Core Insights - In 2025, Guangdong Province is expected to establish 36,000 new foreign-funded enterprises, representing a growth of 38.7% compared to the previous year [1] - The actual utilization of foreign capital in Guangdong is projected to reach 112.66 billion yuan, an increase of 11.3% [1] - Guangdong's foreign trade is anticipated to achieve an import and export volume of 9.49 trillion yuan in 2025, marking a growth of 4.4% [1] - The province is expected to contribute 24.1% to the national foreign trade growth, ranking first in the country [1] - The total retail sales of consumer goods in Guangdong are expected to show stable growth [1]

Group 1: Foreign Trade Performance - In 2025, Tianjin's total foreign trade import and export value reached 835.87 billion yuan, with exports exceeding 400 billion yuan for the first time, marking a year-on-year increase of 10.1% [1] - The export value of private enterprises in Tianjin reached 843.6 billion yuan, a year-on-year growth of 4.1%, with the number of exporting enterprises reaching a historical high of 11,400 [1] - The export of mechanical and electrical products was the largest category, totaling 871 billion yuan, accounting for over 60% of the city's total exports, with a year-on-year increase of 10.3% [1] Group 2: Cross-Border RMB Transactions - In 2025, Tianjin's cross-border RMB payment volume exceeded 630 billion yuan, a year-on-year increase of 17%, marking a historical high and achieving 3.5 times the scale of 2019 [11] - The volume of cross-border RMB business in Tianjin's goods trade grew by 24% year-on-year, accounting for over 30% of total foreign and domestic currency settlements [11] - The issuance of "Panda bonds" by overseas enterprises reached 6.8 billion yuan, with a year-on-year growth of 130% [11] Group 3: New Energy Industry Development - Tianjin's new energy industry is expected to achieve an output value of 80 billion yuan in 2025, with a year-on-year growth of 9.3% [5] - The city aims to build a comprehensive new energy industry chain, focusing on wind, solar, lithium, and hydrogen sectors [5] - The number of enterprises in Tianjin's new energy industry chain exceeds 110, contributing significantly to the high-quality development of the manufacturing sector [5] Group 4: Policy and Institutional Support - The People's Bank of China Tianjin Branch has established a special working group with ten government departments to enhance cross-border RMB transaction efficiency [11] - The implementation of cross-border RMB facilitation policies has expanded from three regions to sixteen, significantly increasing the number of recognized quality enterprises [12] - The total amount of cross-border RMB facilitation business in Tianjin has exceeded 540 billion yuan [12]

"新"动能引领增长。2025年，全市高新技术产品出口8700.8亿元，增长8%，占出口总值的49.4%； 全市集成电路进口4379.5亿元，增长18.6%，占进口总值的41.7%，对进口增长的贡献度为99.1%。 2025年，全市有进出口实绩的外贸企业3.77万家，增加8.3%。其中，民营企业进出口1.09万亿元， 增长5.7%。 昨天（1月19日），苏州海关对外发布2025年苏州市外贸进出口情况。2025年，苏州市外贸进出口 2.81万亿元，增长7.4%，规模再创新高，其中出口1.76万亿元，增长7.6%；进口1.05万亿元，增长 7.1%。 2025年，苏州和全球237个国家和地区建立贸易联系，对共建"一带一路"国家进出口1.27万亿元， 增长17.3%，占全市外贸的比重稳步提升至45%；对东盟、欧盟进出口分别增长25.2%、5.7%。 贸易自主性稳步提升。2025年全市一般贸易进出口1.18万亿元，占全市外贸的41.8%，其中出口增 长11.3%，高出全市出口增速3.7个百分点；一般贸易出口自主品牌率29.7%，较上年提升2.9个百分点， 高出同期整体出口自主品牌率11.9个百分点。全年加工贸易、保税物 ...

Fixed Income - In 2025, China's total foreign trade import and export reached 45.47 trillion yuan, a historical high, with a year-on-year growth of 3.8% [7] - The People's Bank of China announced a 0.25 percentage point reduction in various structural monetary policy tool rates starting January 19 [8] - The bond market is expected to perform better than anticipated in 2026, with a focus on potential rebounds in long-term bonds [10] - The average issuance rate for AA+ and below urban investment bonds and industrial bonds is in the range of 2.3-2.5% [13] New Consumption - In December 2025, the total retail sales of consumer goods reached 45,136 billion yuan, with a year-on-year growth of 0.9% [17] - Urban and rural retail sales in December were 38,429 billion yuan and 6,707 billion yuan, respectively, with year-on-year growth of 0.7% and 1.7% [18] - The growth rate of catering retail sales outpaced that of goods, indicating a shift in consumer spending patterns [19] Pharmaceutical Industry - The US tumor gene testing industry is accelerating, with significant opportunities in the domestic market [21] - The pharmaceutical index fell by 0.68%, with a relative underperformance compared to the CSI 300 index [22] - The report suggests focusing on innovative drug companies and medical technology sectors, highlighting companies like China Biologic Products and Shanghai Yizhong [25] - The domestic market for MRD and early tumor screening is expected to grow rapidly, mirroring trends in the US [23] Public Utilities and Environmental Protection - In 2025, China's total electricity consumption exceeded 10 trillion kWh for the first time, with the tertiary industry and urban residents contributing 50% to the growth [32] - The National Grid's investment plan for the "14th Five-Year Plan" is expected to reach 4 trillion yuan, marking the highest historical investment in the grid [35] - The report emphasizes the importance of enhancing power supply quality and the need for a robust grid to accommodate increasing electricity demand [34] Technology and Robotics - The global humanoid robot shipment is projected to reach 13,318 units in 2025, with significant contributions from Chinese manufacturers [27] - The report highlights key companies in the humanoid robot supply chain, including KAIT and Dingzhi Technology, which are making strides in product development [28] - The North Exchange technology growth stocks showed a median increase of +1.89% during the reporting period [28]

（文章来源：新华财经） 外贸主体数量首超万家。2025年，四川有进出口实绩企业达10329家，同比增加13.8%，年度数量首次 突破万家。其中，民营企业数量首次超过9000家，增加14.8%。 机电产品、农产品进出口保持增长。2025年，四川机电产品外贸进出口8201.2亿元，同比增长2%。其 中，"新三样"产品出口337.7亿元，增长69.4%。农产品进出口309.5亿元，增长15%，15种农产品实现首 次出口。白酒、鲟鱼子酱分别出口8.3亿元、1.2亿元，分别增长10.7%、21.1%；鲜虾、冰鲜三文鱼分别 进口23.5亿元、16亿元，增长57.7%、34.5%。 通道平台作用持续发挥。航空口岸进出口规模创新高，通过成都航空口岸进出口的货物总值首次突破 7000亿元，占全国空运的8.6%，比重提升0.6个百分点。开放平台发展成效显著，成都高新综合保税区 进出口5256.9亿元，增长4.8%，外贸规模继续保持全国综合保税区第一。 新华财经成都1月19日电（记者袁波）成都海关19日发布统计数据显示，2025年，四川货物贸易进出口 总值10318.1亿元，规模位列全国第八。其中，外贸出口6086.5亿元，进口4 ...

2025年，江苏以一般贸易方式进出口3.31万亿元，增长3.6%，占全省外贸进出口的55.6%。同期，加工贸易进出口1.99万亿元，增长10.1%。 扬子晚报网1月19日讯(通讯员关轩记者薛玲)据南京海关统计，2025年江苏省外贸进出口总值5.95万亿元，较上年增长6%，增幅较全国高2.2个百分点，占 同期我国进出口总值的13.1%，展现出强劲的发展韧性与活力。 江苏外贸规模创历史新高 视频｜薛玲 校对陶善工 市场主体方面，外资、民营双轮驱动，国有企业进出口提速。2025年，江苏省外商投资企业进出口2.78万亿元，增长6.2%，占同期全省进出口的46.7%； 民营企业进出口2.65万亿元，增长4.1%，占44.5%。同期，国有企业进出口5254.3亿元，增长15.8%。 江苏去年对共建"一带一路"国家进出口2.98万亿元，增长11.3%。同期，对欧盟、拉美地区进出口分别为8317.9亿元、4092.8亿元，分别增长6.4%、5%。 江苏去年机电产品出口2.8万亿元，增长11.6%，拉动全省出口增速7.9个百分点，占全省出口总值的70.7%。电子元器件等产品进口明显增长，去年江苏机 电产品进口1.17万亿元，增 ...

（文章来源：证券时报网） 外资、民营双轮驱动，国有企业进出口提速。2025年，江苏省外商投资企业进出口2.78万亿元，增长 6.2%，占同期全省进出口的46.7%，拉动全省进出口增速2.8个百分点；民营企业进出口2.65万亿元，增 长4.1%，占44.5%，拉动增速1.9个百分点。同期，国有企业进出口5254.3亿元，增长15.8%。 对共建"一带一路"国家贸易占比提升至五成。2025年，江苏省对共建"一带一路"国家进出口2.98万亿 元，增长11.3%，拉动全省进出口增速5.4个百分点，占比较上年提升2.4个百分点至50.1%。其中，对东 盟进出口1.07万亿元，增长18.5%；对韩国进出口6175.7亿元，增长8%。同期，对欧盟、拉美地区进出 口分别为8317.9亿元、4092.8亿元，分别增长6.4%、5%。 机电产品出口比重首超七成。2025年，江苏省机电产品出口2.8万亿元，增长11.6%，拉动全省出口增速 7.9个百分点，占全省出口总值的70.7%。其中，电工器材、船舶分别出口2399.6亿元、1427.5亿元，分 别增长18%、37%；"新三样"产品出口1849.8亿元，增长14.5%。 电子元 ...

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！ 2025年中国经济顶住多重压力、保持稳中有进发展态势，出口和新质生产力是亮点，消费和投资有待提 振 文|《财经》记者 孙颖妮 编辑|王静仪 2025年中国经济成绩单"出炉"。1月19日，国家统计局公布了2025年国民经济运行情况。 2025年全年国内生产总值（GDP）为140.19万亿元，按不变价格计算，比上年增长5.0%。分季度看，一 季度GDP同比增长5.4%，二季度增长5.2%，三季度增长4.8%，四季度增长4.5%，全年经济增长呈现前 高后低态势。 分项经济指标来看，生产端，2025年全年全国规模以上工业增加值比上年增长5.9%；需求端，2025年 全年社会消费品零售总额50.12万亿元，比上年增长3.7%。 投资方面，2025年全年全国固定资产投资（不含农户）48.52万亿元，比上年下降3.8%；这个数据主要 受房地产拖累，扣除房地产影响，全国固定资产投资下降0.5%。 外贸方面，2025年全年货物进出口总额45.47万亿元，比上年增长3.8%。其中，出口26.99万亿元，增长 6.1%；进口18.48万亿元，增长0.5%。 ...

在"一线"，海南自贸港"零关税"等政策高效实施，借助径予放行便利化通关模式，海南口岸进口货物迎来通 关效率与成本双优化，有力支撑自贸港产业升级。1月9日，一批进口的3万吨矿产品运抵海南洋浦港，该批矿 产以"'零关税'+径予放行"模式入境，全程通关流程简化、时效提升。该批货物进口企业相关负责人表示，径 予放行让原料进口通关更高效，"零关税"政策大幅降低企业采购成本，双重利好让企业能更快推进产能释 放。 海南自贸港封关首月，进口"零关税"货值达7.5亿元 离岛免税购物金额超48亿元 | | | 2025年12月18日至2026年1月17日 | | | --- | --- | --- | --- | | | 海口海关在"一线"监管 | 海口海关共监管 | 海口海关共监管离岛免税购物金 | | 海南新增备案 | "零关税"货物75亿元,在 | 海南空港口岸进出境 | 额48.6亿元,同比增长46.8%;购物 | | 外贸企业5132家 | "二线"监管销往内地的加工 | 人员31万人次,同 | 人数74.5万人次,同比增长30.2%; | | | 增值免关税货物 8586.7万元 | 比增长48.8% | 购物件数3 ...

Core Insights - The Hainan Free Trade Port has successfully completed its first month of operation since its closure on December 18, 2025, attracting a significant number of foreign trade enterprises [1][4] - The customs authority reported a total of 5,132 new registered foreign trade enterprises in Hainan as of January 17, 2026, indicating a strong interest in the region [1][4] - The customs has streamlined the approval process for enterprises, reducing the average approval time by nearly 60% [1][4] Trade and Economic Impact - In the first month of operation, customs monitored zero-tariff goods worth 750 million yuan, benefiting local enterprises, hospitals, and research institutions [1][4] - The customs also oversaw the export of value-added goods worth 85.867 million yuan to the mainland, enhancing the local industry chain and increasing added value [1][4] Duty-Free Market Performance - The duty-free shopping market in Hainan reported a total shopping amount of 4.86 billion yuan in the first month, representing a year-on-year increase of 46.8% [2][5] - The number of shoppers reached 745,000, marking a 30.2% increase, while the number of items purchased was 3.494 million, up by 14.6% [2][5] - Hainan's customs also recorded 311,000 inbound and outbound travelers through the airport, reflecting a 48.8% year-on-year growth [2][5]