Core Viewpoint - China's exports and imports in September 2023 exceeded expectations, with exports growing by 8.3% year-on-year and imports by 7.4%, supported by strong performance in semiconductor, automotive, and shipping industries [1][2] Group 1: Export Performance - Exports to the EU, ASEAN, and Latin America showed double-digit year-on-year growth, effectively countering the impact of US tariff policies [1][2] - In the first three quarters of 2023, China's exports to the EU increased by 8.2%, with notable growth to Germany (10.5%), France (7.5%), and Italy (8.9%) [2] - Emerging markets such as ASEAN, Latin America, and Africa contributed significantly to export resilience, with respective growth rates of 14.7%, 6.9%, and 28.3% [2] Group 2: Import Dynamics - The manufacturing PMI showed seasonal recovery in September, indicating slight improvement in economic conditions compared to August, which supported import growth [1] - Major commodities such as iron ore, crude oil, and copper saw year-on-year increases in import volumes, while integrated circuit imports grew by 8.9% in quantity and 9.8% in value [1] Group 3: Trade Structure and Trends - The share of emerging markets in China's export portfolio is increasing, with ASEAN and Latin America accounting for approximately 17% and 8% of total exports, respectively [3] - China's export structure is optimizing, with a growing share of high-end manufacturing products, driven by strong competitiveness in sectors like semiconductors and transportation equipment [3] - The share of textiles and miscellaneous products in total exports has been declining, while the share of high-end manufacturing goods has been rising, indicating a shift towards more competitive export offerings [3] Group 4: Future Outlook - The WTO has significantly lowered the global goods trade growth forecast for 2026 to 0.5%, suggesting challenges ahead for China's foreign trade landscape [4] - Despite challenges from US tariff policies and global trade uncertainties, the diversification of trade partners and stable economic relations with the EU are expected to support export resilience [4] - The ongoing transformation towards high-end, intelligent, and green manufacturing is enhancing the global competitiveness of certain industrial chains [4]

Core Insights - The high-quality development of the manufacturing sector is crucial for the overall high-quality economic development in China [1] - Tax reduction and fee exemption policies have significantly alleviated the financial burden on manufacturing enterprises, providing strong support for their development [3] Tax Policies and Financial Impact - From January to August this year, tax reduction and fee exemption policies, along with tax refunds, amounted to 1.2925 trillion yuan, directly benefiting the manufacturing sector [1] - Key policies include R&D expense deductions and a reduced corporate income tax rate of 15% for high-tech enterprises, which provided a total benefit of 485.7 billion yuan [1] - The advanced manufacturing, integrated circuit, and industrial mother machine sectors received a VAT offset benefit of 112 billion yuan, while other supportive policies contributed 694.8 billion yuan [1] Manufacturing Sector Performance - The manufacturing sector showed a positive growth trend in the first three quarters, with sales revenue increasing by 4.7% year-on-year, accounting for 29.8% of total sales revenue across all enterprises [1] - The equipment manufacturing sector experienced a sales revenue growth of 9%, with significant increases in specific areas such as computer communication equipment (13.5%) and industrial mother machines (11.8%) [2] - High-end manufacturing sectors, including new energy vehicles and aerospace, saw substantial tax revenue growth, with increases of 49.7% and 12% respectively [2] Transformation Trends - The intelligent transformation of the manufacturing sector is evident, with a 10.6% year-on-year increase in digital technology procurement, leading to a 23.6% growth in smart equipment manufacturing [2] - The green transformation is progressing, with high-energy-consuming manufacturing's revenue share decreasing by 1.4 percentage points year-on-year, and a 34% increase in procurement of energy-saving and environmental protection services [2]

Core Insights - The current tax reduction and refund policies have provided significant support for the high-quality development of the manufacturing industry, amounting to a total of 12,925 billion yuan from January to August this year [1][2] Tax Policies and Financial Support - The R&D expense deduction policy and the reduced corporate income tax rate of 15% for high-tech enterprises contributed 4,857 billion yuan in tax benefits [1] - The VAT credit policy for advanced manufacturing, integrated circuits, and industrial mother machines provided 1,120 billion yuan in tax benefits [1] - Other policies supporting the manufacturing sector accounted for 6,948 billion yuan in tax benefits [1] Manufacturing Industry Performance - The manufacturing sector showed a positive development trend in the first three quarters, with sales revenue increasing by 4.7% year-on-year, accounting for 29.8% of total corporate sales revenue in the country [1] - The equipment manufacturing sector's sales revenue grew by 9% year-on-year, representing 46.9% of the manufacturing sector, with notable growth in computer communication equipment (13.5%) and industrial mother machines (11.8%) [1] - Key industries such as aircraft, high-speed trains, and deep-sea oil drilling equipment saw sales revenue growth of 12.5%, 16.1%, and 20.8% respectively [1] Transformation Trends - The intelligent transformation is evident, with manufacturing enterprises' spending on digital technologies increasing by 10.6% year-on-year, leading to a 23.6% growth in smart equipment manufacturing, including robots and drones [2] - The green transformation is progressing steadily, with high-energy-consuming manufacturing's sales revenue dropping by 1.4 percentage points to 28.9% of the manufacturing sector, and a 34% increase in procurement of energy-saving and environmental protection services [2] Tax Revenue and Economic Contribution - Manufacturing tax revenue grew by 5.8% year-on-year in the first three quarters, with significant increases in tax revenue from high-end manufacturing sectors such as new energy vehicles (49.7%), railway, shipping, and aerospace (31.4%), and computer communication equipment (12%) [2] - The recovery of prices in major commodities like steel and non-ferrous metals has improved the profitability of related industries, with corporate income tax from these sectors increasing by 11.7% and 32.2% respectively [2] - The series of tax reduction and fee reduction policies have effectively alleviated the burden on manufacturing enterprises, supporting their operations and contributing to a virtuous cycle of development and tax revenue generation [2]

Core Viewpoint - China's foreign trade demonstrates strong resilience and vitality amid increasing protectionism and unilateralism, with confidence in achieving stable and quality growth in foreign trade [1] Group 1: Trade Performance - China's total goods trade import and export reached 33.61 trillion yuan in the first three quarters of this year [2] - The import and export figures have shown a year-on-year increase for eight consecutive quarters, reflecting the strong resilience of China's economy [4] Group 2: Export Composition - Exports of electromechanical products amounted to 12.07 trillion yuan, accounting for 60.5% of total exports [5] - The growth rate of green products has reached double digits [7] Group 3: Private Enterprises - Private enterprises have led the growth in import and export, achieving year-on-year increases for 22 consecutive quarters [9] - In the first three quarters, private enterprises contributed 4.3 percentage points to China's foreign trade growth, representing 57% of the total foreign trade value [9] Group 4: Market Diversification - Trade with countries involved in the Belt and Road Initiative accounted for 51.7% of total imports and exports, with a growth rate of 6.2% [11] - Trade with ASEAN, Latin America, Africa, and Central Asia grew by 19.5%, 16.7%, 9.6%, and 3.9% respectively [11] Group 5: New Trade Models - The number of national cross-border e-commerce comprehensive pilot zones has increased to 178, with over 280 bonded maintenance projects established [13] - The digital and green transformation of foreign trade is accelerating [13][14]

Investment Rating - The report provides a positive investment rating for the apparel industry, highlighting growth potential driven by government support, competitive pricing, and market expansion opportunities [4]. Core Insights - The apparel industry is undergoing a transformation characterized by the integration of technology and fashion, with e-commerce and live-streaming commerce significantly boosting market growth [4]. - China's apparel exports are expected to grow due to favorable government policies, price advantages, and competitive quality in the global market [4]. Industry Definition - The apparel industry encompasses clothing, footwear, and accessories, serving functions such as protection, decoration, and identification [5]. - Apparel can be categorized by gender into men's and women's clothing, each with distinct design and functional characteristics [6]. Industry Characteristics - High raw material costs dominate the cost structure, with raw materials accounting for 76.1% of costs in upstream suppliers and 60% in midstream manufacturing [6][7]. - The export market is diversified, with growth in traditional markets like the US and EU, while emerging markets show mixed results [7]. - The industry exhibits strong cyclicality, with retail sales closely tied to economic growth rates [8]. Development History - The apparel industry in China has evolved through four key stages: industrialization, OEM rise, globalization, and brand and technology upgrades, currently transitioning into a phase driven by national pride and technological innovation [9]. Industry Chain Analysis - The apparel industry chain includes upstream raw material production, midstream manufacturing, and downstream brand sales, with varying levels of bargaining power across segments [14][15]. - Midstream manufacturers face challenges in negotiating with upstream suppliers due to industry fragmentation, leading to lower average profit margins [15]. - Labor cost increases are prompting a shift of the apparel supply chain to Southeast Asian countries [16]. Market Size and Growth - The apparel market size grew from 1,918.03 billion RMB in 2019 to 2,074.29 billion RMB in 2023, with a projected CAGR of 2.15% from 2024 to 2028 [36]. - E-commerce penetration and live-streaming commerce are key drivers of market growth, with significant increases in online shopping users [38][39]. Export Market Dynamics - China's apparel exports are benefiting from a recovery in overseas demand due to loose monetary policies and economic recovery in major markets [40]. - The export market is characterized by structural differentiation, with varying performance across different regions and product categories [40]. Policy Support - Government policies aimed at upgrading the industry and promoting digitalization and innovation are expected to drive future growth in the apparel sector [41][42]. - The competitive pricing of Chinese apparel products is anticipated to enhance export growth, particularly in the context of rising demand for affordable quality products in international markets [42].

"平房"，一个再普通不过甚至近乎"土气"的名字，背后却是非同寻常的故事：从一个移民的屯落，沦为 侵华日军细菌战基地，再从战争的废墟中艰难站起，成为汇聚新中国多个"第一"的工业重镇，而今，在 迈向高质量发展的征途上奋勇担当……这片承载着民族沉痛过往的土地，在新时代奔涌的大潮中焕发出 新的光彩。 被击碎的"太平"愿望 提起平房区，很多人本能地把"平房"一词理解为平顶建筑，其实不然。 据《平房区志》记载，清代后期，此地原名义和屯，后寄托村屯太平之意，改名为平房屯。 那么当年侵华日军第七三一部队何以选址平房？侵华日军第七三一部队罪证陈列馆馆长金成民道出个中 始末。 转自：北京日报客户端 银幕之上，当电影《731》的光影再一次刺痛黑暗，每一道历史的伤痕，都成为今天守护和平的动力； 镜头之外，电影《731》的原型地"平房"——黑龙江省哈尔滨市平房区，又经历了怎样的伤痛和重生？ 实际上，日本对细菌战研究由来已久。1930年，军医石井四郎极力鼓吹细菌战，"缺少资源的日本，应 该开发细菌武器"——他的狂妄设想得到了军界高层的赞同。1932年8月，石井四郎在日本东京陆军军医 学校建立细菌研究室。他急需活人进行实验，因此将细菌研究 ...

Core Insights - The 138th China Import and Export Fair (Canton Fair) is set to open on October 15, showcasing a record number of 74,600 booths and over 32,000 participating companies, with 207,000 registered buyers, reflecting a 14.1% increase compared to previous events [1] Group 1: Trade Growth and Innovation - The Canton Fair serves as a "barometer" and "weather vane" for China's foreign trade, indicating a resilient growth trend in exports [1] - A significant increase in high-tech and specialized enterprises is noted, with over 10,000 quality companies participating, marking a historical high [2] - The fair is expected to feature over 1 million new products developed in the past year, with nearly 1.1 million products holding independent intellectual property rights [2] Group 2: Smart Technology Development - The fair highlights the acceleration of smart technology in foreign trade, with 175 product zones, including 18 dedicated to smart products, showcasing over 350,000 intelligent items [5] - The introduction of a smart medical area at the fair features 47 companies presenting advanced medical technologies, including surgical robots and wearable devices [5] - The trend towards smart manufacturing is reshaping export competitiveness, pushing products towards higher-end markets and enhancing the overall quality and technology of exports [5] Group 3: Green Transformation - The fair emphasizes the green transformation of foreign trade, with 305 participating companies in the renewable energy sector, a 3% increase from the previous event [6] - Approximately 38.4% of participating companies reported using green production technologies, showcasing a commitment to sustainable practices [6] - A total of 1.083 million green and low-carbon products will be displayed, reflecting the industry's shift towards environmentally friendly solutions [6] Group 4: Future Outlook - The overall foreign trade landscape is expected to maintain resilience in the fourth quarter, with recommendations to accelerate the development of digital, service, and green trade [7] - There is a call for expanded policy support for foreign trade enterprises, including enhancing export credit insurance and improving logistics and customs efficiency [7]

Group 1 - The 138th China Import and Export Fair (Canton Fair) will open on October 15, showcasing a record 74,600 booths and over 32,000 participating companies, with 207,000 registered buyers from 217 export markets, reflecting a 14.1% month-on-month increase [1] - The fair serves as a "barometer" and "weather vane" for China's foreign trade, indicating a resilient growth trend in the sector [1] - A significant number of high-tech and specialized enterprises are participating, with over 10,000 companies recognized as "specialized and innovative" [2] Group 2 - The fair will feature over 1 million new products developed in the past year and nearly 1.1 million products with independent intellectual property rights [2] - The export of electromechanical products has maintained a strong growth momentum, accounting for over 60% of total exports, with high-tech products like integrated circuits and industrial robots showing significant growth [2] - The fair includes 175 product zones, with 18 dedicated to smart products, showcasing over 350,000 intelligent items [3] Group 3 - The trend towards smart technology is evident, with companies like Wuhan Furili Automation Equipment Co., Ltd. reporting over 20% of their orders coming from overseas [3] - The introduction of a smart medical area at the fair highlights advancements in medical technology, featuring 47 companies showcasing surgical robots and wearable devices [3] - The shift towards intelligent manufacturing is reshaping export competitiveness and driving the transition of export goods towards higher-end products [3] Group 4 - The fair emphasizes green transformation, with companies like Juzi Hezhong Technology Co., Ltd. preparing to launch hydrogen-powered vehicles, reflecting a commitment to sustainable development [4] - A total of 305 companies in the renewable energy sector are participating, a 3% increase from the previous fair, with 38.4% of exhibitors adopting green production technologies [4] - The fair aims to enhance cooperation and communication between domestic and international enterprises, promoting high-quality development in foreign trade [5] Group 5 - Experts anticipate that the foreign trade landscape will remain resilient in the fourth quarter, despite increasing uncertainties [5] - Recommendations include accelerating the development of digital, service, and green trade, as well as expanding policy support for foreign trade enterprises [5] - The fair is positioned as a crucial platform for showcasing China's dynamic foreign trade, focusing on innovation, intelligence, and sustainability [5]

Group 1 - National Energy Administration data shows that total electricity consumption in China exceeded 1 trillion kilowatt-hours for the second consecutive month in August, reaching 1,015.4 billion kilowatt-hours, indicating robust development of new productive forces and emerging economic growth points [1] - In August, the production of wind power generation units increased by 78.1%, while related products such as new energy vehicles, lithium-ion batteries for vehicles, and solar cells performed exceptionally well [3] - The electricity consumption in the primary industry reached 16.4 billion kilowatt-hours in August, representing a year-on-year growth of 9.7%, which is an increase of 5.1 percentage points compared to the same period last year [5] Group 2 - The charging infrastructure investment is accelerating, with electricity consumption in the charging and battery swapping service industry growing by 44.1% year-on-year in the first eight months; as of the end of August, the total number of electric vehicle charging infrastructure (charging guns) reached 17.348 million, a year-on-year increase of 53.5% [7] - The rapid development of mobile internet, big data, and cloud computing has led to a year-on-year increase of 28.8% in electricity consumption in the internet and related services industry during the first eight months [9]

Core Viewpoint - The Chinese Ministry of Commerce emphasizes the resilience and vitality of China's foreign trade amidst rising protectionism and unilateralism, highlighting the importance of strong leadership and cooperation among various sectors [1]. Group 1: Trade Performance - In the first eight months of the year, China's total import and export volume reached 29.6 trillion yuan, reflecting a year-on-year growth of 3.5%, with exports maintaining positive growth for six consecutive months [2]. - The structure of foreign trade continues to optimize, with mechanical and electrical products accounting for over 60% of total exports, and high-tech products like integrated circuits and industrial robots showing significant growth [2]. - Private enterprises' import and export volume increased by 7.4%, representing 57.1% of the overall trade, indicating strong adaptability and innovation capabilities [2]. Group 2: Trade Diversification - In the first eight months, trade with Belt and Road Initiative countries grew by 5.4%, accounting for 51.7% of total trade, while trade with ASEAN, Africa, and Latin America increased by 9.7%, 16.6%, and 2.3% respectively [3]. - China has signed 23 free trade agreements with 30 countries and regions, significantly reducing trade costs among partners and enhancing cooperation [3]. - The country is expanding unilateral openness by implementing 100% zero-tariff measures on 53 African countries, allowing more trade partners to benefit from China's large market opportunities [3]. Group 3: Canton Fair Highlights - The current Canton Fair features over 10,000 high-quality enterprises recognized for innovation, setting a historical record [4]. - The fair showcases over 1 million new products developed in the past year, with nearly 110 million products having independent intellectual property rights [4]. - The fair promotes smart development with 175 product zones, including 18 dedicated to smart products, and introduces a new smart medical area featuring innovative medical technologies [4]. - Emphasizing green development, the fair includes 305 new energy exhibitors, a 3% increase from the previous session, with 38.4% of participating companies adopting green production technologies [4].