Trade Growth - In 2024, trade between China and other member countries of the Shanghai Cooperation Organization (SCO) is projected to reach approximately $512.4 billion, representing a year-on-year increase of 2.7%, which is double the trade volume during the 2018 Qingdao summit hosted by China [1][3] Import and Export Dynamics - China is expected to import nearly $90 billion worth of crude oil, natural gas, and coal from other SCO member countries in 2024, along with agricultural products valued at $13.66 billion, with energy products accounting for about one-fifth of China's total imports [3][5] - The export of electromechanical products from China to SCO member countries is anticipated to be $210 billion, constituting 63% of total exports, contributing significantly to the industrialization, economic transformation, and improvement of local livelihoods in member countries [5]

Group 1 - The sixth Liaoning Export Commodities Exhibition in Japan was held from August 26 to 28, showcasing nearly 5,000 square meters with six specialized exhibition areas [1] - A total of 154 companies participated, marking a record high in both exhibition area and number of exhibitors, focusing on sectors such as machinery, automotive parts, textiles, and clothing [1] - Over 40 participating companies signed intention export contracts worth more than 300 million yuan on the first day of the exhibition [1] Group 2 - Liaoning has successfully hosted self-organized exhibitions in countries like Russia, Mongolia, and Hungary, establishing a strong reputation for "Liaoning Export Commodities Self-Organized Exhibitions" [2] - The provincial commerce department plans to hold the first Liaoning Export Commodities Middle East Exhibition in Saudi Arabia in November, aiming to boost exports of advantageous products [2]

Group 1 - The event celebrated the 75th anniversary of diplomatic relations between China and Switzerland, highlighting the deepening economic ties and the role of Swiss companies in China [1][2] - Switzerland has become China's sixth largest trading partner in Europe, while China is Switzerland's largest trading partner in Asia, with significant trade growth since the 2014 free trade agreement [1][2] - In the first half of 2025, the trade volume between China and Switzerland was $23.33 billion, with a notable decrease of 42.9%, while exports from China to Switzerland increased by 20.3% [1] Group 2 - The Swiss Federal Council President emphasized the transformation of trade relations over the past decades, noting that Swiss exports to China have nearly doubled since the free trade agreement [1] - The China-Switzerland Business Awards aim to recognize outstanding contributions to bilateral business cooperation, focusing on innovation, sustainability, digital transformation, and talent development [2] - The event also introduced a new Heritage Award for companies with significant Swiss branding that have operated in China for over 20 years [2][3]

Core Insights - Approximately one-third of Swiss mechanical and electrical companies plan to relocate part of their operations to the EU due to the impact of high tariffs imposed by the US [1][2] - The Swiss technology sector is experiencing significant pressure, with a 13% drop in orders in Q2 and a continuous decline in overall sales for nine consecutive quarters [1][2] - 70% of Swiss companies have postponed or canceled planned investments, with concerns about US business being a major challenge [2] Group 1: Industry Response - 31% of surveyed companies are preparing to move some operations abroad to mitigate competitive pressures [1] - Companies are considering partial relocation strategies, retaining core manufacturing in Switzerland while moving assembly and logistics to the EU [2] - Many companies face difficult decisions regarding pricing strategies, cost reductions, and capacity optimization amid weak order volumes [2] Group 2: Economic Impact - The US has imposed one of the highest tariff rates globally on Switzerland at 39%, compared to 15% for neighboring EU countries [1] - The Swiss franc has appreciated by approximately 13% against the US dollar since the beginning of the year, making Swiss products more expensive in international markets [1] - The Swiss mechanical and electrical industry is calling for government efforts to reduce business costs and improve trade relations with the EU, which accounts for nearly half of Swiss exports [3] Group 3: Government Initiatives - Swiss officials are attempting to propose new solutions to the US to reverse the current situation, aiming for a new agreement by October [4]

Group 1 - The 15th China-Northeast Asia Expo is held from August 27 to 31 in Changchun, Jilin Province, co-hosted by the Ministry of Commerce, China Council for the Promotion of International Trade, and the Jilin Provincial Government [1] - The expo features a 150 square meter special exhibition area for Liaoning, showcasing nearly 30 enterprises and highlighting quality products in machinery, textiles, agricultural products, and light industrial goods to promote trade and enhance Liaoning's international image [1] - This year's expo marks the 20th anniversary of the China-Northeast Asia Expo, which is the only international comprehensive expo involving six Northeast Asian countries and open to the global market [1] Group 2 - The total exhibition area is 73,000 square meters, featuring over 70,000 domestic and international brand products displayed both online and offline [1] - A key feature of this year's expo is the establishment of a "Modern Industry Pavilion," which gathers Fortune Global 500 companies, China’s top 500 companies, and specialized enterprises [1] - The provincial commerce department aims to leverage this event to strengthen various domestic and international exhibition platforms, promoting the theme "Liaoning Looks Global, Products Renowned Worldwide" to help foreign trade enterprises capture orders and diversify international market expansion [1]

Core Viewpoint - The company Huazi Technology (300490) is expanding its European market presence through its subsidiary Jingshi Electromechanical, which has successfully secured production line orders from European battery companies [1] Group 1 - The subsidiary Jingshi Electromechanical is using Hungary as a hub for its European operations [1] - The company is actively working to expand its market share in Europe [1] - The successful acquisition of orders from European battery enterprises indicates a positive growth trajectory for the company in the European market [1]

Core Insights - Shanghai's import and export value reached 397.24 billion yuan in July, marking a year-on-year growth of 9.5%, and has maintained growth for six consecutive months since February this year, outpacing the national growth rate by 2.8 percentage points [1] - In the first seven months, Shanghai's total import and export value was 2.55 trillion yuan, an increase of 3.4%, with exports at 1.12 trillion yuan (up 10.7%) and imports at 1.43 trillion yuan (down 1.7%) [1] - Private enterprises in Shanghai showed significant growth in import and export activities, with a record high of 164.11 billion yuan in July, representing a 35.7% increase, and accounting for 38.6% of the city's total import and export value in the first seven months [1] Trade Partners and Market Dynamics - Shanghai's trade with emerging markets has seen rapid growth, with imports and exports to countries involved in the "Belt and Road" initiative reaching 158.78 billion yuan in July, a 13.8% increase, constituting nearly 40% of the city's total foreign trade [2] - Exports of mechanical and electrical products amounted to 112.45 billion yuan in July, growing by 5.2%, with notable increases in industrial robots (up 103.5%) and high-end machine tools (up 63.4%) [2] - The import of consumer goods has also increased, driven by policies aimed at boosting consumption, with significant growth in dried fruits (up 59.9%), edible oils (up 16.3%), and recreational sports equipment (up 29.4%) in July [2]

Core Viewpoint - China's export growth from January to July 2025 significantly exceeded market expectations, driven by the acceleration of industrialization in emerging markets and developing countries, alongside China's competitive supply chain and increased export of intermediate goods [2][4]. Export Growth Analysis - In the first seven months of 2025, China's exports in dollar terms increased by 6.1% year-on-year, while the market anticipated only a 0.88% growth due to global tariff disruptions [2]. - The export growth was primarily supported by intermediate goods, which saw a year-on-year increase of 9.5%, outperforming capital goods at 6.8% and consumer goods at -1.6% [4]. Export Structure Changes - The share of intermediate goods in China's export structure rose from 45.4% in 2024 to 47.4% in 2025, while consumer goods decreased from 31.9% to 29.4%, and capital goods slightly declined from 20.0% to 19.9% [6]. - Since 2018, the share of intermediate goods in China's exports has been on an upward trend, increasing by 5.5 percentage points from 2017 to the first seven months of 2025 [6]. Regional Export Dynamics - The growth in intermediate goods exports was primarily directed towards emerging markets and developing countries, with significant increases in exports to Thailand (28%), Saudi Arabia (23%), and India (21%) [8][10]. - In contrast, exports of intermediate goods to developed countries like the United States, Netherlands, and Japan experienced negative growth [8]. Sector-Specific Export Performance - Key sectors showing high growth in intermediate goods exports included machinery and electronics (15%), non-ferrous metals (6%), transportation equipment (7%), and precision instruments (16%) [15]. - This performance reflects China's manufacturing scale advantages and enhanced technological innovation capabilities [15].

智通财经APP讯，濠江机电(01408)发布截至2025年6月30日止六个月未经审核中期业绩，收益4039.6万 澳门元，同比减少29.31%;期内亏损16.7万澳门元，同比收窄96.07%;每股基本亏损0.03澳门仙。 ...

Group 1: Economic Performance - Hangzhou's economy shows strong recovery with a total retail sales of consumer goods reaching 527.1 billion yuan, a year-on-year increase of 5.1% from January to July [1] - Upgrading consumption trends are evident, with retail sales of home appliances and audio-visual equipment increasing by 86.3%, and communication equipment by 34.5% [1] - The retail sales of new energy vehicles grew by 23.7%, indicating a shift towards green and smart consumption [1] Group 2: Foreign Trade - The total import and export volume reached 515.4 billion yuan, with exports at 368 billion yuan, marking a growth of 12.3%, surpassing the national average [2] - Exports of mechanical and electrical products amounted to 174 billion yuan, growing by 11.5%, while high-tech product exports reached 55.8 billion yuan, increasing by 10.9% [2] - Private enterprises played a significant role, with exports totaling 282 billion yuan, accounting for 76.6% of the city's total exports [2] Group 3: Industrial Growth - The industrial added value for large-scale enterprises reached 261.3 billion yuan, with a year-on-year growth of 6.9% [3] - Key industries such as computer communication and electronic equipment manufacturing saw substantial growth, with increases of 17.0% and 30.1% respectively [3] - New momentum in high-tech and strategic emerging industries showed added value growth rates of 8.3% and 9.7%, indicating a robust industrial transformation [3] Group 4: Service Sector Development - The revenue of large-scale service industries reached 1,094.4 billion yuan, with an 8.6% year-on-year increase [3] - The information transmission, software, and IT services sector grew by 12.7%, while scientific research and technical services increased by 6.2% [3] - The digital economy's core industries and high-tech services saw revenue growth of 12.6% and 11.8%, respectively, highlighting the sector's importance in economic growth [3] Group 5: Future Outlook - Hangzhou's economy is maintaining a stable operation, with a focus on high-quality development [4] - The city aims to enhance innovation, reform, and openness to ensure effective qualitative improvements and reasonable quantitative growth [4]