编者按：2025年是"十四五"规划收官之年。这一年，在外部压力持续加大、内部挑战交织的复杂形势 下，中国经济顶压前行、向新向优发展，保持了总体平稳、稳中有进的发展态势，在高质量发展的轨道 上坚实迈进，为"十五五"新征程奠定了坚实基础。 ■本报记者吴晓璐刘琪孟珂刘萌毛艺融张芗逸寇佳丽郭冀川 这一年，从内需市场的纵深开拓，到外贸竞争力的强大韧性；从资本市场的量质齐升，到房地产行业的 新模式探索……是韧性当先的故事，更是向新而行的故事，为中国经济穿越更长周期、实现可持续增 长，提供了坚实的底气和清晰的路径。《证券日报》今日起推出年终盘点系列，一起回首2025年的精彩 故事并展望2026年的新蓝图。 即将过去的2025年，A股总市值超百万亿元、上证指数强势突破4000点、"A+H"上市成热潮、并购重组 市场持续活跃、上市公司投资价值进一步提升……资本市场投融资综合改革纵深推进，耐心资本不断壮 大，为新质生产力发展提供长期资金支持，支撑高水平科技自立自强。 不仅如此，作为"十四五"规划收官之年，各地各部门瞄准全方位扩大内需持续发力，外贸新业态新动能 增长强劲，人工智能加速赋能千行百业，现代化产业体系建设持续推进，中国式 ...

Core Viewpoint - Tianjin has accelerated the cultivation of new momentum in foreign trade, achieving stable quantity and quality in its trade activities over the past five years [1][4]. Group 1: Trade Performance - Tianjin's goods trade scale has reached new heights, with an average annual growth rate of 2.5% in import and export volume [1][3]. - The number of enterprises with import and export performance exceeds 13,000, showing continuous growth for three consecutive years [1][3]. - The trade structure has been upgraded and optimized, with private enterprises surpassing foreign enterprises to become the largest trade entity [3]. Group 2: Product and Market Diversification - The added value of exported products has increased, with the proportion of electromechanical products rising to 66.5% [3]. - The export scale of second-hand cars ranks among the top in the country, and the import value of aircraft and components is the highest nationwide this year [3]. - Trade with 232 countries and regions has been established, with exports to Belt and Road countries and Shanghai Cooperation Organization countries growing at annual rates of 9.1% and 15.7%, respectively [3]. Group 3: Investment and International Cooperation - Tianjin is actively expanding its two-way investment space, with international cooperation in production and supply chains deepening [3][4]. - The actual use of foreign investment is expected to exceed $26 billion over five years, with significant projects like the Airbus A320 assembly line and Novo Nordisk's sterile filling plant making substantial progress [3][4]. - A total of 1,368 overseas enterprises have been established, with Chinese investment amounting to $40.6 billion across 96 countries and regions [3]. Group 4: Future Plans - Tianjin plans to expand high-level opening up and become a strategic pivot connecting domestic and international dual circulation in northern China [4]. - The city aims to enhance its free trade zone strategy, conduct pressure tests for international high-standard economic and trade rules, and deepen innovation with national economic development zones [4]. - There will be a push for foreign trade innovation, fostering new foreign trade formats such as cross-border e-commerce and digital trade, while enhancing the regional distribution and value-added functions of imported goods [4].

Core Viewpoint - China's foreign trade has shown resilience despite challenges such as increased tariffs from the U.S., with total trade value reaching 37.31 trillion yuan in the first ten months of 2025, a year-on-year increase of 3.6% [2][4]. Trade Performance Overview - Total import and export value for the first ten months of 2025 was 37.31 trillion yuan, with exports at 22.12 trillion yuan (up 6.2%) and imports at 15.19 trillion yuan (essentially flat) [2][3]. - Exports to the U.S. saw a significant decline, with a total of 2.52 trillion yuan, down 17.1% year-on-year [3][11]. Export Trends - Export growth has exhibited a "V-shaped" recovery throughout the year, with quarterly growth rates increasing from 1.3% in Q1 to 6% in Q3 [4][7]. - Despite a 0.8% decline in October exports, the overall trend remains positive, with monthly exports consistently exceeding 2.3 trillion yuan in the latter half of the year [4][10]. Regional Trade Dynamics - Exports to the EU increased significantly, with a total of 4.88 trillion yuan in the first ten months, marking a 4.9% increase [18][20]. - Exports to ASEAN countries have surpassed those to the U.S., with a total of approximately 2.69 trillion yuan, reflecting a robust growth trend [24][27]. - Exports to Africa have also surged, reaching about 1.3 trillion yuan, a 27.2% increase year-on-year, with several months showing over 30% growth [28][31]. Product Structure and Innovation - The export structure is evolving, with high-tech products and industrial machinery becoming significant contributors to growth, including a 54.9% increase in industrial robot exports and an 89.4% increase in new energy vehicle exports [36][42]. - The share of mechanical and electrical products in total exports exceeds 60%, with integrated circuits and automotive exports showing notable growth [42].

Economic Stability - The overall economic stability of China remains unchanged, with a GDP growth of 5.2% year-on-year in the first three quarters, an increase of 0.2 and 0.4 percentage points compared to the previous year and the same period last year, respectively. The economic increment reached 39,679 billion yuan, an increase of 1,368 billion yuan year-on-year [5][6]. Employment and Prices - The average urban survey unemployment rate for the first three quarters was 5.2%, consistent with the first half of the year. The core CPI, excluding food and energy, rose by 0.6% year-on-year, with a 1.0% increase in September, marking a continuous expansion in growth for five months [6]. International Trade - The scale of goods import and export reached a historical high for the same period, with growth rates rebounding quarterly. As of the end of September, foreign exchange reserves remained above 3.3 trillion USD [7]. Industrial Performance - In the first three quarters, the industrial power generation of enterprises above designated size increased by 1.6% year-on-year. The volume of goods turnover and passenger turnover grew by 4.8% and 4.4%, respectively [8]. Economic Structure Optimization - The economic structure continues to optimize, with the added value of equipment manufacturing and high-tech manufacturing industries accounting for 35.9% and 16.7% of the total added value of industries above designated size, respectively [9]. Green Transition - Progress in green and low-carbon transformation is evident, with the proportion of non-fossil energy consumption in total energy consumption increasing by approximately 1.7 percentage points year-on-year [10]. Foreign Trade Growth - New driving forces in foreign trade are growing, with diversified markets providing strong support for export growth. The export of "new three samples" products saw double-digit growth in the first three quarters [11]. Income and Living Standards - The per capita disposable income of residents grew in line with economic growth, and the income gap between urban and rural residents continued to narrow [12][13]. Economic Resilience - Achieving a 5.2% economic growth rate demonstrates China's strong resilience and adaptability in the face of instability and uncertainty. This growth rate ranks among the top in major economies, highlighting China's role as a stable and reliable source of global economic growth [14].

Core Insights - The 138th Canton Fair, known as a barometer for China's foreign trade, opened on October 15, showcasing advanced manufacturing with a total exhibition area of 520,000 square meters and over 25,000 booths [1][2] - The fair featured approximately 12,000 participating companies, with over 10,000 high-quality enterprises recognized for their technological advancements, marking a historical high [1] - The event is expected to display over 1 million new products developed within the past year, highlighting China's innovation and intellectual property achievements [1] Trade Development Highlights - The Canton Fair serves as a significant platform for foreign trade enterprises to showcase R&D capabilities and promote new industry products [4] - The fair continues to emphasize the display of cutting-edge products, including service robots and exoskeleton robots, which are gaining traction among international buyers [4][5] - A notable example includes an exoskeleton robot that reduces perceived weight by approximately 30%, aimed at outdoor activities and elder care, with a price point of $650 [5] Green Transition Focus - The fair prominently features green transformation themes, with a focus on digitalization and sustainability in foreign trade [7] - A total of 305 companies participated in the renewable energy sector, reflecting a 3% increase from the previous fair, with 38.4% of exhibitors adopting green production technologies [7] - The total number of green low-carbon products showcased reached 1.083 million [7] Renewable Energy Innovations - Companies like Dayueyuan Technology focus on solar inverter development, with products achieving a maximum power of 50 kW, targeting developed markets such as Europe [8] - Shenzhen Huaxing New Energy Technology offers energy storage solutions with both grid-connected and off-grid capabilities, leveraging China's supply chain advantages for lithium battery materials [10]

Core Insights - Sichuan's goods trade import and export reached 683.2 billion yuan from January to August, ranking eighth nationwide, with a year-on-year growth of 2.5% [1] - Exports amounted to 410.05 billion yuan, increasing by 5.3%, while imports totaled 273.15 billion yuan [1] - The province's foreign trade demonstrated resilience amid complex external conditions, achieving a historical high for the same period, with exports surpassing 400 billion yuan for the first time [1] Trade Performance - The number of enterprises engaged in import and export activities in Sichuan exceeded 8,500, marking a 9.2% increase [1] - Advanced certified enterprises contributed 332.62 billion yuan in imports and exports, growing by 9.8%, outpacing the overall growth rate by 7.3 percentage points [1] - Chengdu played a pivotal role, with imports and exports totaling 566.98 billion yuan, a growth of 4.9%, contributing 4 percentage points to Sichuan's foreign trade growth [1] Emerging Trade Dynamics - Traditional advantages in foreign trade, such as integrated circuits and computers, continued to be solidified, with import and export scales exceeding 200 billion yuan and 120 billion yuan, respectively [2] - New trade drivers emerged, with "new three samples" products exporting 20.11 billion yuan, a significant increase of 77.6%, including solar products and lithium-ion batteries, which grew by 277.8% and 1170.9% respectively [2] - Consumer goods imports reached 12.81 billion yuan, growing by 7.8%, with notable increases in imports of fresh shrimp and ice-fresh salmon, which rose by 175.9% and 17% respectively [2]

Core Insights - Sichuan's goods trade import and export reached 683.2 billion yuan from January to August, ranking eighth nationwide, with a year-on-year growth of 2.5% [1] - Exports amounted to 410.05 billion yuan, increasing by 5.3%, while imports totaled 273.15 billion yuan [1] - The province's foreign trade demonstrated resilience amid complex external conditions, achieving a historical high for the same period, with exports surpassing 400 billion yuan for the first time, contributing over 20 billion yuan to foreign trade growth [1] Trade Performance - The number of enterprises engaged in import and export activities exceeded 8,500, marking a 9.2% increase [1] - Advanced certification enterprises accounted for 332.62 billion yuan in imports and exports, growing by 9.8%, outpacing the overall growth rate by 7.3 percentage points [1] - Chengdu played a pivotal role, with imports and exports totaling 566.98 billion yuan, a growth of 4.9%, contributing 4 percentage points to Sichuan's foreign trade growth [1] Emerging Trade Dynamics - Traditional advantages in foreign trade, such as integrated circuits and computers, continued to be solidified, with import and export scales exceeding 200 billion yuan and 120 billion yuan, respectively [2] - New trade drivers emerged, with "new three samples" products exporting 20.11 billion yuan, a significant increase of 77.6%, including solar products and lithium-ion batteries, which grew by 277.8% and 1170.9% respectively [2] - Consumer goods imports reached 12.81 billion yuan, growing by 7.8%, with notable increases in imports of fresh shrimp and ice-fresh salmon, which rose by 175.9% and 17% respectively [2]

Group 1 - The 2025 China (Guangzhou) Cross-Border E-Commerce Trade Fair was held on August 15, attracting over 1,000 quality supply chain enterprises and 42 cross-border e-commerce platforms [2] - The theme of the trade fair was "New Momentum for Foreign Trade, New Future for Digital" [2] - The event saw a large turnout, indicating strong interest in cross-border e-commerce opportunities [2] Group 2 - Amazon Global Selling had a booth that attracted many attendees seeking information [4] - The Pop Mart潮玩产业联盟 showcased trendy toys, highlighting the diversity of products available in the cross-border e-commerce sector [6] - Exhibitors utilized live streaming to promote their products, reflecting modern marketing strategies in the industry [8]

Core Viewpoint - China's goods trade showed a positive trend in the first two months of 2024, with significant year-on-year growth in both exports and imports, indicating a strong start to the year [1][2]. Trade Performance - The total value of China's goods trade reached 6.61 trillion yuan, a year-on-year increase of 8.7%, with exports at 3.75 trillion yuan (up 10.3%) and imports at 2.86 trillion yuan (up 6.7%) [1]. - In USD terms, the total trade value was 930.86 billion, growing by 5.5%, with exports at 528.01 billion (up 7.1%) and imports at 402.85 billion (up 3.5%) [2]. Trade Surplus - The trade surplus expanded to 890.87 billion yuan, a 23.6% increase, and in USD, the surplus was 125.16 billion, growing by 20.5% [1][2]. Import Dynamics - Imports continued to show positive growth, with significant increases in major commodities: iron ore (2.09 million tons, up 8.1%), crude oil (8.83 million tons, up 5.1%), coal (7.45 million tons, up 22.9%), natural gas (2.21 million tons, up 23.6%), and refined oil (757.6 thousand tons, up 35.6%) [3]. Economic Factors - The improvement in exports is attributed to better external demand, particularly from the US and ASEAN, and sustained high growth in automobile exports [2]. - Domestic demand recovery and lower prices of bulk commodities contributed to the increase in imports [3]. Future Outlook - The resumption of manufacturing and infrastructure projects post-Spring Festival is expected to further boost import demand [4]. - Long-term strategies for enhancing foreign trade include upgrading industrial structures and focusing on new market opportunities [5]. - The development of overseas warehouses has been highlighted as a significant factor in promoting high-quality foreign trade [5]. Policy Recommendations - To stabilize foreign trade, it is essential to maintain confidence, policies, and expectations domestically while ensuring stable channels, markets, and shares externally [5][6].

Core Insights - China's foreign trade has shown resilience and vitality in a complex environment, with new products and competitive enhancements driving growth, particularly through the "new three items" [1][2] Trade Performance - In the first half of the year, China's total goods trade value reached 21.79 trillion yuan, a historical high for the period, with a year-on-year growth of 2.9% [2] - Exports amounted to 13 trillion yuan, increasing by 7.2%, demonstrating the strength of China's manufacturing sector despite external challenges [2] - The export of mechanical and electrical products totaled 7.8 trillion yuan, growing by 9.5%, and accounted for 60% of total exports [3] New Growth Drivers - The emergence of new business models, such as bonded maintenance, has created new growth momentum, with over 280 bonded maintenance projects established nationwide [3] - The "new three items" (electric passenger vehicles, lithium-ion batteries, solar cells) have become significant contributors to China's export growth, with a 12.7% increase in their exports [3] Policy Support - The Ministry of Commerce has implemented measures to stabilize foreign trade, including financial support and services for trade enterprises, which have positively impacted trade performance [4] - China's trade partnerships have diversified, with significant growth in trade with emerging markets, including a 14.4% increase in trade with Africa [4][5] Trade Entities - The number of foreign trade enterprises reached 628,000, marking a historical high, with private enterprises accounting for over 80% of specialized small and medium-sized enterprises [5] - Exports from private enterprises grew by 8.3%, while foreign-funded enterprises and state-owned enterprises also saw increases [5] Structural Changes - The focus of foreign trade is shifting towards "technology + brand" driven growth, enhancing the competitiveness of high-tech and high-value-added products [6] - The optimization of trade structure is expected to mitigate the impacts of global demand weakness and trade protectionism [6] Future Outlook - The second half of the year may present both structural opportunities and complex challenges for China's foreign trade, with potential growth in high-tech and renewable energy products [6] - Ongoing geopolitical tensions and fluctuations in raw material prices may pose risks to export performance [6][7]