Core Points - The article discusses the impact of Trump's high tariffs on Chinese imports, which reached up to 145%, aimed at pressuring China on intellectual property and market access while boosting U.S. manufacturing [1] - Other countries, including Canada, Mexico, and Japan, also faced tariffs starting at 10%, leading to economic disruptions and supply chain issues [1][3] - China retaliated with equal tariffs on U.S. agricultural products and energy, significantly affecting U.S. Midwest farmers, particularly in soybeans and coal [3] - Trump's initial belief that high tariffs would force China to concede was challenged as China sought new markets and trade agreements with ASEAN and Europe [3] - The U.S. administration experienced internal divisions regarding the tariff strategy, with the Treasury Secretary suggesting a need for de-escalation [8] - On May 9, Trump indicated a potential reduction of tariffs from 145% to 80%, surprising many as China had not publicly made concessions [5][7] - The article highlights that Trump's tariff strategy backfired, leading to increased costs for U.S. companies like Apple and Boeing, and a decline in profits [7] - The Federal Reserve warned that trade uncertainties were hampering investment, and the U.S. economy showed signs of strain [8] - By May 12, the White House announced the removal of additional tariffs imposed earlier, with China being the first to benefit from this decision [10] - Other nations, including Japan and South Korea, were taken aback by the U.S. softening stance towards China, while the EU criticized U.S. unilateralism [10][12] - China's economy remained stable, with a shift towards emerging markets and continued growth, countering the intended effects of the tariffs [12][15] - The article concludes that Trump's trade policies have not achieved their intended goals, with ongoing trade deficits and dissatisfaction among allies [17][19]

今日周二（12月9日）亚盘时段，黄金期货目前交投于950附近，截至发稿，黄金期货暂951.34元/克， 跌幅0.95%，最高触及958.50元/克，最低下探950.60元/克。目前来看，黄金期货短线偏向看跌走势。 打开APP，查看更多高清行情>> 今日沪金期货需重点关注的关键阻力位区间为960元/克至1020元/克，而重要支撑位区间则位于894元/克 至950元/克。 沪金核心波动区间或在950-980元/克，沪金则需守住950元/克支撑位，否则可能引发短期回调。关注沪 金970元/克的突破情况，结合美元指数波动调整头寸，短期把握国内市场强势行情，长期警惕政策预期 反转风险。 自10月起，沪金价格经历一轮强势攀升，从低位快速拉升至950关口附近，当前仍稳固维持于多头格局 中。然而，近期价格已转入横盘整理阶段，持续在945-950区间内窄幅拉锯，反映出多空双方在此关键 阻力带下方的博弈趋于白热化，短期方向选择需等待突破信号。 根据1944年美墨条约，墨西哥需每5年通过里奥格兰德河向美国供水约21.58亿立方米，而美国则每年通 过科罗拉多河向墨西哥供水约18.5亿立方米。特朗普近日指责墨西哥在过去5年内未能履行供 ...

Export Performance - In November, China's exports reached $330.35 billion, with a year-on-year growth rate of 5.9%, recovering from a previous decline of -1.1%[5] - The ten-year average year-on-year export growth rate for November is 2.8%[5] - The increase in exports is supported by global economic recovery and market diversification, alongside a low base effect from last year[6] Import Trends - Imports in November totaled $218.67 billion, with a growth rate of 1.9%, slightly up from 1% previously[5] - The ten-year average year-on-year import growth rate for November is 0%[7] - Industrial production recovery and increased demand for certain commodities, such as grains (15.4% growth) and rubber (11.3% growth), supported import growth[7] Trade Surplus - The trade surplus for November was $111.68 billion, an increase from $90.07 billion in the previous month[5] Regional Export Dynamics - Exports to the EU increased by 14.8%, significantly up from 0.9% previously, likely due to pre-Christmas shipping demands[15] - Exports to the US saw a larger decline, with a year-on-year growth rate of -28.6%, worsening from -25.2%[15] - Exports to Africa rebounded to 27.6%, contributing 1.4 percentage points to overall export growth[16] Product-Specific Insights - The export growth rate for mechanical and high-tech products improved, with automotive exports increasing by 53% and integrated circuits by 34.2%[22] - Labor-intensive products showed varying recovery, with a notable improvement in toys and textiles[24] Future Outlook - Cumulative export growth from January to November was 5.4%, with a projected annual growth rate of 5.8% for 2024[26] - The export growth outlook remains resilient despite uncertainties in US-China relations and global economic conditions[26] Risks - Potential risks include weakening external demand, domestic economic downturns, and escalating trade tensions[33]

轮胎更新推荐：欧盟反倾销临近，贸易冲突下孕育新机 20251205 摘要 轮胎行业受贸易政策影响显著，美国市场因贸易限制竞争格局较好，欧 洲市场次之，国内和其他出口市场竞争激烈。美国曾多次发起针对我国 轮胎产业的贸易限制，促使企业出海建厂以规避风险，提升市占率。 出海建厂是应对贸易摩擦的关键手段。通过在东南亚等地建立生产基地， 中国轮胎企业实现了供应链转移，规避了高额关税，保持了美国市场供 应，提高了全球化管理能力和市占率。 美国加征零部件关税短期内对我国乘用车胎造成一定冲击，但凭借性价 比优势，长期来看有望逐步消化成本压力。高性价比轮胎的市场空间可 能会继续提升。 欧盟对中国乘用车胎发起反倾销调查，预计 2026 年 1 月实施，可能导 致较高整体税率，对国内出口形成阻力。海外产能占比较高的企业将通 过关税紧张局面获得量价提升机会。 头部轮胎企业通过全球化布局应对欧美市场变化，在墨西哥、埃及、塞 尔维亚和摩洛哥等地设立工厂，以适应不同地区的贸易限制，抢占更多 市场份额。 Q&A 欧盟反倾销政策对轮胎板块的影响如何？ 欧盟反倾销政策对轮胎板块的影响主要体现在几个方面。首先，从三季度的业 绩来看，海外关税对企业 ...

黑色板块研发报告 钢材专题报告 2025 年 12 月 5 日 钢材出口的延续性还有多久？ 第一部分 前言概要 第 1 页 共 10 页 黑色板块研发报告 钢材专题报告 2025 年 12 月 5 日 第二部分 中国钢材出口韧性仍存 第 2 页 共 10 页 图 1：钢材出口量当月值（万吨） 图 2：钢坯出口量当月值 300 400 500 600 700 800 900 1000 1100 1200 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 2020年 2021年 2022年 2023年 2024年 2025年 0.00 20.00 40.00 60.00 80.00 100.00 120.00 140.00 160.00 180.00 200.00 中国:出口数量:钢坯:当月值 | 时间 | 品种 | 内容 | 国家(地区、组 | | --- | --- | --- | --- | | 2025年1月11日 | 不锈钢洗涤槽 | 反倾销调查 | 松鲁 | | 2025年1月16日 | 热轧碳钢管 | 反倾销调查 | 松鲁 | | 2025年1月23日 | 盘条 | 反倾 ...

"十五五"宏观经济展望 不畏浮云遮望眼 玛西高娃 中信证券研究部 宏观经济联席首席分析师 2025年11月10日 请务必阅读末页的免责条款和声明 贸易摩擦压力或将持续存在 中国对美国出口和对非美地区出口 美国在中国出口的占比历史上来看主要受到汇率因素的影响 资料来源：Wind，中信证券研究部。注：截止2025年9月 资料来源：Wind，中信证券研究部 -40 -30 -20 -10 0 10 20 30 2024-01 2024-04 2024-07 2024-10 2025-01 2025-04 2025-07 % 对美贸易差额累计增速 中国对非美出口 中国对美出口 10 12 14 16 18 20 22 24 50 60 70 80 90 100 110 120 1995 1998 2001 2004 2007 2010 2013 2016 2019 2022 2025 % % 美元指数 中国出口中美国的比重(右) 3 核心观点 展望"十五五" ，贸易摩擦可能会进一步常态化，但受益于企业积极拓展新市场，中国出口将 保持韧性，贸易顺差仍然有望保持较高水平。同时，内需有望在2026年年中出现拐点，经济增 长 ...

Group 1 - The report highlights a rebound in manufacturing PMI to 49.2% in November, up from 49.0% in October, driven by easing trade tensions between China and the US, particularly in new export orders [6][7] - The non-manufacturing PMI decreased to 49.5% from 50.1%, indicating a seasonal decline in the service sector, while the construction sector showed resilience with a rising expectation index [6][8] - High-energy industries showed a slight recovery, with the PMI for high-energy industries at 48.4%, up 1.1 percentage points, while the equipment manufacturing and consumer goods sectors continued to decline [8][9] Group 2 - The report anticipates significant elasticity in the economic cycle in the second half of 2026, driven by corporate inventory behaviors and the need for long-term raw material contracts [12][14] - Global asset performance showed an upward trend in November, with notable rebounds in technology stocks and commodities like gold and copper, while the dollar index slightly declined [12][13] - The report suggests that the domestic equity market is expected to remain stable, with a focus on sectors benefiting from domestic demand expansion and technological advancements, such as non-ferrous metals and power equipment [17][18] Group 3 - The mechanical equipment industry is expected to benefit from improved industry standards and evaluation systems, which will promote orderly development and commercialization of intelligent manufacturing technologies [19][20] - The establishment of national standards in the robotics sector is progressing, with 126 national standards published since the establishment of the national robotics standardization technical committee in 2021 [20][21] - The report emphasizes the importance of standardization in creating a fair competitive market environment, which will help alleviate market chaos and promote high-quality development in the intelligent manufacturing sector [22]

Core Insights - The International Monetary Fund (IMF) has revised India's economic growth outlook downwards, indicating a cautious stance due to ongoing trade tensions with the United States [1][3] - Despite the Indian government's emphasis on a forthcoming trade agreement aimed at reducing tariffs, the IMF remains skeptical about the short-term alleviation of high tariffs imposed by the U.S. [1][3] Economic Growth Forecast - The IMF projects India's economic growth rate for the fiscal year starting April next year to be 6.2%, a decrease from the previous forecast of 6.4% made in July [3] - For the current fiscal year, the IMF maintains a growth forecast of 6.6%, reflecting better-than-expected economic performance from April to June and positive effects from the Goods and Services Tax reform [3] - The sustainability of this economic resilience is uncertain, raising questions about how long it can last [3] Trade and Tariff Implications - High tariffs imposed by the U.S. on Indian goods are identified as a major uncertainty for the upcoming year [3] - The outcome of ongoing trade negotiations between India and the U.S. remains uncertain, with significant variables that could affect the removal of these trade barriers [3] - Overall, while India's growth has not stalled, the outlook has become less optimistic [3]

Group 1 - The U.S. Trade Representative (USTR) announced an extension of tariff exemptions on 178 items until November 10, 2026, reflecting the complex dynamics of U.S.-China trade relations [1][2] - The extension is seen as a necessary compromise, highlighting the rigid demand of the U.S. industry for Chinese supply chains, particularly in critical sectors like electronics and medical supplies [3][5] - The exemptions include essential products such as heparin, which accounts for nearly 80% of global supply, indicating the U.S. healthcare system's reliance on Chinese imports [5] Group 2 - The extension of tariff exemptions is a strategic move to provide stability for U.S. domestic industries, especially in healthcare and renewable energy, amidst rising costs due to tariffs [7] - The decision aligns with previous U.S.-China economic discussions, suggesting a shift towards pragmatic dialogue and cooperation after years of trade tensions [7] - The extended exemption period offers an opportunity for Chinese companies to strengthen their market position and enhance technological advancements while testing the resilience of U.S.-China relations [7][9] Group 3 - The situation illustrates the broader economic reality that political maneuvers cannot easily disrupt the interdependent nature of global supply chains [9] - The ongoing trade friction emphasizes the importance of economic fundamentals over political rhetoric, suggesting that a nation's resilience and adaptability will ultimately define its global standing [9]

1. Report Industry Investment Rating No information provided in the content. 2. Core View of the Report - Despite the impact of Sino - US trade frictions this year, China's exports have maintained resilience. From January to October 2025, the US - dollar - denominated export value increased by 5.30% year - on - year, higher than 5.21% in the same period last year. However, the export growth rate may decline slightly next year, with the annual export year - on - year growth rate expected to slow to around 2% and showing a trend of being lower in the first half and higher in the second half [1][3][8]. 3. Summary According to the Directory 3.1 Current Export Support Items - **Regional Perspective**: Amid trade frictions, China's export share to the US and Japan has decreased year by year, while the share to ASEAN, India, Russia, Africa, and Latin America has increased. From January to October 2025, exports to the US dragged down the overall export growth rate by 2.02 percentage points, while ASEAN, Africa, and the EU became the main drivers of export growth, with export growth rates of 14%, 26%, and 8% respectively, and export pulling rates of 2.51%, 1.52%, and 1.14% respectively [11]. - **Product Category Perspective**: Capital goods such as mechanical and electrical products, high - tech products, integrated circuits, automobiles (including chassis), ships, and mechanical equipment are the main categories driving export growth. From January to October 2025, exports of ships, integrated circuits, automobiles (including chassis), and liquid crystal flat - panel display modules achieved double - digit high growth. In contrast, exports of mobile phones, labor - intensive goods, and real - estate - related post - cycle goods showed negative growth, indicating a possible change in China's industrial structure [15]. 3.2 Reasons for Export Resilience 3.2.1 Enterprise Outbound Expansion Drives Exports - From January to October 2025, capital goods exports maintained a high growth rate, with ships and general mechanical equipment driving export growth by 0.4 and 0.1 percentage points respectively. There is a positive correlation between the year - on - year growth of listed companies' overseas revenues and exports, as well as between China's outward direct investment flow and total export year - on - year growth. From 2015 - 2024, the average annual compound growth rate of exports driven by outward investment was significantly higher than that of overall exports (7.6% vs 5.2%), with an average proportion of 5.7% in overall exports and an average pull of 0.7 percentage points on overall exports. Investment in different countries also corresponds to the growth rate differences of exports of different product types to these countries [2][21][27]. 3.2.2 Re - export Trade Affects Export Country Structure - During the trade friction, the US imposed significantly higher tariffs on China than on ASEAN countries, prompting Chinese enterprises to seek Southeast Asian re - export trade to avoid high tariffs. From 2018 - 2019 and during the current trade friction, China's exports to the US decreased significantly, while exports to ASEAN and US imports from ASEAN increased significantly, indicating that re - export trade may have offset the decline in exports to the US to some extent and supported the overall export growth rate [43]. 3.2.3 Demand Growth in Some Importing Countries Supports High Export Growth - Benefiting from the mild economic recovery in the EU, the EU's import growth rate has rebounded. Since the second half of 2024, driven by interest rate cuts, defense, and infrastructure investment, the EU's GDP growth rate has remained at around 1.5%, and the year - on - year growth rate of the industrial production index has been in the positive range since February 2025, driving the EU's import growth rate from - 5% in 2024 to 4% this year. Vietnam's GDP growth rate has continued to rise this year, with the cumulative GDP growth rate in the first three quarters reaching 7.85%. Investment and consumption have also maintained high growth rates, driving China's cumulative exports to Vietnam from January to October to increase by 22.3% year - on - year [47][50]. 3.2.4 Increase in China's Import Share in Africa and Other Regions - From 2019 - 2024, the average annual compound growth rate of Africa's imports was only 5%, but the average annual growth rate of Africa's imports from China reached 10%. China's share in Africa's imports increased from 17.1% in 2019 to 21.6% in 2024, with an average annual increase of 0.9 percentage points. The reasons for the share increase include large - scale infrastructure investment in Africa, high price competitiveness of Chinese export products, zero - tariff policies for 53 African countries, and successful market expansion by Chinese exporters [54]. 3.3 Export Outlook - Although exports have maintained resilience due to multiple factors, the export growth rate may decline slightly next year. The factors supporting export resilience may weaken, and the support for next year's exports may decrease. Using a fitting model to estimate next year's export growth rate, it is expected to slow to around 2% [3][59][62].