Core Viewpoint - The Chinese government is intensifying efforts to promote the integration of domestic and foreign trade in response to the impact of U.S. tariffs on global trade, aiming to support foreign trade enterprises in expanding into the domestic market [1] Group 1: Export to Domestic Sales Strategy - The initiative to promote export to domestic sales is fundamentally about increasing domestic demand to compensate for the decline in overseas demand [1] - Experts suggest guiding foreign trade enterprises to explore blue ocean markets to stimulate consumption growth and create healthy competition [2][3] - The government is encouraged to introduce fiscal and tax policies to alleviate the financial pressure on foreign trade enterprises and the costs associated with transitioning to domestic sales [4] Group 2: Support for Quality Products - Various initiatives, such as "Foreign Trade Quality Products China Tour" and "National Goods Selection," aim to support quality products while helping foreign trade enterprises expand their market [2] - The promotion of high-quality products in the domestic market benefits consumers and enhances the competitiveness of platform enterprises [2] - There is a need to guide foreign trade enterprises to develop new markets rather than engage in intense competition in existing markets [2] Group 3: Financial and Tax Policies - The transition of export products to domestic sales involves additional costs, including VAT and tariffs on imported materials [4] - Historical data shows that during the pandemic, tax relief and financial support significantly accelerated the process of export to domestic sales [4] - Experts recommend a combination of fiscal and tax policies to support brand building and market expansion for enterprises transitioning to domestic sales [4][5] Group 4: Long-term Regulatory Integration - Long-term efforts should focus on integrating domestic and foreign trade regulations to enable enterprises to leverage both markets effectively [6] - The government plans to implement facilitative measures for market access, including a "green channel" for products meeting domestic standards [6] - There is a call for a comprehensive approach to standardization, aligning with international standards while promoting domestic standard development [6][7]

Core Viewpoint - The "Foreign Trade Quality Products China Tour" initiative is being actively promoted across various provinces to facilitate the integration of foreign trade and domestic sales, with significant participation from local governments and businesses [5][15][16]. Group 1: Events and Activities - Multiple provinces including Hainan, Guangdong, Fujian, Jiangsu, Shandong, and Sichuan have initiated supply-demand matching activities to support foreign trade enterprises [1] - The "Foreign Trade Quality Products Guangdong Tour and Domestic Buyers Matching Conference" was launched during the 137th China Import and Export Fair, marking a key event in the national series of activities [2][5] - The "Foreign Trade Quality Products China Tour" has been successfully held in various provinces, with significant participation from local industry associations and businesses focusing on key sectors such as light industry, home appliances, and food [5][14] Group 2: Market Integration - The integration of foreign trade and domestic sales is becoming increasingly important for companies, especially in light of changing trade policies affecting markets like Europe and the U.S. [6][10] - Companies are finding that the differences between foreign trade and domestic sales are not as pronounced as previously thought, with many products being suitable for both markets [6][10] - The "Foreign Trade Quality Products China Tour" is designed to help foreign trade enterprises establish a presence in domestic markets, thereby enhancing their competitiveness [10][15] Group 3: Financial Outcomes - During the "Foreign Trade Quality Products China Tour" events, significant financial agreements were reached, including a total intended transaction amount of 6.5 million yuan from 16 foreign trade enterprises at a recent matching conference [11] - At the Guangdong event, the intended transaction amount exceeded 680 million yuan, showcasing the strong demand for foreign trade products in domestic markets [11] - Major domestic retailers like JD Group and Huarun Wanjia are actively collaborating with foreign trade enterprises, with JD receiving around 5,000 applications for participation in the domestic market [13] Group 4: Government and Association Support - The initiative is characterized by collaboration between government bodies, industry associations, and enterprises to facilitate market access and support for foreign trade enterprises [15][16] - The government is implementing policies to enhance the capabilities of foreign trade enterprises in integrating domestic and foreign markets, including financial support and market entry assistance [15][16]

Investment Rating - The report maintains a "Recommended" investment rating for the industry [5] Core Insights - The social retail sales total for March 2025 reached 4.09 trillion yuan, showing a year-on-year growth of 5.9%, exceeding the consensus forecast of 4.36% [2][19] - The total retail sales for the first quarter of 2025 amounted to 12.47 trillion yuan, with a year-on-year increase of 4.6%, accelerating by 1.1 percentage points compared to the previous year [2][19] - The report highlights the ongoing implementation of policies aimed at boosting domestic demand, including initiatives to integrate domestic and foreign trade [2][28] Market Performance - During the week of April 14-18, 2025, the Shenyin Wanguo indices for retail, social services, and beauty care sectors increased by 0.24%, 0.14%, and 0.43% respectively, ranking 18th, 21st, and 14th among 31 primary industries [11][12] - The internet e-commerce sector saw a notable increase of 5.69%, benefiting from policies promoting the integration of domestic and foreign trade [12][19] Key Industry Data and News - The report indicates that the retail sales of essential goods and some upgraded products showed strong growth, with food and daily necessities increasing by 12.2% and 6.8% respectively [19][26] - The beauty care sector is witnessing innovation, with companies like Proya launching new products and establishing global brand ambassadors [31][32] - The collectible card game company, Card Game, is set to surpass 10 billion yuan in revenue for 2024, reflecting significant growth in the entertainment sector [34] Company Announcements - Xiangyuan Cultural Tourism reported a revenue of 864.12 million yuan for 2024, marking a year-on-year increase of 19.64% [41] - Tongcheng Travel announced the acquisition of 100% of Wanda Hotel Management for approximately 2.49 billion yuan [42] - Upme Cosmetics plans to establish a joint venture to create a new cosmetics brand [43]

Group 1 - The State Council emphasizes the need for macroeconomic policies to counter external uncertainties and stabilize employment and the economy [1][2] - The meeting highlights the importance of diversifying markets to reduce reliance on a single market, particularly in light of the complex international investment environment [3] - Trade with countries involved in the Belt and Road Initiative reached 5.26 trillion yuan in Q1, a 2.2% increase year-on-year, accounting for 51.1% of China's total foreign trade [3] Group 2 - The government is implementing measures to optimize customs and improve the business environment at ports, which includes 16 measures to facilitate enterprise customs clearance [3] - The report outlines practical steps to support foreign trade, such as enhancing financial services and expanding export credit insurance coverage [3] - Utilizing e-commerce platforms and supermarkets is suggested as a way to help more enterprises cope with foreign trade challenges [3] Group 3 - Experts suggest that boosting domestic consumption can effectively absorb pressure from reduced exports to the U.S., emphasizing the need to address standardization issues [4] - The current structural contradictions in China's economy include overcapacity in low-end consumer goods and insufficient supply in high-end services [5] - Improving income distribution and supporting small and medium enterprises are seen as crucial for enhancing consumer capacity and willingness [5] Group 4 - The meeting stresses the importance of the real estate market in stimulating domestic demand, with ongoing policies aimed at promoting healthy development [7] - There is a call for more favorable policies to encourage developers to provide high-quality housing at reasonable prices [7] - Suggestions include exploring the acquisition of existing properties for affordable housing to stabilize the real estate market and improve living standards [8]

文|新浪财经 闫妍 当前外部环境的复杂性、严峻性、不确定性上升，我国外贸企业迎来重磅解决方案。 4月11日，京东宣布推出2000亿元出口转内销扶持计划，未来一年将大规模采购外贸商品，通过自营模 式、流量倾斜及全渠道营销助企业开拓国内市场。 4月12日，苏宁易购启动"外贸优品振兴计划"，将通过极速入驻通道、流量资源倾斜、反向定制支持等 举措，为外贸企业提供从入驻到销售的全链路赋能，推动优质外贸商品快速融入国内消费市场。 不久前，商务部召开专题发布会宣布，已联动中国商业联合会等七大核心协会，构建"政府+平台+渠 道"三维服务体系。重点推进三大工程：一是开展"外贸优品全国行"巡回展销，首站选定上海环球港； 二是启动消费品以旧换新专项行动，预计撬动千亿级消费市场；三是打造"外贸产品优选库"，借助大数 据精准匹配国内消费需求。 在政策号召下，淘天、京东、拼多多、美团、苏宁易购、永辉、盒马等多家企业积极行动，通过开辟超 级采购通道、搭建数字化展销平台等创新举措，为万亿级出口产能开辟内需新赛道，助力外贸企业拓展 内销市场。 如何打通外贸企业内销渠道？怎样应对外部冲击？稳外贸扩消费究竟要怎么做？……新浪财经与众多企 业沟通， ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In different bull - bear stages of the bond market, low - grade credit bonds show different performance patterns. In bull markets, low - grade urban investment bonds have the highest narrowing amplitude of valuation yields, and in bear markets, low - grade bonds are relatively "resilient" [1][2]. - In response to the US tariff adjustment policy, from the national to local levels, efforts are being made to support the development of "integrated domestic and foreign trade" market entities and help foreign - trade enterprises expand the domestic market. In the short term, the market may fluctuate due to tariff policies, but in the long term, the impact of tariffs may gradually decrease [3][42]. - This week, the bond market was volatile. Most varieties of financial bonds had a decline in valuation yields compared with last week, and most credit spreads widened. It is not recommended to trade second - tier perpetual bonds too much currently, and attention can be paid to AMC company - related bonds [59][60]. 3. Summary According to Relevant Catalogs 3.1 Different Bull - Bear Stages of Low - Grade Credit Bonds - **Bull Market**: Low - grade urban investment bonds have the highest narrowing amplitude of valuation yields, with the order of AA > AA+ > AAA. For example, from 2022/12/15 to 2023/6/14, the narrowing amplitudes of the yields of 3 - year urban investment bonds of AAA, AA+, and AA were 81BP, 95BP, and 104BP respectively, while the narrowing amplitude of the 3 - year Treasury bond yield was 30BP. This is due to the reduced risk of credit bonds and the high market risk appetite [1][13]. - **Bear Market**: The narrowing amplitude of the yields of AA - rated urban investment bonds is generally lower than that of AAA and AA+ grades (except for a short - term and rapid bear - market stage in 2024/9/23 - 2024/9/29). High - grade credit bonds have better liquidity, and investors have a high demand for coupon assets, so low - grade bonds are relatively "resilient" [2][13]. - **Individual Bonds in Bear Market**: The individual bonds with narrowing valuations in the bear market are mainly concentrated in real estate and some regions with large debt scales. For example, in the bear - market stage from 2025/3/18 to 2025/4/7, many central and state - owned enterprise entities' bond valuations narrowed, which may be because investors thought the bear market would not last long and high - coupon credit bonds were attractive [11]. 3.2 Urban Investment Bonds Weekly Viewpoint 3.2.1 Local Governments Support "Integrated Domestic and Foreign Trade" Market Entities to Cope with Tariff Impacts - The US has continuously adjusted tariff policies, and China has taken a series of counter - measures and internal economic - stabilizing policies. From the national to local levels, efforts are being made to support the development of "integrated domestic and foreign trade" market entities [22][23][26]. - Fujian Province has taken the lead in formulating a specific implementation plan, including establishing a key - enterprise contact mechanism, organizing foreign - trade enterprises to participate in domestic exhibitions, and providing financial and policy support to help enterprises expand the domestic market and international market [27][32]. 3.2.2 Investment Recommendations - **Focus on "Economic Powerhouses"**: Pay attention to provinces with good development momentum and debt management, such as Guangdong, Jiangsu, etc. Their provincial, prefecture - level, and district - county - level platforms are relatively stable, and the duration can be appropriately extended to 5 years [41][42]. - **Regions with Debt - Resolution Policies**: Focus on regions where significant debt - resolution policies or substantial capital inflows have occurred, such as Chongqing, Tianjin, etc. Consider bonds with a duration of 3 - 5 years [42][43]. - **Cities with Strong Industrial Bases**: Pay attention to prefecture - level cities with strong industrial bases and financial support, such as some cities in Guangxi, Hubei, etc. Choose bonds with a duration of 2 - 3 years [46][47]. 3.3 Financial Bonds Weekly Viewpoint - **Overall Performance**: This week, the bond market was volatile. Most varieties of financial bonds had a decline in valuation yields compared with last week, and most credit spreads widened. The widening amplitudes of insurance perpetual bonds and bank second - tier perpetual bonds were larger, while the credit spreads of some bonds such as securities firms' ordinary bonds and short - term financing bonds narrowed [59]. - **Investment Suggestions**: It is not recommended to trade second - tier perpetual bonds too much currently. For short - term commercial financial bonds, partial profit - taking can be considered. Pay attention to 2Y/AAA - and AA+ commercial financial bonds. Also, pay attention to AMC company - related bonds, as the AMC financial bond market is expected to expand [59][60]. 3.4 Primary Market Tracking - The report provides charts on the issuance of credit bonds, financial bonds, the subscription of urban investment bonds and industrial bonds, the issuance costs, the review and registration of credit bonds, and the completion of registration by the credit bond association, but no specific data analysis is given in the summary part [67][68][72]. 3.5 Secondary Market Observation 3.5.1 "Volume" of Secondary Transactions - The report provides a chart showing the trading volume and number of transactions in the secondary market over time, but no specific data analysis is given in the summary part [83][85]. 3.5.2 "Price" of Secondary Transactions No relevant content provided.

永辉超市承诺为库存积压的外贸企业开通"15天极速上架"绿色通道，并提供市场推广与产品升级支持。 盒马则聚焦百货品类，开放24小时入驻通道，并依托高效供应链为外贸企业提供物流支持，盒马将上 线"外贸专区"，联合开发创新商品，覆盖家居、美妆、母婴等领域。 拼多多推出"千亿扶持"计划，未来三年内拟投入资金、流量等资源超过1000亿元人民币，加码高质量电 商生态建设。该计划将加大对跨境中小商家的补贴力度，帮助跨境商家稳定生产，降本增效，应对出海 风险。 苏宁易购发布外贸优品振兴计划，为外贸企业产品内销提供极速入驻和全流程服务，通过线上线下融合 引流促销、联合定制和自营大单包销、一站式代运营等模式帮助外贸企业拓展国内市场。 美团第一时间成立专项，在"商家入驻、经营扶持、品牌打造"等方面开设绿色通道，欢迎外贸商家进驻 美团，全力支持外贸商品上线美团各业务，合力打造繁荣共赢的"内外贸一体化"生态体系，让优质外贸 商品惠及更多国内消费者。 一场商超零售企业联动，助力外贸拓内销的"破局行动"正加速推进。4月14日，记者从深圳市商务局获 悉，在商务部"内外贸一体化"政策引领下，深圳联动国内头部电商平台、零售企业，充分发挥各自优 ...

A股复盘 | 电风扇行情 / 2025.04.14 听说今天又是那种"周末狠狠学习但是周一猛亏"的行情？ 听说今天又是那种"好多概念发酵但是收盘被套"的行情？ 今天a股热点轮动: 果链 AI 眼睛 内外贸一体化 体育 核聚变 电力 锦 CIPS 三胎 东盟铁路, 摩托车, 海南, 汽 车,必选消费,910C,中概回 流, 互金 ..... 但凡抓住一个 你收盘就套佳晨 Datayes 今日A股 我看大家都在为到底豁没豁免中国而吵架，没什么好吵架的， 此前对等关税政策 已经豁免了被单独征收关税的行业，比如汽车、钢铝等，因此结合特朗普的增税 计划，之后很可能会针对半导体、芯片等行业额外加征关税。 当然特朗普也这么预告了，无论是Truth Social，还是对记者，他都是这么表态 的！ 美国商务部长霍华德·鲁特尼克周日在接受ABC《本周》节目采访时表示，智能 手机、计算机及部分其他电子产品将适用单独的关税，这些关税可能会在大约一 个月后实施。 虽然我们一直调侃特朗普像个舔狗一样在等我们的电话，事实上双方的态度都很 强硬，离谈判还有好长一段时间呢！ 做好心理准备！ 今天这个出口数据大超我的预期，一开始海关总署开发布会 ...

机构表示，在外需受关税等政策影响存在不确定性背景下，提振内需消费、国货品牌崛起将为必然趋 势，建议关注聚焦内需市场的优质零售渠道和差异化消费品牌。 华西证券（002926）指出，促内需背景下，顺周期板块有望低位复苏，从而释放业绩弹性，相关受益标 的包括：蜜雪集团、祥源文旅（600576）、众信旅游（002707）等；消费出海前景广阔，近年来政策不 断加大对国货品牌出海的支持力度，建议关注出海服务商以及产品力较强的消费出海。 零售概念14日盘中走势活跃，截至发稿，天虹股份（002419）、南宁百货（600712）、茂业商业 （600828）、国光连锁（605188）、广百股份（002187）、三江购物（601116）、国芳集团（601086） 等涨停。值得注意的是，南宁百货近5个交易日已累计大涨近50%。 消息面上，近日，商务部组织有关商协会、大型商超和流通企业座谈，研究更好发挥各自优势，帮助外 贸企业扩宽内销渠道。同时通过"内外贸一体化"政策帮助外贸企业开拓国内市场。目前，已有包括京 东、盒马、永辉超市（601933）等在内的多家零售企业启动扶持计划，帮助外贸型企业开拓国内市场。 其中：京东宣布，将在未来一年 ...

导读 ：应对外部冲击重要的是保持定力、做好自己的事，外部冲击是考验也是转型平衡发展的机遇。 作者 | 一财评论员 2025.04. 14 本文字数：1606，阅读时长大约3分钟 在日前举行的商务部4月第2次例行新闻发布会上，商务部新闻发言人表示，将坚定不移推进高水平 对外开放，坚定不移走好自己的发展路，稳步推进内外贸一体化工作。更好发挥超大规模国内市场优 势，共同应对外部冲击。 具体措施包括，持续举办"外贸优品中华行"活动，搭建外贸企业拓内销平台，在市场准入、渠道开 拓、财政金融、服务保障等方面加大对外贸企业拓内销的帮助力度，促进内外贸渠道对接、品牌对 接、产销对接、标准对接。 11日，中国商业联合会联合中国连锁经营协会、中国百货商业协会、中国烹饪协会等七家协会发布 了倡议书，其中指出，当前拓展国内市场、促进内外贸联动发展，做好出口商品转内销的工作，已成 为当务之急。 外贸企业也早已在拓展国内市场上加快布局。由此，就形成了政府部门、行业协会、外贸企业等多方 合力的局面。 超大规模国内市场有能力缓冲外部不确定性带来的冲击。2024年，我国社会消费品零售总额达到 48.8万亿元，在促消费政策的支持下，这一数字还将 ...