Core Viewpoint - After high-level economic and trade talks between China and the U.S., China's foreign trade growth has accelerated significantly, demonstrating strong resilience despite tariff disruptions [1] Trade Performance - In the first five months of 2025, China's total goods trade value reached 17.94 trillion yuan, a year-on-year increase of 2.5%, with exports growing by 7.2% and imports declining by 3.8% [1] - In May alone, the total goods trade value was 3.81 trillion yuan, growing by 2.7%, with exports increasing by 6.3% and imports decreasing by 2.1% [1] - In dollar terms, May exports grew by 4.8% year-on-year, while imports fell by 3.4% [1] Trade Partners - ASEAN has become China's largest trading partner, with a bilateral trade value of 3.02 trillion yuan, up 9.1%, accounting for 16.8% of total foreign trade [3] - The EU is the second-largest trading partner, with a trade value of 2.3 trillion yuan, growing by 2.9% [3] - Trade with the U.S. has decreased, with a total trade value of 1.72 trillion yuan, down 8.1%, and exports to the U.S. declining by 8.7% [3] Export Dynamics - Non-U.S. exports have shown significant growth, with non-U.S. export value approximately 287.28 billion USD, a year-on-year increase of 11.5% [4] - Exports to ASEAN increased by 14.8%, while exports to the EU grew by 12.0% [4] Machinery and Electronics - In the first five months, exports of machinery and electrical products reached 6.4 trillion yuan, growing by 9.3%, accounting for 60% of total exports [5] - Imports of machinery and electrical products also increased, reaching 2.83 trillion yuan, a growth of 6% [6] Role of Private Enterprises - Private enterprises accounted for 57.1% of total foreign trade, with imports and exports growing by 7% [6] - The share of private enterprises in total exports increased to 65.4% [6] Future Outlook - The "export rush" effect is expected to continue into June, with foreign trade enterprises actively exploring other overseas markets [7] - Policies to stabilize growth and foreign trade are anticipated to remain strong [7]

Core Viewpoint - China's goods trade imports and exports maintained a growth trend, with a year-on-year increase of 2.5% in the first five months of 2025, reflecting resilience amid external pressures [2][3][17]. Trade Performance - The total value of China's goods trade in the first five months reached 17.94 trillion yuan, with May's imports and exports amounting to 3.81 trillion yuan, a growth of 2.7% [3][20]. - In May, exports were 2.28 trillion yuan, showing a growth of 6.3%, with significant increases in exports to ASEAN (16.9%), EU (13.7%), Africa (35.3%), and Central Asia (8.8%) [5][20]. Sector Analysis - Equipment manufacturing products exported in the first five months totaled 6.22 trillion yuan, a year-on-year increase of 9.2%, accounting for 58.3% of total exports. Notable growth was seen in electric vehicles (19%), construction machinery (10.7%), ships (18.9%), and industrial robots (55.4%) [10]. - The central region's imports and exports grew by 11.1% in the first five months, significantly outpacing the national average by 8.6 percentage points, with a total of 1.5 trillion yuan [12][14]. Foreign Trade Dynamics - Foreign-funded enterprises' imports and exports reached 5.21 trillion yuan in the first five months, making up nearly 30% of the total trade value [21][23]. - The number of foreign-funded enterprises with import and export performance exceeded 73,000, marking a five-year high for the same period, indicating China's commitment to high-level opening-up [26]. Government Initiatives - The government is actively responding to the complex foreign trade environment through institutional innovation, customs facilitation, and market expansion, including a five-month cross-border trade facilitation initiative involving 20 departments [30]. - Local governments are implementing tailored measures, such as Guangdong's "Yue Trade Global" and Sichuan's "Chuan Xing Tian Xia," to complement national policies and foster a vibrant foreign trade atmosphere [31].

在刚刚公布的浙江经济4月"成绩单"上，四个字透出了底气：总体平稳。1至4月，浙江外贸展现出强劲 韧性，外贸增速高于全国。具体来看，1至4月，浙江省外贸进出口达1.75万亿元，同比(以下均为同比) 增长6.6%。其中，出口达1.31万亿元，增长9.7%；进口达4362.5亿元，下降1.6%。与一季度数据相比， 浙江进出口、出口增速依然高于全国，且份额仍在提升，同时，进口降幅进一步收窄，足可见浙江外贸 的韧性。坚持多元化市场同步发力。1至4月，尽管对美出口受阻，但浙江对东盟、拉美、中东等新兴市 场出口势头不错，出口额分别为1802.8亿元、1450.6亿元、1230.1亿元，增长9.2%、21.5%、10.4%。(浙 江日报) ...

Market Overview - A-shares continue to rebound with all three major indices closing higher; Shanghai Composite Index up 0.76% to 3262.81 points, Shenzhen Component Index up 0.51%, and ChiNext Index up 0.34% [1] - Despite over 4300 stocks rising, trading volume decreased to 1.28 trillion yuan, a 5% drop from the previous day, indicating significant capital divergence [1] Short-term Market Characteristics - Rapid rotation of themes observed, with sectors like Hainan (+5.71%), cross-border e-commerce (9 stocks hitting the daily limit), robotics (catalyzed by Tesla's humanoid robot), and precious metals (new highs in international gold prices) leading the gains [1] - High valuation tech stocks such as semiconductors and consumer electronics experienced pullbacks, suggesting weak sustainability of themes and strong short-term profit-taking intentions [1] - Quality performance stocks are gaining traction as the market shifts towards more certain earnings, particularly in sectors like gold and SOC chips, which have shown high growth in Q1 [1] Mid to Long-term Market Logic - The mid to long-term market logic remains focused on "domestic demand boost + technological breakthroughs + resilient foreign trade" [2] - Domestic consumption is being supported by policies like the upgrade of Hainan's duty-free shopping and the Ministry of Finance's expansion of "zero tariffs," benefiting local enterprises and sectors like cross-border e-commerce and new retail [2] - The semiconductor sector, despite facing tariff disruptions, is still favored by institutions for its advanced processes and self-sufficiency directions, alongside themes like AI computing and robotics [2] - New foreign trade patterns are emerging due to fluctuating U.S. tariff policies, with trends towards regional alliances, RCEP trade facilitation, and a shift towards high-value-added exports [2] Short-term Strategy - Focus on three elastic directions: - Cross-border payment benefiting from the appreciation of the yuan and the decline of the dollar index, with related ETFs and leading stocks expected to see valuation recovery [3] - Export-to-domestic sales, where export chain enterprises with domestic substitution capabilities (e.g., home appliances, light industry) are likely to absorb external shocks through domestic markets [3] - Quality performance lines, with sectors like gold and SOC chips that have pre-increased Q1 earnings and reasonable valuations becoming safe havens for funds [3]