在日前举办的2025金融街论坛年会期间，中国进出口银行签署多项合作协议，携手各方共促"一带一 路"高质量发展。 中国进出口银行董事长陈怀宇表示，共建"一带一路"倡议是凝结中国智慧的全球公共产品，与全球发展 倡议、全球安全倡议、全球文明倡议、全球治理倡议共同构成了中国引领全球治理体系变革的重要实 践。目前，中国进出口银行"一带一路"贷款余额超2万亿元人民币。 据了解，进出口银行积极发挥主力融资行作用，聚焦基础设施、产业投资、经贸往来等领域，支持了一 批具有经济社会效益和示范效应的重大项目，显著提升了共建国家的就业、税收、现金流。"10余年 间，我们的贷款项目累计拉动投资超4000亿美元，带动贸易超2万亿美元。例如，融资支持了马来西亚 东海岸铁路项目，项目总投资超800亿元人民币，建成后将成为连接东西海岸的交通主动脉，带动沿线 地区经济社会发展。"陈怀宇介绍。 在"融资融智融商，共促'一带一路'高质量发展"主题平行论坛上，新开发银行行长迪尔玛·罗塞芙表示， 共建"一带一路"倡议目前已是国际投资与合作的重要平台，为许多发展中国家拓展了发展渠道。据介 绍，新开发银行是一个由发展中国家和新兴经济体设立，并服务于发展中国 ...

Core Insights - The China International Import Expo (CIIE) serves as a platform for enhancing cooperation between China and African countries, particularly the least developed nations, promoting mutual benefits and inclusivity [1][2] Group 1: Economic Partnerships - China is actively signing economic partnership agreements, implementing 100% zero-tariff policies on products from 53 African countries, with the Republic of Congo being the first to benefit from this initiative [1] - The signing of the early harvest arrangement between China and the Republic of Congo marks a significant step in enhancing bilateral trade relations [1] Group 2: Participation and Growth - The current CIIE has established a dedicated area for the least developed countries, attracting 163 enterprises from 37 such nations, representing a 23.5% year-on-year increase [1] - The number of African enterprises participating in the expo has surged by 80% compared to the previous year, indicating a growing interest and engagement from the continent [1] Group 3: Market Opportunities - The CIIE provides a platform for countries like Rwanda to expand their exports of coffee, tea, and peppers, benefiting from China's market access, technology exchange, and investment [2] - The collaboration between Rwanda and China exemplifies the spirit of South-South cooperation, contributing to agricultural transformation and sustainable development in Rwanda [2]

本报讯(记者王拓王梦然李嘉豪)第八届中国国际进口博览会正在上海举行。11月5日下午至6日上午，省 长刘小涛参加进博会江苏团有关活动，出席中国—中亚贸易畅通合作平台推介会暨中国(江苏)—中亚经 贸合作交流会、江苏开放创新发展国际咨询会议，参观部分跨国公司展区并洽谈合作。他指出，要深入 贯彻党的二十届四中全会精神和习近平总书记对江苏工作重要讲话精神，认真落实李强总理主旨演讲要 求，更加主动融入进博会大平台，用好主题活动窗口，承接展会溢出效应，深化互联互通、拓展合作空 间，着力增创高水平对外开放新优势，为在推进中国式现代化中走在前做示范提供强劲动能。 省委常委、南京市委书记周红波，副省长赵岩，省政府秘书长赵建军参加有关活动。 在中国—中亚贸易畅通合作平台推介会暨中国(江苏)—中亚经贸合作交流会上，刘小涛与中亚各国工商 界人士叙友谊、谈合作、谋发展。他说，我们将全面落实习近平主席和中亚各国元首达成的重要共识， 以"中国中亚合作高质量发展年"为契机，高质量建设运营好中国—中亚贸易畅通合作平台，进一步畅通 互惠互利的贸易流，培育密切协作的产业带，构筑互联互通的交通网，积极构建全方位、多层次、宽领 域的经贸合作体系。热忱欢 ...

Group 1 - The Iran-China Friendship Association's representative, He Fei, promotes Iranian culture in China and aims to facilitate business exchanges between Iran and China [1][2] - The participation of Iranian companies in the China International Import Expo (CIIE) has increased significantly, with over 30 companies participating this year and exhibition space exceeding 2000 square meters [2] - The CIIE serves as a major platform for the internationalization of the Iranian economy, enhancing its visibility and opportunities in the Chinese market [3]

Core Points - The recent meeting in Busan between China and the US resulted in a strategic "truce," with China agreeing to postpone the implementation of rare earth export restrictions for one year [1] - The EU is feeling pressure and fears being excluded from the global rare earth supply chain, prompting it to seek negotiations with China [1] - Chinese Foreign Minister Wang Yi proposed a free trade agreement and the alignment of the Belt and Road Initiative with the EU's Global Gateway plan during a meeting with Estonia's Foreign Minister [1][3] - Wang Yi emphasized that the EU's concerns about potential barriers to rare earth exports could be alleviated through a free trade agreement, which would create a more stable and predictable trading environment [5] - The EU faces a choice: to continue focusing on rare earth issues or to engage in broader discussions about a free trade agreement, which could lead to addressing sensitive areas previously avoided [5][7] Group 1 - The EU has significant internal divisions regarding its policy towards China, with differing opinions among major economies and regions [7] - The proposal for a free trade agreement is seen as a test of the EU's commitment to strategic autonomy and independence from the US [7][8] - If the EU engages in negotiations with China, it could lead to intense internal debates and potentially impact EU-US relations [8] Group 2 - China's stance is clear: it seeks cooperation based on equality and mutual respect, and it is open to collaboration with a united and prosperous Europe [8] - The rare earth issue is just a small part of the broader strategic competition, and the EU's response will determine the future of EU-China relations [8]

Core Viewpoint - Baosteel Packaging reported steady revenue growth and improved net profit in Q3 2025, indicating resilience in its operations despite challenges in the market [1][3]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 6.581 billion yuan, a year-on-year increase of 6.83%, and a net profit attributable to shareholders of 176 million yuan, up 11.97% [1]. - In Q3 2025, revenue reached 2.306 billion yuan, reflecting a 6.78% year-on-year growth, while net profit was 73 million yuan, increasing by 15.15% [1]. Profitability Analysis - The gross margin for the first three quarters of 2025 was 7.43%, down 0.93 percentage points year-on-year, while Q3 gross margin was 8.08%, a decline of 1.12 percentage points [3]. - The net profit margin for the first three quarters was 2.91%, an increase of 0.14 percentage points year-on-year, with Q3 net profit margin at 3.37%, up 0.22 percentage points [3]. Strategic Initiatives - The company is expanding its overseas production capacity and optimizing its product structure, focusing on enhancing core competitiveness and operational efficiency [2]. - Key projects include the Anhui Baosteel canning phase II and Xiamen Baosteel canning, along with international initiatives in Cambodia and Vietnam to strengthen its market position in Southeast Asia [2]. Investment Outlook - Baosteel Packaging is expected to maintain steady growth in performance, with projected revenues of 8.460 billion, 9.667 billion, and 10.308 billion yuan for 2025-2027, reflecting year-on-year growth rates of 1.71%, 14.26%, and 6.63% respectively [4]. - Net profits are forecasted to be 196 million, 334 million, and 488 million yuan for the same period, with significant growth rates of 13.67%, 70.64%, and 45.95% [4].

Core Points - The eighth China International Import Expo opened in Shanghai on November 5, 2025, marking a significant event for international trade [1] - The "Colombia National Pavilion," operated by Daguang Tianxia Investment Holding Group, was inaugurated, symbolizing the start of new economic and cultural exchanges between China and Colombia [1] - The pavilion aims to showcase and sell well-known Colombian brands, particularly focusing on coffee and chocolate, which are highlighted as the country's "national business cards" [1] Group 1 - The inauguration of the Colombia National Pavilion was attended by notable figures including the Colombian Ambassador to China and the Minister of Trade, Industry, and Tourism [1] - The pavilion features a unique design reflecting Colombian culture, attracting a large number of visitors both offline and online through platforms like Douyin [1] - The initiative is seen as a bridge connecting China and Colombia, enhancing trade and cultural interactions under the Belt and Road Initiative [1] Group 2 - The pavilion provides an official and convenient channel for Colombian products to enter the Chinese market, ensuring reliable access to authentic Colombian goods for Chinese consumers [1] - The event emphasizes the importance of long-term platforms for trade and cultural exchange, aiming to inject new vitality into the Belt and Road Initiative [1]

Core Insights - The "Belt and Road" International Digestive Endoscopy Academy training event took place in Shanghai, attracting 11 doctors from various Belt and Road countries [1] - The event was organized by Ruijin Hospital affiliated with Shanghai Jiao Tong University and Beijing Friendship Hospital, focusing on addressing common challenges in the digestive endoscopy field in participating countries [1][2] Group 1 - The training featured customized courses addressing issues such as equipment shortages, weak experience in handling complex cases, and insufficient technical standardization in the digestive endoscopy field [1] - Experts from top medical institutions in China participated, including Beijing Friendship Hospital and Air Force Military Medical University, showcasing a collaborative effort to enhance skills and knowledge [1] Group 2 - Kaili Medical's new generation endoscopy platform iEndo and convex ultrasound endoscopy system were widely used during the training, demonstrating the technical strength of domestic endoscopy products [2] - The company is actively contributing to the training of hundreds of endoscopy professionals in Belt and Road countries, supporting the high-quality development of global health initiatives [2]

正在上海举行的第八届中国国际进口博览会，吸引着多国媒体广泛关注。不少媒体分析认为，进博会为全球企业带来了更多希望和机遇。 欧洲《现代外交》网站报道称，进博会是中国展示其全球经济地位的重要平台。中国政府正积极传递一个明确信号：中国将持续扩大对外开放，并致力于采 购更多优质外国商品。此外，尽管存在贸易摩擦，美国企业仍连续第七年成为进博会展商数量最多的外方代表，这显示出美国企业对中国的商业热情持续不 减。 欧洲《现代外交》网站报道截图 白俄罗斯国家通讯社的报道认为，进博会已成为推动白俄罗斯对华出口最高效的平台。报道说，作为全球首个以进口为主题的国家级展会，进博会旨在搭建 国际企业与中方采购商的对接平台，展示外国产品与服务，同时彰显中国持续扩大市场开放的坚定承诺。在白俄罗斯展区汇聚了食品行业、制造业、科研机 构及教育领域等40余家企业参展。同时，展会期间还将推出丰富多彩的文化活动。 第八届中国国际进口博览会现场 责编：张靖雯、陈亚楠 白俄罗斯国家通讯社报道截图 马来西亚《星报》报道说，进博会作为中国政府的重要旗舰项目，已成为共建"一带一路"国家向中国推广和出口商品与服务的重要平台。报道援引马来西亚 第一副总理兼乡村及 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][7]. Core Views - In Q3 2025, the company achieved operating revenue of 4.8 billion yuan, a year-on-year decrease of 2.2%, and a net profit attributable to shareholders of 1.34 billion yuan, an increase of 3.8% year-on-year. The net profit after deducting non-recurring items was 1.3 billion yuan, up 0.3% year-on-year. The container segment faced pressure due to slowing export growth, but the company demonstrated operational resilience and is expected to maintain stability in the future. The dry bulk segment showed improvement in imports, with potential for upward movement as the industry rebounds from its bottom. The liquid bulk segment has seen a significant recovery in demand [2][5][11]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported operating revenue of 14.24 billion yuan, a year-on-year increase of 1.7%, and a net profit of 4.18 billion yuan, up 6.9% year-on-year. In Q3 alone, the operating revenue was 4.8 billion yuan, down 2.2% year-on-year, while the net profit was 1.34 billion yuan, up 3.8% year-on-year [5][11]. Container Segment - The container throughput in Q3 2025 reached 8.81 million TEU, a year-on-year increase of 6.0%. Despite a 4.0% year-on-year decline in container cargo volume on the Asia-North America route, the company outperformed the industry with a 6.0% growth in container throughput [11]. Dry Bulk and Liquid Bulk Segments - The dry bulk segment showed a mixed performance in import growth, with total imports increasing by 4.2% year-on-year and 8.6% quarter-on-quarter. The liquid bulk segment benefited from a recovery in demand, with the average operating rate of independent refineries in Shandong rising to 48.8% [11]. Future Outlook - The report anticipates steady growth in the container segment, supported by China's expanding export to "Belt and Road" countries and emerging markets. The dry bulk demand is expected to stabilize, while the liquid bulk segment is projected to continue its recovery, with a narrowing decline in import volumes expected in Q4 [11]. Profit Forecast - The company’s net profit is projected to be 5.53 billion yuan, 5.90 billion yuan, and 6.34 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 10.2, 9.5, and 8.9. The expected dividend yield for the same years is 3.8%, 4.1%, and 4.4% [11].