贱金属在亚洲交易时段上涨。。伦敦金属交易所三个月期铜合约上涨0.3%，至每吨11,913.00美元，同 时镍价上涨0.9%，锌价上涨0.3%。苏克敦金融分析师在一份报告中称，美国通胀数据走软，强化了市 场对美联储明年将采取更宽松政策路径的预期，从而提振了整体风险偏好。他们预计，资金轮动仍将是 整个贱金属板块的一个关键驱动因素，尤其是在对铜和锌的直接买兴停滞的情况下。"铅和镍等仓位不 足的金属，可能会在下周初继续吸引市场的持续兴趣，"他们表示。 ...

Core Viewpoint - China's export growth from January to July 2025 significantly exceeded market expectations, driven by the acceleration of industrialization in emerging markets and developing countries, alongside China's competitive supply chain and increased export of intermediate goods [2][4]. Export Growth Analysis - In the first seven months of 2025, China's exports in dollar terms increased by 6.1% year-on-year, while the market anticipated only a 0.88% growth due to global tariff disruptions [2]. - The export growth was primarily supported by intermediate goods, which saw a year-on-year increase of 9.5%, outperforming capital goods at 6.8% and consumer goods at -1.6% [4]. Export Structure Changes - The share of intermediate goods in China's export structure rose from 45.4% in 2024 to 47.4% in 2025, while consumer goods decreased from 31.9% to 29.4%, and capital goods slightly declined from 20.0% to 19.9% [6]. - Since 2018, the share of intermediate goods in China's exports has been on an upward trend, increasing by 5.5 percentage points from 2017 to the first seven months of 2025 [6]. Regional Export Dynamics - The growth in intermediate goods exports was primarily directed towards emerging markets and developing countries, with significant increases in exports to Thailand (28%), Saudi Arabia (23%), and India (21%) [8][10]. - In contrast, exports of intermediate goods to developed countries like the United States, Netherlands, and Japan experienced negative growth [8]. Sector-Specific Export Performance - Key sectors showing high growth in intermediate goods exports included machinery and electronics (15%), non-ferrous metals (6%), transportation equipment (7%), and precision instruments (16%) [15]. - This performance reflects China's manufacturing scale advantages and enhanced technological innovation capabilities [15].