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 ...

在本次"世界认可日"宣传活动上，省市场监管局就出口转内销产品强制性标准符合性自我声明、强制性 产品认证绿色通道、工业产品生产许可证绿色通道等市场准入方面的便利化安排进行了现场政策解读， 并设置了内外贸检测认证服务对接区、出口产品转内销服务区等对接交流平台，为广大内外贸企业提供 面对面指导和答疑。 国际贸易形式复杂多变，标准认证千差万别，技术与产品迭代日新月异，信息差与生态链至关重要。如 何破除规则壁垒，实现"内销""外贸"两条腿走路，让贸易更加便捷？ 6月9日下午，广东省市场监督管理局在广州科学城会议中心举办广东省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，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。 具体来看，17项支持外贸企业拓内销的工作举措包括优化市场准入服务、支持拓展内销市场、加强企业 合规管理、支持企业品牌建设、推进内外贸一体化发展、提升监管执法效能等六个方面。 一是着力提升内外贸检测认证服务能力。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 认证资质能力和服务领域，为企业提供"本地化、一站式"检测认证服务。全省获 ...

Core Viewpoint - China's total goods trade import and export value reached 17.94 trillion yuan in the first five months of 2025, showing a year-on-year growth of 2.5% [1] Trade Performance - Exports amounted to 10.67 trillion yuan, increasing by 7.2%, while imports were 7.27 trillion yuan, decreasing by 3.8% [1] - In May, the total trade value was 3.81 trillion yuan, up 2.7%, with exports at 2.28 trillion yuan (6.3% growth) and imports at 1.53 trillion yuan (2.1% decline) [1] - The trade surplus in May was 103.22 billion USD, with exports growing by 4.8% and imports declining by 3.4% when measured in USD [1] Factors Influencing Trade - The decline in May exports was attributed to high tariffs affecting exports to the U.S., a weakening external demand, and a high base from the previous year [1] - The resilience of China's foreign trade was highlighted by three main drivers: the release of a joint statement from China and the U.S. on trade talks, ongoing "export rush" to markets outside the U.S., and progress in diversifying export markets [1] Import Dynamics - The import value in May saw an expanded year-on-year decline, influenced by reduced imports from the U.S. and a slowdown in import demand due to decreased export growth [2] - The drop in commodity prices, including crude oil, also contributed to the decline in import growth [2] Trade by Type - General trade accounted for 11.51 trillion yuan of the total trade, growing by 0.8%, while processing trade reached 3.21 trillion yuan, increasing by 6.2% [2] Regional Trade Partners - ASEAN emerged as China's largest trading partner with a trade value of 3.02 trillion yuan, growing by 9.1% [3] - The EU was the second-largest partner with a trade value of 2.3 trillion yuan, increasing by 2.9% [3] - Trade with the U.S. decreased by 8.1%, totaling 1.72 trillion yuan [3] Future Outlook - The "export rush" effect to the U.S. is expected to continue into June, with potential for positive year-on-year growth in exports [4] - However, high tariffs and a slowdown in external demand may lead to a decrease in export growth rates [4] - Ongoing support policies for foreign trade enterprises are anticipated to be implemented [4]

Core Insights - The article emphasizes that price is not the only factor determining customer orders; stability and reliability are becoming increasingly important for clients as they navigate a cautious economic environment [2][6][15] Pricing Misconceptions - Misconception 1: Customers negotiating prices does not necessarily mean the initial price was too high; it may simply be a negotiation tactic [3] - Misconception 2: Lowering prices does not guarantee customer satisfaction; it may lead to distrust regarding the initial pricing [4] - Misconception 3: Securing an order does not equate to profit, as post-sale issues can lead to significant costs and complications [5] Changing Customer Psychology - As global inflation persists, customers are making more cautious and rational purchasing decisions, focusing on stability rather than just price [7][12] - Key data indicates that in the U.S., the Consumer Price Index (CPI) was 9.1% in June 2022 and remains at 3.5% in March 2025, with core inflation at 3.7%, indicating ongoing pressure on customer spending [9] - In the Eurozone, inflation has decreased to 2.4%, but essential expenses like food and energy are still rising above 3% annually [10] New Pricing Logic - The new pricing formula should focus on cost, customer anxiety, and solutions, emphasizing the sale of peace of mind rather than just low prices [13] - A real-world example illustrates that a customer chose a more expensive supplier due to faster delivery and reliability, highlighting the importance of service over price [13] Practical Strategies - Offering bundled solutions rather than individual products can increase profits and customer satisfaction [14] - Transitioning from a supplier to a project manager role can enhance customer reliance and loyalty [14] - Including added value in quotes, such as faster delivery and comprehensive service, can differentiate offerings from competitors [14] Target Customer Segments - Identifying and focusing on four types of profitable customers can enhance resource allocation and efficiency: 1. Customers who sign annual contracts early [15] 2. Customers willing to engage in product development [15] 3. Customers requesting marketing support [15] 4. Customers who prioritize delivery and quality over price [15] Conclusion - The article concludes that in 2025, the focus for businesses should shift from competing on price to providing reliable service and building trust with customers [17][19]

Core Insights - China's foreign trade maintained resilience in the face of external pressures, with total import and export value reaching 17.94 trillion yuan in the first five months of the year, a year-on-year increase of 2.5% [1] - Exports grew by 7.2%, while the decline in imports narrowed to 3.8% [1] - In May, the overall import and export value increased by 2.7%, with exports rising by 6.3% and imports decreasing by 2.1% [1] Trade Performance - The equipment manufacturing sector showed significant support, with exports growing by 9.2% in the first five months, contributing 73% to overall export growth [3] - Key products such as industrial robots, electric vehicles, ships, and construction machinery saw substantial export increases of 55.4%, 19%, 18.9%, and 10.7% respectively [3] - Private enterprises' imports and exports rose by 7%, accounting for 57.1% of total foreign trade, an increase of 2.4 percentage points from the previous year [3] International Trade Relations - Trade with Africa reached a historical high, while trade with ASEAN and the EU grew by 9.1% and 2.9% respectively, together making up nearly 30% of China's foreign trade [4] - In May, exports to ASEAN, the EU, Africa, and Central Asian countries increased by 16.9%, 13.7%, 35.3%, and 8.8% respectively [4] Future Outlook - Despite a complex and uncertain international environment, the fundamental stability of China's foreign trade development remains unchanged [4] - Recent completion of the China-ASEAN Free Trade Area 3.0 negotiations and the introduction of multiple policies to stabilize foreign trade are expected to support continued growth [4]

报 告 正 文 5 月我国出口同比增速录得 4.8% ，在基数走高的情况下，仅较 4 月回落 3.3 个百分点，且贸易顺差继续扩 大。出口增速仍然运行在中高区间，指向其韧性犹存。从 量价拆分 来看， 数量拉动走弱，价格拖累收窄 。从 地区和品类 来看，对周边东南亚国家表现更好，对应抢转口的集成电路和汽车，欧洲振兴带动对欧出口上 行。 本月出口表现如何？ 我们认为 出口有所回落，但表现不差 ，韧性主要来自抢转口以及对等关税的阶段性 缓和。 一方面 ， 去年同期高基数及 5 月上旬的天量对等关税，压制出口回落，对美直接出口仍在下行探底。 另一方面 ， 中下旬对等关税阶段性缓和，同时对东盟等转口国出口仍在高位，指向抢转口及美国抢进口规模 不小，叠加欧洲复兴等对出口形成一定支撑。 出口后续怎么看？ 一方面， 对等关税缓征还有一个月到期，考虑到美国经济仍在回落及稀土反制初见成效， 后续美或选择继续推迟。此外，抢出口和抢转口已经持续数月，需跟踪高频指标观察二者回落拐点。 另一方 面， 欧洲复兴叠加中欧经贸关系改善，其对中国出口将带来不小增量。此外，市场预期下半年美联储降息两 次，全球宽松仍将助力外需回暖 。 出口增速有所 ...

Group 1: Economic Performance - As of May 31, 2025, the "old-for-new" program has driven sales of 1.1 trillion yuan across five major categories, with approximately 175 million subsidies issued to consumers[5] - The estimated fiscal funding of 139.2 billion yuan represents 42% of the progress towards the target, closely aligning with the scheduled progress of 5/12[5] - The retail sales growth for April was 5.1%, down from 5.9% in March, but still better than the previous year's performance[9] Group 2: Consumer Behavior and Trends - The "old-for-new" program has reached 12.4% of the population with 175 million subsidies issued, indicating significant coverage and potential for future growth[5] - The demand for building and decoration materials improved in April, with a year-on-year growth of 9.7%, the highest since December 2021[9] - The retail sales of gold and jewelry surged to a year-on-year increase of 25.3% in April, reflecting strong consumer interest driven by rising gold prices[9] Group 3: Investment and Financing - The total social financing scale increased by 11.59 billion yuan in April, with a year-on-year growth of 8.7%[12] - Government bond issuance maintained a rapid pace, with new issuance of 972.9 billion yuan in April, significantly higher than the previous year[13] - Corporate loans decreased by 250 billion yuan year-on-year in April, while corporate bonds saw an increase of 633 billion yuan, indicating a shift in financing methods[13] Group 4: Risks and Challenges - Fluctuations in Trump's tariff policies continue to impact market risk appetite, contributing to uncertainty in trade relations[5] - The restructuring of the industrial chain due to tariffs poses risks of global growth slowdown and overcapacity[5]