相关报告：智研咨询发布的《2026-2032年中国印制电路板（PCB）行业市场运营格局及竞争战略分析 报告》 根据中国海关数据显示：2025年11月中国印刷电路进口数量为26亿块，同比下降9.1%，进口金额为6.29 亿美元，同比下降5.1%，2025年11月中国印刷电路出口数量为52亿块，同比增长40.3%，出口金额为 22.82亿美元，同比增长29.5%。 近一年中国印刷电路出口情况统计图 数据来源：中国海关，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 近一年中国印刷电路进口情况统计图 数据来源：中国海关，智研咨询整理 ...

免责声明：Mysteel发布的原创及转载内容，仅供客户参考，不作为决策建议。原创内容版权归Mysteel所有，转载需取得Mysteel书面授 权，且Mysteel保留对任何侵权行为和有悖原创内容原意的引用行为进行追究的权利。转载内容来源于网络，目的在于传递更多信息，方 便学习与交流，并不代表Mysteel赞同其观点及对其真实性、完整性负责。 电子信息产业是江西省重点打造的万亿级支柱产业。今年前11个月，江西电子信息产品进出口1529.1亿 元，增长4.7%。主要出口产品中，平板显示模组、印刷电路、锂电池分别增长26.2%、33.6%、54%， 保持较好态势。 江西汽车产业进出口增速加快。今年前11个月，江西汽车制造业进出口246.3亿元，增长24%。其中， 汽车、汽车零配件出口分别增长23.2%、61.9%。 据海关部门统计，今年前11个月，江西外贸进出口总值4406.1亿元，增长2.8%。 资讯编辑：周小燕 021-26096760 资讯监督：乐卫扬 021-26093827 资讯投诉：陈跃进 021-26093100 12月22日从南昌海关获悉，今年前11个月，江西对东盟进出口同比（下同）增长36.6%。 ...

据南昌海关消息，今年前11个月，东盟、中国香港地区、欧盟稳居江西前三大贸易伙伴，进出口分别增 长36.6%、1.8%、4.3%。 前11月江西对东盟进出口同比增长36.6% 锂电池出口大增 中新网南昌12月22日电 (记者 吴鹏泉)记者22日从南昌海关获悉，今年前11个月，江西对东盟进出口同 比(下同)增长36.6%。 同期，江西对共建"一带一路"国家进出口2415.3亿元，增长13.9%；对拉美、非洲进出口增长11%、 8.5%。 据海关部门统计，今年前11个月，江西外贸进出口总值4406.1亿元，增长2.8%。(完) 来源：中国新闻网 生产型企业对江西外贸拉动作用增强。据海关部门统计，今年前11个月，江西生产型企业累计进出口 3569.3亿元，增长4.4%。从企业性质看，民营企业、外资企业进出口分别增长2.7%、8%。 电子信息产业是江西省重点打造的万亿级支柱产业。今年前11个月，江西电子信息产品进出口1529.1亿 元，增长4.7%。主要出口产品中，平板显示模组、印刷电路、锂电池分别增长26.2%、33.6%、54%， 保持较好态势。 江西汽车产业进出口增速加快。今年前11个月，江西汽车制造业进出口24 ...

近一年中国印刷电路出口情况统计图 数据来源：中国海关，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 数据来源：中国海关，智研咨询整理 相关报告：智研咨询发布的《2026-2032年中国印制电路板（PCB）行业市场运营格局及竞争战略分析 报告》 根据中国海关数据显示：2025年10月中国印刷电路进口数量为27亿块，同比下降10%，进口金额为6.82 亿美元，同比下降2.8%，2025年10月中国印刷电路出口数量为45亿块，同比增长37.4%，出口金额为 21.18亿美元，同比增长23.4%。 近一年中国印刷电路进口情况统计图 ...

专题：中央经济工作会议在北京举行 业内解读 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：雪涛宏观笔记 内生动力前低后高，政策节奏前高后低，经济正在走出新的曲线。 文：国金宏观宋雪涛/联系人孙永乐 回顾十四五的五年，转型是这一阶段最好的注脚。五年间，曾经作为经济发动机的地产逐渐退出舞台的 中心，三新经济（新产业、新业态、新商业模式）逐渐成长为经济新的引擎。在新旧动能转化之间，不 同行业、不同区域、不同群体之间出现转型节奏的分化，表现为宏观经济与微观体感之间的温差。 在这一过程中，与地产链绑定更大的地区，面临着更多的转型压力。比如近几年，广东GDP增速在4% 左右，显著低于江苏、山东、浙江、四川5.5%以上的增速水平，也低于全国平均增速。其中，作为"家 电之都"的佛山，2025年前三季度增速仅1.6%，在万亿GDP城市中排在末位。 但随着时间推移，地产对经济的拖累正在明显降低。2025年按照估算单纯房地产开发投资所拉动的增加 值占GDP的比重从2020年的10.2%大幅回落至2025年5.1%左右，广义房地产拉动增加值占名义GDP的比 重或从2021年的17.3%左右回落至10 ...

Core Viewpoint - The article discusses the transformation of the Chinese economy during the 14th Five-Year Plan, highlighting the shift from real estate as the main economic driver to the emergence of the "three new economies" (new industries, new business formats, and new business models) as the new engine of growth [4][7]. Group 1: Economic Transformation - The real estate sector has gradually exited the central stage of the economy, with GDP growth rates in regions heavily tied to real estate, such as Guangdong, lagging behind others like Jiangsu and Zhejiang [4]. - By 2025, the contribution of real estate development investment to GDP is expected to drop significantly from 10.2% in 2020 to around 5.1% [4][30]. - The "three new economies" are projected to increase their share of China's GDP from 16% in 2020 to 18% by 2024, indicating a growing importance of high-tech manufacturing and information technology investments [7]. Group 2: Credit Market and De-leveraging - The credit market is showing a clear trend of de-leveraging from real estate, with new real estate loans decreasing by 330 billion yuan from 2023 to the first three quarters of 2025 [5]. - The shift reflects a broader economic transition where low-leverage sectors are becoming the main drivers of growth, as households work to reduce debt [5]. Group 3: Export Dynamics - Despite trade tensions, China's export share remained stable at 14.2% in the first half of 2025, with significant growth in exports to Africa and the Middle East [13][21][24]. - The automotive sector, particularly in new energy vehicles, has become a key player in boosting China's export performance, with exports projected to reach 586 million units by 2024, surpassing Germany and Japan [13]. Group 4: Real Estate Market Trends - The real estate market is experiencing a second downturn, with housing prices expected to revert to levels seen in 2016, and total sales area projected to decline by nearly 50% from 2020 highs [30][31]. - The overall demand for real estate is stabilizing, with indicators like the price-to-income ratio and rental yields approaching mid-term stability [30]. Group 5: Consumer Behavior and Spending - The impact of real estate on consumer spending is diminishing, as evidenced by rising retail sales growth in first-tier cities despite falling housing prices [36]. - Service consumption is expected to grow, supported by policy measures, while traditional goods consumption faces challenges due to the decline in "old-for-new" subsidies [43][44]. Group 6: Price Trends and Inflation - The article anticipates a gradual recovery in prices driven by economic recovery, with CPI expected to rise to around 0.2% in 2026, influenced by various factors including the stabilization of housing prices [45][55]. - The PPI is projected to show a "front low, back high" trend, with overall PPI expected to be around -1.3% for the year [55].

Economic Overview - From January to October 2023, the overall economic operation in Jiangmen remained stable, with the industrial added value above designated size increasing by 2.4% year-on-year [1][2] - The local general public budget revenue reached 25.437 billion yuan, reflecting a year-on-year growth of 2.1% [4] - The total value of foreign trade imports and exports was 163.11 billion yuan, marking a year-on-year increase of 3.8%, outpacing the national and provincial average growth rates [1][5] Industrial Performance - The manufacturing sector saw an added value growth of 3.6%, while the electricity, heat, gas, and water production and supply industry experienced a decline of 4.7%, and the mining industry decreased by 29.7% [2] - By economic type, the added value of joint-stock enterprises grew by 4.0%, while foreign and Hong Kong, Macao, and Taiwan investment enterprises saw a minimal increase of 0.1% [2] - In terms of enterprise size, large enterprises reported a 2.6% increase in added value, medium-sized enterprises experienced a slight decline of 0.1%, and small and micro enterprises grew by 4.0% [2] Foreign Trade Dynamics - Exports totaled 139.91 billion yuan, with a growth rate of 5.8%, ranking fifth in the province, while imports were 23.2 billion yuan, showing a decline of 7.1% [5] - Private enterprises' imports and exports reached 95.07 billion yuan, increasing by 10.4% and accounting for 58.3% of the total [6] - Trade with traditional markets remained resilient, with exports to the EU, ASEAN, and Hong Kong growing by 8%, 4.4%, and 11.4% respectively, while emerging markets like Latin America and Africa saw significant growth [6] Consumer and Investment Trends - The total retail sales of consumer goods amounted to 110.005 billion yuan, reflecting a year-on-year increase of 2.6% [4] - Fixed asset investment in the city saw a significant decline of 29.5% [4] - The Consumer Price Index (CPI) decreased by 0.4% year-on-year, with a slight increase of 0.1% in October compared to the previous month [4] Key Export Products - The top five export products included household appliances (17.96 billion yuan, down 4.9%), motorcycles (15.73 billion yuan, up 51.2%), general machinery (8.27 billion yuan, up 7%), textiles and clothing (7.47 billion yuan, down 12.3%), and printed circuits (7.25 billion yuan, up 7.1%), collectively accounting for 40.5% of total exports [8] - Notable growth was observed in the import of integrated circuits (2.5 billion yuan, up 21.5%) and metal ores (440 million yuan, up 26.5%) [8]

Core Insights - The export performance of China's "new three items" (electric passenger vehicles, lithium-ion batteries, and solar cells) shows strong structural growth in the first ten months of the year, particularly in electric vehicles and lithium batteries, indicating China's increasing global competitiveness in the renewable energy sector amid rising international demand [1][2] Group 1: Export Data - From January to October, the export amounts for electric passenger vehicles, lithium-ion batteries, and solar cells reached 390.12552 billion, 446.74110 billion, and 168.21841 billion yuan respectively, with year-on-year growth rates of 35.6%, 27.5%, and a decline of 11.9% for solar cells [1] - In October alone, the export volumes for these items were 374,995 units, 40,498 million units, and 128,274 million units, showing year-on-year growth rates of 69.3%, 17.2%, and 73.1% respectively [1] Group 2: Market Dynamics - The decline in solar cell export value is attributed to intensified competition in the global photovoltaic market and fluctuations in raw material prices, leading to a decrease in unit prices; however, the export quantity remains robust, indicating strong global demand for China's solar products [2] - Emerging sectors beyond the traditional "new three items" are contributing to foreign trade growth, including high-end equipment and robotics, as well as new business models like cross-border e-commerce and service trade [2] Group 3: Industry Trends - The export of products such as printed circuits and integrated circuits benefits from China's complete electronic information industry chain, ensuring production capacity; the global digital transformation is driving demand for electronic components and agricultural machinery, aligning with the modernization needs of developing countries [3] - High-end manufacturing is gaining scale advantages due to China's comprehensive industrial system and resilient supply chains, coupled with the deep integration of digital technology and manufacturing, facilitating rapid iteration and export of high-tech, high-value-added products [3][4] Group 4: Future Outlook - The diversification of foreign trade growth is no longer reliant on a single category, forming a growth matrix across multiple fields such as electronic information and high-end equipment, effectively mitigating risks from industry fluctuations [4] - The export of technology-intensive products signifies a shift in China's foreign trade from "scale expansion" to "technology empowerment," enhancing the sustainability of trade growth through the synergy of upstream and downstream products [4] - Recommendations for future actions include precise policy support, increased investment in technological innovation, and fostering international cooperation to enhance global market share and sustain new trade momentum [4]

Core Insights - Guangxi's foreign trade in the first ten months of this year reached 650.35 billion yuan, a year-on-year increase of 12.1% [1] - Exports amounted to 381.28 billion yuan, growing by 18.3%, while imports were 269.07 billion yuan, increasing by 4.4% [1] - Trade with ASEAN countries showed robust growth, with imports and exports totaling 344.74 billion yuan, a 12.1% increase, accounting for 53% of Guangxi's total foreign trade [1] Trade with ASEAN - Guangxi's trade with the top three ASEAN partners—Vietnam, Thailand, and Indonesia—grew by 8.4%, 7%, and 53.6% respectively [1] - Trade with Timor-Leste reached 3.405 million yuan, marking a 19.6% increase [1] - The signing of the upgraded version of the China-ASEAN Free Trade Area 3.0 during the 47th ASEAN Summit is expected to create new opportunities for cooperation in new energy and electronic information industries, intermediate goods trade, and cross-border e-commerce [1] Industrial Performance - Guangxi's industrial economy has shown steady growth, with the added value of industrial enterprises above designated size maintaining a strong growth momentum [2] - Lithium battery exports surged to 20.54 billion yuan, a remarkable increase of 76.6% [2] - The cross-border electronic information industry has driven rapid growth in related product exports, with flat panel display modules, computer accessories, printed circuits, and integrated circuits increasing by 86%, 41.8%, 225.8%, and 8.1% respectively [2] Import Trends - The import value of major commodities rose significantly, with metal ore imports reaching 103.14 billion yuan, a growth of 16.1% [2] - Copper ore imports experienced rapid growth of 27.6%, benefiting from the "bonded mixed mining" policy [2]

Core Insights - Guangxi's foreign trade in the first ten months of the year reached 650.35 billion yuan, marking a year-on-year growth of 12.1% [1] - Exports totaled 381.28 billion yuan, increasing by 18.3%, while imports were 269.07 billion yuan, up by 4.4% [1] - Trade with ASEAN countries showed robust growth, with imports and exports amounting to 344.74 billion yuan, a 12.1% increase, accounting for 53% of Guangxi's total foreign trade [1] Trade with ASEAN - Guangxi's trade with the top three ASEAN partners—Vietnam, Thailand, and Indonesia—grew by 8.4%, 7%, and 53.6% respectively [1] - Trade with Timor-Leste reached 3.405 million yuan, reflecting a growth of 19.6% [1] - The signing of the upgraded version of the China-ASEAN Free Trade Area 3.0 agreement during the 47th ASEAN Summit is expected to create new opportunities for cooperation in new energy and electronic information industries, intermediate goods trade, and cross-border e-commerce [1] Industrial Performance - Guangxi's industrial economy has shown steady growth, with the added value of industrial enterprises above designated size maintaining a strong growth momentum [2] - Lithium battery exports surged to 20.54 billion yuan, a remarkable increase of 76.6% [2] - The cross-border electronic information industry has driven significant growth in related product exports, with flat panel display modules, computer accessories, printed circuits, and integrated circuits growing by 86%, 41.8%, 225.8%, and 8.1% respectively [2] Import Dynamics - The import value of major commodities rose, with metal ore imports reaching 103.14 billion yuan, an increase of 16.1% [2] - Copper ore imports experienced rapid growth of 27.6%, attributed to the benefits of the "bonded mixed mining" policy [2]