Group 1 - The core viewpoint is that U.S. clients are prioritizing shifting production locations, leading to limited order increases for Chinese suppliers unless there is a capacity shortage [1] - The recent U.S.-China trade talks resulted in a consensus to extend the suspension of tariffs for 90 days, but the trade landscape has changed, and future tariff policies remain uncertain [1][10] - The Chinese government is emphasizing the integration of domestic and foreign trade, aiming to cultivate high-quality enterprises in both sectors [1][9] Group 2 - In response to U.S. tariffs, many Chinese companies have begun to explore non-U.S. markets while also focusing on the domestic market to facilitate a dual circulation economy [2] - In April, various domestic retailers and associations initiated activities to help foreign trade companies access domestic sales channels, creating green channels for these businesses [2][3] - Some companies have successfully transitioned to domestic sales, with significant sales increases reported in the months following the tariff announcements [3][4] Group 3 - Despite initial success in domestic sales, many foreign trade companies are experiencing a decline in domestic orders, with a reported drop of over 50% compared to earlier months [4][5] - Companies face challenges in establishing effective domestic market channels, which complicates their ability to transition from foreign to domestic sales [4][6] - The difficulty of operating in both foreign and domestic markets requires enhanced capabilities and resources from companies [6][7] Group 4 - The integration of domestic and foreign trade is not a new concept, as the Chinese government has previously encouraged this transition during economic downturns [9] - The ongoing U.S.-China tariff negotiations are expected to create further uncertainties for import and export activities [10] - Companies are advised to focus on building core competitive advantages and adapting their strategies to navigate the evolving market landscape [10][11]

Core Insights - The National Taxation Administration of China is monitoring national enterprise sales revenue using value-added tax invoice data, reflecting the macroeconomic situation [1] Group 1: Sales Revenue Growth - In April, the sales revenue growth rate of national enterprises accelerated, with a year-on-year increase of 4.3%, continuing the steady growth trend since the fourth quarter of last year [2] - Domestic sales revenue of enterprises engaged in exports to the U.S. increased by 4.7% year-on-year, with the proportion of domestic sales in total sales rising by 2 percentage points compared to the first quarter [4] Group 2: Sector Performance - Among 31 manufacturing categories, 21 industries saw an increase in the proportion of domestic sales for enterprises exporting to the U.S. compared to the same period last year, with notable increases in the leather and footwear industry (10 percentage points) and in computer communication equipment, black metals, furniture, and food industries (over 5 percentage points) [4] - The sales revenue of industrial enterprises showed significant growth in April, with a year-on-year growth rate of 3.7%, and manufacturing sales revenue increased by 4.4%, driven by policies such as "two new" [4] Group 3: Regional Performance - Economic provinces like Zhejiang, Guangdong, and Beijing experienced strong growth in sales revenue in April, with year-on-year increases of 7.3%, 6.6%, and 5.4% respectively, significantly outpacing the national average [4] - The growth in these regions is particularly driven by innovative industries such as artificial intelligence, leading to accelerated development in equipment manufacturing and high-tech industries [4]