Investment Rating - The industry investment rating is "Positive" [2] Core Insights - The report highlights a recovery in dry bulk throughput and a positive year-on-year change in crude oil throughput for June [1][3] - Overall cargo throughput performance remains stable, maintaining a "Positive" rating for the shipping and port sector [6] Summary by Sections Overview: National Import and Export Volume and Cargo Throughput - In the first half of 2025, the national import and export total reached 21.79 trillion yuan, a year-on-year increase of 2.9%. The import total was 8.79 trillion yuan, down 2.7%, while the export total was 13 trillion yuan, up 7.2% [5][13] - Coastal major ports achieved a cargo throughput of 5.703 billion tons, a year-on-year increase of 2.5% [5][30] Container: Shipping Rates and Container Throughput - As of August 1, 2025, the China Container Freight Index (CCFI) was at 1232.29 points, down 43.49% year-on-year [5][34] - Container throughput for the first half of 2025 reached 15.227 million TEUs, a year-on-year increase of 7.1% [5][40] Liquid Bulk: Oil Shipping Rates and Crude Oil Throughput - The Baltic Dirty Tanker Index (BDTI) was at 965 points on August 4, 2025, a year-on-year increase of 2.66% [6][42] - Crude oil imports for the first half of 2025 totaled 279 million tons, a year-on-year increase of 1.4% [6][50] Dry Bulk: Shipping Rates and Iron Ore, Coal Throughput - The Baltic Dry Index (BDI) was at 1970 points on August 4, 2025, a year-on-year increase of 17.47% [6][57] - Iron ore throughput for the first half of 2025 was 686 million tons, a year-on-year increase of 1.56% [6][63] Monthly Throughput of Key Port Listed Companies - In June 2025, Shanghai Port Group's cargo throughput was 0.52 billion tons, down 1.57% year-on-year, while Ningbo Port's cargo throughput was 1.01 billion tons, up 11.63% year-on-year [6][75]

Core Insights - In the first half of the year, Yiwu's total import and export value reached 405.83 billion yuan, representing a year-on-year growth of 25% [1] Summary by Category Import and Export Performance - The export value was 358.63 billion yuan, with a year-on-year increase of 24.6% [1] - The import value stood at 47.2 billion yuan, showing a year-on-year growth of 28.3% [1] Market Share - The total import and export value accounted for 14.9% of the province's total, an increase of 2.2 percentage points [1] - The export value represented 17.3% of the province's total, also up by 2.2 percentage points [1] - The import value made up 7.2% of the province's total, increasing by 1.6 percentage points [1]

Group 1 - In the first half of 2025, Shenzhen's total import and export value reached 2.17 trillion yuan, accounting for 9.9% of the national total [1] - Exports amounted to 1.31 trillion yuan, while imports were 858.86 billion yuan, showing a year-on-year growth of 9.5% [1] - Shenzhen ranked first among mainland cities in both import and export scale, with imports hitting a historical high for the same period [1] Group 2 - General trade accounted for 54.8% of Shenzhen's total import and export value, with a total of 1.19 trillion yuan [1] - Bonded logistics trade grew by 15.1%, reaching 585.44 billion yuan, making up 27% of the total [1] - Processing trade remained stable at 381.54 billion yuan, representing 17.6% of the total [1] Group 3 - Private enterprises were the main force in Shenzhen's foreign trade, with imports and exports totaling 1.51 trillion yuan, or 69.8% of the total [1] - Foreign-invested enterprises also saw significant growth, with a total import and export value of 563.06 billion yuan, up 9% and accounting for 26% [1] - State-owned enterprises had an import and export value of 89.14 billion yuan [1] Group 4 - In terms of product categories, Shenzhen exported electromechanical products worth 980.29 billion yuan, a growth of 3.5%, making up 74.9% of total exports [2] - Exports of computers and their components reached 153.41 billion yuan, growing by 14.6% [2] - High-tech product exports by private enterprises totaled 179.86 billion yuan, reflecting a year-on-year increase of 16% [2]

Core Insights - Shenzhen's total import and export value reached 2.17 trillion RMB in the first half of 2025, accounting for 9.9% of the national total [1] - Exports amounted to 1.31 trillion RMB, while imports were 858.6 billion RMB, reflecting a growth of 9.5% [1] - Shenzhen ranked first among mainland cities in both total import and export scale, with imports hitting a historical high for the same period [1] Import and Export Performance - In June 2025, Shenzhen's import and export value was 397.98 billion RMB, showing a growth of 2.6% [1] - Exports in June were 252.84 billion RMB, increasing by 1.4%, while imports reached 145.14 billion RMB, growing by 4.8% [1]

Core Insights - Shenzhen's import and export value reached 2.17 trillion yuan in the first half of 2025, accounting for 9.9% of the national total, with exports at 1.31 trillion yuan and imports at 858.6 billion yuan, marking a year-on-year growth of 9.5% [2] Group 1: Trade Characteristics - General trade accounted for over half of the total trade, with a value of 1.19 trillion yuan, representing 54.8% of Shenzhen's total import and export value. Bonded logistics saw a 15.1% increase, totaling 585.4 billion yuan, while processing trade remained stable at 381.5 billion yuan, making up 17.6% [2] - Private enterprises contributed nearly 70% of the trade, with a total import and export value of 1.51 trillion yuan, representing 69.8%. Foreign-invested enterprises saw a 9% increase to 563.1 billion yuan, accounting for 26%, while state-owned enterprises contributed 891.4 billion yuan [2] Group 2: Trade Partners - The top ten trading partners included ASEAN, Hong Kong, and Taiwan, with trade values of 358.3 billion yuan, 340.0 billion yuan, and 252.1 billion yuan respectively, showing growth rates of 7.2% and 33%. Trade with the EU, the US, India, and the UK reached 218.3 billion yuan, 205.8 billion yuan, 41.8 billion yuan, and 33.5 billion yuan respectively [3] - Trade with countries involved in the Belt and Road Initiative reached 781.6 billion yuan, while trade with other RCEP member countries totaled 603.0 billion yuan [3] Group 3: Export Products - Mechanical and electrical products accounted for over 70% of exports, totaling 980.3 billion yuan, with a growth of 3.5%, representing 74.9% of total exports. Notable growth was seen in computers and components at 153.4 billion yuan (14.6% growth), integrated circuits at 108.9 billion yuan (34.7% growth), and lithium batteries at 382.8 billion yuan (39.5% growth) [4] Group 4: Import Products - Mechanical and electrical products made up over 80% of imports, totaling 709.1 billion yuan, with a growth of 17.1%, representing 82.6% of total imports. Integrated circuits accounted for 379.1 billion yuan (17.9% growth), while computer components surged to 165.1 billion yuan (75.1% growth) [4][5] - Agricultural imports reached 50.5 billion yuan, growing by 3.3%, with significant increases in edible aquatic products at 5.3 billion yuan (36.1% growth) and grains at 4.6 billion yuan (76% growth) [5]

Core Insights - Qingdao's import and export value reached 442.7 billion RMB in the first half of the year, showing a year-on-year growth of 1% and accounting for 25.6% of Shandong Province's total import and export value [1] Group 1: Trade Performance - Exports totaled 263.8 billion RMB, increasing by 3.6%, while imports were 178.9 billion RMB, decreasing by 2.6% [1] - General trade accounted for over 60% of the total, with a value of 290.5 billion RMB, down 0.6%, representing 65.6% of the total trade [1] - Processing trade saw an increase of 4%, reaching 69.4 billion RMB, making up 15.7% of the total [1] Group 2: Enterprise Contributions - Private enterprises contributed 315.88 billion RMB in trade, growing by 4.2% and accounting for 71.4% of the total, an increase of 2.2 percentage points [1] - State-owned enterprises' trade increased by 9.6% to 55.24 billion RMB, representing 12.5% of the total [1] - Foreign-invested enterprises experienced a decline of 15.8%, totaling 71.27 billion RMB, which accounted for 16.1% [1] Group 3: Trade Partners - Trade with South Korea reached 30.73 billion RMB, growing by 0.7%, while trade with Russia increased significantly by 28.4% to 27.98 billion RMB [1] - Trade with countries involved in the Belt and Road Initiative amounted to 262.85 billion RMB, a growth of 6.7%, making up 59.4% of the total [1] Group 4: Product Categories - Mechanical and electrical products exports were 136.56 billion RMB, up 5.8%, constituting 51.8% of total exports [2] - Agricultural product exports reached 23.52 billion RMB, increasing by 2% and accounting for 8.9% of total exports [2] - Oil imports totaled 8.801 million tons, up 14.4%, valued at 32.75 billion RMB, a decrease of 1.8% [2]

Core Insights - Shanghai's total import and export value reached 2.15 trillion yuan in the first half of the year, marking a year-on-year growth of 2.3885% [1] - The Yangtze River Delta region's total import and export value exceeded 8 trillion yuan for the first time, totaling approximately 8.15 trillion yuan [1] Summary by Region - Zhejiang Province's import and export value was 2.73 trillion yuan, reflecting a year-on-year increase of 6.6% [1] - Jiangsu Province's total import and export value reached 2.81 trillion yuan, showing a growth of 5.2% compared to the same period last year [1] - Anhui Province's import and export value amounted to 458.54 billion yuan, with a significant year-on-year increase of 15.2%, achieving a historical high for the same period [1]

Export and Import Performance - In the first half of the year, China's exports grew by 5.9% year-on-year in USD terms, while imports declined by 3.9%, resulting in a trade surplus of $585.96 billion[2] - In June, exports increased by 5.8% year-on-year, with imports turning positive at a growth rate of 1.1%, leading to a trade surplus of $114.77 billion[2] - ASEAN and EU continued to support China's export growth, contributing 2.7 and 1.1 percentage points to the June export growth, respectively[2] Product-Specific Insights - Electrical and mechanical products maintained export advantages, with integrated circuits and general machinery growing by 18.9% and 7.0% year-on-year, respectively[4] - Some light industrial products saw improvements in export prices, with declines in prices for household ceramics and footwear narrowing by 7.0 and 1.8 percentage points, respectively[4] - The automotive sector continued to show positive growth despite high export baselines in recent years[4] Economic Risks - There is an increasing risk of economic recession in Europe and the US, alongside a complex international situation that could impact trade dynamics[3]

Core Insights - In the first half of the year, Shaanxi's total import and export value reached 244.51 billion yuan, marking a year-on-year increase of 7.5% [1] - Exports amounted to 170.53 billion yuan, up 10.6% year-on-year, while imports were 73.98 billion yuan, reflecting a 1.1% increase [1] - The growth rate of general trade imports and exports in Shaanxi exceeded the overall growth by 11.7 percentage points [1] Trade Composition - Processing trade accounted for 44.3% of the total import and export value, with a total of 108.43 billion yuan [1] - General trade reached 98.64 billion yuan, growing by 19.2% and representing 40.3% of the total [1] - Bonded logistics contributed 28.65 billion yuan, making up 11.7% of the total [1] Regional Trade Growth - Exports to ASEAN reached 40.07 billion yuan, increasing by 20.9% [1] - Exports to Taiwan surged by 73.8% to 30.35 billion yuan [1] - Exports to the EU grew by 36.4% to 30.13 billion yuan [1] - Trade with countries along the "Belt and Road" totaled 132.37 billion yuan [1] Enterprise Performance - Foreign-invested enterprises reported an import and export value of 141.83 billion yuan, up 13.3% [1] - State-owned enterprises saw a 21.1% increase in import and export value, totaling 16.91 billion yuan [1] - Private enterprises had an import and export value of 85.04 billion yuan [1] Product Export and Import Details - Mechanical and electrical products exports reached 146.51 billion yuan, accounting for 85.9% of total exports [2] - Integrated circuits exports were 61.23 billion yuan, up 8.7% [2] - Automotive exports increased by 51.7% to 31.22 billion yuan [2] - Major imports included integrated circuits at 32.18 billion yuan and semiconductor manufacturing equipment at 3.75 billion yuan, which saw a 125.2% increase [2] - Iron ore imports rose by 45% to 6.377 million tons, while coal imports increased by 58.4% to 3.93 million tons [2]

Export Data - In June 2025, China's exports increased by 5.8% year-on-year, up from 4.8% in May, surpassing market expectations of 5.0%[2] - The trade surplus reached $114.77 billion, compared to $103.22 billion in the previous month[2] Import Data - Imports rose by 1.1% year-on-year in June, recovering from a decline of 3.4% in May, exceeding market expectations of 0.3%[2] - The increase in imports was supported by a low base effect and resilient export performance, with the import volume showing significant growth[4] Export Drivers - The recovery in export growth was partly due to the delayed impact of the US-China tariff suspension, with the year-on-year decline in exports to the US narrowing by 18.4 percentage points to -16.1%[3] - Demand for re-export from ASEAN countries continued to rise, although future costs may increase due to the US-Vietnam tariff agreement[3] Import Trends - Strong demand for high-end manufacturing imports, such as semiconductors and integrated circuits, contributed approximately 1.8 percentage points to import growth[4] - The import growth of most energy and mineral products was affected by price factors, particularly for copper[4] Future Outlook - Export growth is expected to benefit from the tariff suspension in the short term, but pressure may emerge by the end of Q3 2025 due to elevated base effects and potential shifts in US demand[5] - Risks include geopolitical uncertainties and unexpected changes in economic policies that could impact market sentiment[5]