内需疲软与物价高企形成的双重压力，进一步加剧日本经济的下行压力。日本厚生劳动省数据显 示，9月该国名义工资涨幅仅1.9%，而实际工资水平同比下降1.4%，工资增长远不及物价上涨幅度，直 接导致民众可支配收入缩水。三季度日本个人消费环比仅微增0.1%，较二季度0.4%的增速大幅放缓， 难以对经济形成有效支撑。与此同时，物价上涨压力持续发酵，10月日本核心通胀率升至3%，连续多 月高于央行2%的目标。食品与能源价格的居高不下，使家庭收支平衡持续承压。 小微企业的经营困境，成为日本经济基本面承压的一个缩影。东京商工调查公司数据显示，10月日 本全国破产企业数量达965家，同比增加6.2%，连续5个月同比上升并创下年内单月新高，其中员工不 足10人的小微企业占比约九成。该机构负责人表示，在原材料、运输、人力成本全面上涨的背景下，日 本多数小微企业缺乏成本转嫁能力，只能被动承受经营压力，最终陷入生存危机。据预测，日本全年破 产企业数量可能继去年之后再次突破1万家。 高市早苗公然发表涉台错误言论，从根本上损害中日关系政治基础，对双方经贸交流合作带来了严 重负面影响。受中日关系恶化的忧虑情绪传导，日本东京股市两大股指连续多 ...

内需疲软与物价高企形成的双重压力，进一步加剧日本经济的下行压力。日本厚生劳动省数据显示，9 月该国名义工资涨幅仅1.9%，而实际工资水平同比下降1.4%，工资增长远不及物价上涨幅度，直接导 致民众可支配收入缩水。三季度日本个人消费环比仅微增0.1%，较二季度0.4%的增速大幅放缓，难以 对经济形成有效支撑。与此同时，物价上涨压力持续发酵，10月日本核心通胀率升至3%，连续多月高 于央行2%的目标。食品与能源价格的居高不下，使家庭收支平衡持续承压。 近日，日本内阁府发布经济数据显示，今年三季度日本实际国内生产总值（GDP）环比下降0.4%，按 年率计算降幅达1.8%，这是自2024年第一季度以来GDP再次出现负增长。当前，日本经济面临财政和 货币政策两难、经济增长乏力、国际竞争力不足以及美国加征关税等多重困境。日本媒体和专家担忧， 日本首相高市早苗近日发表涉台错误言论，严重损害日中关系，将进一步冲击本已面临下行压力的日本 经济，导致四季度经济再现负增长。 受美国关税政策影响，日本三季度货物及服务贸易出口环比下降1.2%，进口因内需疲软环比下降 0.1%，外需对当季经济增长的贡献为负0.2个百分点。2025上半财 ...

日本财务省21日公布的贸易统计结果显示，受美国关税政策影响，日本对美出口额自今年4月以来连续7 个月同比下降。 统计数据显示，10月日本对美出口额同比下降3.1%至1.75万亿日元（1美元约合157日元）。其中，拖累 出口下降的汽车、半导体制造设备及医药品三个大类的降幅分别为7.5%、49.6%和30.8%。汽车出口额 降幅有所缩小，但仍是导致日本对美出口额持续下降的最大因素。 受对美出口持续下降影响，日本连续4个月出现贸易逆差。10月，由于日本对亚洲及欧盟出口增加，整 体出口额同比增长3.6%至9.766万亿日元；进口额同比增长0.7%至9.998万亿日元；贸易逆差达2318亿日 元。 此间媒体和专家评论说，2024年汽车及汽车零部件出口约占日本对美出口总额的三分之一，美国汽车关 税政策对日本出口的影响依然巨大。贸易逆差持续伴随日元不断贬值，加剧日本经济面临的困境。 （文章来源：新华社） ...

报告显示，10月日本对美出口额同比下降3.1%至1.75万亿日元（约157日元合1美元）。其中，拖累出口 下降的汽车、半导体制造设备及医药品三个大类的降幅分别为7.5%、49.6%和30.8%。虽然汽车出口额 降幅有所缩小，但仍然是拖累日本对美出口连续下降的最大因素。 （文章来源：新华财经） 受对美出口持续下降影响，日本连续4个月呈现贸易逆差。10月，由于日本对亚洲及欧盟出口增加，整 体出口额增长3.6%至9.7663万亿日元；进口额同比增加0.7%至9.9981万亿日元；贸易逆差达2318亿日 元。 新华财经东京11月21日电（记者刘春燕）日本财务省21日公布的贸易统计结果显示，受美国关税政策影 响，日本对美出口额自今年4月以来连续7个月同比下降。 此间媒体和专家评论说，2024年汽车及汽车零部件出口约占日本对美出口总额的三分之一，美国汽车关 税政策对日本出口的影响依然巨大。贸易逆差持续已成为日元不断贬值的重要背景。 ...

外资企业进出口增速快。外商投资企业进出口2426.7亿元，同比增长19.5%；民营企业进出口 1491.2亿元，同比增长3.1%；国有企业进出口280.3亿元，同比增长7%。 集成电路、汽车、自动数据处理设备及其零部件、钢材出口快速增长。机电产品出口2504.6亿元， 同比增长16.5%。主要包括集成电路出口1118.2亿元，同比增长21.6%；汽车（含底盘）出口424.2亿 元，同比增长21.4%；自动数据处理设备及其零部件出口266.1亿元，同比增长28.2%；太阳能电池出口 131.2亿元。其他主要出口商品包括农产品出口53.6亿元，同比增长6.1%；钢材出口42.8亿元，同比增长 101.8%。 半导体制造设备进口增长超2倍。机电产品进口890.1亿元，同比增长9.3%。主要包括集成电路进口 550亿元；半导体制造设备进口71.3亿元，同比增长205.7%；自动数据处理设备及其零部件进口34.5亿 元。（记者：肖倩 见习记者：柯雁清） 11月19日，记者从西安海关获悉：前10月陕西进出口总值4209.5亿元，同比增长12.2%，增速居全 国第九位。其中，出口2916.2亿元，同比增长15.3%；进口1 ...

前10个月，上海市"新三样"产品累计出口1314.3亿元，增长11.7%，特别是近6个月以来，出口增速均在 25%以上，增长动能强劲。绿色航运装备表现尤为亮眼，液货船出口274.6亿元，增长115%。此外，劳 动密集型产品也保持稳定增长，出口1645.7亿元，增长2.9%。此外，制造业生产活动保持稳定扩张，尤 其装备制造业和高技术制造业保持了较好的扩张势头。前10个月，上海市金属矿砂、未锻轧铜及铜材分 别进口1774.1亿、506.7亿元，增长8.6%、17.2%。高技术产品进口增速显著，半导体制造设备、电脑及 其零部件、飞机、飞机零部件进口分别增长29.6%、18.3%、92.4%、41.5%。民生类消费品进口表现良 好，乳品、干鲜瓜果、牛肉分别增长16.2%、15.3%和10.8%，显示内需消费活力逐步释放。 校对 柳宝庆 新京报贝壳财经讯（记者俞金旻）11月14日，贝壳财经记者从上海海关获悉，今年前10个月，上海市实 现进出口3.71万亿元人民币，同比增长5.2%，增速高于全国整体水平1.6个百分点。其中，出口1.64万亿 元，增长10.5%；进口2.07万亿元，增长1.3%。 贝壳财经记者注意到，自今 ...

不拘中国、 放眼世界 ！ 关注 世界半导体论坛 ↓ ↓ ↓ 国芯网[原:中国半导体论坛] 振兴国产半导体产业！ 半导体公众号推荐 半导体论坛百万微信群 11月14日消息，据外媒报道，应用材料CEO狄克森表示， 由于美国更严格管控，他们无法再向中国内存芯片和成熟制程市场供应设备！ 应用材料指出，由于美国出口管制趋严，让 应用材料 对中国的市场准入受限，预计 2026 年在中国芯片制造设备支出将下滑。 CEO 狄克森表示 ，其他竞争对手仍持续向 应用材料 无法服务的中国企业销售设备。 应用材料 在中国大陆市场营收占比已从过去的近 40% 下滑至约 20% 多的水平。 11月13日， 应用材料夜盘跌超4.3% ，报213.59美元。消息显示，应用材料公布2025财年第四财季业绩，营收同比降3%至68亿美元。其中，半导体系统业 务营收同比降8%至47.6亿美元；调整后净利润同比降10%至17.32亿美元。 今年10月25日，应用材料表示，将裁减约 4% 的员工，约 1400 个职位，以精简营运。由于美国对半导体出口的管制趋严，影响应用材料的业务。 据悉，应用材料是美国最大的半导体制造设备供货商之一，其监管申报文件显示 ...

Core Insights - Shanghai's import and export value increased by 5.2% year-on-year in the first ten months of this year, reaching 3.71 trillion yuan, which is 1.6 percentage points higher than the national average [1] - Exports amounted to 1.64 trillion yuan, growing by 10.5%, while imports reached 2.07 trillion yuan, with a growth of 1.3% [1] - In October alone, the total import and export value was 367.98 billion yuan, marking a 3.1% increase [1] Export Performance - The export of "new three items" including electric passenger vehicles, solar cells, and lithium batteries totaled 131.43 billion yuan, an increase of 11.7% [2] - Green shipping equipment exports, particularly liquid cargo ships, saw a remarkable growth of 115%, amounting to 27.46 billion yuan [2] - Labor-intensive products also showed stable growth, with exports reaching 164.57 billion yuan, up by 2.9% [2] Import Performance - Key imports included metal ores and unrefined copper, which totaled 177.41 billion yuan and 50.67 billion yuan respectively, with growth rates of 8.6% and 17.2% [2] - High-tech product imports experienced significant growth, with semiconductor manufacturing equipment, computers and components, and aircraft and parts increasing by 29.6%, 18.3%, and 92.4% respectively [2] - Consumer goods imports showed positive trends, with dairy products, fresh and dried fruits, and beef increasing by 16.2%, 15.3%, and 10.8% respectively, indicating a gradual release of domestic consumption vitality [2]

Core Insights - Shanghai's total import and export value reached 3.71 trillion yuan in the first ten months of the year, marking a 5.2% increase year-on-year, which is 1.6 percentage points higher than the national average growth rate [1] - In October alone, Shanghai's import and export value was 367.98 billion yuan, with exports at 161.53 billion yuan and imports at 206.45 billion yuan, reflecting year-on-year growth of 3.5% and 2.8% respectively [1] Group 1: Trade Performance - Cumulative exports from Shanghai in the first ten months totaled 1.64 trillion yuan, up 10.5% year-on-year, while cumulative imports reached 2.07 trillion yuan, a 1.3% increase [1] - Shanghai's trade with emerging markets such as ASEAN, the Middle East, and Africa saw significant growth, with imports and exports of 530.31 billion yuan, 133.36 billion yuan, and 122.22 billion yuan respectively, representing year-on-year increases of 12.6%, 19.7%, and 26.8% [1] - Trade with major BRICS countries like Brazil and India also grew, with respective import and export values of 92.35 billion yuan and 81.34 billion yuan, showing increases of 7.8% and 31.6% [1] Group 2: Emerging Products and Sectors - Exports of emerging products such as electric passenger vehicles, lithium batteries, and solar cells reached 131.43 billion yuan, reflecting an 11.7% year-on-year increase, with growth rates exceeding 25% in the last six months [2] - The export of green shipping equipment, particularly liquid cargo ships, surged to 27.46 billion yuan, marking a substantial year-on-year increase of 115% [2] - Imports of high-tech products showed significant growth, with semiconductor manufacturing equipment, computers and components, and aircraft and parts increasing by 29.6%, 18.3%, and 92.4% respectively [2] Group 3: Consumer Goods - The import of consumer goods in Shanghai performed well, with dairy products, dried and fresh fruits, and beef seeing year-on-year increases of 16.2%, 15.3%, and 10.8% respectively, indicating a gradual release of domestic consumption vitality [2]

Core Insights - Guangdong's foreign trade import and export reached 7.8 trillion yuan in the first ten months of the year, a 3.7% increase year-on-year, accounting for 20.9% of the national total [1] Trade Partners - ASEAN remains Guangdong's largest trading partner, with a total trade value of 1.26 trillion yuan, growing by 5.2% and representing 16.2% of Guangdong's total trade [1] - Hong Kong and the EU rank second and third, with trade values of 1.04 trillion yuan and 935.39 billion yuan, growing by 11% and 8.5% respectively [1] - Emerging markets such as the Middle East, Africa, and Central Asia saw significant growth in trade, with increases of 5.7%, 9.2%, and 24.9% respectively [1] - Trade with Belt and Road countries reached 3 trillion yuan, growing by 4.2% and accounting for 38.5% of total trade [1] Business Entities - Private enterprises dominate Guangdong's trade, with imports and exports totaling 4.98 trillion yuan, a 3.8% increase, making up 63.8% of the total [1] - Foreign-invested enterprises saw a 6.3% increase in trade, totaling 2.49 trillion yuan, and their share rose by 0.8 percentage points to 31.9% [1] - State-owned enterprises experienced a decline of 17.5%, with trade valued at 304.68 billion yuan, accounting for 3.9% [1] Export Products - The structure of exports is improving, with mechanical and electrical products valued at 3.41 trillion yuan, a 6.7% increase, now representing 68.4% of total exports [2] - Key export items include electronic components, computers and parts, and electrical equipment, with respective growth rates of 19.4%, 10.6%, and 18.1% [2] - New export drivers such as 3D printers and drones saw significant growth, with increases of 18.4%, 40.3%, and 32.6% [2] Import Products - Imports of essential production materials and consumer goods expanded, with integrated circuits valued at 1.05 trillion yuan, a 14.6% increase, making up 37.2% of total imports [3] - Imports of computers and parts grew by 21.2%, while semiconductor manufacturing equipment surged by 48.4% [3] - Consumer goods such as grain, seafood, dairy products, and cooking oil also saw double-digit growth, with respective import values and growth rates of 36.77 billion yuan (17.6%), 18.22 billion yuan (33.2%), 15.09 billion yuan (17.1%), and 5.46 billion yuan (46.8%) [3]