从分项指数看，在监测范围内的20个国家（地区）共发布76项进出口关税措施，发起19起贸易救济调 查，向WTO提交技术性贸易壁垒（TBT）通报和卫生与植物卫生措施（SPS）通报134项，发布进出口 限制措施32项，发布其他限制性措施197项。其中，进出口关税措施指数在五类分项措施指数中居首， 成为各经济体国际经贸谈判的关键筹码。 （文章来源：新华财经） 从行业指数看，在监测范围内13个主要行业中，经贸摩擦措施的冲突点聚焦于电子、化工、运输设备、 机械设备、医药、轻工和有色金属行业，其中电子行业经贸摩擦指数居首。 新华财经北京9月28日电 中国贸促会28日发布的数据显示，7月全球经贸摩擦指数为110，处于高位。受 美国反复调整关税政策影响，全球经贸摩擦再次升温。全球经贸摩擦措施涉及金额同比上升6.6%，环 比上升27.6%。 据中国贸促会新闻发言人王冠男介绍，从国别指数看，在监测范围内的20个国家（地区）中，美国、欧 盟和巴西的全球经贸摩擦指数位居前三，美国的全球经贸摩擦措施涉及金额最多，连续13个月居首。 ...

Group 1 - The State Council emphasizes the need to strengthen support for enterprises going abroad and improve the overseas comprehensive service system [2][3] - The China Council for the Promotion of International Trade (CCPIT) reports an increase in the willingness of Chinese enterprises to expand internationally, with a significant rise in the number of business groups going abroad for negotiations [2][3] - Since 2024, the CCPIT has organized 2,249 batches of groups to visit 102 countries and regions, averaging six business groups traveling abroad daily for discussions [2][3] Group 2 - The CCPIT plans to enhance service resources across legal, financial, and logistics sectors, and establish comprehensive service ports and stations in key countries [3][4] - The CCPIT has approved 1,623 overseas exhibition projects this year, with a planned exhibition area of 950,000 square meters, and has executed 970 projects involving over 34,000 participating enterprises [4] - The CCPIT has established partnerships with international organizations to enhance legal services for enterprises, handling over 400 foreign-related cases and 6,570 mediation cases this year [4][5] Group 3 - The CCPIT has organized multiple training sessions for enterprises going abroad and has responded to over 20,000 inquiries through its trade law service [5] - The global economic and trade friction index reached 110 in July, indicating a high level of trade tensions, particularly influenced by U.S. tariff policy adjustments [6] - The CCPIT reports that the trade friction measures involving 20 monitored countries have increased by 6.6% year-on-year and 27.6% month-on-month [6][7]

2025.09. 28 本文字数：2015，阅读时长大约3分钟 作者 | 第一财经 高雅 近期，国务院常务会议强调，要着眼于为出海企业参与国际合作与竞争提供有力支撑，进一步完善海 外综合服务体系。 9月28日，中国贸促会在北京举行9月例行新闻发布会。中国贸促会新闻发言人王冠男在发布会上表 示，近年来，随着中国积极推进高水平制度型开放，加快构建"双循环"新发展格局，产业链供应链国 际合作持续深化。中国企业国际竞争力更强，国际视野更广，企业出海发展的意愿也更大。 "在当前国际经济合作和竞争局面正在发生深刻变化的大背景下，随着企业出海步伐加快，不确定、 难预料的因素也明显增加，企业对高质量海外综合服务的需求也越来越迫切。"王冠男称。 根据贸促会数据，自2024年以来，中国贸促会依托贸促会海外代表处和全球394个多双边工商合作 机制，开展服务企业的"千团出海"行动， 2024年，共组织2249批次团组赴102个国家和地区考察洽 谈，相当于平均每天有6个企业团组出国进行商务洽谈。 进一步完善海外综合服务体系 国务院常务会议指出，要着眼于为出海企业参与国际合作与竞争提供有力支撑，进一步完善海外综合 服务体系。统筹法律、金 ...

丨证券研究报告丨 市场策略丨专题报告 [Table_Title] 从美国库存看中国出口机遇：科技出海创新高， 制造消费能否跟上？ 报告要点 [Table_Summary] 美联储重启降息周期，或带动美国需求复苏。截至 2025 年 6 月，美国名义库存同比与实际库 存同比增速均呈现回落态势，同时库销比也有所下降，反映出当前库存水平相对于销售规模趋 于收紧，未来存在或存在补库需求。分部门来看，美国制造业 6 月库存同比历史分位数处于 1998 年 1 月以来的 38.9%分位，批发商行业处于 26.4%的历史分位水平，零售贸易行业处于 36.7% 的历史分位水平，反映出整体库存压力显著减轻。在此背景下，部分行业或迎来布局良机。其 中家电、机械、汽车及轻工等板块库存去化尤为明显，值得市场重点关注。 分析师及联系人 [Table_Author] 戴清 SAC：S0490524010002 SFC：BTR264 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 从美国库存看中国出口机遇：科技出海创新高， 2] 制造消费能否跟上？ [Table_S ...

Group 1 - The core viewpoint of the article highlights China's significant role in global trade, with the country accounting for 14.2% of the world's exports in 2023, maintaining its position as the largest exporter for 15 consecutive years [3][4] - China's trade surplus has been consistent for over three decades, with a notable acceleration post-2005, particularly after joining the WTO, which opened up global markets for Chinese textiles [7][9] - The manufacturing sector has evolved, showcasing a comprehensive industrial system that allows for rapid production and adaptation to market demands, which has become a core competitive advantage for China [9][11] Group 2 - China's export landscape is shifting, with emerging markets such as Uzbekistan, Kazakhstan, and Mexico gaining traction, while traditional markets like the US and EU are experiencing declines in export growth [11][13] - The composition of exports has also changed, with a significant increase in high-tech products such as electric vehicles and batteries, reflecting a transition from low-end to high-quality goods [13][15] - Small and medium-sized enterprises (SMEs) are increasingly becoming key players in exports, leveraging specialization and agility to meet niche market demands, supported by favorable conditions in coastal provinces [15][19] Group 3 - The article emphasizes the importance of innovation and R&D in driving the success of SMEs, with companies investing a significant portion of their sales into research to compete in global markets [17][19] - The growth of cross-border e-commerce has simplified logistics and payment processes, enabling even small businesses to access global customers, which was previously unimaginable [19][21] - The overall increase in exports in the first half of 2024, despite global economic challenges, underscores the resilience and adaptability of China's export sector, driven by numerous SMEs and their evolving product offerings [19][21]

Core Insights - Yantai's foreign trade import and export increased from 324.31 billion yuan in 2020 to 472.34 billion yuan in 2024, with actual foreign investment exceeding 9.5 billion USD [1] - The city has implemented various policies to enhance its open economy, including measures for foreign trade stability and integrated investment [2] - Yantai has focused on attracting major projects and enhancing its global investment network, resulting in significant foreign investment and project approvals [3] - The development of industrial parks has been prioritized, with several parks recognized for their unique characteristics and contributions to the local economy [4] Group 1: Foreign Trade and Investment - Yantai's total foreign trade import and export is projected to reach 472.34 billion yuan by 2024, up from 324.31 billion yuan in 2020, with a growth of 18.2% in the first seven months of this year [1] - Actual foreign investment in Yantai reached 6.86 million USD in the first seven months of this year, ranking third in the province [1] - The city has cumulatively attracted 72.7 million USD in foreign investment and 13.7 million USD in outbound investment, reflecting a growth of 6.7% [1] Group 2: Policy and Structural Reforms - Yantai has established a comprehensive open economy framework, integrating internal and external trade, investment, and resource sharing [2] - The city has introduced seven policy measures aimed at stabilizing foreign trade and optimizing its structure, with over 200 policy trials and 2.25 billion yuan in funding secured during the "14th Five-Year Plan" period [2] - The implementation of the "Double Hundred Project" has supported the growth of key enterprises, with an average of over 1,000 new foreign trade companies established annually [2] Group 3: Investment Attraction - Yantai has focused on 16 key industrial chains to attract significant projects, hosting over 30 major investment activities annually [3] - The city has signed agreements with 132 business associations globally, enhancing its international investment network [3] - A total of 366 foreign enterprises have expanded their investments in Yantai, with a contractual foreign investment of 4.93 billion USD during the "14th Five-Year Plan" [3] Group 4: Industrial Park Development - Yantai has prioritized the development of industrial parks, with five parks recognized for their unique characteristics, leading the province in this regard [4] - The Yantai Development Zone ranked eighth nationally in comprehensive development performance evaluation for 2024 [4] - The establishment of the "Blue Granary" marine economic development zone has set a precedent for national marine construction [4]

Core Viewpoint - China Poly Group Corporation has issued a stern statement regarding the emergence of fraudulent companies impersonating it, emphasizing that these entities have no affiliation or investment relationship with the group [1][4]. Group 1: Company Identity and Fraudulent Activities - Several companies have been identified as fraudulent, using the name of Poly Group to conduct business and promotional activities without authorization [1]. - A list of fraudulent companies has been provided, including their names, registration codes, and locations, indicating a widespread issue of impersonation [2][3]. - The phenomenon of fake state-owned enterprises has been noted as a growing concern, with over a thousand "fake state-owned enterprises" reported by the State-owned Assets Supervision and Administration Commission from 2021 to 2023 [3]. Group 2: Company Background - China Poly Group Corporation is a large central enterprise managed by the State-owned Assets Supervision and Administration Commission, with a diverse business portfolio including international trade, real estate development, and cultural arts [6]. - The group operates ten main subsidiaries and has five publicly listed companies both domestically and internationally [6].

Summary of Key Points from Conference Call Records Industry Overview - **Consumer Retail Sector**: In August 2025, the total retail sales of consumer goods grew by approximately 3.4% year-on-year, with offline sales showing resilient growth while online sales remained stable [2][4]. - **Restaurant Industry**: Restaurant revenue increased by 2.1% year-on-year, influenced by factors such as the alcohol ban, improved weather, and a low base from the previous year [1][5]. - **Hotel Industry**: The hotel sector experienced a decline in occupancy rates due to weak summer travel demand and oversupply, but a slowdown in supply may lead to a long-term reversal [1][6]. - **Automotive Market**: The automotive market's retail sales totaled approximately 409.3 billion yuan in August, with a year-on-year growth of 0.8%. Notably, passenger car exports surged by 22% [1][8][9]. Core Insights and Arguments - **Automotive Trends**: The rise of high-end domestic brands, particularly in the 200,000 yuan and above segment, is driving the penetration of new energy vehicles (NEVs), which saw sales of 1.28 million units in August, a 22% increase year-on-year [1][10]. - **New Energy Vehicles**: NEVs accounted for about 50% of total vehicle sales in August, with cumulative sales from January to August reaching approximately 893,000 units, reflecting a 34% year-on-year growth [9]. - **High-End Market Dynamics**: The ultra-luxury car market continues to grow, with brands like Zun Jie performing exceptionally well in deliveries [10][11]. - **Component Sector Focus**: The future of the automotive components sector is centered on smart driving, robotics, and liquid cooling technology, with the latter expected to see a tenfold increase by 2026 [12][13]. Additional Important Insights - **Investment Recommendations**: For the upcoming months, it is suggested to focus on high-performing stocks that may experience pullbacks and to position for stocks with strong earnings visibility in the fourth quarter [4]. - **Household Appliances**: The household appliance sector saw a year-on-year retail growth of 14.3% in August, with significant performance variations across product categories [23][24]. - **Cleaning Products**: The cleaning product category showed remarkable growth, with online sales of robotic vacuums and floor washers increasing by over 80% [25][26]. - **Textile and Apparel Sector**: The textile and apparel industry showed good retail performance in August, with many brands experiencing a rebound, potentially influenced by the stock market's wealth effect [15][16]. Future Trends and Strategies - **Consumer Goods**: The consumer goods sector is expected to continue its recovery, with a focus on companies that can maintain pricing power and cost transfer capabilities [22]. - **Light Industry**: Investment strategies in the light industry should focus on new product penetration and international expansion opportunities [18][19]. - **Food and Beverage Sector**: The food and beverage sector is projected to maintain steady growth, with a focus on high-end brands and those benefiting from supply chain standardization [20][22]. This summary encapsulates the key points from the conference call records, highlighting the performance and trends across various industries, along with strategic insights for future investments.

Group 1 - The core viewpoint of the news is the recognition of 14 enterprises in Yunnan Province as advanced intelligent factories for 2025, showcasing the province's progress in digitalization and intelligent transformation across various key industries [1][2] - The recognized enterprises span multiple sectors including chemicals, non-ferrous metals, pharmaceuticals, tobacco, light industry, new energy, and building materials, indicating a diversified exploration in the transformation and upgrading of traditional industries in Yunnan [1][2] - This recognition marks a new phase of large-scale promotion and systematic breakthroughs in the intelligent transformation of Yunnan's manufacturing industry, injecting strong momentum into the province's high-quality industrial development [1] Group 2 - The 14 recognized enterprises include notable companies such as Yunnan Yuntianhua Petrochemical Co., Ltd., Yunnan Wenshan Aluminum Co., Ltd., and Kunming Pharmaceutical Factory Co., Ltd., each implementing advanced technologies like digital twins and AI-driven management [2] - The implementation plan for the "Yunnan Province Intelligent Factory Gradient Cultivation Work (2025-2027)" aims to focus on key areas such as tobacco, deep processing of non-ferrous metals, and new energy batteries, promoting the establishment of benchmark intelligent factories [3] - By 2027, Yunnan Province aims to achieve the recognition of over 80 advanced intelligent factories and develop more than 10 domestically leading excellent intelligent factories, fostering replicable and promotable experiences and models [3]

Core Insights - The importance of the "14th Five-Year Plan": The upcoming "14th Five-Year Plan" is expected to significantly impact China's economic and social development over the next five years, shifting focus from production to a balance between production and consumption due to the current issue of insufficient effective demand [1] - Strengthening consumption policies: Starting in 2024, consumption policies will be significantly enhanced, including the allocation of special government bond funds to support consumption upgrades. Continued funding is expected in 2025 and 2026 [1] - Potential of service consumption: China's service consumption still lags behind developed economies, indicating a substantial opportunity for growth in this sector to stimulate consumer interest and optimize the consumption environment [1] - Rise of technology consumption: With a rapid technological development and an engineering talent surplus, products like robotic vacuum cleaners and drones are gaining market attention, likely creating new consumer demand [1] - Optimization of the overall consumption mechanism: Measures such as consumption tax reform will encourage local governments to transition from production-oriented to service-oriented, promoting the internationalization of quality consumption companies and enhancing residents' consumption capacity [1] Investment Recommendations - Food and Beverage: Recommended companies include Dongpeng Beverage and Lihigh Food, with a focus on Youran Dairy and Bairun Co [2] - Service Sector: Recommended companies include Guming, Mixue Group, and Bubugao, with a focus on Zhongsheng Holdings [2] - Light Industry: Companies to watch include Hengfeng Paper and Xilinmen [3] - Trendy Toys: Recommended companies include Pop Mart and Blokus [4] - Home Appliances: Recommended companies include Midea Group, Haier Smart Home, TCL Electronics H, Roborock, and Ecovacs, with a focus on Yingshi Innovation [5] - Agriculture: Recommended companies include Zhongchong Co, Petty Co, Muyuan Foods, and Haida Group [11] - Textile and Apparel: Recommended companies include Anta Sports, Xtep International, 361 Degrees, and Hailan Home, with a focus on Li Ning and Sanfu Outdoor [11] Report Content Analysis - Expanding consumption share: The report emphasizes that expanding consumption share is essential for achieving Chinese-style modernization, as China's consumption rate is significantly lower than that of developed countries [9] - Shift in fiscal spending: During the "14th Five-Year Plan" period, fiscal spending will shift from material investments to human capital investments, increasing support for education, healthcare, and housing [9] - Promotion of common prosperity: The report highlights the need for income distribution reform and the promotion of the Zhejiang common prosperity model to achieve balanced development [9] - Consumption tax reform: The report suggests that consumption tax reform will help local governments transition from production-oriented to service-oriented, enhancing the consumption environment [9] - Transition from traditional to new consumption: The report analyzes the maturation of traditional consumption markets and the rise of new consumption, which is characterized by a focus on quality and personal satisfaction [9] - Stimulating interest in service consumption: The report indicates that the shift from physical to service consumption is crucial for expanding domestic demand, with growing demand for events and performances benefiting local consumption [9]