2019-2025年1-8月陕西省累计进出口统计图 数据来源：海关总署，智研咨询整理 上市企业：中成股份（000151），远大控股（000626），厦门信达（000701），凯瑞德（002072），江 苏国泰（002091），怡亚通（002183），鹏都农牧（002505），五矿发展（600058），苏豪弘业 （600128），东方创业（600278），江苏舜天（600287），ST沪科（600608），苏美达（600710）， 云维股份（600725），汇鸿集团（600981），中信金属（601061） 相关报告：智研咨询发布的《2026-2032年中国数字贸易行业竞争策略研究及未来前景展望报告》 2025年1-8月，陕西省进出口总额（海关口径）为3326亿元，比上年同期增长10.5%，其中出口额为 2304.34亿元，同比增长13.2%，进口额为1021.63亿元，同比增长4.8%，贸易顺差为1282.71亿元。 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市 ...

Core Viewpoint - In July 2025, China's import and export data for television cameras, digital cameras, and video recording devices shows a mixed trend, with imports declining slightly while exports significantly increased [1] Import Summary - The import quantity of television cameras, digital cameras, and video recording devices in July 2025 was 2.57 million units, representing a year-on-year decrease of 0.5% [1] - The import value for the same category reached $22.8 million, marking a year-on-year increase of 13.7% [1] Export Summary - The export quantity of television cameras, digital cameras, and video recording devices in July 2025 was 61.36 million units, reflecting a year-on-year growth of 19.3% [1] - The export value for this category was $115.6 million, which is a year-on-year increase of 12.4% [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The LLDPE and PP markets are expected to show a volatile trend today. For LLDPE, the plastic main - contract shows a volatile pattern, with fluctuating crude oil prices, a peak season for agricultural film demand but still weaker than previous years, and a moderately high industrial inventory. For PP, the main - contract is also volatile, with fluctuating crude oil prices, increasing demand in downstream sectors such as pipes and plastic weaving, and a moderately high industrial inventory [4][6]. 3. Summaries According to Related Catalogs LLDPE Overview - **Fundamentals**: In August, the official PMI was 49.4, up 0.1 percentage points from the previous month, and the Caixin PMI was 50.4, up 0.6 percentage points. China's export value in August was $321.81 billion, a 4.4% year - on - year increase but a decline from July. The crude oil price has been fluctuating recently. The agricultural film has entered the peak season, but the overall demand is still weaker than previous years. The current spot price of the LL delivery product is 7160 (+10), and the overall fundamentals are neutral [4]. - **Basis**: The basis of the LLDPE 2601 contract is - 21, with a premium/discount ratio of - 0.3%, which is neutral [4]. - **Inventory**: The comprehensive PE inventory is 429,000 tons (- 80,000 tons), which is neutral [4]. - **Market**: The 20 - day moving average of the LLDPE main contract is downward, and the closing price is below the 20 - day line, showing a bearish signal [4]. - **Main Position**: The net position of the LLDPE main contract is short, with an increase in short positions, showing a bearish signal [4]. - **Likely Factors**: Positive factors include geopolitical unrest and cost support; negative factors include weaker - than - expected demand and more new production capacity in the fourth quarter [5]. PP Overview - **Fundamentals**: Similar to LLDPE in terms of macro - economic indicators. The downstream is gradually entering the peak season, with increasing demand in pipes and plastic weaving. The current spot price of the PP delivery product is 6780 (+0), and the overall fundamentals are neutral [6]. - **Basis**: The basis of the PP 2601 contract is - 123, with a premium/discount ratio of - 1.8%, showing a bearish signal [6]. - **Inventory**: The comprehensive PP inventory is 520,000 tons (- 30,000 tons), which is neutral [6]. - **Market**: The 20 - day moving average of the PP main contract is downward, and the closing price is below the 20 - day line, showing a bearish signal [6]. - **Main Position**: The net position of the PP main contract is short, with a decrease in short positions, showing a bearish signal [6]. - **Likely Factors**: Positive factors include geopolitical unrest and cost support; negative factors include weaker - than - expected demand and more new production capacity in the fourth quarter [7]. Market Data - **LLDPE**: The current spot price of the delivery product is 7160 (+10), the 01 - contract price is 7181 (+22), the basis is - 21 (- 12), the PE comprehensive factory inventory is 429,000 tons (- 80,000 tons), and the social PE inventory is 525,000 tons (- 10,000 tons) [9]. - **PP**: The current spot price of the delivery product is 6780 (+0), the 01 - contract price is 6903 (+10), the basis is - 123 (- 10), the PP comprehensive factory inventory is 520,000 tons (0), and the social PP inventory is 286,000 tons (0) [9]. Supply - Demand Balance Sheets - **Polyethylene**: From 2018 - 2024, the production capacity, output, net import volume, and apparent consumption have generally shown an upward trend, with fluctuations in the growth rate. The import dependence has gradually decreased. The 2025E production capacity is expected to reach 4319.5 [14]. - **Polypropylene**: From 2018 - 2024, the production capacity, output, net import volume, and apparent consumption have generally increased, with changes in the growth rate. The import dependence has also gradually decreased. The 2025E production capacity is expected to reach 4906 [16].

Economic Overview - Shenzhen's economy shows overall stability and progress, with industrial production steadily increasing. The industrial added value for the first eight months grew by 4.4% year-on-year, accelerating by 0.3 percentage points compared to the first seven months. In August alone, the industrial added value increased by 7.0%, up by 2.0 percentage points from July [1] Industrial Performance - In the first eight months, the mining sector's added value remained flat, while manufacturing grew by 4.6% and the production and supply of electricity, heat, gas, and water increased by 6.8%. Notably, general equipment manufacturing surged by 16.9%, and instrument manufacturing rose by 8.3% [1] High-tech Products - High-tech product output in Shenzhen continued to grow rapidly, with civilian drones, industrial robots, and 3D printing equipment seeing production increases of 58.0%, 36.9%, and 34.6%, respectively [1] Service Sector - The revenue of large-scale service enterprises in Shenzhen grew by 7.8% in the first seven months, with significant contributions from information transmission, software, and IT services (10.6% growth), leasing and business services (8.2% growth), and transportation, warehousing, and postal services (7.0% growth) [1] Investment Trends - Fixed asset investment in Shenzhen decreased by 15.7% in the first eight months, with real estate development investment down by 21.6%. However, infrastructure investment grew by 5.7%, and industrial technology transformation investment surged by 48.6%. The information transmission, software, and IT services sector saw a 50.7% increase in investment [2] Consumer Market - Retail sales in Shenzhen accelerated, with a year-on-year increase of 5.4% in August, up by 1.1 percentage points from July. The total retail sales for the first eight months reached 672.34 billion yuan, growing by 3.8% [2] E-commerce Growth - Online retail continued to grow, with retail sales through the internet increasing by 18.5% for large-scale enterprises [2] Trade Performance - Shenzhen's total import and export value reached 29,625.75 billion yuan in the first eight months, a year-on-year increase of 0.3%. Exports decreased by 4.6% to 17,959.52 billion yuan, while imports grew by 9.0% to 11,666.23 billion yuan [3] Financial Sector - Financial institutions in Shenzhen experienced stable growth in deposits and loans, with total deposits reaching 147,053.20 billion yuan, up by 9.3%, and loans totaling 98,685.06 billion yuan, increasing by 4.4% [3] Consumer Price Index - The consumer price index in Shenzhen saw a mild increase of 0.1% in the first eight months, with food and beverage prices rising by 0.4% and clothing prices by 1.2%. However, housing prices decreased by 0.1% [3]

Core Insights - Vietnam's total goods import and export value for the first half of September 2025 reached 39.05 billion USD, reflecting a month-on-month decrease of 3.25% [1] - The export value was 19.2 billion USD, down 4.3% month-on-month, primarily due to significant declines in four major product categories [1] - The import value was 19.85 billion USD, showing a month-on-month decrease of 2.21%, with declines concentrated in two main categories [1] Export Analysis - The decline in exports was driven by significant drops in textile and garment exports (335 million USD), footwear exports (250 million USD), mobile phones and components (120 million USD), and wood and wooden products (110 million USD) [1] - The data indicates a weakening external demand, particularly for labor-intensive products heavily reliant on large markets such as the US and Europe [1] - Foreign investment continues to play a dominant role in exports, accounting for 79.2% of total exports, highlighting a slow growth rate for domestic enterprises [1] Import Analysis - The decrease in imports was primarily focused on two categories: computers, electronic products, and components (210 million USD decrease), which, despite the largest drop, remained the highest import category; and machinery, tools, and components (120 million USD decrease) [1]

Core Insights - In the first eight months of the year, Shanxi Province's total import and export value reached 91.47 billion yuan [1] - In August alone, imports amounted to 5.69 billion yuan, reflecting a year-on-year growth of 8.5% [1] Import and Export Performance - A total of 1,962 enterprises engaged in import and export activities, marking an increase of 11.8% year-on-year, with a net addition of 207 companies [1] - Major export products included mobile phone parts valued at 3.89 billion yuan, lithium-ion batteries at 290 million yuan (a significant increase of 126.5% year-on-year), and agricultural products at 1.18 billion yuan [1] - The total import value of various metal ores reached 16.98 billion yuan [1] Commodity Trends - The import of bulk commodities, including metal ores and coal, totaled 22.05 billion yuan, showing a year-on-year increase of 8.5%, which contributed to a 3.8 percentage point increase in the province's overall import growth rate [1] - The share of bulk commodities in total imports rose by 4.6 percentage points compared to the same period last year, reaching 49.5% [1] Special Supervision Areas - The Taiyuan Wusu Comprehensive Bonded Zone achieved an import and export value of 4.742 billion yuan, reflecting a year-on-year growth of 46.2%, ranking 99th among 161 comprehensive bonded zones nationwide [1] - The Shanxi Fanglue Bonded Logistics Center reported an impressive 19.57 billion yuan in import and export value, with a staggering year-on-year growth of 776%, ranking 17th among 85 bonded logistics centers nationwide [1]

Core Viewpoint - The recent publication of the "Opinions on Promoting High-Quality Urban Development" emphasizes the support for world-class urban agglomerations in China, particularly the Beijing-Tianjin-Hebei, Yangtze River Delta, and Guangdong-Hong Kong-Macao Greater Bay Area, while also promoting the Chengdu-Chongqing economic circle and the central Yangtze River urban agglomeration as growth poles for high-quality development [1][12]. Economic Dimensions - In terms of GDP total for 2024, the ranking is as follows: Yangtze River Delta (33.16 trillion) > Greater Bay Area (14.84 trillion) > Beijing-Tianjin-Hebei (11.5 trillion) [4][5]. - China will have 27 cities with GDP exceeding 1 trillion, with the Yangtze River Delta contributing 9 cities, the Greater Bay Area 4 cities, and Beijing-Tianjin-Hebei 3 cities [4]. - The Yangtze River Delta has a higher number of cities and population compared to the other two urban clusters, but when considering per capita GDP, the ranking changes: Greater Bay Area (170,000) > Yangtze River Delta (139,000) > Beijing-Tianjin-Hebei (105,000) [4][5]. Innovation and Technology - Beijing-Tianjin-Hebei leads in R&D investment intensity at 4.27%, followed by Greater Bay Area at 3.54% and Yangtze River Delta at 3.33% [5]. - In the 2025 Global Innovation Index, the Shenzhen-Hong Kong-Guangzhou cluster ranks first, with Beijing fourth, and Shanghai-Suzhou sixth [6]. Trade and Port Activity - The three major urban clusters have significant port activities, with major ports like Shenzhen, Guangzhou, Shanghai, and Ningbo-Zhoushan facilitating substantial trade [7][8]. - In the first half of this year, the top 10 ports in China by container throughput included several from these urban clusters, with Shanghai and Ningbo-Zhoushan leading [9]. - Shenzhen has recently surpassed Shanghai to become the "foreign trade capital" of China, with notable export growth from Guangzhou in the Greater Bay Area and impressive trade performance from Jinhua in the Yangtze River Delta [11] [12]. Strategic Complementarity - The three urban clusters are not in competition but rather functionally complementary, each with unique strengths: Beijing-Tianjin-Hebei has political significance, Yangtze River Delta excels in comprehensive development, and the Greater Bay Area benefits from its open resources [12].

Group 1: Real Estate Market - In August, the sales prices of new residential properties in first-tier cities decreased by 0.9% year-on-year, with the decline narrowing by 0.2 percentage points compared to the previous month [1] - Shanghai saw an increase of 5.9%, while Beijing, Guangzhou, and Shenzhen experienced declines of 3.5%, 4.3%, and 1.7% respectively [1] - Second and third-tier cities saw new residential property prices decrease by 2.4% and 3.7% year-on-year, with declines narrowing by 0.4 and 0.5 percentage points respectively [1] - The year-on-year decline in second-hand residential property prices in first-tier cities was 3.5%, with the decline expanding by 0.1 percentage points compared to the previous month [1] - Second and third-tier cities experienced year-on-year declines in second-hand residential property prices of 5.2% and 6.0%, with both declines narrowing by 0.4 percentage points [1] Group 2: Agricultural Sector - The cumulative wheat purchase in the country has exceeded 100 million tons, maintaining a high level compared to previous years [2][3] - Supported by the minimum purchase price policy, wheat prices remain stable, with a clear trend of higher quality fetching higher prices [3] Group 3: Trade and Investment - The Yangtze River Delta region's import and export scale reached 11.07 trillion yuan in the first eight months, a year-on-year increase of 5.5%, accounting for 37.4% of the national total [5] - Exports amounted to 7.08 trillion yuan, with a year-on-year growth of 9.2%, contributing 52.3% to the national export growth [5] - National railway fixed asset investment reached 504.1 billion yuan from January to August, reflecting a year-on-year increase of 5.6% [5][7] Group 4: Service Trade and Cultural Tourism - The 2025 China International Service Trade Fair concluded with over 900 achievements across various sectors including construction, information technology, and finance [8][10] - The 2025 China Cultural Tourism Industry Expo attracted 225,000 visitors, with cooperative transactions reaching 810 million yuan and project signings totaling 23.28 billion yuan [12]

Summary of Key Points Core Viewpoint - The total import and export value of Shaanxi province reached 332.6 billion yuan from January to August, reflecting a year-on-year growth of 10.5%, which is 7 percentage points higher than the national average [1] Group 1: Trade Performance - Export value amounted to 230.4 billion yuan, with a year-on-year increase of 13.2% [1] - Import value was 102.16 billion yuan, showing a year-on-year growth of 4.8% [1] - The trade surplus during this period was 128.28 billion yuan [1] Group 2: Trade with Specific Regions - Trade with countries involved in the "Belt and Road" initiative reached 180.48 billion yuan, a year-on-year increase of 1.2%, accounting for 54.3% of the province's total trade [2] - Trade with RCEP countries totaled 125 billion yuan, representing 37.6% of the total [2] - Trade with ASEAN countries grew by 17.9% to 53.69 billion yuan [2] - Trade with Taiwan surged by 72.1% to 42.56 billion yuan [2] - Trade with the EU increased by 43.4% to 42.13 billion yuan [2] - Trade with Hong Kong rose by 15.2% to 19.23 billion yuan [2] - Trade with the United States reached 17.91 billion yuan [2] Group 3: Trade by Type - Processing trade saw a slight increase, with a total of 149.25 billion yuan, up 4.1%, making up 44.9% of the province's total trade [1] - General trade increased by 13.5% to 128.56 billion yuan [1] - Bonded logistics trade grew by 4.5% to 40.03 billion yuan [1] Group 4: Contribution of Enterprises - Foreign-invested enterprises reported a trade value of 192.43 billion yuan, a year-on-year increase of 17.2%, accounting for 57.9% of the total [2] - State-owned enterprises experienced a trade increase of 11.6%, totaling 22.78 billion yuan [2] Group 5: Product Categories - Exports of electromechanical products reached 197.65 billion yuan, up 14.5%, comprising 85.8% of total exports [2] - Key exports included integrated circuits at 85.52 billion yuan (up 14.6%), automobiles at 37.37 billion yuan (up 33.9%), and solar cells at 10.06 billion yuan [2] - Imports of electromechanical products totaled 70.63 billion yuan, a year-on-year increase of 7.9%, making up 69.1% of total imports [3] - Major imports included integrated circuits at 42.52 billion yuan and semiconductor manufacturing equipment at 6.31 billion yuan (up 226.9%) [3]

Group 1 - South Korea's exports from September 1 to 10 increased by 3.8% year-on-year [1] - Imports during the same period rose by 11.1% year-on-year [1]