Datayes!Pro 2025系列分享之《玩转AMS投后自定义》将于12月10日(本周三)15:30准时开播， 腾讯会议号：220-827-015，自定义功 能破解投后管理效率难题，AMS投后自定义功能专场期待您的线上莅临。 A股复盘 | 政治局会议释放什么信号？ / 2025.12.08 谁那么坏，怎么老举报我？连着删了三篇文章了 吴总一个演讲，险资因子一下调，大家又猛猛冲了，成交额又干到两万亿，群友又开始喊牛回速归了！ 女神/男神一勾手，你又回来了！ 盘中政治局会议通稿披露，我大致看了下，内容真是"惜字如金"！ 其实我觉得做措辞对比应该跟去年12月以及今年7月，都是在年终/中对经济工作做出部署！ 首先跨周期不算是重提， 反而跨周期之前的形容词"超常规"删除了！大规模刺激想都别想了！ 文章还提及"推动经济实现质的有效提升和量的合理增长"， 或许真跟野村说的一样了，明年下调目标。 文中还提出了"优化供给"，在"扩大内需"的同时继续在供给侧做文章。 着力稳就业，四稳中首位！说实话，这个必须得解决了，好多问题就是没工作没收入搞的，生活都成问题了，哪还顾得上普世价值啊！ 总体政策保持连续—— 本 次会议公报显示宏 ...

Core Viewpoint - November exports increased by 5.9% year-on-year, slightly exceeding expectations, following a decline of -1.1% in October, attributed to cautious behavior before the China-US negotiations in late October [1][4][8] Export Performance - The combined export growth for October and November was 2.4%, which is considered normal given the high base [1][4] - Exports to the US saw a significant decline, with the share dropping from 14.7% at the end of last year to 11.3% in the first 11 months of this year [7][8] - Exports to the EU, Africa, and Latin America showed double-digit growth in November, with the share of exports to the EU increasing from 14.4% to 14.9% [7][8] Product Categories - Labor-intensive products (textiles, clothing, bags, toys) saw a combined export decline of -8.5% in November, while traditional electronic products experienced a -9.7% decline [2][8] - High-end manufacturing products (automobiles, ships, integrated circuits) had a remarkable export growth of 42.3% [2][8] - Specific categories like motorcycles, steel billets, cement, agricultural machinery, and fertilizers showed significant growth in exports, indicating a trend similar to early industrialization [2][9] Import Trends - Imports grew by 1.9% year-on-year in November, slightly higher than previous values, with a cumulative decline of -0.6% over the first 11 months of the year [3][11] - Key products with notable import growth included soybeans (13.4%), iron ore (8.5%), and integrated circuits (13.9%) [3][11] - A significant decline was observed in copper imports, which fell by -19.4%, likely due to rising prices [3][11] Economic Insights - The report highlights three mid-term supportive clues for exports: nominal growth benefits from fiscal expansion in Europe and the US, domestic high-end product advantages, and industrialization benefits in regions like Africa and Latin America [5][10][11] - The industrialization process in southern countries, which represent 85% of the global population, is seen as a significant opportunity for Chinese enterprises [10]

期货研究院 格林大华期货研究院专题报告 宏观经济 2025年12月8日 证监许可【2011】1288号 11月份，中国出口机电产品2059亿美元，同比增长9.7%，1-11 月累计同比增长8.0%，去年全年增长7.5%。1-11月高新技术产品出 口同比增长6.6%，去年全年增长4.8%。1-11月集成电路出口同比增 长24.7%，去年全年增长17.4%。前11个月出口汽车（包括底盘）同 比增长16.7%，去年全年增长15.5%。前11个月出口船舶同比增长26. 8%，去年全年增长57.3%。前11个月出口家电同比下降3.6%，去年 全年增长14.1%。前11个月出口手机同比下降11.2%，去年全年下降 3.1%。前11个月出口箱包及类似容器同比下降13.5%，去年全年下降 3.2%。前11个月出口玩具同比下降12.1%，去年全年下降1.7%。前1 1个月出口服装及衣着附件同比下降4.4%，去年全年增长0.3%。前1 1个月出口家具及零件同比下降5.9%，去年全年增长5.8%。今年中国 出口更高科技含量产品和传统优势出口产品的增长速度明显分化。 11月位于中国进口金额前列的还是集成电路和大宗商品。11月中 国进 ...

Core Insights - China's total goods trade value reached 41.21 trillion yuan in the first 11 months of the year, marking a year-on-year increase of 3.6% [1] - Exports amounted to 24.46 trillion yuan, reflecting a year-on-year growth of 6.2% [1] - In November, the trade growth rate rebounded, with total goods trade valued at 3.9 trillion yuan, a year-on-year increase of 4.1% [1] Export Performance - Key export categories showed significant growth in November, with traditional Chinese medicine, agricultural products, integrated circuits, and auto parts experiencing double-digit growth [2] - Mechanical and electrical products saw an overall year-on-year increase of 9.65% in November, with integrated circuits, automobiles, and ships being the main contributors to export growth [2] - Integrated circuit exports surged by 34.17% year-on-year in November, maintaining over 20% growth for eight consecutive months [2] - Automobile exports increased dramatically by 52.97% year-on-year, continuing a trend of over 10% growth for six months, despite a slight month-on-month decline of 3.06% [2] - Ship exports also performed well, with a year-on-year increase of 46.38%, although there was a minor month-on-month decrease of 4.41% [2] Detailed Export Data - In November, agricultural products exported amounted to approximately 10.04 billion USD, with a year-on-year increase of 2.30% and a month-on-month increase of 10.68% [3] - Fertilizer exports saw a notable year-on-year growth of 40.17%, despite a month-on-month decline of 16.61% [4] - The export value of integrated circuits reached approximately 18.46 billion USD, with a year-on-year increase of 34.17% and a month-on-month increase of 10.52% [4] - Automotive exports, including chassis, totaled approximately 13.87 billion USD, reflecting a year-on-year increase of 52.97% [4]

非洲国家在买什么？非洲发展潜力与工业短板之间的供需矛盾，导致基础设施建设、能源开发等领域高 度依赖技术和设备进口，这使得中国成为非洲工业化进程中不可或缺的"技术载体"。自"一带一路"倡议 提出以来，中国对非投资深化，既改善非洲硬件条件，也推动中国机电产品通过本地化配套融入非洲产 业链，在非市场的影响力与竞争力显著增强。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：川阅全球宏观 贸易摩擦的反复冲击下，今年出口的超预期韧性着实令市场惊喜。11月出口更是超预期回升，脱离负增 长区间，其中非洲无疑是最主要的边际变量之一（单月非洲出口同比上升至27.6%，拉动近1.5个百分 点，一度超越东盟等其他经济体）。今年以来，我国对非洲出口可谓是"一枝独秀"，不仅出口增速显著 高于东盟、欧盟等主要贸易伙伴，同时非洲对我国出口的拉动也从去年微不足道的0.2%大幅上升至 1.3%，贡献了今年约四分之一的总出口增速。在美国关税"围堵"、全球贸易格局重构的背景下，非洲市 场正加速成为我国出口"突围"新的增长点。 那么，对非出口火爆的背后有何玄机，是短期扰动还是趋势？非洲市场还有多少潜力和空间？我们将在 ...

数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 相关报告：智研咨询发布的《2025-2031年中国运输设备行业市场竞争态势及发展前景研判报告》 根据国家统计局数据可知：2025年10月全国铁路、船舶、航空航天和其他运输设备制造业出口货值为 391.1亿元，同比增长20.4%；2025年1-10月全国铁路、船舶、航空航天和其他运输设备制造业累计出口 货值为4124亿元，累计同比增长24.2%。 2019年-2025年1-10月全国铁路、船舶、航空航天和其他运输设备制造业出口货值统计图 上市公司：山西路桥（000755），东莞控股（000828），现代投资（000900），中铁特货（001213）， 招商公路（001965），富临运业（002357），铁龙物流（600125），赣粤高速（600269），山东高速 （600350），五洲交通（600368），宁沪高速（6003 ...

为攻坚牛蓄力，与如何理解新一轮盈利周期？20251207 企业费用结构变化如何？ 摘要 10 月工业增加值同比增长 6.9%，维持高位增长；PPI 同比降幅收窄至- 2.1%，为 2024 年 9 月以来最高，显示工业生产端持续修复，但企业利 润率同比下降至 5.11%。 10 月工业企业毛利率为 14.4%，净利润率为 5.11%，均处于历史较低 水平，成本端压力较大，1-10 月成本率同比增长 0.17 个百分点，费用 端费用率同比略有上升，表明企业盈利能力面临挑战。 企业费用结构出现变化，销售费用和管理费用占比下降，而研发费用显 著增长，同比增长 36.78%，研发费用占比从 2018 年的 2.68%上升至 27%左右，反映企业加大研发投入力度。 10 月工业企业应收账款同比增速放缓至 5.1%，且连续 7 个月增速放缓， 但应收账款回收周期缩短至 69 天，表明企业回款情况边际改善，现金 流状况或将好转。 装备制造业和高技术制造业利润呈现快速增长，1-10 月分别同比增长 7%和 8%，其中电路、船舶、航空航天、智能电子制造、无人飞行器及 智能车载设备、集成电路制造等行业表现突出。 Q&A 目前工业 ...

2025年，在全球贸易保护主义抬头、不确定性弥漫的背景下，中国经济在"高质量发展"的主航道中稳健前行。 然而，政策刺激的边际效应在下半年显著递减。前期发力过猛导致后续额度受限，部分省份补贴暂停，加之部分家庭耐用消费品已完成更新，政策拉动效果 明显弱化。这引发了关于补贴效率与可持续性的深层思考，政策未来需向更精准、惠及更广泛人群的方向优化。 与此同时，"投资于人"理念在今年实现了历史性突破，首次与传统的"投资于物"置于同等战略高度。这标志着宏观政策从过往过度依赖基建与房地产投资， 向弥补民生短板、提升居民福祉的系统性转变。 育儿补贴、消费贷贴息、养老金上调等具体措施陆续出台，旨在通过减轻居民在养老、医疗、教育等方面的负担，激活消费潜力，扭转长期的高储蓄倾向。 这一根本思路的调整，预示着未来公共支出结构的持续优化。 2025年，中国对外经济关系经历了重大压力测试。面对美国再度掀起的超高关税战，中国一改2018年时的策略，采取了迅速而强硬的反制措施。 这份底气体现在经过十年布局形成的多元化贸易网络上：对美出口占比下降的同时，对东盟、非洲及"一带一路"沿线国家的出口实现了强劲增长。 新能源汽车、集成电路、船舶等高附加 ...

IPO Summary - Three companies are scheduled for IPO review from December 8 to December 12, aiming to raise a total of 5.928 billion yuan [1] - The companies include: - Huigu New Materials, seeking to raise 900 million yuan, specializes in chemical raw materials and chemical products manufacturing [2] - Linping Development, aiming for 1.2 billion yuan, operates in the paper and paper products industry [2] - Yuelong Technology, targeting 289 million yuan, focuses on rubber and plastic products [2] Company Details Huigu New Materials - Established on October 11, 1999, with a registered capital of 47.3373 million yuan [4] - The company focuses on high polymer materials and aims to become a global leader in functional material technology innovation [4][5] - Recent financial performance includes: - Total assets of 1.366 billion yuan as of June 30, 2025 [5] - Net profit of 107.0735 million yuan for the first half of 2025 [7] Linping Development - Founded on January 24, 2002, with a registered capital of 56.5611 million yuan [8] - The company specializes in the research, production, and sales of corrugated paper and boxboard products [9] - Recent financial performance includes: - Total assets of 2.548 billion yuan as of June 30, 2025 [9] - Net profit of 91.419 million yuan for the first half of 2025 [9] Yuelong Technology - Established on March 18, 2009, with a registered capital of 61 million yuan [11] - The company focuses on the research, production, and sales of flexible pipelines for fluid transportation [11] - Recent financial performance includes: - Total assets of 586.369 million yuan as of June 30, 2025 [14] - Net profit of 5.302 million yuan for the first half of 2025 [14] Fundraising Plans - Huigu New Materials plans to invest in projects including an annual production expansion of environmentally friendly coatings and resins, with a total investment of 919.2431 million yuan [8] - Linping Development aims to utilize the raised funds for expanding production capacity and enhancing operational efficiency [9] - Yuelong Technology's fundraising will support the development of high-performance rubber hoses and production facility upgrades [16] Additional Information - Meiya Technology has reduced its fundraising target from 360 million yuan to 200 million yuan, eliminating certain projects from its plan [2][3] - Two refinancing companies are also scheduled for review, aiming to raise a total of 999.5 million yuan [4]

Core Insights - The South Korean government forecasts that the country's export value will exceed $700 billion for the first time in 2025, setting a new historical record, although exports excluding semiconductors are expected to decline year-on-year [1][3][4]. Export Performance - From January to November, South Korea's total export value reached $640.2 billion, marking a year-on-year increase of 2.9%, the highest level for the same period, surpassing the previous record of $628.7 billion in 2022 [1][3]. - Exports excluding semiconductors amounted to $487.6 billion during the same period, reflecting a year-on-year decrease of 1.5% [5]. Sector-Specific Trends - The automotive, shipbuilding, biopharmaceutical, and computer sectors saw export growth of 2%, 28.6%, 7%, and 0.4%, respectively, while all other sectors experienced declines [5]. - Notable declines were observed in machinery exports (down 8.9%), petroleum products (down 11.1%), petrochemicals (down 11.7%), and steel exports (down 8.8%). Additionally, exports of automotive parts, displays, home appliances, and secondary batteries fell by 6.3%, 10.3%, 9.4%, and 11.8%, respectively [5]. Semiconductor Dependency - In November, semiconductors accounted for 28.3% of South Korea's total export value, the highest proportion recorded this year, raising concerns about the country's over-reliance on the semiconductor industry [5]. - Historically, from 2002 to 2010, semiconductors represented about 10% of South Korea's total exports [5].