【截至 2025 年 4 月 24 日一周，美国大豆出口检验量等数据公布】截至 2025 年 4 月 24 日的一周，美国 大豆出口检验量 43.9 万吨，较一周前下降 21.5%，较去年同期增长 59.1%。2024/25 年度美国大豆出口 检验总量 4312 万吨，同比增长 11.3%，达到全年出口目标的 86.8%。美国对中国装运大豆 20.5 万吨， 当周美国对中国大豆出口检验量占到该周出口检验总量的 46.8%。巴西外贸秘书处数据显示，4 月 1-25 日，巴西大豆出口量为 1295 万吨，高于一周前的 942 万吨，去年 4 月份全月为 1469 万吨。大豆出口均 价为 389.8 美元/吨，比去年同期下跌 8.9%。3 月出口量为 1468 万吨，同比增长 16.5%。本月关税政策 变化较快，前期"对等关税政策"使市场对未来大豆进口有担忧。目前巴西新季大豆到港，未来几月国内 将维持千万吨级到港，国内大豆供应将宽松。4 月前期豆粕现货偏紧，油厂开机率低，库存低于历史同 期，但后期巴西大豆陆续到港，豆粕紧张情况将缓解，油厂开机率将回升，库存将快速回补。巴西新季 大豆卖压加大，升贴水回落，进口成本对豆 ...

Core Viewpoint - Australia's merchandise trade surplus reached approximately AUD 6.9 billion (about RMB 32.16 billion) in March 2025, significantly exceeding market expectations of around AUD 3.13 billion, marking an increase of approximately AUD 4.05 billion from the adjusted surplus of AUD 2.85 billion in February [1] Group 1: Trade Surplus and Exports - The seasonally adjusted merchandise exports in March increased by approximately 7.6% month-on-month, reaching about AUD 45.35 billion [1] - The imports decreased by approximately 2.2% month-on-month, totaling about AUD 38.45 billion [1] - Rural goods exports fell by approximately 8.5% month-on-month to about AUD 6.22 billion, while non-rural goods exports rose by approximately 8.6% to about AUD 33.77 billion [1] Group 2: Export Price Index - In Q1 2025, the export price index for Australia rose by 2.1% month-on-month but fell by 4.7% year-on-year [2] - The increase in the export price index was primarily driven by rising iron ore prices due to the positive development of the Chinese economy, with metal ores and scrap metal export price indicators increasing by 5.4% in Q1 [2] - The demand for non-monetary gold as a safe-haven asset remained strong, leading to a 12.4% increase in its export price index during the same quarter [2] Group 3: Import Price Index - The import price index rose by 3.3% month-on-month and increased by 3.2% year-on-year in Q1 2025 [2] - Factors contributing to the rise in import prices included the depreciation of the Australian dollar and U.S. sanctions on oil from Russia and Iran, which led to an 8.2% increase in the price index for oil and related products [3] - The import price index for non-monetary gold also increased by 11.7%, contributing to the overall rise in Australia's import price index [3]

韩国4月出口同比增长3.7%，预期下降2%；4月进口同比下降2.7%，预期下降7%。 ...

Economic Overview - In the first quarter of 2025, Jiangmen's GDP reached 91.723 billion yuan, with a year-on-year growth of 2.8% [2][6] - Jiangmen's GDP growth rate is lower than the provincial average of 4.1% [2] Sector Performance - The primary industry added value was 5.238 billion yuan, growing by 0.1% [2] - The secondary industry added value was 37.980 billion yuan, with a growth of 2.7% [2] - The tertiary industry added value was 48.505 billion yuan, showing a growth of 3.3% [2] Trade Performance - Jiangmen's total import and export volume in the first quarter was 47.15 billion yuan, with a growth rate of 10.1% [4] - The export volume was 40.44 billion yuan, increasing by 13.2% [4] County-Level GDP - Xinhui led the city with a GDP of 22.834 billion yuan, while Heshan showed the highest growth rate at 4% [5][7] - Other counties ranked by GDP include Pengjiang (21.361 billion yuan), Taishan (11.815 billion yuan), and Kaiping (10.978 billion yuan) [5][7] Industrial Growth - The total output value of agriculture, forestry, animal husbandry, and fishery was 13.891 billion yuan, with a growth of 0.9% [8] - The industrial added value for large-scale enterprises grew by 3.4%, with manufacturing increasing by 4.7% [8] Investment Trends - Fixed asset investment in Jiangmen decreased by 21.7% year-on-year [9] - The decline in investment was observed across all sectors, with the primary industry down by 36% and the secondary industry down by 26.1% [9] Consumer Spending - The total retail sales of social consumer goods reached 30.796 billion yuan, growing by 1.8% [10] - Urban retail sales grew by 1.7%, while rural retail sales increased by 2.1% [10]

4月29日，武汉市统计局、国家统计局武汉调查队发布经济运行情况：根据湖北省市州 生产总值统一核算结果，初步核算，一季度全市地区生产总值（GDP）4759.41亿元，按不 变价格计算，同比增长5.4%。 分产业看，第一产业增加值81.63亿元，增长4.5%；第二产业增加值1688.32亿元，增长 2.8%；第三产业增加值2989.46亿元，增长6.9%。 "总的来看，一季度，全市经济起步平稳、量质并进，但也要看到，当前外部环境更趋 复杂严峻，经济持续回升向好基础仍需巩固。"市统计局和国家统计局武汉调查队表示，下 阶段，要坚定信心、鼓足干劲、加压奋进，全力攻坚二季度，奋力实现"双过半"，为完成全 年经济社会发展目标任务奠定坚实基础。 编辑：熊展平 发布数据显示，农业生产形势良好，主要农产品产量稳定增长；工业生产恢复向好，规 模以上高技术制造业增加值增长20.1%，锂离子电池、医疗仪器、工业机器人产量同比增长 均超过1倍，分别为148.7%、131.1%、122.5%；服务业增势良好，十大行业门类全部实现增 长，租赁和商务服务业、科学研究和技术服务业均保持两位数增长。 从支撑经济增长的"三驾马车"看，全市固定资产投 ...

市场分析 聚烯烃日报 | 2025-04-29 上游原油提振，聚烯烃偏强震荡 生产利润方面，PE油制生产利润为342.0元/吨（-25.0），PP油制生产利润为32.0元/吨（-25.0），PDH制PP生产利润 为-496.6元/吨（-0.7）。 进出口方面，LL进口利润为-174.1元/吨（+0.0），PP进口利润为-331.8元/吨（-20.0），PP出口利润为19.2美元/吨（+2.4）。 下游需求方面，PE下游农膜开工率为26.1%（-4.0%），PE下游包装膜开工率为48.8%（+1.3%），PP下游塑编开工率 为45.3%（-1.4%），PP下游BOPP膜开工率为61.7%（-0.1%）。 惠州埃克森美孚一期50 LLDPE万吨/年装置、48万吨/年PP装置与47.5万吨/年PP装置成功投产，预计未来新装置持 续放量，PE供应维持偏高，而PP较多装置检修停车，暂缓市场供应压力。聚烯烃下游开工率维持下行，地膜季节 性旺季结束，五一假期前，终端工厂订单维持刚需采购为主。会议释放宏观利好，关税政策影响下，丙烷价格持 续走强，PDH制PP生产利润处于亏损，关注PP成本端变化，整体库存小幅去化。 策略 单边 ...

报告摘要 景气向上 1 、华创宏观 WEI 指数上行。截 至 4 月 20 日，该指数为 5.71% ，环比前一周上行 0.86 个点。 4 月以来该指数上行的主要驱动因素包括： 1 ）沥青开工率 ： 3 月 27 日至 4 月 23 日的沥青开工率 四周均值为 28% ，相比 3 月 6 日 -4 月 2 日四周的均值 27% 上行 1 个百分点。 2 ）钢厂线材产 量 ： 4 月 18 日当周钢厂线材产量同比为 4% ，相比 3 月 28 日当周的 -8% 上行 12 个百分点。 2 、中上游开工率偏强。 焦化、 PTA 、 PVC 、唐山高炉同比、环比均好于去年同期 / 前一周。 景气向下 1 、耐用品消费： 4 月前三周，汽车零售继续回落。 4 月第三周，乘用车零零售增速 17% ，前值 13% 。 4 月前 20 日，乘用车零售增速同比 11.8% 。 3 月全月，乘用车零售增速同比 +14.4% 。 2 、土地：周度溢价率明显回落。 截至 4 月 20 日当周，百城土地溢价率为 4.27% ，近三周平均为 7.7% ； 3 月全月为 13.24% ； 2 月全月为 10.72% 。 3 、水泥发运 ...

Economic Overview - In the first quarter, Zhuhai's GDP reached 112.09 billion, with a year-on-year growth of 4.0%, indicating a stable economic start [1] - The primary industry added value was 1.64 billion, growing by 4.0%, while the secondary industry decreased by 0.6% to 44.94 billion, and the tertiary industry increased by 7.1% to 65.51 billion, becoming the main driver of economic growth [1] Tertiary Industry Performance - The tertiary industry's growth of 7.1% was primarily driven by significant increases in information transmission, software, and IT services (21.6%), cultural, sports, and entertainment (8.3%), and leasing and business services (7.9%) [1] - From January to February, the revenue of large-scale service industries reached 27.07 billion, up by 10.4%, with internet and related services, software and IT services, cultural, sports, and entertainment, and leasing and business services showing revenue growth of 114.5%, 32.2%, 12.3%, and 9.5% respectively [1] Retail and Consumption - The total retail sales of social consumer goods in Zhuhai for the first quarter reached 23.86 billion, a year-on-year increase of 5.7%, driven by the "old-for-new" policy [2] - Retail sales of household appliances surged by 84.7%, while automotive consumption showed weakness, with retail sales of automotive goods declining by 3.5% to 2.694 billion, accounting for 22.9% of total retail sales [2] Foreign Trade - Zhuhai's foreign trade performance was notable, with total import and export reaching 81.12 billion, a year-on-year increase of 15.7%, driven by a 26.5% increase in imports and an 11.2% increase in exports [2] - The number of foreign trade enterprises exceeded 3,000, marking an 8.8% increase, with significant growth in trade with the EU (21.8%), ASEAN (6.1%), and the Middle East (39.4%) [2] - Exports of electromechanical products reached 37.48 billion, growing by 13.1%, accounting for 68.6% of total exports, with notable increases in home appliances (6.4%), electronic components (18.1%), computers and parts (70.1%), and lithium batteries (122.3%) [2] Primary Industry Insights - The primary industry added value grew by 4.0%, reflecting accelerated agricultural modernization and significant achievements in marine ranching [3] - The total output value of agriculture, forestry, animal husbandry, and fishery increased by 5.1%, with fishery output accounting for nearly 80% [3] Secondary Industry Analysis - The secondary industry saw a 0.6% decline in added value, although high-tech sectors experienced growth, with industrial added value increasing by 4.8% [3] - Key sectors showed varied performance: precision machinery manufacturing increased by 41.7%, electronic information by 10.1%, and petrochemical by 9.2%, while biomedicine and home appliance sectors faced declines of 11.4% and 2.3% respectively [3] Investment Trends - Fixed asset investment decreased by 40.5%, although the decline narrowed by 5.9 percentage points compared to January-February, with industrial technological transformation investment achieving a positive growth of 5.6% supported by equipment renewal policies [3]

Economic Overview - In the first quarter, the province achieved a GDP of 13,543.49 billion yuan, with a year-on-year growth of 6.3% [1] - The primary industry added value was 828.69 billion yuan, growing by 3.2%; the secondary industry added value was 5,344.85 billion yuan, growing by 6.4%; and the tertiary industry added value was 7,369.95 billion yuan, growing by 6.5% [1] Agriculture - The agricultural sector's added value was 876.42 billion yuan, with a growth of 3.4% [1] - Key agricultural products showed stable production, with pork output at 968,400 tons, increasing by 6.2% [1] - Vegetable production reached 10,076,000 tons, growing by 3.8%, while fruit production increased by 10.1% to 284,500 tons [1] Industrial Production - The added value of large-scale industrial enterprises grew by 8.1%, accelerating by 0.4 percentage points compared to the previous year [1] - High-tech manufacturing saw a significant increase of 21.4%, contributing 36.4% to the growth of large-scale industry [1] - Major industries such as electrical, computer communication electronics, and chemicals experienced substantial growth rates, with electrical industry growing by 22.8% [1] Service Sector - The service sector's added value grew by 6.5%, with transportation and warehousing increasing by 13.7% [3] - The revenue of large-scale service enterprises reached 2,129.54 billion yuan, growing by 13.8% [3] - Financial institutions reported a deposit balance of 99,630.54 billion yuan, increasing by 8.7% year-on-year [3] Fixed Asset Investment - Fixed asset investment (excluding rural households) grew by 6.6%, with manufacturing investment increasing by 12.1% [4] - Infrastructure investment rose by 4.4%, while real estate development investment declined by 5.5% [4] - High-tech industry investment increased by 12.8%, with aerospace and computer equipment manufacturing seeing significant growth [4] Consumer Market - The total retail sales of social consumer goods reached 6,887.19 billion yuan, growing by 7.3% [5] - Sales of home appliances and furniture saw substantial increases, with growth rates of 21.1% and 26.3% respectively [5] - Online retail sales grew by 24.3%, indicating a strong shift towards e-commerce [6] Trade and Exports - The province's total import and export volume reached 1,743.1 billion yuan, with exports growing by 22.4% [7] - General trade accounted for 80.9% of the total trade volume, indicating a robust trade structure [7] - Machinery and electrical products exports increased by 19.2%, making up 54.7% of total exports [7] Employment and Income - The urban unemployment rate averaged 5.4%, remaining stable compared to the previous year [9] - The per capita disposable income for residents was 11,075 yuan, growing by 5.4% [10] - The income gap between urban and rural residents narrowed, with the ratio decreasing to 2.06 [10]

Economic Overview - The GDP of Guizhou Province reached 559.845 billion yuan in Q1, with a year-on-year growth of 5.3% at constant prices [1] - The primary industry added value was 49.988 billion yuan, growing by 4.3%; the secondary industry added value was 186.530 billion yuan, growing by 6.9%; and the tertiary industry added value was 323.327 billion yuan, growing by 4.6% [1] Agriculture - The total output value of agriculture, forestry, animal husbandry, and fishery was 83.731 billion yuan, with a year-on-year increase of 4.4% [2] - Key growth areas included traditional Chinese medicinal materials (15.4%), garden fruits (5.9%), tea (5.6%), and vegetables (4.4%) [2] - The number of live pigs increased by 3.6% year-on-year, with a 5.1% increase in pig slaughtering [2] Industry - The industrial added value above designated size grew by 10.3% year-on-year [3] - Notable growth was seen in the mining sector (14.2%), particularly in non-metallic mining (14.9%) and coal mining (13.4%) [3] - The manufacturing sector saw a 9.9% increase, with automotive manufacturing skyrocketing by 115.3% [3] - Revenue for industrial enterprises reached 179.146 billion yuan, with a profit total of 16.016 billion yuan, reflecting a growth of 11.2% and 10.6% respectively [3] Services - The service sector's added value grew by 4.6% year-on-year [4] - Key areas of growth included transportation and storage (7.4%), information technology services (7.0%), and wholesale and retail (6.3%) [4] - Tourism saw an increase in visitor numbers by 8.1% and total spending by 9.9% [4] - Financial institutions reported a 3.7% increase in deposits and a 6.8% increase in loans [4] Retail and Consumption - The total retail sales of consumer goods increased by 3.0% year-on-year [5] - Urban retail sales grew by 2.9%, while rural retail sales increased by 4.3% [5] - Notable growth in retail categories included communication equipment (43.7%) and household appliances (18.8%) [5] Investment - Fixed asset investment grew by 4.9%, with industrial investment increasing by 13.9% [6] - High-tech industry investment rose by 14.4%, with significant growth in high-tech manufacturing (14.2%) and services (14.8%) [6] Trade - The total import and export value was 18.995 billion yuan, with exports decreasing by 8.1% and imports increasing by 15.7% [7] Employment and Income - Urban employment increased by 216,600, with a 3.4% year-on-year growth [9] - Per capita disposable income for urban residents was 12,360 yuan, a nominal increase of 4.6%, while rural residents saw a 6.6% increase to 4,074 yuan [9] Price Trends - The Consumer Price Index (CPI) rose by 0.1% year-on-year, with food prices increasing by 0.7% [9] - The Producer Price Index (PPI) for industrial producers decreased by 2.1% [9]