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 ...

Economic Overview - In 2025, China's GDP reached 140.19 trillion yuan, growing by 5.0% year-on-year, with a quarterly trend of 5.4%, 5.2%, 4.8%, and 4.5% [3][23] - The industrial added value increased by 5.9%, while the total retail sales of consumer goods reached 50.12 trillion yuan, growing by 3.7% [3][23] - Fixed asset investment (excluding rural households) declined by 3.8%, primarily due to the real estate sector's downturn [3][23] Trade Performance - The total import and export volume reached 45.47 trillion yuan, an increase of 3.8%, with exports at 26.99 trillion yuan (up 6.1%) and imports at 18.48 trillion yuan (up 0.5%) [3][23] - High-tech product exports grew by 13.2%, indicating a shift towards higher value-added goods [26][27] Employment and Income - The urban surveyed unemployment rate averaged 5.2%, up by 0.1 percentage points from the previous year [4][24] - The per capita disposable income for residents was 43,377 yuan, nominally increasing by 5.0% [4][24] Investment Trends - Fixed asset investment saw a notable decline, with real estate investment dropping by 17.2% [15][34] - Manufacturing investment grew by only 0.6%, a significant slowdown from the previous year's 9.2% [35][36] - Private investment decreased by 6.4%, indicating a lack of confidence among private enterprises [36] Consumer Behavior - Consumer spending showed signs of weakness, with retail sales growth declining throughout the year, particularly in the latter half [31][32] - Service consumption, however, grew by 5.5%, outpacing goods retail sales, reflecting a shift towards service-oriented spending [31][32] Future Outlook - The 2026 economic policy will focus on proactive fiscal measures and moderate monetary policies to stimulate demand and optimize supply [37][38] - Experts predict a GDP growth target of around 5% for 2026, supported by improved real estate conditions and increased project initiations [37][38] - Potential risks include ongoing challenges in the real estate market and local government debt issues [38][39]

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]

Core Insights - Hainan Free Trade Port has achieved a smooth start and initial results since the official closure operation began on December 18, 2025, with a focus on comprehensive policy implementation and effective risk management [1] Group 1: Policy Implementation and Economic Impact - In the first month of the closure, the "zero tariff" policy facilitated 53 transactions with a total value of 753 million yuan, marking a year-on-year increase of 38.9%, and tax reductions amounted to 109 million yuan, up 194.6% [1] - The processing and value-added duty-free policy recorded 214 transactions, a growth of 37.2%, with a total value of 85.87 million yuan and tax reductions of 3.32 million yuan [1] Group 2: Customs and Trade Efficiency - Customs has optimized the declaration process for eligible imported goods, reducing the number of declaration items from 105 to 33, significantly enhancing clearance efficiency [2] - The value of imported "zero tariff" goods reached 753 million yuan, benefiting over 10,000 market entities, indicating the initial effects of policy empowerment on industrial development [2] Group 3: Domestic Sales and Logistics - In the first month, domestic sales reached 85.87 million yuan, with tax reductions exceeding 3.32 million yuan, and the declaration process for outbound goods was streamlined by over 60% [2] - The intelligent system at the "second line" ports has been fully operational, allowing for non-stop vehicle inspections, with average clearance times controlled within 2 minutes, further reducing logistics costs [2] Group 4: Consumer Activity and Market Dynamics - The number of inbound and outbound passengers at Hainan's airports reached 311,000, a year-on-year increase of 48.8%, while duty-free shopping amounted to 4.86 billion yuan, up 46.8% [2] - The number of consumers engaging in duty-free shopping reached 745,000, with a 30.2% year-on-year increase, and the number of items purchased grew by 14.6% [2] Group 5: Industry Development and Challenges - New business scenarios in self-produced goods and processing value-added have emerged, with key industries like petrochemicals and medical devices accelerating their development [3] - The provincial government emphasizes the need for efficient and precise management of the "second line" to ensure safety without compromising clearance convenience, aiming to create a secure and predictable investment environment [3]

Core Insights - China's total import and export value reached 45.47 trillion yuan in 2025, marking a historical high and maintaining its position as the world's largest goods trading nation, with a growth rate of 3.8% for the ninth consecutive year since joining the WTO [1] Group 1: Market Diversification - The number of countries and regions trading with China reached 249 in 2025, with trade growth reported with over 190 countries and regions [2] - The number of countries and regions with trade volumes exceeding 1 trillion, 100 billion, and 10 billion yuan increased by 2, 6, and 10 respectively compared to 2024 [2] - China's foreign trade is breaking away from reliance on single markets, leading to a more balanced development [2] Group 2: Product Diversification - The quality and efficiency of exports are improving, with more "Made in China" products innovatively meeting international market demands [2] - Exports of AI-related products, such as intelligent robots, have seen growth rates exceeding 60% [2] - Chinese products are not only enriching global consumer lifestyles but also embedding deeply into global supply chains, supporting international industrial cooperation [2] Group 3: Import Diversification - China has become the main export destination for 79 countries and regions, an increase of 3 compared to the previous year [3] - In 2025, China's imports reached 18.48 trillion yuan, maintaining a global import share of around 10% [3] - A series of stable foreign trade policies have helped companies secure orders and expand markets, providing solid support for trade diversification [3] Group 4: Logistics and Infrastructure - New logistics channels are extending to more markets, facilitating trade diversification [3] - The volume of China-Africa shipping from Yantai Port increased by 49% in 2025, setting a historical record [3] - The launch of the world's first China-Europe Arctic container fast shipping route in Ningbo-Zhoushan Port offers quicker and lower-carbon logistics options for high-end manufacturing and cross-border e-commerce [3] Group 5: Resilience Against External Risks - The diversification of trade partners and innovation in trade development are key to enhancing resilience against external risks [4] - Despite uncertainties in the external environment, China's trade development is expected to withstand challenges and contribute positively to global economic growth [4]

华税 HUASHUI 外贸行业出口退税 合规报告 2026 华税律师事务所 二〇二六年一月 外贸行业出口退税合规报告（2026） 前育 出白退税是一项国际通行的税收制度，指对已报关出口的货物，邀还或免征 其春国内生套。流通环节色激纳的增值税和消费税，从简使出我货物以不含税价 格进入国际市场，增强竞争力，开道免间际双重征税，妮进对外钮易发展，近年 来，国家特续优化出自退税务，办理流程不断简化，教半显奢提升，此同时 海关无凯建通关，外汇管理改草：跨境人民币结算便利化等拳措协同推进为留 日企业营造了更加商效便利的者商环境，有力助推外增长 在促发展的同时我国对外贸行业同祥坚持严解奢企业在享受道 单与服务便利的尚时，出通临监管更精雅，执法更严格，跨部协同更整等的全 规环境，在政策层雨，联网涉税信息报送规定）惠笑于优化企业所得税预频 纳税理推有关争项的公告学多项政策发市，对外置行业，尤其是跨境电高产 深运影腾，建外，2026年驿享增值税法及其实施条倒的正式施行出对外贸企 业台规连理提出了新要求，在临管层面，多部门联合打税犯罪的力度不断用 大，自国家总务息员、最高人民法院，最高大民检综院等多次持买单配票，低 首高报，循环出 ...

Core Viewpoint - The current equity market, particularly in A-shares and Hong Kong stocks, presents a favorable investment period despite a lack of clear investor sentiment, as the market is in a unique phase of adjustment [1] Economic Recovery and Structural Changes - The concerns that have weighed on the market in recent years are gradually subsiding, particularly in the real estate sector, where the negative impact on consumer wealth and spending is diminishing [2] - China's export structure has diversified, reducing reliance on single markets, with high-value products like electric vehicles, lithium batteries, and solar cells gaining prominence [2] - The manufacturing sector is experiencing a recovery as previous over-expansion leads to clearer supply constraints, improving the supply-demand relationship [2] - The capital market is undergoing changes, with a more restrained financing pace and increased emphasis on dividends and share buybacks, indicating a focus on investor returns [2] Industry Trends: Technology, New Energy, and Cycles - The investment framework emphasizes that technology, new energy, and cyclical industries are interconnected, reflecting different stages of industrial logic [3] - In technology, the focus is on certainty and the ability to deliver results rather than short-term gains, with particular attention on sectors benefiting from the AI wave, such as internet and consumer electronics [3] - New energy sectors are characterized by supply-demand structural changes, with capital expenditure contracting while downstream demand continues to grow, indicating investment opportunities [3] - The cyclical sector is assessed based on clear supply constraints and stable competitive landscapes, where supply-side changes can lead to profit improvements even with limited demand growth [3] Investment Strategy and Company Quality - The core of the investment strategy is to seek value across different industrial cycles rather than betting on a single direction, with technology, new energy, and cyclical sectors resonating in terms of industrial logic and valuation [4][5] - Company quality is prioritized, with a focus on firms that possess clear competitive advantages and sustainable growth potential, as limited growth can restrict shareholder returns [6] - The approach to left-side positioning is more cautious, emphasizing participation during clearer industrial trends and balancing return potential with risk control over a 3 to 12-month horizon [6] - Research collaboration is crucial, with the value of research lying in its ability to support real investment decisions, enhancing the efficiency of investment research conversion [6]

Group 1 - The core viewpoint is that despite the current market adjustments, both A-shares and Hong Kong stocks represent a favorable investment period in the long term, as the core factors suppressing the equity market are gradually entering a phase of adjustment [1][2] - Economic recovery is supported by the diminishing impact of the real estate sector, a diversified export structure, and the gradual recovery of manufacturing supply-demand relationships [2] - The capital market is experiencing changes in its institutional environment, with a more restrained financing pace and increased emphasis on dividends and buybacks by listed companies, indicating a focus on investor returns [2] Group 2 - The investment framework emphasizes the interrelation of technology, new energy, and cyclical sectors, focusing on the position of industries within their respective cycles [3][4] - In technology investments, the focus is on certainty and the ability to deliver results, particularly in sectors benefiting from the AI wave, such as internet and consumer electronics [3] - New energy investments are driven by supply-demand structural changes, with a focus on sectors nearing critical points in their cycles, rather than being influenced by market sentiment [3] Group 3 - The core of the investment strategy is to seek value across different industrial cycles rather than betting on a single direction, allowing for better adaptability in structural market conditions [4] - The quality of companies is prioritized, with a focus on those with clear competitive advantages and sustainable growth potential, which can endure through cycles [5] - The approach to left-side positioning is more cautious, emphasizing participation during clearer industrial trends and balancing return elasticity with risk control [6] Group 4 - The importance of research collaboration is highlighted, with the value of research lying in its ability to support real investment decisions, ensuring patience and restraint in structural markets [6]