作为拉动经济增长的"三驾马车"之一，外贸是连接国内国际双循环的关键枢纽，其发展态势备受关注。 必须看到，我国外贸形势依然复杂严峻。"支持科技创新、扩大消费、稳定外贸等""加快推动内外贸一 体化"……前不久召开的中央政治局会议，对稳外贸作出部署。应对困难挑战，外贸主体既要抱团取 暖，更要进一步练好内功，通过提升产品质量、加强技术创新，厚植产品的含金量，以高附加值吸引市 场，赢得未来。民营企业是外贸的主力军。仍需加大对民企的支持力度，助其在关键领域、智能场景、 前沿领域等方面大胆闯、勇敢追，引领时代潮流，培育形成更多新的经济增长点。(周军) 发挥政府"有为之手"，让出海路子更宽广。出海的路子，既要靠企业自己闯，也要靠政府牵线搭桥，携 手开拓。江苏外贸表现突出，从今年来外贸实现平稳开局，到对东盟贸易快速增长，对共建"一带一 路"国家进出口高位运行，一个个增长数据的背后，离不开政府的积极搭台开路。江苏昆山高新区成立6 个工作小组，密切关注企业需求和困难，"保姆式"服务让外贸企业更加安心闯市场；常州创新推出300 多场促消费活动，推动国际标准打造产品，本土思维开拓市场，做强"平台+场景"立体化服务网络，按 下内外贸一体 ...

央视网消息：中国外贸企业正采取多元化市场布局、转战内需市场等策略，政府、采购商、外贸企业多举措建渠道、拓内销 行动"加速跑"，对外贸企业拓内销的支持力度提质升级，促进内外贸渠道对接、品牌对接、产销对接、标准对接等，取得积极成 效。 细致入微举措 为外贸企业"撑腰杆" 优化内销事务部整合研发能力，加快推出新品，马不停蹄对接平台，拓展销售渠道。"外贸优品振兴计划"帮助近300家本地企 业实现了国内渠道的链接与推广。 契合消费需求 快速调整策略收效明显 "外贸优品南京行"活动，近160家优质外贸企业携自家好物纷纷亮出新动作。一家企业每年有30万台汽车充气泵销往海外，在 创新拓内销的过程中，积极挖掘契合国内消费者的需求点，快速调整的产品策略收效明显。 广东：紧盯需求 做国内消费者青睐的产品 广东东莞一家耳机企业实现"多条腿走路"的转型升级。在"出口转内销"的专场直播中，新产品从研发设计到技术创新到生产制 造都紧紧围绕国内消费者的需求。 广泛对接平台 外贸优品"链接"成势 近期，各地出台的相关一揽子政策从开拓多元市场、提升金融服务、优化营商环境等方面提出细致入微的举措，为外贸企 业"撑腰杆"。 多方合力托举外贸企业信心 ...

Group 1 - The core issue faced by foreign trade companies in China is the pressure from the U.S. tariff policies, leading to significant challenges in maintaining export operations [1] - A traditional canned food company in Quzhou, Zhejiang, experienced a complete halt in its foreign trade production line due to a 50% reliance on exports to Europe and the U.S., resulting in order cancellations [1][3] - The company had previously seen an increase in orders after passing the U.S. FDA inspection, but the imposition of tariffs led to a backlog of products that could not be sold [3] Group 2 - Local government initiatives have facilitated connections between foreign trade companies and domestic sales channels, providing a potential solution to the crisis [5] - The canned food company successfully negotiated to place its products in over 130 convenience stores across Zhejiang province, despite initial challenges with packaging not aligning with local consumer preferences [5] - Sales strategies were adjusted, including packaging modifications and promotional pricing, leading to over 3,000 cans sold within nine days of launching in stores, with peak daily sales exceeding 500 cans [6] Group 3 - The company is actively transitioning to local markets, reducing inventory of English-labeled products and introducing new domestic packaging designs [6] - The canned products have also been integrated into local government canteens and various supermarkets, indicating a successful pivot to domestic sales channels [6]

Core Insights - The company has shifted its focus from exporting mushrooms to exporting mushroom extracts, which are significantly more valuable, with a price of over 1200 yuan per kilogram [1] - In April, the company exported mushroom products worth 10.78 million yuan, and in the first four months of the year, it achieved an export value of 68.56 million yuan, indicating strong growth in the Southeast Asian market [1] - Lu's County has seen a dramatic increase in agricultural product exports, with April's exports reaching 165 million yuan, an 11.1-fold increase compared to the same period last year, and a total of 594 million yuan in the first four months, an 822% increase year-on-year [1][2] Industry Development - Lu's County is a core production area for mushrooms, with an annual production scale of 400 million sticks and a yield of 400,000 tons, making mushroom extracts a key export product [2] - The county has established an association for edible mushroom export enterprises to promote collective international efforts and has set standards for mushroom extract products [2] - The county's foreign trade enterprises have been supported through a doubling plan, with three new foreign trade companies established in the first quarter of this year [2] Export Facilitation - Lu's County actively organizes participation in international trade fairs and has established a cross-border e-commerce incubation center to help traditional businesses transition to online exports [3] - The county provides comprehensive support for export enterprises, including assistance with financing, labor, and raw material supply, which has led to significant export achievements for local companies [3] - A customs export supervision warehouse is being built to enhance export efficiency and reduce operational costs for enterprises [3] Cost Reduction Initiatives - The county has implemented favorable electricity pricing for export enterprises, reducing costs significantly, and has established biomass heating projects to lower energy expenses [4] - Collaboration with China Post has reduced logistics costs for mushroom extracts, further decreasing overall export expenses [4] - The county's leadership emphasizes confidence and practical efforts to drive exponential growth in foreign trade exports [4]

Core Viewpoint - The Guangdong lychee industry is focusing on enhancing domestic sales channels while maintaining export capabilities, driven by changing consumer demands and market conditions [1][2]. Group 1: Market Trends - In early May, search volume for "lychee" on Meituan increased by 270% compared to early April, with cities like Shenzhen, Guangzhou, and Nanning showing the highest interest [1]. - The Guangdong lychee production base is significant, and the region is looking to integrate internal and external trade to adapt to global market fluctuations [2]. Group 2: Industry Initiatives - The 2025 Gaozhou Lychee Production and Sales Matchmaking Conference was held to promote local lychee products and establish connections between producers and retailers [1]. - Meituan launched the "Linking a Hundred Cities · Beautiful Lychee Promotes Agriculture" initiative to facilitate a series of matchmaking events aimed at expanding domestic sales channels for Guangdong lychee [1][2]. Group 3: Challenges and Solutions - Lychee producers are facing challenges in balancing export and domestic sales, necessitating the development of diverse sales channels and a focus on digital retail and brand building [2]. - The demand for high-quality lychee and the need for efficient cold chain logistics and digital capabilities are critical for companies looking to expand into the domestic market [2].

Core Viewpoint - The Central Political Bureau of the Communist Party of China emphasizes the need to accelerate the integration of domestic and foreign trade, with local governments enhancing support for foreign trade enterprises to expand into domestic sales channels [1] Group 1: Economic Integration and Trade Support - The meeting highlighted the importance of promoting the integration of domestic and foreign trade, leading to positive outcomes in connecting trade channels, brands, production, and sales [1] - Various regions and departments are increasing efforts to assist foreign trade enterprises in tapping into domestic markets, showcasing the advantages of China's large-scale market [1] Group 2: Case Studies of Foreign Trade Enterprises - A shoe company in Zhejiang is selling products originally priced at hundreds of dollars in the U.S. for only one to two hundred yuan in China [2] - A denim company from Dongguan quickly launched its products in Shanghai, benefiting from multi-channel connections with supermarkets and e-commerce platforms [3] - A beverage company expressed interest in entering the domestic market, highlighting the challenges of lacking sales channels and experience [3] - A pet bag company is preparing to launch domestically, recognizing the growing pet economy as a significant opportunity [4] Group 3: Trade Facilitation Initiatives - Supermarkets are establishing dedicated teams to assist foreign trade enterprises in transitioning to domestic sales, offering guidance on compliance and product standards [5] - A stainless steel kitchenware company successfully completed the entire process of contract signing and product listing in just four days [6] - Various supermarkets are implementing measures such as "7-day rapid listing" services and dedicated exhibition areas for foreign trade products to facilitate market entry [6] Group 4: Government Support and Regulatory Measures - The Shanghai Municipal Commerce Commission is promoting the entry of high-quality foreign products into the domestic market as part of consumer promotion activities [6] - Regulatory authorities are developing measures to support foreign trade enterprises in expanding into domestic markets, including simplifying labeling and certification processes [6]

Core Viewpoint - China's foreign trade data for April exceeded expectations, with total imports and exports reaching 3.84 trillion yuan, a year-on-year increase of 5.6%, marking the second-highest monthly trade volume in history [1] Group 1: Export Performance - Exports in April amounted to 2.27 trillion yuan, growing by 9.3%, while imports were 1.57 trillion yuan, increasing by 0.8% [1] - In the first four months, exports of electromechanical products reached 5.04 trillion yuan, up 9.5%, accounting for 60.1% of total exports [2] - High-tech product exports totaled 1.52 trillion yuan, growing by 7.4%, representing 18.1% of total exports, with significant increases in sectors like industrial robots (58.3%) and wind power generators (45.5%) [2] Group 2: Market Diversification - China's trade with neighboring countries grew by 5.1% in the first four months, with notable increases in trade with ASEAN (9.2%) and Central Asian countries (9.9%) [3] - Trade with Belt and Road Initiative countries reached 7.25 trillion yuan, a growth of 3.9% [3] - China has established itself as a major trading partner with over 150 countries and regions, signing 23 free trade agreements with 30 countries, enhancing its global trade network [3] Group 3: Role of Private Enterprises - Private enterprises, as the largest foreign trade operators, contributed over 50% of China's total foreign trade, with imports and exports reaching 8.05 trillion yuan, a year-on-year increase of 6.8% [4] - The share of private enterprises in total foreign trade rose to 56.9%, up 2.3 percentage points from the previous year, highlighting their crucial role in stabilizing trade growth [4] - The strong performance of private enterprises reflects the optimization of China's economic structure and market strategies, despite facing complex external challenges [4]

这场会议也颇有"功夫在诗外"的意味：遭受冲击的虽是外贸企业，但"解题者"却从不仅限于外贸企业。通过电商平台的流量、数据和技术优势，精准对接国 内的消费需求，能让广东的外贸优品也能顺利转场，同样是值得思考和借鉴的"破题之道"。 既问"短计"，也问"长策"：面临的是全新的市场和挑战，外贸大省广东如何着眼当下，以变应变？国际贸易环境疾风骤雨，广东又将如何在挑战中开好"顶 风船"？ 5月9日，距离美国挑起所谓的"对等关税"正好一个月，"外贸第一大省"广东高规格召开了一场"特别"的座谈会。 "特别"之处在于会议主题和参会人员：15家企业中，有12家来自全国各大电商平台。会议主题则聚焦"电商平台助力内外贸一体化"。 "内循环"里看韧性：风浪中如何"转场"？ "从长远来看，外贸企业需要注重产能转化。"与会的平台企业负责人黄晓敏认为，外贸企业需要将目光转向国内，就要求外贸企业找准定位和相应产品。 适应新环境，作出新变化。对一路从风浪中走来的广东外贸企业而言，产能转化不仅意味着市场环境的转变，更意味着市场策略的深度转变。在众多转型行 业中，就有一条来自广东本土成长起来的"鱼"，"游"出了新的天地。 如果不是"关税战"，可能连很 ...

从进出口产品看，前4个月，我国出口机电产品同比增长9.5%，占出口比重超六成。其中，自动数据处 理设备及其零部件、集成电路和汽车出口分别增长5.6%、14.7%和4%。同期，我国进口原油数量增加 0.5%，进口铁矿砂、煤、天然气、大豆、成品油数量有所减少，均价除成品油外，整体出现下跌。 从贸易方式看，前4个月，一般贸易进出口同比增长0.6%，占我国外贸总值的64%，加工贸易和以保税 物流方式进出口分别增长6.6%和7%。从经营主体看，前4个月，民营企业进出口8.05万亿元，同比增长 6.8%，占我国外贸总值的56.9%，比去年同期提升2.3个百分点，继续发挥外贸稳增长主力军作用。同 期，外商投资企业进出口同比增长1.9%，较一季度加快1.5个百分点。从贸易伙伴看，当前，我国同周 边国家经贸关系日益紧密。前4个月，对周边国家进出口5.1万亿元，同比增长5.1%，增速较一季度加快 1.6个百分点。其中，对第一大贸易伙伴东盟、中亚五国进出口分别增长9.2%、9.9%。 分析：高技术产业占比提高，积极开拓周边国家市场让出口更有韧性 商务部国际贸易经济合作研究院研究员白明表示，当前，我国外贸面临复杂严峻的外部形势，美国 ...

行 业 及 产 业 国防军工 行 业 研 究 / 行 业 点 评 - 证券分析师 韩强 A0230518060003 hanqiang@swsresearch.com 武雨桐 A0230520090001 wuyt@swsresearch.com 穆少阳 A0230524070009 musy@swsresearch.com ⚫ 上周申万国防军工指数上涨 6.33%，中证军工龙头指数上涨 6.01%，同期上证综指上 涨 1.92%，沪深 300 上涨 2%，创业板指上涨 3.27%，申万国防军工指数跑赢创业板 指、跑赢沪深 300、跑赢上证综指、跑赢军工龙头指数。1、从细分板块来看，上周国 防军工板块 6.33%的涨幅在 31 个申万一级行业涨跌幅排名第 1 位。2、从我们构建的 军工集团指数变化来看，上周中证民参军涨跌幅排名靠后，平均涨幅为 4.86%。3、从 个股表现来看，申万国防军工板块及民参军上市公司名单中，剔除停牌个股后，上周国 防军工板块涨幅排名前五的个股分别为晨曦航空（59.26%）、华伍股份（48.85%）、 利君股份（36.49%）、奥普光电（36.46%）、天箭科技（36.07%）。上周国 ...