Core Insights - The implementation of the Private Economy Promotion Law and continuous policy benefits have led to remarkable performance in foreign trade by private enterprises in China during the first three quarters of this year [1][2] - Private enterprises have played a crucial role as the "main force," "pioneers," and "pathfinders" in driving foreign trade growth, contributing significantly to the overall increase [1] Trade Performance - In the first three quarters, the import and export scale of private enterprises reached 19.16 trillion yuan, with a year-on-year growth of 7.8%, including exports and imports growing by 8.8% and 5.9% respectively [1] - Private enterprises have achieved 22 consecutive quarters of year-on-year growth in imports and exports, directly contributing 4.3 percentage points to China's foreign trade growth, and their share of total foreign trade value rose to 57%, an increase of 2 percentage points from the same period last year [1] Global Market Expansion - Private enterprises have accelerated their global layout, with import and export growth rates exceeding the overall level in over 180 countries and regions [2] - Notable growth rates include 14% to ASEAN, 27.3% to Africa, and 11.8% to Central Asia, while traditional markets like the EU and Japan also saw growth surpassing the overall average [2] Innovation and High-tech Exports - The export of high-tech products by private enterprises grew by 15.3%, accounting for 54.2% of the total value of similar products exported from China, marking an increase of 1.6 percentage points [2] - Private enterprises are responsible for nearly 80% of high-end machine tools, over 70% of lithium batteries, and nearly 60% of medical devices exported from China [2]

海关总署副署长王军在国新办新闻发布会上表示，前三季度，各地各部门攻坚克难、努力拼搏，广大外 贸企业积极应变、开拓创新，我国外贸韧性彰显、结构优化，实现了量质齐升，成绩来之不易。同时也 要看到，当前外部环境依然严峻复杂，外贸面临的不确定性和困难增多，叠加去年基数较高等客观因 素，四季度稳定外贸发展仍然需要付出艰苦的努力。 截至9月份我国出口、进口已连续4个月同比双增长 从外贸主体来看，前三季度，我国有进出口实绩的外贸经营主体首次达到了70万家，已超过去年全年的 总量。 海关总署13日发布的数据显示，今年前三季度，我国货物贸易进出口总值33.61万亿元，同比增长4%。 其中，出口19.95万亿元，同比增长7.1%；进口13.66万亿元，同比下降0.2%。9月份，进出口4.04万亿 元，同比增长8%。 王军介绍，今年以来，在复杂的外部环境下，我国货物贸易顶住了压力，实现了平稳增长，展现出较强 的韧性，概括起来可以说有底气、有朝气、有锐气。 有底气，主要体现在外贸大盘稳，截至9月份，我国出口、进口已连续4个月同比双增长。外贸大省挑大 梁的作用持续发挥，前三季度，广东、江苏、浙江、上海、山东5省市进出口合计增长5.2% ...

Core Insights - China's goods trade showed steady growth in the first three quarters of the year, with a total trade value of 33.61 trillion yuan, a year-on-year increase of 4% [1][4] - Exports reached 19.95 trillion yuan, up 7.1% year-on-year, while imports totaled 13.66 trillion yuan, a slight decline of 0.2% [1][3] Import and Export Performance - Significant increases were observed in the import volumes of crude oil and metal ores, as well as in the import values of measuring instruments, computers, and communication equipment [3] - Mechanical and electrical products accounted for 12.07 trillion yuan in exports, marking a 9.6% increase and representing 60.5% of total exports, an increase of 1.4 percentage points [3] Regional Contributions - The five provinces of Guangdong, Jiangsu, Zhejiang, Shanghai, and Shandong contributed over 80% to the national import and export growth, with a combined growth rate of 5.2% [6] - The western regions of China maintained strong trade momentum, with a 10.2% year-on-year increase in trade value, reaching 3.21 trillion yuan [6] Global Trade Position - China maintained its position as the world's largest goods trader, accounting for 11.8% of global goods trade value in the first seven months of the year [6]

Core Insights - China's foreign trade has shown resilience and steady growth in the face of complex external environments, with a total import and export value of 33.61 trillion yuan in the first three quarters of the year, marking a 4% year-on-year increase [1] Group 1: Trade Growth - The growth rate of imports and exports has accelerated quarter by quarter, with increases of 1.3%, 4.5%, and 6% in the first, second, and third quarters respectively, achieving year-on-year growth for eight consecutive quarters [2] - In September alone, the total import and export value reached 4.04 trillion yuan, reflecting an 8% increase [1] Group 2: Market Diversification - Trade with countries involved in the Belt and Road Initiative reached 17.37 trillion yuan, a 6.2% increase, accounting for 51.7% of total trade, up by 1.1 percentage points [2] - Exports to ASEAN, Latin America, Africa, and Central Asia grew by 9.6%, 3.9%, 19.5%, and 16.7% respectively [2] Group 3: Export Product Quality - Exports of electromechanical products totaled 12.07 trillion yuan, a 9.6% increase, making up 60.5% of total exports, up by 1.4 percentage points [2] - High-tech products such as electronic information, high-end equipment, and instruments saw growth rates of 8.1%, 22.4%, and 15.2% respectively [2] Group 4: Import Recovery - Imports showed signs of gradual recovery, with a 0.3% year-on-year increase in the second quarter and a further acceleration to 4.7% in the third quarter [2] - Notable increases in imports included crude oil and metal ores, which rose by 4.9% and 10.1% respectively [2] Group 5: Active Trade Entities - The number of foreign trade enterprises with import and export performance reached 700,000, an increase of 52,000 year-on-year [3] - Private enterprises accounted for 613,000 of these, with a total import and export value of 19.16 trillion yuan, growing by 7.8% [3]

Core Viewpoint - China's import market is gradually recovering, with significant growth in the third quarter, although imports still lag behind exports. The customs authority anticipates continued growth in imports due to domestic demand and reduced foreign investment restrictions [1][2]. Group 1: Import Trends - In the first three quarters, the quantity index of imports increased by 0.6% year-on-year, with imports growing for four consecutive months as of September [1]. - The import volumes of crude oil and metal ores increased by 2.6% and 4.2% respectively, while the import value of food, tobacco, and cultural products grew by 10.2% and 9.4% [1]. - Foreign-invested enterprises saw a 1.1% increase in imports during the first three quarters, following the removal of restrictions on foreign investment in the manufacturing sector [1]. Group 2: Policy and Market Expansion - China has actively expanded its import market, adding 135 new agricultural and food products from 50 countries and regions in the first three quarters [2]. - A 100% zero-tariff policy on products from the least developed countries with which China has diplomatic relations resulted in a 9.7% increase in imports from these nations [2]. - The upcoming China International Import Expo in Shanghai is expected to showcase new products and serve as a gateway for multinational companies entering the Chinese market [2].

Report Industry Investment Rating - Not provided in the report Core Viewpoints - After a high - level oscillation in September, the stock index is expected to enter a direction - selection phase again and is likely to maintain a bullish trend. In the short term, due to Sino - US trade issues, market risk - aversion sentiment may intensify, and stock market volatility may increase. Domestically, the liquidity environment is expected to remain loose, and residents may increase their allocation of equity assets. With the Fed's interest rate cuts and RMB appreciation, external funds are also expected to flow into the domestic market. In terms of market style, although technology growth has been the core theme of the current upward market trend, considering the expected increase in Q4's growth - stabilization policies and the resonance of global monetary and fiscal policies, the market style in Q4 may shift towards value and become more balanced compared to Q3 [2] Summary by Directory 1. Stock Index Futures Market - **IF Contracts**: The previous day's closing prices of IF contracts (current month, next month, next quarter, and far - quarter) were 4613.80, 4600.40, 4592.20, and 4571.80 respectively, with declines of 98.20, 102.80, 102.20, and 100.80. The trading volumes were 43832.00, 5422.00, 96227.00, and 16669.00, and the positions were 51030.00, 9132.00, 162971.00, and 55448.00, with position changes of - 3181.00, 1427.00, - 329.00, and 3589.00 [1] - **IH Contracts**: The previous day's closing prices of IH contracts were 2976.00, 2973.60, 2975.80, and 2974.00, with declines of 46.80, 48.60, 48.40, and 49.80. The trading volumes were 20378.00, 3053.00, 43708.00, and 6794.00, and the positions were 21085.00, 3090.00, 67688.00, and 13880.00, with position changes of 13.00, 793.00, 840.00, and 524.00 [1] - **IC Contracts**: The previous day's closing prices of IC contracts were 7382.00, 7311.20, 7266.00, and 7100.60, with declines of 149.40, 160.40, 166.80, and 171.60. The trading volumes were 39765.00, 10064.00, 99771.00, and 20790.00, and the positions were 50530.00, 18841.00, 140200.00, and 50503.00, with position changes of - 6184.00, 3029.00, - 3614.00, and - 1513.00 [1] - **IM Contracts**: The previous day's closing prices of IM contracts were 7514.20, 7421.80, 7340.40, and 7120.00, with declines of 104.60, 117.60, 127.40, and 128.80. The trading volumes were 53416.00, 15411.00, 140881.00, and 23742.00, and the positions were 70956.00, 22199.00, 183267.00, and 80505.00, with position changes of - 2937.00, 6180.00, 1106.00, and - 498.00 [1] - **Inter - month Spreads**: The current inter - month spreads of IF (next month - current month), IH (next month - current month), IC (next month - current month), and IM (next month - current month) were - 13.40, - 2.40, - 70.80, and - 92.40 respectively, compared to previous values of - 9.60, - 0.80, - 62.40, and - 80.60 [1] 2. Stock Index Spot Market - **Major Indexes**: The previous day's values of the CSI 300, SSE 50, CSI 500, and CSI 1000 indexes were 4616.83, 2974.85, 7398.22, and 7533.82 respectively, with declines of 1.97%, 1.51%, 2.00%, and 1.49%. Their trading volumes (in billions of lots) were 319.02, 67.28, 262.26, and 290.43, and total trading amounts (in billions of yuan) were 7927.43, 2001.81, 5021.27, and 4857.04 [1] - **Industry Indexes**: Among industries, energy rose 0.88%, while raw materials, industry, optional consumption, major consumption, medical and health, real - estate finance, information technology, telecom business, and public utilities had changes of - 2.23%, - 3.07%, - 1.22%, - 0.12%, - 2.74%, 0.48%, - 5.58%, - 1.41%, and 0.18% respectively [1] 3. Futures - Spot Basis - **IF Contracts**: The previous day's basis values of IF contracts (current month - CSI 300, next month - CSI 300, next quarter - CSI 300, far - quarter - CSI 300) were - 3.03, - 16.43, - 24.63, and - 45.03 [1] - **IH Contracts**: The previous day's basis values of IH contracts (current month - SSE 50, next month - SSE 50, next quarter - SSE 50, far - quarter - SSE 50) were 1.15, - 1.25, 0.95, and - 0.85 [1] - **IC Contracts**: The previous day's basis values of IC contracts (current month - CSI 500, next month - CSI 500, next quarter - CSI 500, far - quarter - CSI 500) were - 16.22, - 87.02, - 132.22, and - 297.62 [1] - **IM Contracts**: The previous day's basis values of IM contracts (current month - CSI 1000, next month - CSI 1000, next quarter - CSI 1000, far - quarter - CSI 1000) were - 19.62, - 112.02, - 193.42, and - 413.82 [1] 4. Other Domestic and Overseas Indexes - **Domestic Indexes**: The previous day's values of the Shanghai Composite Index, Shenzhen Component Index, Small and Medium - sized Board Index, and ChiNext Index were 3897.03, 13355.42, 8293.71, and 3113.26 respectively, with declines of 0.94%, 2.70%, 2.86%, and 4.55% [1] - **Overseas Indexes**: The previous day's values of the Hang Seng Index, Nikkei 225, S&P 500, and DAX Index were 26290.32, 48580.44, 6552.51, and 24241.46 respectively, with changes of - 1.73%, 1.77%, - 2.71%, and - 1.50% [1] 5. Macroeconomic Information - China's rare - earth export control is not a ban. The US plan to impose 100% tariffs on China seriously damages China's interests, and China firmly opposes it. China is not afraid of a tariff war. US Vice - President Vance signaled a potential easing of the trade situation, saying Trump is willing to have rational negotiations with China [2] - The National Conference on Scientific and Technological Innovation in the Industrial and Information Technology Sector was held, emphasizing the construction of a modern industrial scientific and technological innovation system [2] 6. Industry Information - The 138th Canton Fair will open on October 15, with record - high exhibition scale and pre - registered buyers. It signals a potential continued resilient growth of China's foreign trade [2] - Supervision on the illegal flow of individual business loans into the real - estate market has been strengthened, and the risks of such loans are emerging as they reach maturity and real - estate values decline [2] - The "report - price - alignment" policy will be implemented in the non - auto insurance sector. Major insurance companies have set up working groups to implement regulatory requirements [2]

Core Insights - The press conference held by the State Council Information Office on October 13 highlighted the import and export situation for the first three quarters of 2025, emphasizing the role of private enterprises in foreign trade [1] Trade Performance - In the first three quarters of this year, private enterprises' import and export reached 19.16 trillion yuan, marking a year-on-year growth of 7.8%, with exports and imports increasing by 8.8% and 5.9% respectively [1] - Private enterprises have been the "main force" in stabilizing foreign trade, contributing 4.3 percentage points to the overall growth of China's foreign trade [1] - The share of private enterprises in China's total foreign trade value reached 57% during this period [1] Global Engagement - Private enterprises have shown a higher growth rate in imports and exports compared to the overall level, engaging with over 180 countries and regions [1] - Exports of high-tech products by private enterprises grew by 15.3%, accounting for 54.2% of the total export value of similar products in China [1]

Core Insights - China's trade with other APEC economies has shown a year-on-year growth of 2% in the first three quarters, reaching a total of 19.41 trillion yuan, which accounts for 57.8% of China's total trade volume [1] - High-tech product imports and exports to APEC economies exceeded 2 trillion yuan, with imports growing by 7.9% and exports by 12%, both representing over 60% of the total value of similar products [1] - Exports of daily chemical products to APEC economies increased by 5.7%, while imports of sports goods rose by 15.6% [1] Trade with South Korea - In the first three quarters, trade with South Korea amounted to 1.74 trillion yuan, marking a growth of 2% [1] - Exports to South Korea reached 771.28 billion yuan, growing by 0.6%, while imports from South Korea totaled 967.17 billion yuan, increasing by 3.1% [1] - Specific product categories such as electromechanical products and agricultural products saw import and export growth of 6% and 3.3%, respectively [1] Regional Cooperation - APEC serves as an important platform for regional economic cooperation, facing challenges such as geopolitical tensions, unilateralism, and protectionism [1] - Strengthening consensus and deepening cooperation across various fields is essential for addressing regional economic challenges and enhancing prosperity in the Asia-Pacific region [1] - China is South Korea's largest trading partner, while South Korea ranks as China's fifth-largest trading partner, indicating a deeply intertwined supply chain and industrial cooperation [1]

Core Points - Recently, Lancang Rensheng Import and Export Trade Co., Ltd. was established with a registered capital of 30,000 RMB [1] - The legal representative of the company is Xu Dongbo [1] - The business scope includes general projects such as import and export of goods, technology import and export, import and export agency, food import and export, inspection and certification of import and export goods, retail of clothing and accessories, internet sales (excluding goods requiring permits), retail of shoes and hats, sales of bags, and bag repair services [1]

Revenue and Tax Rate Insights - U.S. tariff revenue surged to $144.4 billion in the first eight months of 2025, 2.8 times higher than the same period last year, making it the fourth largest source of federal revenue at 4.0%[12] - The average tariff rate increased from 2.2% in January to 8.9% in June 2025, reflecting a significant rise driven by higher tariff rates[16] Trade Partner Analysis - The actual average tariff rate on imports from China reached 37.4% in June 2025, up 26.5 percentage points from January, with a peak of 45.6% in May[27] - U.S. imports from China fell by 18.9% and exports by 20.2% in the first seven months of 2025, indicating a significant decline in trade volume[28] Trade Dynamics - U.S. imports grew by 10.7% and exports by 4.8% year-on-year in the first seven months of 2025, while the trade deficit expanded by 21.3%[27] - The U.S. reliance on Chinese imports decreased, with imports from China constituting 9.4% of total U.S. imports, down 3.4 percentage points year-on-year[5] Product-Specific Tariff Changes - Tariff rates on labor-intensive goods, such as toys and shoes, increased significantly, with rates rising by 24.2 and 13.1 percentage points respectively[37] - The "232 tariffs" on steel and aluminum products saw rates increase from 25% to 50%, leading to substantial hikes in actual tariff rates for these categories[38]