外贸，拉动经济增长的"三驾马车"之一。 前三季度，我国货物贸易进出口总值同比增长4%。上半年，新设外资企业同比增长4.1%。面对复杂严峻的外部环境，我国外贸韧性彰显，外 资持续加码。 12月4日，一艘满载集装箱的货轮驶离青岛港前湾港区码头（无人机照片）。新华社记者 李紫恒 摄 ■外贸产品结构不断优化，出口新动能增势良好 据海关统计，前10个月，我国出口机电产品13.43万亿元，同比增长8.7%，拉动我国整体出口增长5.2个百分点。 10月13日，在江苏省连云港港东方港务分公司码头，大批风电设备集港准备装船出口国外（无人机照片）。新华社发（王春 摄） "新三样"产品、铁道电力机车、风力发电机组等绿色产品出口增速都达到两位数。向新、向智、向绿等新动能不断涌现，持续推动我国外贸 提质增效。 ■不断开拓新兴市场，贸易伙伴更趋多元化 数据显示，前10个月，我国对共建"一带一路"国家合计进出口19.28万亿元，增长5.9%。其中，东盟继续保持我国第一大贸易伙伴地位，对东 盟进出口同比增长9.1%，对亚太经合组织（APEC）其他经济体进出口增长1.5%。此外，我国自拉美、非洲和中亚国家进口分别增长1%、5.2%和 23.7 ...

证 券 研 究 报 告 ESG 月报（2025 年 11 月） 新能源将与新兴产业融合互促发展 ❑ 行业发展动态： 1、政策动态：（1）国务院新闻办公室 11 月 8 日发布《碳达峰碳中和的中国行 动》白皮书，系统阐述中国推进"双碳"工作的战略部署、实践路径与显著成 就。（2）11 月 12 日，国家能源局发布关于促进新能源集成融合发展的指导意 见，旨在推动新能源由单一开发转向集成融合发展。到 2030 年，该模式将成 为新能源发展的重要方式。 2、行业热点：（1）第十五届全国运动会首次实现全过程碳中和，绿色低碳理 念贯穿赛事始终，这一创新实践不仅为粤港澳大湾区注入了绿色动能，更以实 际行动诠释了"体育精神"与"生态文明"的共生共荣。（2）宠物经济的繁荣 伴随显著环境压力，需通过政策监管、行业创新与公众理性消费协同推动其绿 色低碳转型，以实现可持续发展。 3、产业实践：（1）乐高超半数生产线改用纸袋，所有包装纤维材料占 93%， 亚洲工厂已基本完成改造，欧美工厂预计三年内完成，旨在减塑增效，为行业 提供可持续发展范例。（2）谷歌与道达尔能源签署 15 年协议，将从后者的太 阳能电站采购总计 1.5 太瓦时的认 ...

Core Points - The establishment of the China-ASEAN Free Trade Area 3.0 marks a significant step towards deepening regional cooperation and building a community of shared destiny in the context of global changes [1][2] - The transition from factor-driven to institutional openness is essential for high-quality regional economic cooperation, necessitating updates to trade rules and standards [2][4] - The focus on digital economy and green trade represents new opportunities for cooperation, with Chinese enterprises encouraged to leverage their technological advantages in ASEAN countries [4][6] Group 1: Institutional Openness - The signing of the upgraded protocol for the China-ASEAN Free Trade Area will shift cooperation from factor flow to institutional openness [1] - There is a need for the government to enhance domestic openness while updating trade rules to lower tariffs and eliminate hidden trade barriers [2] - The upgrade of the China-ASEAN Free Trade Area agreement is seen as a key measure to counter Western institutional hegemony and promote multilateralism [2] Group 2: Regional Cooperation - The upgrade of the China-ASEAN Free Trade Area is opening new avenues for regional cooperation, particularly in digital economy and green trade [4] - Chinese enterprises are encouraged to participate in the digital infrastructure development of ASEAN countries, utilizing their strengths in 5G and AI [4] - The complete layout of the new energy vehicle industry chain by Chinese companies aligns with ASEAN countries' urgent need for green transformation [4][6] Group 3: Think Tank Support - The construction of the China-ASEAN community of shared destiny requires robust theoretical research and decision-making support from think tanks [5] - Local universities with overseas Chinese resources are playing a crucial role in deepening China-ASEAN cooperation through research on overseas Chinese communities [5][6] - The collection of oral histories from overseas Chinese in ASEAN countries contributes to the cultural foundation of the China-ASEAN community [6]

在历史的十字路口，是筑起隔绝的"墙"，还是搭建开放的"桥"？面对经济全球化大势，任何一个国家， 无论大小强弱，一旦背离了潮流大势，终将落后于时代 国际经贸格局正处于深度变革之中。在世界贸易组织成立30周年之际，国际贸易体系呈现出两个突出特 点：一方面，个别国家发起的贸易战、关税战，严重冲击世界经济、损害国际贸易规则；另一方面，各 国面对挑战主动求变，各类区域和多边贸易协定激增。有国际观察人士担忧，全球经贸合作版图正被一 种由地缘政治博弈塑造的"丘陵地貌"所侵蚀。以规则为基础的多边贸易体制，这个曾经的世界经济"稳 定器"，正面临前所未有的考验。 破坏多边贸易规则的代价，是有可能回到关贸总协定和世界贸易组织建立之前以权力为基础的以强凌 弱、以大欺小的国际贸易体系。问题随之而来：人类是否会重蹈历史的覆辙？ "尽管有'强劲的逆风'，世界贸易展现出韧性"，世界贸易组织总干事伊维拉指出。放眼全球，各方推动 开放贸易的努力不断加强。中国—东盟自贸区3.0版升级议定书正式签署，欧盟推进与南方共同市场和 墨西哥的贸易协定，巴西和印度宣布力争到2030年将双边贸易额提升至200亿美元……这些努力，共同 构成对单边主义的集体回应。 ...

宁波舟山港滚装船载着新能源汽车驶向墨西哥，广州企业的光伏组件发往南非，保定中欧班列奔赴共建"一带一路"国家——今年前10个月，我国长三角、粤 港澳大湾区、京津冀三大区域外贸捷报频传，彰显强劲发展韧性。海关数据显示，长三角进出口14万亿元、同比增长6%；粤港澳大湾区内地9市进出口7.52 万亿元、创历史同期新高；京津冀进出口3.91万亿元，连续7个月增长，三大区域共同撑起我国外贸"半壁江山"。 长三角地区的民营企业成为外贸主力军。前10个月，该区域民营企业进出口7.83万亿元、同比增长9.7%，占进出口总值的55.9%。义乌国际商贸城的商铺 里，外国采购商络绎不绝，不少企业凭借过硬产品打开海外市场，新客户数量同比增长两成。 粤港澳大湾区的出口结构持续优化，机电产品唱起主角。前10个月，大湾区机电产品出口占比近七成，电子元件、"新三样"产品出口分别增长19.5%、 32.2%。深圳格瑞普电池有限公司的无人机电池、模型电池远销多国，海外市场对清洁能源产品的需求助推企业出口强劲增长。 京津冀地区的对外开放平台效能显著。该区域与240余个国家和地区保持稳定贸易往来，前10个月出口1.2万亿元、创历史同期新高。依托自贸试 ...

Core Insights - The foreign trade performance of China's three major regions—Yangtze River Delta, Guangdong-Hong Kong-Macau Greater Bay Area, and Beijing-Tianjin-Hebei—has shown strong resilience and vitality, with significant year-on-year growth in imports and exports [1][2][4] Group 1: Trade Performance - In the first ten months of this year, the Yangtze River Delta's import and export volume reached 14 trillion yuan, a year-on-year increase of 6% [2] - The Guangdong-Hong Kong-Macau Greater Bay Area's import and export volume was 7.52 trillion yuan, marking a historical high with a year-on-year growth of 4% [3] - The Beijing-Tianjin-Hebei region's import and export volume reached 3.91 trillion yuan, with exports hitting a historical high of 1.2 trillion yuan [4] Group 2: Sector Contributions - In the Yangtze River Delta, private enterprises contributed significantly, with their import and export volume reaching 7.83 trillion yuan, a year-on-year increase of 9.7%, accounting for 55.9% of the total trade [2] - The Guangdong-Hong Kong-Macau Greater Bay Area saw nearly 70% of its exports coming from electromechanical products, with electronic components and "new three types" products growing by 19.5% and 32.2% respectively [3] - The Beijing-Tianjin-Hebei region's exports were bolstered by the automotive sector, with automotive and parts exports increasing by 1.5 percentage points, now accounting for 8.2% of the region's total exports [5] Group 3: Structural Advantages - The three regions benefit from strong industrial foundations and innovation capabilities, transitioning from traditional cost advantages to innovation-driven growth [5] - The regions are deeply integrated into global supply chains, showcasing adaptability to external demand fluctuations, which has led to stable growth despite global challenges [6] - Institutional innovations, such as the establishment of free trade zones and comprehensive bonded zones, have created a favorable business environment for international trade [7] Group 4: Future Outlook - The regions are expected to further develop a multi-layered open system, with the Yangtze River Delta focusing on digital and green technologies, the Guangdong-Hong Kong-Macau area enhancing its role in global service trade, and the Beijing-Tianjin-Hebei region concentrating on high-end equipment exports [10] - Emerging markets and new trade areas, such as digital trade and green trade, are anticipated to become new growth drivers for these regions [10]

Core Viewpoint - China is actively expanding green trade to support its "dual carbon" goals, with green trade becoming a new driving force for foreign trade development as more green low-carbon products and services enter the international market [1][10]. Group 1: Green Product Export Growth - The export volume of electric loaders from Guangxi Liugong Machinery Co., Ltd. has increased by 120% compared to last year, with production capacity expanded from one to three production lines [3]. - In Zhejiang, a company is producing eco-friendly trademark belts made from recycled plastic bottles, showcasing the shift towards sustainable materials [5][8]. - In the first three quarters of this year, exports of wind turbine units and parts from China grew by over 30%, while photovoltaic products have maintained an export value exceeding 200 billion yuan for four consecutive years [10]. Group 2: Comprehensive Green Transformation - China's green product appeal in international markets stems from a comprehensive green transformation across the entire industrial chain, covering design, manufacturing, operation, and recycling [12]. - A refrigerator factory in Qingdao is producing energy-efficient refrigerators for the European market, with over 80% of its buildings equipped with solar panels, generating over 50 million kWh of green electricity annually [16][18]. - The factory expects to produce over 2 million refrigerators this year, saving approximately 10,000 tons of standard coal and reducing carbon dioxide emissions by over 26,000 tons [18]. Group 3: Institutional Support for Green Trade - The establishment of a green trade public service platform in Hubei aims to help export companies understand international carbon rules, addressing challenges in green transformation [28][31]. - China has accelerated the development of its green trade system, issuing 49 national standards for greenhouse gas emission accounting and 13 standards for carbon footprints [33]. - The Ministry of Commerce plans to promote high-quality development of green trade and enhance the green low-carbon development capabilities of enterprises [35].

宁波舟山港梅西滚装码头，装载了3000余辆新能源汽车的"梦之兰"号滚装船正缓缓离泊驶向墨西哥； 广州花都区一家新能源企业内，一批货值超70万元的太阳能光伏组件正在装箱，准备发往南非； 这三大区域外贸为何跑出加速度？其高质量发展折射出我国外贸怎样的韧性与活力？ 河北保定，一列满载汽车配件、机械设备的中欧班列驶出站台，开往共建"一带一路"国家…… 海关总署近日发布的数据显示，今年前10个月，我国长三角、粤港澳大湾区、京津冀等区域外贸向新向 优，展现出强劲韧性。其中，长三角地区进出口14万亿元，同比增长6%；粤港澳大湾区内地9市进出口 7.52万亿元人民币，创历史同期新高；京津冀区域进出口3.91万亿元，连续7个月保持增长。 亮点多、韧性足 盘点今年以来外贸成绩单，长三角地区的民营企业表现格外抢眼。 据海关统计，今年前10个月，长三角地区进出口14万亿元，同比增长6%；民营企业进出口7.83万亿 元，同比增长9.7%，占进出口总值的55.9%，外贸主力军的作用持续显现。 浙江金华义乌国际商贸城一家五金产品商铺内，来自澳大利亚、斯里兰卡、哈萨克斯坦等国的采购商们 正仔细验看着样品，不时与店主交换着名片、商讨价格。 " ...

今日摘要 习近平总书记指出，现代化产业体系是现代化国家的物质技术基础，必须把发展经济的着力点放在实体 经济上，为实现第二个百年奋斗目标提供坚强物质支撑。"十四五"期间，我国加快建设现代化产业体 系，为中国式现代化注入澎湃动力。 李强出席二十国集团领导人第二十次峰会第二及第三阶段会议。 系列报道《学习贯彻四中全会精神在基层》今天来看：青海、内蒙古等地认真学习贯彻全会精神，不断 筑牢生态安全屏障，增强绿色发展动能。 10月份，我国新质生产力持续壮大，工业机器人销售收入同比增长超40%。 今年以来，绿色贸易正成为我国外贸发展新动能新优势。 国际人士表示，高市早苗错误言论破坏地区及世界和平稳定。日本人士指出，高市早苗错误言论违背日 本和平宪法。 俄罗斯称，在顿涅茨克等地控制三个居民点。乌克兰称，击落俄军无人机。 内容速览 【新思想引领新征程·非凡"十四五"】我国加快建设现代化产业体系 李强会见南非副总统 当地时间11月23日，国务院总理李强在约翰内斯堡会见南非副总统马沙蒂莱。 李强结束出访回到北京 11月24日下午，国务院总理李强在结束出席二十国集团领导人第二十次峰会后，乘包机回到北京。 【学习贯彻四中全会精神在基层 ...

Core Viewpoint - China's green trade is emerging as a new driving force for foreign trade development, with an increasing number of green low-carbon products and services entering international markets [1]. Group 1: Green Product Export Growth - In the first ten months of this year, China's wind turbine exports reached 10.33 billion yuan, marking a year-on-year increase of 44.9% [3]. - Solar products have consistently exceeded 200 billion yuan in exports for four consecutive years [3]. Group 2: Green Manufacturing and Solutions - China has cultivated 6,430 national green factories and 491 green industrial parks, with over 40,000 types of green products developed and promoted by domestic enterprises [5]. - Chinese companies are not only exporting high-quality green products but also providing comprehensive solutions covering design, construction, and operation and maintenance [5]. Group 3: Green Trade Policy and Standards - The green trade system in China is rapidly improving, with the introduction of the first special policy in the green trade sector [7]. - China has issued 13 national standards for carbon footprints and has granted nearly 40,000 green product certification certificates [7]. - The "International Economic and Trade Cooperation Framework Initiative for Digital Economy and Green Development" proposed by China has received positive responses from over 50 economies, becoming a global public good [7].