Core Insights - The press conference held by the State Council Information Office on October 13 highlighted China's import and export performance for the first three quarters of 2025, with a focus on the growth of high-tech and green products [1] Group 1: Export Performance - In the first three quarters, China's export of electromechanical products reached 12.07 trillion yuan, marking a growth of 9.6% and accounting for 60.5% of the total export value, an increase of 1.4 percentage points [1] - The export of electronic information products grew by 8.1%, high-end equipment by 22.4%, and instruments and meters by 15.2% [1] - The "new three samples" products and green products such as railway electric locomotives saw double-digit growth rates [1]

Core Viewpoint - In September 2025, China's exports increased by 8.3% year-on-year, with a notable rise in the growth rate compared to the previous month, driven by strong demand from non-U.S. economies, capacity relocation, and a low base effect from the previous year [4][7]. Export Data Summary - Exports amounted to $328.57 billion, up from $321.81 billion in the previous month, with a year-on-year growth of 8.3%, exceeding the expected 5.7% [7]. - Imports reached $238.12 billion, reflecting a year-on-year increase of 7.4%, surpassing the expected 1.4% [7]. - The trade surplus was recorded at $90.45 billion, down from $102.33 billion in the previous month [7]. Future Outlook - The outlook for exports remains positive due to sustained support from non-U.S. economies, with significant growth in exports to the EU, ASEAN, and Africa driven by consumer recovery and intermediate goods exports [4]. - The potential for "export rush" exists due to high uncertainty in U.S.-China trade relations, particularly in light of recent statements regarding tariffs [4]. - However, the high year-on-year growth rate in exports starting from October 2024 may exert pressure on future monthly comparisons [5].

Group 1 - China's overall export value has increased for seven consecutive months, with a year-on-year growth of 8.3% in September, reaching 328.5 billion USD [2][4] - The growth rate of exports has expanded compared to August's 4.4%, while imports grew by 7.4%, totaling 238.1 billion USD, marking four months of consecutive growth [4] - The trade surplus, calculated as exports minus imports, stands at 90.4 billion USD, with the surplus expanding year-on-year due to faster export growth compared to imports [4] Group 2 - By export categories, the export of electric vehicles (EVs) grew by 11%, and rare earth exports also exceeded the same month last year, while exports of smartphones, toys, and clothing declined [5] - Regionally, exports to the United States decreased by 27%, marking six consecutive months of negative growth, while exports to ASEAN increased by 16% and to the EU by 14%, with exports to Japan also surpassing the previous year [5]

Core Viewpoint - The Thai National Shippers' Council (TNSC) anticipates a 5% growth in total exports for the year, despite a potential slowdown in export growth in the last quarter [1] Export Performance - In the first eight months of the year, Thailand's total exports increased by 13.3% year-on-year, reaching $223.2 billion [1] - Imports also rose by 11.3%, totaling $224.9 billion [1] Future Outlook - The TNSC remains optimistic about achieving a 3% to 5% increase in export value for the year, supported by strong growth in the first and second quarters [1] - This growth is expected to offset the anticipated slowdown in export growth during the second half of the year [1] Risk Factors - Member companies are closely monitoring several risk factors that could impact exports for the remainder of the year and into 2026 [1] - Key concerns include the U.S. tariff policies, which are increasing global economic uncertainty and exposing vulnerabilities in the global trade system [1] - Additional issues include the appreciation of the Thai baht, difficulties for small businesses in obtaining credit, shortages of raw materials for export production, and products being sold bypassing relevant regulatory measures [1]

Core Insights - Thailand's exports reached $27.7 billion in August, marking a 5.8% increase and continuing a growth streak for 14 consecutive months [1] - For the first eight months of the year, exports grew by 13.3%, excluding oil, gold, and military equipment [1] - The growth rate has slowed due to the implementation of reciprocal tariffs by the United States, leading to a decrease in imports by most importers [1] Export Performance - Agricultural and processed agricultural products saw a decline of 11%, while industrial products increased by 11% [1] - Exports to the United States grew by 13%, continuing a 23-month growth trend, primarily driven by computers and related equipment, telecommunications devices, and electrical transformers [1] - Exports to China increased by 6%, with growth mainly in computers, circuit boards, and copper products, while fruits, chemicals, and plastic pellets experienced declines [1] Future Outlook - The overall export growth is expected to continue for the year, despite concerns about tariffs easing as the U.S. has reached lower reciprocal tariff rates with several countries [1] - Thailand's tariff levels are comparable to those of other countries in the region, but previous preventive imports and current weak demand are anticipated to slow export growth [1] - Ongoing border trade barriers, accelerated rice exports from India, a slowing U.S. economy, and rapid appreciation of the Thai baht are expected to exert pressure on Thailand's exports this year [1] - The Thai Ministry of Commerce plans to expedite trade agreement negotiations and explore new export markets to ensure continued export growth [1]

Core Insights - Vietnam's total exports to the United States reached $99.05 billion by the end of August, marking a year-on-year increase of 26.4%, solidifying the U.S. as Vietnam's largest export market [1] Export Performance - The top ten exported goods to the U.S. include: - Computers, electronic products, and accessories: $26.1 billion, up 67.7% year-on-year [1] - Machinery, equipment, tools, and accessories: $15.19 billion, up 15.2% year-on-year [1] - Textiles: $12.07 billion, up 11.8% year-on-year [1] - Mobile phones and accessories: $7.53 billion, up 2.9% year-on-year [1] - Wood and wood products: $6.2 billion, up 7.6% year-on-year [1] - Footwear: $6.07 billion, up 8.6% year-on-year [1] - Toys and sports equipment: $3.74 billion, up 228.1% year-on-year [1] - Plastic products: $2.45 billion, up 28.3% year-on-year [1] - Transport vehicles and accessories: $2.34 billion, up 7.8% year-on-year [1] - Aquatic products: $1.24 billion, up 6.9% year-on-year [1]

Core Insights - Chile's export value declined again in August, but lithium exports saw their first increase in over two years [1] Export Performance - Total merchandise exports in August amounted to $7.86 billion, a decrease of 1.7% compared to the same month in 2024, marking the lowest level since September of the previous year [1] - Mining exports fell by 1.9% year-on-year to $4.6 billion, with copper exports decreasing by 2.2% to $4.2 billion [1] - Lithium exports increased by 2.4% to $145 million, representing the first growth since March 2023 [1] - Agricultural, forestry, and fishing exports rose by 19.1% to $462 million, while industrial exports declined by 4.2% to $2.8 billion [1] Import and Trade Balance - Total imports grew by 1.6% to $7.48 billion [1] - Chile's trade surplus in August was $906 million, a year-on-year decrease of 24.7% [1]

Group 1 - Vietnam's consumer prices increased by 3.24% year-on-year in August, lower than the forecast of 3.70% [1] - Exports from Vietnam grew by 14.5% year-on-year in August [1] - Imports into Vietnam rose by 17.7% year-on-year in August [1]

Group 1 - Vietnam's consumer prices increased by 3.24% year-on-year in August, lower than the forecast of 3.70% [1] - Vietnam's exports grew by 14.5% year-on-year in August [1] - Vietnam's imports rose by 17.7% year-on-year in August [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Views - The company is expected to benefit from both export growth and domestic demand, with a projected increase in profits due to cost reduction and efficiency improvements [3] - The company’s heavy truck sales in the first half of 2025 outperformed the industry, with a year-on-year increase of 14.8% [10] - The gross margin for Q2 2025 showed a year-on-year increase, indicating improved profitability [10] Financial Performance Summary - Total revenue for 2023 is projected at 42,070 million RMB, with a year-on-year growth of 45.96% [1] - The net profit attributable to the parent company for 2023 is expected to be 1,080 million RMB, reflecting a significant year-on-year increase of 405.52% [1] - The earnings per share (EPS) for 2023 is estimated at 0.92 RMB, with a price-to-earnings (P/E) ratio of 20.05 [1] Sales and Profitability Insights - The company achieved a revenue of 132.5 billion RMB in Q2 2025, with a year-on-year growth of 2.2% [10] - The net profit for Q2 2025 was 3.58 billion RMB, marking a year-on-year increase of 4.0% [10] - The gross margin for Q2 2025 was reported at 7.94%, showing a recovery compared to previous quarters [10] Future Projections - The forecast for net profit attributable to the parent company for 2025 is adjusted to 16.58 billion RMB, with corresponding P/E ratios of 13.07 for 2025 [3] - The company anticipates domestic sales to reach 700,000 units or more in 2025, representing a year-on-year increase of over 16% [3]