本报讯 （记者 尤方明 通讯员 刘雅婷 李凤灵） 据厦门海关统计，"十四五"期间，福建民营企业进出口 5.58万亿元，较"十三五"期间（下同）增长87.98%，占同期全省进出口总值的57.83%；其中，出口4.06 万亿元，增长80.27%；进口1.52万亿元，增长1.12倍。 海关数据显示，"十四五"期间，福建民营企业对前两大贸易伙伴——东盟和欧盟进出口值均翻一番，贸 易值分别达1.25万亿元、7979.84亿元，分别增长1.07倍、1.17倍，合计占全省民营企业进出口总值的 36.62%。 汽车、锂电池、医药材及药品、集成电路等商品出口持续畅旺。"十四五"期间，福建民营企业出口上述 商品分别增长46.66倍、33.43倍、2.85倍、2.18倍。同期，手机、家具等家庭设备类商品备受海外消费者 青睐，分别增长73.02%、48.64%。 据统计，"十四五"期间，福建民营企业进口以煤及褐煤、金属矿及矿砂、粮食等大宗商品为主，分别增 长6.64倍、1.71倍、1.22倍，合计拉动全省民营经济进口增长51.92个百分点；棕榈油、木薯及木薯淀 粉、禽肉等农产品需求旺盛，分别增长26.04倍、19.62倍、10.79 ...

齐鲁晚报.齐鲁壹点孔茜 1月30日，市政府新闻办召开新闻发布会，专题介绍2025年济宁市外贸进出口情况。据海关统计，2025年济宁市货物贸易进出口1274.4亿元人民币，创历 史新高，同比(下同)增长7.4%，保持连续11年增长。其中，出口1062.4亿元，增长7%；进口212亿元，增长9.4%。 而如此之高的增速，无不得益外贸规模的稳步扩大、市场主体活力提升等诸多方面。 外贸规模稳步扩大，占比稳步提升。"十四五"规划收官之年，济宁市外贸进一步走深走实。2025年，济宁进出口达1274.4亿元，较"十四五"初期(2021年) 实现翻番，占山东进出口总值的3.6%，较"十四五"初期提升1.4个百分点，规模和全省占比均创历史新高。 市场主体活力提升，驱动外贸发展。2025年，济宁有进出口实绩的企业达2981家，增加15.3%。其中，民营企业发挥主力军作用，进出口值突破千亿大 关，达1052.8亿元，增长5.7%；外商投资企业、国有企业分别进出口133.6亿元、88亿元，分别增长5.4%、38.2%。同期，海关加大高级认证企业的培育力 度，全市32家AEO企业进出口193.1亿元。 对新兴市场增势良好，多元化水平提 ...

本报讯（记者苑立立）从1月21日省政府新闻办召开的"十四五"河北省外贸进出口情况新闻发布会上获 悉，2025年，我省对共建"一带一路"国家（以下简称"共建国家"）实现外贸进出口总值4405.3亿元，同 比增长22.9%，其进出口总值占全省进出口总值的比重较上年提升6.8个百分点。 2025年，我省对共建国家出口2438.7亿元，同比增长10.1%；进口1966.6亿元，同比增长43.8%。 （来源：河北日报） 转自：河北日报 去年我省对共建"一带一路"国家进出口同比增长22.9% 贸易合作纵深推进。我省依托自身产业优势与区位优势，与共建国家贸易合作日趋紧密。2025年，对中 东国家进出口965.6亿元，同比增长71.9%；对非洲国家进出口642亿元，同比增长51.7%。 产业合作更加深入。我省与共建国家在制造业领域合作紧密，进出口规模不断扩大。出口方面，机电产 品、医药材及药品等工业产品成为我省对共建国家出口的主力军。2025年，出口机电产品1114.1亿元， 同比增长6.6%。进口方面，以能源、金属矿及矿砂为代表的大宗商品进口需求旺盛。同期，我省自共 建国家分别进口铁矿砂、铝矿砂244.2亿元、100.4亿 ...

[Table_Page] 宏观经济研究报告 2026 年 1 月 25 日 证券研究报告 [Table_Title] 广发宏观 需求端补短板，驱动力再优化：2026 年中观环境展望 [Tabl e_Author] 分析师： 郭磊 分析师： 王丹 SAC 执证号：S0260516070002 SFC CE.no: BNY419 SAC 执证号：S0260521040001 021-38003572 guolei@gf.com.cn bjwangdan@gf.com.cn 请注意，王丹并非香港证券及期货事务监察委员会的注册持牌人，不可在香港从事受监管活动。 [Table_Summary] 报告摘要： ⚫ 我们先复盘 2025 年中国资产表现与中观基本面的关系。2025 年全年万得全 A 指数上涨 27.6%；超额收益 较高的行业集中在有色、电子、通信、电力设备、机械设备、国防军工、基础化工。究其背后，一方面沿着 "全球流行叙事"做选择，贵金属、有色金属、AI 产业链表现亮眼；另一方面，定价亦大体沿着行业"温 差"做选择。以规上工业企业利润表现看，"高端制造+关联原材料"景气占优，利润增速领跑的行业是有 色、计算机 ...

Core Insights - In November 2025, China's import volume of medicinal materials and pharmaceuticals was 24,400 tons, representing a year-on-year decrease of 13.1% [1] - The import value for the same period was $4.111 billion, showing a slight decline of 0.2% year-on-year [1] - Conversely, the export volume of medicinal materials and pharmaceuticals reached 160,000 tons, marking a year-on-year increase of 8.6% [1] - The export value was $2.374 billion, reflecting a year-on-year growth of 7.8% [1] Import and Export Analysis - The decline in import volume and value indicates potential challenges in the domestic market for medicinal materials and pharmaceuticals [1] - The increase in export volume and value suggests a growing demand for Chinese medicinal products in international markets [1] - The contrasting trends in imports and exports may highlight shifts in supply chain dynamics and market opportunities for stakeholders in the industry [1]

Core Insights - In 2025, Tianjin's total import and export value is projected to reach 835.87 billion yuan, reflecting a year-on-year growth of 2.8% [1] - The annual export value is expected to exceed 400 billion yuan for the first time, with a total of 430.94 billion yuan, marking a growth of 10.1% [1] Trade Performance - Private enterprises in Tianjin are anticipated to achieve an import and export value of 384.36 billion yuan, growing by 4.1%, accounting for 46% of the city's total foreign trade [1] - The number of enterprises with actual import and export performance is expected to reach 11,400, a 7.5% increase, setting a new historical high [1] - Foreign-invested enterprises are projected to have an import and export value of 370.31 billion yuan, with a growth of 2.7% [1] Key Trade Partners - The EU and ASEAN remain significant trade partners, with import and export values of 200.18 billion yuan and 106.79 billion yuan, respectively, showing growth rates of 18.4% and 6.9% [1] - Trade with countries related to the Shanghai Cooperation Organization is expected to grow by 10.5%, surpassing the overall growth rate of the city's imports and exports by 7.7 percentage points [1] Belt and Road Initiative - Tianjin's trade with countries involved in the Belt and Road Initiative is projected to reach 400.61 billion yuan, reflecting a growth of 5.8% [2] Export and Import Trends - Major export products from Tianjin are expected to show steady growth, particularly in shipbuilding and pharmaceuticals [2] - The import of aerospace equipment is projected to lead nationally, with an expected value of 70.49 billion yuan, growing by 41.8% [2] - The import of medicinal materials and pharmaceuticals is anticipated to reach 33.69 billion yuan, with a growth of 33.8% [2]

Core Insights - In the first eleven months of 2025, trade between China and South Korea reached 2.14 trillion yuan, marking a year-on-year growth of 1.6% [1] - The trade of electromechanical products accounted for 1.43 trillion yuan, growing by 5.9% and representing 67% of the total trade volume, an increase of 2.7 percentage points from the previous year [1] Trade Dynamics - China imported 1.2 trillion yuan worth of goods from South Korea and exported 0.94 trillion yuan, with Sino-Korean trade constituting 5.2% of China's overall foreign trade [1] - There is a deepening collaboration in supply chains, with imports of electronic components and computer accessories from South Korea increasing by 9.9% and 7.4% respectively [1] Emerging Cooperation Areas - In the new sectors, imports of medicinal materials and pharmaceuticals from South Korea rose by 8.9% and 3% respectively, while exports of "new three samples" products and medical instruments to South Korea grew by 12.4% and 1.1% [1] Agricultural Trade Expansion - The trade volume of agricultural products between China and South Korea reached 52.19 billion yuan, reflecting a year-on-year increase of 2.1% [1] - Notably, imports of alcoholic beverages and pasta from South Korea, as well as exports of dried and fresh fruits, nuts, and tea to South Korea, saw double-digit growth rates [1]

Core Insights - The total import and export value of Zibo from January to November reached 93.08 billion yuan, with exports valued at 58.26 billion yuan, showing a year-on-year growth of 0.1% [1] Group 1: Trade Performance - General trade remains dominant, accounting for 79.9% of the total foreign trade import and export value at 74.33 billion yuan [1] - Processing trade and bonded logistics experienced rapid growth, with imports and exports of 10.18 billion yuan and 8.55 billion yuan, respectively, increasing by 11.6% and 13.5% [1] Group 2: Business Activity - The number of foreign trade enterprises with import and export performance reached a record high of 3,360, an increase of over 210 compared to the same period last year [1] - Private enterprises accounted for over 3,200 of these, contributing 75.89 billion yuan, which is over 80% of Zibo's total import and export value [1] Group 3: Structural Upgrades - The transformation of new and old driving forces in foreign trade is accelerating, with continuous upgrades in industrial structure [1] - Exports of "new three samples" products reached 777 million yuan, growing by 98.9%, including lithium-ion batteries and electric vehicles, which grew by 9.9% and 111.4%, respectively [1] Group 4: Import Composition - Resource-based products dominate imports, with crude oil imports valued at 16.64 billion yuan, accounting for nearly 50% of total imports [2] - The demand for paper pulp remains strong, with imports reaching 3.75 billion yuan, an increase of 8.9%, making up 10% of total imports [2]

Core Insights - In October 2025, China's import volume of medicinal materials and pharmaceuticals was 27,300 tons, representing a year-on-year decrease of 20.6% [1] - The import value for the same period was $4.002 billion, reflecting a year-on-year decline of 12.9% [1] - Conversely, the export volume of medicinal materials and pharmaceuticals reached 140,000 tons, showing a slight year-on-year decrease of 2.6% [1] - The export value increased to $2.424 billion, marking a year-on-year growth of 17.8% [1] Import Data Summary - The total import quantity of medicinal materials and pharmaceuticals in October 2025 was 27,300 tons [1] - The total import value for the same month was $4.002 billion [1] - Year-on-year changes indicate a significant decline in both quantity and value of imports [1] Export Data Summary - The total export quantity of medicinal materials and pharmaceuticals in October 2025 was 140,000 tons [1] - The total export value for the same month was $2.424 billion [1] - Year-on-year changes show a slight decrease in quantity but a notable increase in value [1]

Core Viewpoint - The export performance of the Beijing-Tianjin-Hebei region shows a positive trend, with significant growth in various sectors and a notable increase in trade with Belt and Road countries [1] Export Performance - In the first three quarters, the Beijing-Tianjin-Hebei region's exports reached 1.07 trillion yuan, marking a year-on-year increase of 5.2% [1] - From April to September, the region experienced six consecutive months of both year-on-year and month-on-month export growth [1] - In September, exports amounted to 134.23 billion yuan, representing a year-on-year growth of 13% and a month-on-month increase of 5.4%, with the monthly export scale surpassing 130 billion yuan for the first time [1] Product Categories - In the first three quarters, the export of electromechanical products totaled 608.4 billion yuan, up 7.1%, accounting for 56.7% of the region's total export value [1] - Specific product exports included auto parts at 45.31 billion yuan (up 14.2%), integrated circuits at 32.63 billion yuan (up 4%), and ships at 29.05 billion yuan (up 170.1%) [1] - Textile and apparel exports reached 40.97 billion yuan (up 2.6%), while medicinal materials and pharmaceuticals totaled 26.62 billion yuan (up 29%) [1] Trade Partners - The region's exports to Belt and Road countries amounted to 621.56 billion yuan, increasing by 7.5% and representing 57.9% of the total export value [1] - Exports to ASEAN, the Middle East, Latin America, and Africa were 180.24 billion yuan (up 3.9%), 103.53 billion yuan (up 10.4%), 98.84 billion yuan (up 15.2%), and 84.22 billion yuan (up 31%), respectively [1]