1. Report Industry Investment Rating - No relevant information provided in the report. 2. Core Viewpoints of the Report - From a long - term perspective, A - shares are considered to have high investment value. Among them, CSI 500 and CSI 1000, supported by more science and innovation policies, have the potential for high growth and returns, while SSE 50 and CSI 300 have more defensive value in the current macro - environment [2]. 3. Summary by Relevant Catalogs 3.1 Stock Index Futures Market - For IF contracts, the prices of all terms decreased, with a decline range from 0.29% to 0.41%. The trading volume of IF contracts was 28382, 6951, 37589, and 7126 respectively, and the open interest decreased by 12573, 2405, - 8205, and - 787 respectively [1]. - For IH contracts, the prices of all terms decreased, with a decline range from 0.46% to 0.53%. The trading volume of IH contracts was 14360, 2702, 21777, and 2497 respectively, and the open interest decreased by 6696, 221, - 7554, and - 553 respectively [1]. - For IC contracts, the prices of all terms decreased, with a decline range from 0.30% to 0.43%. The trading volume of IC contracts was 28123, 9438, 22467, and 6378 respectively, and the open interest decreased by 13063, 3845, - 4713, and - 741 respectively [1]. - For IM contracts, the prices of all terms decreased, with a decline range from 0.20% to 0.30%. The trading volume of IM contracts was 37369, 10738, 71184, and 13491 respectively, and the open interest decreased by 14229, 2724, - 13493, and - 3322 respectively [1]. - The current values of the inter - month spreads of IF, IH, IC, and IM were - 13.60, - 3.20, - 57.00, and - 68.80 respectively, compared with the previous values of - 14.60, - 3.60, - 49.60, and - 64.00 [1]. 3.2 Stock Index Spot Market - The CSI 300 index rose 0.07%, with a trading volume of 207.92 billion lots and a total trading value of 3214.16 billion yuan [1]. - The SSE 50 index rose 0.04%, with a trading volume of 51.49 billion lots and a total trading value of 900.39 billion yuan [1]. - The CSI 500 index fell 0.10%, with a trading volume of 189.28 billion lots and a total trading value of 2262.91 billion yuan [1]. - The CSI 1000 index rose 0.02%, with a trading volume of 242.06 billion lots and a total trading value of 3026.37 billion yuan [1]. - In terms of industries, the energy, raw materials, optional consumption, and telecom business industries had positive growth rates, while the information technology, real estate and finance, and pharmaceutical and healthcare industries had negative growth rates [1]. 3.3 Futures - Spot Basis - The basis values of IF contracts compared with the CSI 300 index showed different degrees of change, with the current values being - 8.67, - 22.27, - 31.87, and - 62.47 respectively [1]. - The basis values of IH contracts compared with the SSE 50 index were - 6.01, - 9.21, - 10.41, and - 7.81 respectively [1]. - The basis values of IC contracts compared with the CSI 500 index were - 12.46, - 69.46, - 123.26, and - 246.26 respectively [1]. - The basis values of IM contracts compared with the CSI 1000 index were - 20.11, - 88.91, - 160.11, and - 341.51 respectively [1]. 3.4 Other Domestic and Overseas Indexes - Among domestic main indexes, the Shanghai Composite Index rose 0.27%, the Shenzhen Component Index fell 0.11%, the Small and Medium - Sized Board Index fell 0.07%, and the ChiNext Index fell 0.45% [1]. - Among overseas indexes, the Hang Seng Index rose 0.26%, the Nikkei 225 fell 0.28%, the S&P 500 rose 0.14%, and the DAX index fell 0.39% [1]. 3.5 Macro Information - In the first half of this year, China's social financing scale increment was 22.83 trillion yuan, 4.74 trillion yuan more than the same period last year, and RMB loans increased by 12.92 trillion yuan. The M2 balance at the end of June increased by 8.3% year - on - year. The central bank will continue to implement a moderately loose monetary policy [2]. - In the first half of this year, China's total value of goods trade imports and exports was 21.79 trillion yuan, a year - on - year increase of 2.9%. In June, both imports and exports increased year - on - year [2]. - The Chinese government will strengthen the governance of illegal criminal activities in the financial field and improve the rules for handling financial disputes in emerging fields [2]. - China hopes that the US will work with it to maintain the stable, healthy, and sustainable development of Sino - US economic and trade relations [2]. 3.6 Industry Information - The coal industry is facing a complex supply - demand situation, and coal enterprises are required to strictly implement the medium - and long - term contract system for thermal coal and strengthen industry self - discipline [2]. - In the first half of this year, the number of newly registered new energy vehicles was 5.622 million, a year - on - year increase of 27.86%, and the total number of new energy vehicles in the country reached 36.89 million by the end of June [2]. - The China Private Education Association and 10 leading artificial intelligence companies jointly issued a convention to promote the coordinated education of schools, families, and artificial intelligence companies [2]. - The scale of foreign - funded wealth management companies has increased significantly, with at least two companies exceeding 50 billion yuan in scale and achieving an increase of over 20 billion yuan in the first half of this year [2].

Group 1 - The People's Bank of China (PBOC) reported that as of June 2025, the broad money supply (M2) reached 330.29 trillion yuan, growing by 8.3% year-on-year, while the narrow money supply (M1) was 113.95 trillion yuan, up by 4.6% [2] - In the first half of 2025, new RMB loans increased by 12.92 trillion yuan, and the total social financing scale increased by 22.83 trillion yuan, which is 4.74 trillion yuan more than the same period last year [2] - The PBOC plans to conduct a 14 trillion yuan reverse repurchase operation to maintain liquidity in the banking system [4] Group 2 - China's total goods trade in the first half of 2025 was 21.79 trillion yuan, a year-on-year increase of 2.9%, with exports at 13 trillion yuan (up 7.2%) and imports at 8.79 trillion yuan (down 2.7%) [4] - In June 2025, the monthly trade volume reached 3.85 trillion yuan, marking a 5.2% increase, with exports of 2.34 trillion yuan (up 7.2%) and imports of 1.51 trillion yuan (up 2.3%) [4] Group 3 - China Salt Chemical Corporation reported a 5.76% decrease in revenue for the first half of 2025, totaling 5.998 billion yuan, with a net profit decline of 88.04% to 52.71 million yuan [9] - Qianfang Technology expects a net profit increase of 1125.99% to 1534.65% for the first half of 2025 [11] - Huahong Technology anticipates a net profit growth of 3047.48% to 3721.94% for the same period [12] - Aerospace Science and Technology Corporation projects a net profit increase of 1628.83% to 2315.27% for the first half of 2025 [21]

今年上半年，我国进出口规模站稳20万亿元台阶，创历史同期新高。 往期推荐 今年上半年，货物贸易进出口21.79万亿元人民币，同比增长2.9%。 "爆得不能再爆了"！"喝不完，根本喝不完"！竞争形势将持续到双11？ 科创板重磅！上交所发布 海关总署7月14日在国新办新闻发布会上介绍2025年上半年进出口情况。 关注" 新华网财经 "视频号 更多财经资讯等你来看 二季度进出口同比增长4.5%，较一季度加快3.2个百分点，连续7个季度保持同比增长。 来源：中国证券报 ...

Core Insights - China's import and export activities have maintained a level above 10 trillion yuan for nine consecutive quarters, indicating strong trade performance [1] - In the first half of this year, the total import and export value increased by over 600 billion yuan compared to the same period last year [1] Trade Performance - In June, the total import and export scale reached 3.85 trillion yuan, marking a 5.2% year-on-year growth, which is the second highest monthly trade volume in history [1] - Exports in June amounted to 2.34 trillion yuan, reflecting a growth rate of 7.2%, with notable increases in electronic components and ships [1] - Imports for June were recorded at 1.51 trillion yuan, showing a growth of 2.3%, with significant growth in automatic data processing equipment parts and dried/fresh fruits [1]

Group 1 - Canada's exports increased by 1.1% in May [1] - Imports in Canada decreased by 1.6% in May [1]

1. Report Industry Investment Rating - The investment rating for the shipping and port industry is "Positive" [2] 2. Core View of the Report - The overall performance of throughput is stable, so the "Positive" rating for the shipping and port sector is maintained [7] 3. Summary by Relevant Catalog 3.1 Overview: National Import - Export Volume and Cargo Throughput - **Import - Export Volume**: In May 2025, the national import - export volume reached 3.81 trillion yuan, a year - on - year increase of 2.75%. From January to May 2025, it reached 17.94 trillion yuan, a year - on - year increase of 2.5%. The import volume in May was 1.53 trillion yuan, a year - on - year decrease of 1.76%, and from January to May it was 7.28 trillion yuan, a year - on - year decrease of 3.8%. The export volume in May was 2.28 trillion yuan, a year - on - year increase of 6.04%, and from January to May it was 10.67 trillion yuan, a year - on - year increase of 7.2% [14] - **Cargo Throughput**: In May 2025, the cargo throughput of national coastal ports was 10.07 billion tons, a year - on - year increase of 3.65%. From January to May 2025, it was 47.10 billion tons, a year - on - year increase of 2.3%. The foreign - trade cargo throughput in May was 4.28 billion tons, a year - on - year increase of 1.27%, and from January to May it was 20.30 billion tons, a year - on - year increase of 1.5% [30] 3.2 Container: Container Shipping Freight Rates and Container Throughput - **Freight Rates**: On June 27, 2025, CCFI closed at 1369.34 points, a year - on - year decrease of 25.14% and a month - on - month increase of 2% compared to June 20, 2025. SCFI closed at 1861.51 points, a year - on - year decrease of 46.44% and a month - on - month decrease of 0.43% compared to June 20, 2025. The PDCI on June 20, 2025, was 1105 points, a year - on - year increase of 24.16% and a month - on - month decrease of 1.78% compared to June 13, 2025 [36][38] - **Throughput**: From January to May 2025, the container throughput of national coastal ports was 125.52 million TEUs, a year - on - year increase of 7.7% [42] 3.3 Liquid Bulk: Oil Shipping Freight Rates and Crude Oil Throughput - **Freight Rates**: On June 27, 2025, BDTI closed at 1002 points, a year - on - year decrease of 12.87% and a month - on - month decrease of 4.93% compared to June 20, 2025. BCTI closed at 613 points, a year - on - year decrease of 26.5% and a month - on - month decrease of 13.42% compared to June 20, 2025 [44] - **Crude Oil Import and Throughput**: From January to May 2025, the crude oil import volume was 230 million tons, a year - on - year increase of 0.3%. The throughput of major crude oil receiving port enterprises was 164 million tons, a year - on - year decrease of 7.15% [52][59] 3.4 Dry Bulk: Bulk Shipping Freight Rates and Iron Ore, Coal Throughput - **Freight Rates**: On June 27, 2025, BDI closed at 1521 points, a year - on - year decrease of 25.8% and a month - on - month decrease of 9.95% compared to June 20, 2025 [61] - **Iron Ore**: On June 25, 2025, the port iron ore inventory was 132 million tons, a year - on - year decrease of 6.86%. From January to May 2025, the iron ore throughput of major iron ore receiving port enterprises was 569 million tons, a year - on - year increase of 0.91% [63][67] - **Coal**: On June 27, 2025, the coal inventory in northern ports was 28 million tons, a year - on - year increase of 4.36%. From January to May 2025, the coal throughput of major northern coal - shipping port enterprises was 272 million tons, a year - on - year decrease of 4.19% [68][76] 3.5 Key Port Listed Companies' Monthly Throughput - **Performance**: In May 2025 and from January to May 2025, the cargo and container throughputs of companies such as Shanghai Port Group, Ningbo Port, China Merchants Port, Beibu Gulf Port, and Guangzhou Port are presented showing different growth rates [80]

Core Insights - Guangdong's import and export trade with Hong Kong reached 470.77 billion yuan in the first five months of 2024, representing a year-on-year growth of 7.8% [1] - The total trade volume of 1.14 trillion yuan in 2024 has increased 3.1 times since 1997, with an average annual growth rate of 5.3% [1] Trade Performance - Exports to Hong Kong amounted to 445.28 billion yuan, showing a growth of 6.7% compared to the same period last year [1] - Imports from Hong Kong were recorded at 25.49 billion yuan, which is a significant increase of 31.1% year-on-year [1] Comparative Growth - The growth rate of Guangdong's trade with Hong Kong outpaced the overall import and export growth rate of Guangdong by 3.8 percentage points [1]

Core Insights - Xi'an's total import and export value from January to May reached 190.96 billion yuan, with a year-on-year growth of 11.5%, surpassing the national growth rate by 9 percentage points [1] - Exports totaled 133.57 billion yuan, increasing by 16.2%, while imports were approximately 57.4 billion yuan, growing by 1.8% [1] Trade Composition - Processing trade accounted for 903.7 billion yuan, a slight increase of 0.2%, representing 47.3% of the total trade [1] - General trade saw a significant increase of 33.6%, totaling 721.8 billion yuan, making up 37.8% of the total [1] - Bonded logistics contributed 226.1 billion yuan, accounting for 11.8% of the total [1] Regional Trade Performance - Trade with ASEAN countries reached 32.69 billion yuan, up by 33.7% [1] - Trade with Taiwan surged by 71.3% to 24.41 billion yuan [1] - Trade with the EU increased by 39.5%, totaling 22.43 billion yuan [1] - Trade with Malaysia grew by 50.9%, reaching 17.27 billion yuan [1] - Trade with the US and Russia were 10.34 billion yuan and 8.96 billion yuan, respectively [1] Foreign Investment and Enterprise Performance - Foreign-invested enterprises in Xi'an had a total import and export value of 116.77 billion yuan, growing by 11.5% [2] - Private enterprises reported 63.6 billion yuan in trade, a growth of 3.8% [2] - State-owned enterprises saw a remarkable increase of 108.3%, totaling 9.96 billion yuan [2] Export Product Breakdown - Mechanical and electrical products accounted for 1,180.7 billion yuan in exports, representing 88.4% of total exports [2] - Integrated circuits exports were 51.39 billion yuan, growing by 8.3% [2] - Automotive exports increased by 49%, totaling 26.24 billion yuan [2] - "New three items" exports reached 27.43 billion yuan, with a growth of 34.6% [2] - Other notable exports included agricultural products at 1.82 billion yuan, steel at 2.66 billion yuan (up 572.8%), and plastic products at 770 million yuan (up 15.6%) [2]

Core Insights - The Yangtze River Delta region achieved an import and export value of 6.73 trillion yuan in the first five months of the year, representing a year-on-year growth of 5.2% and accounting for 37.5% of the national total [1] - Exports from the region reached 4.29 trillion yuan, with a year-on-year increase of 10.3%, while imports totaled 2.44 trillion yuan, showing a decline of 2.7% [1] Group 1: Trade Performance - In May alone, the region's import and export value was 1.44 trillion yuan, reflecting a year-on-year growth of 5.6% [1] - Exports in May were 915.93 billion yuan, up 7.7% year-on-year, while imports were 520.12 billion yuan, increasing by 2.1% [1] Group 2: Provincial Contributions - Jiangsu province had the largest foreign trade scale in the region, with a total import and export value of 2.33 trillion yuan, a growth of 5.3% year-on-year, making up 34.7% of the region's total [1] - Zhejiang province contributed 20.7% to the national export growth, with exports reaching 1.69 trillion yuan [1] - Anhui province saw a significant growth of 15.4% in its total import and export value, totaling 374.79 billion yuan, surpassing the national growth rate of 12.9% [1] - Shanghai maintained its position as an import hub, with imports nearing 1 trillion yuan, accounting for 40.7% of the region's total imports [1] Group 3: Private and Foreign Investment Enterprises - Private enterprises in the Yangtze River Delta accounted for 55.6% of the region's total import and export value, totaling 3.74 trillion yuan, with a year-on-year growth of 9.1% [2] - Foreign-invested enterprises had an import and export value of 2.41 trillion yuan, reflecting a growth of 1.6% [2] Group 4: Trade Partners - The region's trade with ASEAN and the EU reached 1.07 trillion yuan and 1.02 trillion yuan respectively, with year-on-year growth of 16.9% and 3.9% [2] - Trade with countries involved in the Belt and Road Initiative totaled 3.36 trillion yuan, marking a growth of 10.1% [2] Group 5: Export Products - The export of electromechanical products reached 2.56 trillion yuan, a year-on-year increase of 9.9%, making up 59.6% of the region's total exports [2] - Notable exports included integrated circuits at 211.16 billion yuan (up 19.3%), computers and components at 180.29 billion yuan (up 2.1%), and automobiles at 146.41 billion yuan (up 14%) [2] Group 6: Import Products - The import of electromechanical products was 979.33 billion yuan, a growth of 2.5%, constituting 40.1% of the region's total imports [3] - Key imports included integrated circuits at 324.34 billion yuan (up 2.7%) and computers and components at 64.8 billion yuan (up 29.9%) [3] - Imports of consumer goods such as meat, dairy, and cooking oil also saw significant growth [3] Group 7: Long-term Trade Growth - Since the elevation of the Yangtze River Delta integration development to a national strategy in November 2018, the cumulative foreign trade scale of the region has surpassed 100 trillion yuan, reaching 101.2 trillion yuan, showcasing strong resilience and vitality [3]

Group 1 - The total import and export volume of Shenzhen reached 1.78 trillion RMB in the first five months of the year, a year-on-year decrease of 1.9%, accounting for 9.9% of the national total [1] - Exports amounted to 1.06 trillion RMB, down 8.6% year-on-year, while imports increased to 716.63 billion RMB, up 10.1% [1] - Private enterprises contributed 1.23 trillion RMB to Shenzhen's total import and export volume, representing 69.5% of the total [1] Group 2 - The export of electromechanical products maintained a dominant position, totaling 793.69 billion RMB, a growth of 1.7%, making up 75% of Shenzhen's total exports [1] - The export of lithium batteries reached 28.87 billion RMB, a year-on-year increase of 33.1%, while electric vehicle exports were 11.18 billion RMB, up 16.7% [2] - Integrated circuits accounted for 310.72 billion RMB in imports, growing by 16.5%, while computer components surged to 144.05 billion RMB, a significant increase of 96.6% [2]