%，比去年同期提升2.4个百分点。其中，出口6.97万亿元，增长8%，占出口总值的 65.4%；进口3.28万亿元，增长4.9%，占进口总值的45.1%。 从贸易方式 ...

Core Insights - China's total goods trade value for the first five months of the year reached 17.94 trillion yuan, a year-on-year increase of 2.5%, with exports at 10.67 trillion yuan (up 7.2%) and imports at 7.27 trillion yuan (down 3.8%) [1] - The ASEAN region remains China's largest trading partner, with trade totaling 3.02 trillion yuan, an increase of 9.1%, accounting for 16.8% of total foreign trade [1] - Trade with African countries showed significant growth, with total trade reaching 963.21 billion yuan, a year-on-year increase of 12.4%, and exports growing by 20.2% [2] Trade Performance - In May, despite having two fewer working days, China's imports and exports still achieved year-on-year growth of 2.7% and 6.3%, respectively [1] - Trade with the EU saw a total value of 2.3 trillion yuan, growing by 2.9%, while trade with the US totaled 285.51 billion yuan, with a month-on-month decline of 12.67% [1] Product Analysis - Exports of electromechanical products reached 6.4 trillion yuan, a growth of 9.3%, making up 60% of total exports, with integrated circuits, ships, and LCD panels showing double-digit growth in both quantity and value [3] - The Chinese government is expected to continue implementing policies to stabilize growth and foreign trade, with potential financial support for struggling foreign trade enterprises [3]

固定收益 | 固定收益专题 固定收益 证券研究报告 地方政府如何应对关税冲击？ 各省对美贸易依存度如何？ 2024 年我国对美出口总额为 37343 亿元人民币，占出口总额比重为 14.7%。 分区域来看，我国对美出口区域集中度较高：2024 年广东、浙江、江苏分 别对美出口 9490 亿元、6316 亿元、5906 亿元，上海、山东、福建对美出 口均超 2000 亿元，四川、河南均超 1000 亿元。前 8 大对美出口省份占我 国对美出口总额的比重达 85%。 以对美出口总额/出口总额、对美出口总额/GDP 两大指标观察各省对美出 口的依存度：山西、河南、四川、福建区域 2024 年对美出口总额/出口总 额均大于 18%，对美出口的依存度较高；广东、浙江、江苏、上海等区域 2024 年对美出口总额/出口总额在 15-16%区间附近，在全国属于中游水平， 但其对美出口体量大，且对美出口总额占 GDP 的比重相对高。 对比 2018 年及 2024 年全国及各省对美出口总额/出口总额数据可见，在 2018 年以来中美贸易摩擦的背景下，我国通过系统性的战略调整，如新兴 市场开拓、扩大国内消费市场、产能转移等应对手 ...