2025年美国对华关税飙到145%时，外界几乎一边倒的预测中国出口的发展方向不明了。 毕竟前些年对美贸易占比不低，这么高的税加下来，不少企业可能连成本都收不回。 但前三季度数据一出来，直接打脸西方国家：货物贸易进出口总额33.6万亿元，同比还涨了4%。 说白了，不是外贸硬扛住了压力，而是早把"订单接力棒"传给了新市场。 以前美国是中国出口的"大主顾"，现在东盟和欧盟成了顶梁柱。对东盟出口涨14.7%，对欧盟涨 28.3%，两大市场加起来占了出口总额的23.4%。 更值得说道的是，中国出口的"含金量"变了。以前提起中国制造，不少人想到的是衣服、箱包这些劳动 密集型产品，现在却换成了能"赚技术钱"的高端货。 前三季度，纺织服装、玩具这些传统品类出口降了5.8%，但通用机械设备涨24.9%，集成电路涨 32.7%，汽车也涨了10.9%，连船舶都涨了42.7%。 这可不是简单的"东边不亮西边亮"，背后藏着实打实的布局。 中国企业早就在东南亚设厂，比如在泰国建汽车零部件基地，生产的零件运到马来西亚组装成整车，再 靠RCEP的原产地规则卖到欧盟，直接绕开了高额关税； 对欧盟出口里，光伏组件、充电桩这些新能源产品订单排到了 ...

Financial Performance - The company achieved operating revenue of CNY 8.468 billion, a year-on-year increase of 6.2% [2] - The net profit attributable to shareholders reached CNY 2.627 billion, marking a historical high with a growth of 3.1% [2] - The net profit excluding non-recurring items was CNY 2.519 billion, up 16.4% year-on-year, indicating improved economic efficiency [2] Business Operations - Container throughput reached 101.207 million TEUs, an increase of 5.7% year-on-year [2] - Bulk cargo throughput was 630 million tons, slightly down by 0.7% [2] - Domestic port projects achieved container throughput of 79.189 million TEUs, up 6.2% [2] - Overseas port projects completed container throughput of 19.209 million TEUs, a growth of 5.0% [2] Strategic Initiatives - The company aims to become a world-class comprehensive port service provider, focusing on global expansion, lean operations, and innovation [2] - The company operates 51 ports across 26 countries on six continents, actively seeking acquisition opportunities in fast-growing regions [3] Market Trends and Challenges - The international shipping rates fluctuated in the first half of 2025, with a cautious outlook for rate increases in 2026 [3] - The company is focusing on enhancing core competencies and operational efficiency to adapt to market changes [3] - The impact of U.S. tariffs on goods transiting through Southeast Asia is being monitored, with a strategy to mitigate risks through diversified market engagement [4] Digital Transformation - The company is advancing its digital transformation with the launch of three major service platforms, enhancing operational efficiency and customer service capabilities [5] - Automation and smart technologies are being integrated, with significant improvements in operational efficiency, achieving over 80% efficiency in automated operations [5] Shareholder Value Enhancement - The company has initiated a share buyback plan, aiming to repurchase shares worth between CNY 195 million and CNY 389 million by October 28, 2025 [7] - A commitment to distribute at least 40% of profits as dividends annually from 2024 to 2026 has been established [7]

Group 1 - The core viewpoint is that while the US remains an important trade partner for Europe, there is a need for Europe to diversify its trade relationships and leverage its export-oriented economy [1][5] - EU exports to the US have significantly slowed down, with a 10% year-on-year decline in June, reaching a low of approximately 40 billion euros (about 46.8 billion USD) [1][3] - Germany's trade surplus with the US has decreased by 12.8% year-on-year, attributed to the competitive pressure from US tariffs [1][3] Group 2 - The EU's trade surplus has narrowed primarily due to weak chemical exports, a key sector for many European economies [3] - The introduction of various tariffs, including a 15% tariff on most EU goods, has negatively impacted Germany's automotive and machinery exports, which fell by 8.6% and 7.9% respectively in the first half of the year [4] - The US's recent expansion of tariffs to include 407 product categories, such as wind turbines and heavy machinery, complicates the pricing and competitiveness of European exports [4] Group 3 - The European Central Bank's President, Lagarde, indicated that the eurozone's economic growth is expected to slow down in the third quarter due to the impact of US tariffs [5] - The Oxford Economics report noted a significant decline in EU exports to the US since April, with current import levels from the EU falling below the average for 2024 [5] - Despite the challenges, the eurozone showed resilience with a 0.1% growth in the second quarter, although future export recovery remains uncertain due to a strong euro and overall market volatility [6] Group 4 - The EU is actively seeking to diversify its trade relationships by initiating or reviving trade negotiations with developed and emerging markets, including the UAE and New Zealand [6] - There are ongoing discussions for a free trade agreement with India, aiming for a balanced and mutually beneficial deal by the end of the year [6] - The need for regional cooperation in response to rising US trade barriers is emphasized, particularly in industries like semiconductors, where global collaboration is essential [7]