Core Viewpoint - In the first half of this year, Suzhou's total import and export value reached 1.3 trillion yuan, marking a year-on-year growth of 5.7%, setting a historical high for the same period [1] Group 1: Trade Performance - The export value was 818.71 billion yuan, reflecting a growth of 7.7% compared to the same period last year [1] - The import value stood at 477.17 billion yuan, with a growth rate of 2.5% year-on-year [1] - Suzhou accounted for 5.9% of the national and 46% of the provincial total import and export value during the same period [1]

Trade and Economic Performance - In the first half of the year, China's goods trade import and export reached 21.79 trillion yuan, a year-on-year increase of 2.9%. Exports amounted to 13 trillion yuan, growing by 7.2%, while imports were 8.79 trillion yuan, declining by 2.7% [1] Coal Industry - The China Coal Transportation and Marketing Association recently held a meeting to analyze the economic operation of the coal industry in the first half of the year. The meeting emphasized the need to strengthen industry self-discipline, rectify excessive competition, and promote a balance between supply and demand in the coal market [3] Cryptocurrency Market - Bitcoin has surpassed the 120,000 yuan mark, setting a new historical high [4] Stock Market Performance - As of the midday close, the Shanghai Composite Index rose by 0.43%, while the Shenzhen Component Index fell by 0.23%, and the ChiNext Index decreased by 0.74%. The Hang Seng Index increased by 0.11%, and the Hang Seng Tech Index rose by 0.2% [5]

海关总署：上半年我国货物贸易进出口同比增长2.9% 来源：央视新闻 今天上午，国务院新闻办公室召开新闻发布会，海关总署相关负责人介绍今年上半年货物贸 易进出口情况。今年上半年，我国货物贸易进出口21.79万亿元，同比增长2.9%。今年以 来，面对复杂严峻的国际形势，我国外贸保持较强韧性，实现总量增长、质量提升、变量可 控。 据海关统计，今年上半年，我国货物贸易进出口21.79万亿元，同比增长2.9%。其中，出口 13万亿元，增长7.2%；进口8.79万亿元，下降2.7%。进入6月份，进出口、出口、进口同比 全部实现正增长，且增速都在回升。 从外贸主体看，上半年，民营企业进出口12.48万亿元，同比增长7.3%，占我国外贸比重达 57.3%，较去年同期提升2.3个百分点。我国外资企业进出口6.32万亿元，同比增长2.4%， 已连续5个季度保持增长。我国有进出口实绩的外资企业达到7.5万家，创2021年以来同期新 高。 从贸易伙伴来看，上半年，我国对欧盟进出口2.82万亿元，同比增长3.5%，平均每天进出口 超过150亿元，相当于建交时一年的贸易值。我国对其他金砖成员国和伙伴国进出口6.11万 亿元，同比增长3. ...

海关统计，今年上半年，我国货物贸易进出口21.79万亿元，同比增长2.9%。其中，出口13万亿元，增 长7.2%；进口8.79万亿元，下降2.7%。进入6月份，进出口、出口、进口同比全部实现正增长，且增速 都在回升。(央视新闻) ...

从贸易伙伴来看，我国对东盟、欧盟进出口增长。前5个月，东盟为我国第一大贸易伙伴，我国与东盟 贸易总值为3.02万亿元，增长9.1%，占我国外贸总值的16.8%。欧盟为我国第二大贸易伙伴，我国与欧 盟贸易总值为2.3万亿元，增长2.9%，占12.8%。美国为我国第三大贸易伙伴。同期，我国对共建"一带 一路"国家合计进出口9.24万亿元，增长4.2%。 从进出口主体来看，民营企业、外商投资企业进出口增长。前5个月，民营企业进出口10.25万亿元，增 长7%，占我国外贸总值的57.1%，比去年同期提升2.4个百分点。其中，出口6.97万亿元，增长8%，占 我国出口总值的65.4%；进口3.28万亿元，增长4.9%，占我国进口总值的45.1%。同期，外商投资企业进 出口5.21万亿元，增长2.3%，占我国外贸总值的29%。 本报北京6月12日电 （记者欧阳洁）据海关统计，今年前5个月，我国货物贸易进出口总值17.94万亿 元，同比增长2.5%。其中，出口10.67万亿元，同比增长7.2%；进口7.27万亿元，同比下降3.8%。 5月份，我国货物贸易进出口总值3.81万亿元，增长2.7%。其中，出口2.28万亿元，增长 ...

Core Viewpoint - In the first five months of 2025, China's total goods trade value increased by 2.5% year-on-year, reaching 17.94 trillion yuan, with exports growing by 7.2% and imports declining by 3.8% [7][9]. Group 1: Trade Performance - Total goods trade value in May 2025 was 3.81 trillion yuan, an increase of 2.7% year-on-year, with exports at 2.28 trillion yuan (up 6.3%) and imports at 1.53 trillion yuan (down 2.1%) [8]. - General trade and processing trade saw growth, with general trade imports and exports totaling 11.51 trillion yuan (up 0.8%), accounting for 64.2% of total foreign trade [10]. - Processing trade reached 3.21 trillion yuan (up 6.2%), representing 17.9% of total trade [10]. Group 2: Trade Partners - ASEAN became China's largest trading partner, with trade totaling 3.02 trillion yuan (up 9.1%), accounting for 16.8% of total foreign trade [11]. - Trade with the EU reached 2.3 trillion yuan (up 2.9%), while trade with the US decreased by 8.1% to 1.72 trillion yuan [11]. Group 3: Enterprise Types - Private enterprises accounted for 57.1% of total foreign trade, with imports and exports totaling 10.25 trillion yuan (up 7%) [13]. - Foreign-invested enterprises had a trade value of 5.21 trillion yuan (up 2.3%), while state-owned enterprises saw a decline of 12.7% to 2.44 trillion yuan [13]. Group 4: Export Composition - Mechanical and electrical products constituted 60% of total exports, with significant growth in integrated circuits (up 18.9%) and automobiles (up 6.6%) [14]. - Labor-intensive products saw a decline in exports, while agricultural product exports increased by 4.7% [14]. Group 5: Import Trends - Major bulk commodity prices fell, with iron ore imports down 5.2% and crude oil imports up slightly by 0.3% [15]. - The import value of mechanical and electrical products grew by 6% [15].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - On June 10, the SM2509 contract closed at 5,542 yuan/ton, down 0.18%, and the Inner Mongolia silicon-manganese spot was reported at 5,450 yuan/ton. For the first five months of 2025, China's goods trade imports and exports increased by 2.5% year-on-year, with exports of 10.67 trillion yuan, up 7.2%, and imports of 7.27 trillion yuan, down 3.8%. Fundamentally, manufacturers' production cuts have led to the operating rate reaching a low level in the same period, but the overall inventory is still relatively high. In terms of cost, the port inventory of imported manganese ore at the raw material end increased by 132,000 tons this period, the downstream hot metal output peaked and declined, and the raw material coal prices rose significantly, improving the pessimistic sentiment. In terms of profit, the spot profit in Inner Mongolia is -180 yuan/ton, and in Ningxia it is -370 yuan/ton. In the market, steel mills are cautious in procurement, and the tender prices continue to decline. Technically, the 4-hour cycle K-line is below the 20 and 60 moving averages, and the operation should be treated as a volatile market [2]. - On June 10, the SF2509 contract closed at 5,174 yuan/ton, up 0.27%, and the Ningxia ferrosilicon spot was reported at 5,170 yuan/ton. In May, the PPI decreased by 3.3% year-on-year, with the decline rate 0.6 percentage points larger than the previous month. Among them, the ferrous metal smelting and rolling processing industry decreased by 10.2% year-on-year in May, with the decline rate 1.6 percentage points larger than the previous month. In terms of demand, the current production profit of ferroalloys is negative, the settlement electricity price in Ningxia has been lowered, weakening the cost support, and the overall demand expectation for steel is still weak. Attention should be paid to the market sentiment disturbance under the change of tariff policies. In terms of profit, the spot profit in Inner Mongolia and Ningxia is -330 yuan/ton. Technically, the 4-hour cycle K-line is below the 20 and 60 moving averages, and the operation should be treated as a volatile market [2]. 3. Summary by Related Catalogs 3.1 Futures Market - SM主力合约收盘价为5,542元/吨，较前一日下跌10元；SF主力合约收盘价为5,174元/吨，与前一日持平 [2]。 - SM期货合约持仓量为648,759手，较前一日增加4,965手；SF期货合约持仓量为456,759手，较前一日减少13,260手 [2]。 - 锰硅前20名净持仓为 -30,777手，较前一日减少390手；硅铁前20名净持仓为 -15,948手，较前一日减少1,107手 [2]。 - SM1 - 9月合约价差为28元/吨，较前一日减少4元；SF1 - 9月合约价差为 -12元/吨，较前一日减少8元 [2]。 - SM仓单为100,048张，较前一日减少717张；SF仓单为15,415张，较前一日减少47张 [2]。 3.2 Spot Market - 内蒙古锰硅FeMn68Si18价格为5,450元/吨，与前一日持平；内蒙古硅铁FeSi75 - B价格为5,260元/吨，与前一日持平 [2]。 - 贵州锰硅FeMn68Si18价格为5,500元/吨，与前一日持平；青海硅铁FeSi75 - B价格为5,110元/吨，与前一日持平 [2]。 - 云南锰硅FeMn68Si18价格为5,450元/吨，较前一日下跌50元；宁夏硅铁FeSi75 - B价格为5,170元/吨，与前一日持平 [2]。 - 锰硅指数均值为5,411元/吨，较前一周下跌104元；SF主力合约基差为 -4元/吨，与前一日持平 [2]。 - SM主力合约基差为 -92元/吨，较前一日增加10元 [2]。 3.3 Upstream Situation - 南非矿:Mn38块:天津港价格为31元/吨度，与前一日持平；硅石（98%，西北）价格为210元/吨，与前一日持平 [2]。 - 内蒙古乌海二级冶金焦价格为900元/吨，较前一日下跌70元；兰炭（中料，神木）价格为640元/吨，与前一日持平 [2]。 - 锰矿港口库存为420.3万吨，较前一周增加13.3万吨 [2]。 3.4 Industry Situation - 锰硅企业开工率为35.03%，较前一周增加0.26个百分点；硅铁企业开工率为32.78%，较前一周增加2.34个百分点 [2]。 - 锰硅供应为171,885吨，较前一周增加1,960吨；硅铁供应为97,300吨，较前一周增加12,400吨 [2]。 - 锰硅厂家库存为186,600吨，较前半月减少14,500吨；硅铁厂家库存为6.77万吨，较前半月减少0.74万吨 [2]。 - 锰硅全国钢厂库存为15.15天，较前一月减少0.29天；硅铁全国钢厂库存为15.20天，较前一月减少0.24天 [2]。 - 五大钢种锰硅需求为125,793吨，较前一周减少1,093吨；五大钢种硅铁需求为20,324.7吨，较前一周减少249.8吨 [2]。 3.5 Downstream Situation - 247家钢厂高炉开工率为83.54%，较前一周减少0.35个百分点；247家钢厂高炉产能利用率为90.63%，较前一周减少0.04个百分点 [2]。 - 粗钢产量为8,601.9万吨，较前一月减少682.24万吨 [2]。 3.6 Industry News - 国务院总理李强主持以“深化科技成果转化机制改革，推动科技创新和产业创新融合发展”为主题的第十四次专题学习，着力破解科技成果转化瓶颈，提高转化效能，促进创新发展，坚持有效市场和有为政府相结合，完善支持政策和市场服务 [2]。 - 5月，CPI同比下降0.1%，环比下降0.2%，其中食品价格下降0.2%，猪肉价格同比上涨3.1%，影响CPI上涨约0.04个百分点；PPI同比下降3.3%，环比下降0.4% [2]。 - 前5个月，我国货物贸易进出口总值17.94万亿元，其中出口10.67万亿元，增长7.2%；进口7.27万亿元，下降3.8%。东盟、欧盟、美国为我国前三大贸易伙伴，贸易总值分别为3.02万亿元、2.3万亿元、1.72万亿元，分别增长9.1%、2.9%、下降8.1%。我国对共建“一带一路”国家合计进出口9.24万亿元，增长4.2% [2]。

2025 年 6 月 10 日星期二 【实时热点】 【美国债市】 2 年期美债收益率跌 4.15 个基点报 3.993% 资料来源：BLOOMBERG、AASTOCKS、WIND、格隆汇、国元证券经纪（香港）整理 请务必阅读免责条款 证 券 研 1 【经济数据】 究 报 告 美国会预算办公室：美国可能会在 8 月中旬用尽避免债务触 及上限的措施 美联储调查：5 月消费者通胀预期全面下降，为 2024 年来 首次 日本修正后 GDP 萎缩收窄至 0.2% 中国对沙特等 4 国试行免签政策 中国 5 月 CPI 同比降 0.1%，PPI 同比降幅扩大至 3.3% 海关总署：前 5 个月货物贸易进出口同比增长 2.5% 5 月全国乘用车市场零售 196 万辆，同比增 13.9% 英国金融监管机构与英伟达达成合作，为银行 AI 实验提供 安全沙盒 亚马逊拟在宾夕法尼亚州投资 200 亿美元用于 AI 和云计算 星巴克中国将发力非咖啡饮品市场 5 年期美债收益率跌 4.39 个基点报 4.079% 10 年期美债收益率跌 3.18 个基点报 4.474% 0 5,000 10,000 15,000 20,000 25, ...

Core Viewpoint - China's goods trade showed resilience in the first five months of the year, with a total import and export value of 17.94 trillion yuan, a year-on-year increase of 2.5% [1] Trade Performance - Exports increased by 7.2% while imports decreased by 3.8% in the first five months [1] - In May, the total trade value was 3.81 trillion yuan, up 2.7% year-on-year, with exports growing by 6.3% and imports declining by 2.1% [1] - The general trade method accounted for 64.2% of total foreign trade, with a year-on-year increase of 0.8% [1] Key Export and Import Products - Mechanical and electrical products remained the main export category, with a value of 6.4 trillion yuan, a 9.3% increase, making up 60% of total exports [1] - Notable growth in specific products included industrial robots (55.4%), electric vehicles (19%), integrated circuits (18.9%), and construction machinery (10.7%) [1] - Major commodities like iron ore, crude oil, and coal saw a decline in import prices, while the import value of mechanical and electrical products increased [1] Trade Partners and Market Dynamics - Private enterprises were the largest trading entities, with a total import and export value of 10.25 trillion yuan, a 7% increase, accounting for 57.1% of total foreign trade [2] - The top three trading partners were ASEAN, the EU, and the US, with trade values of 3.02 trillion yuan (up 9.1%), while trade with the US decreased by 8.1% [2] - Trade with Belt and Road countries reached 9.24 trillion yuan, a 4.2% increase, and trade with African countries hit a record high of 963.21 billion yuan, up 12.4% [2] Future Outlook - The export growth in May indicates ongoing external demand resilience, while the narrowing decline in imports suggests marginal improvement in domestic demand [3] - The activity of foreign-funded enterprises reached a near five-year high, with over 73,000 companies engaged in import and export activities, reflecting China's long-term attractiveness to foreign investment [3] - Expectations for June include continued export growth due to the "export rush" effect and proactive market expansion by foreign trade companies [3]

Domestic News - The Central Committee and the State Council issued opinions to enhance social security fairness, improve public service equity, expand basic livelihood services, and increase accessibility to diverse social services, including measures such as removing household registration restrictions for social insurance participation and increasing minimum wage standards [1][2] - In May, the Consumer Price Index (CPI) decreased by 0.2% month-on-month and 0.1% year-on-year, while the core CPI, excluding food and energy, rose by 0.6% year-on-year, an increase of 0.1 percentage points from the previous month. The decline in CPI was mainly influenced by a 1.7% drop in energy prices, which accounted for nearly 70% of the total decline [1][2] - The Producer Price Index (PPI) fell by 0.4% month-on-month and 3.3% year-on-year, with the year-on-year decline widening by 0.6 percentage points. The decrease was attributed to international input factors and a temporary decline in domestic energy and raw material prices [2] - In the first five months, 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%. ASEAN, the EU, and the US were the top three trading partners [2] - The Ministry of Industry and Information Technology and the Ministry of Civil Affairs announced a pilot program for smart elderly care service robots, requiring application verification in various settings, including homes and communities, with a minimum deployment of 200 units [2] Market Overview - As of June 9, the Shanghai Composite Index rose by 0.43% to 3399.77, the Shenzhen Component Index increased by 0.65% to 10250.14, and the ChiNext Index climbed by 1.07% to 2061.29. The Hang Seng Index also saw a rise of 1.63% to 24181.43 [7] - The onshore and offshore RMB both appreciated against the US dollar, with the onshore rate at 7.1838, up 93 points, and the offshore rate also at 7.1838, up 39 points [7] - The WTI crude oil price was at $64.62, up 0.06%, while Brent crude oil was at $65.82, showing no significant change [7]