从出口产品看，机电产品出口131.2亿元，占全市出口总值的25.0%。其中，汽车零配件、轴承、变压器 和压缩机出口分别增长45.2%、7.8%、8.5%和19.6%，合计出口20.0亿元。劳密产品出口60.0亿元，增长 7.7%，其中服装及衣着附件、塑料制品出口分别增长32.4%、13.3%。基本有机化学品出口54.5亿元，增 长23.2%。纸浆、纸及其制品出口39.3亿元，增长10.1%。 （来源：衢州日报） 转自：衢州日报 本报讯 （记者 王继红 通讯员 詹骁文） 12月19日，记者从衢州海关获悉，今年前11个月，衢州市进出 口总值为735.0亿元，同比（下同）增长4.4%。其中出口524.3亿元，增长8.9%。 从贸易市场看，东盟为我市第一大贸易市场，对其进出口209.0亿元，增长23.2%，占全市进出口总值的 28.4%，拉动进出口增长5.6个百分点。对拉美、非洲、中东等新兴市场分别出口49.2亿元、33.3亿元、 16.1亿元，分别增长31.4%、46.2%、37.3%。此外，对共建"一带一路"国家进出口494.6亿元，增长 10.4%，占全市进出口总值的67.3%。 从进口产品看，镍及其制品、纸浆 ...

期货研究院 格林大华期货研究院专题报告 宏观经济 2025年12月8日 证监许可【2011】1288号 11月份，中国出口机电产品2059亿美元，同比增长9.7%，1-11 月累计同比增长8.0%，去年全年增长7.5%。1-11月高新技术产品出 口同比增长6.6%，去年全年增长4.8%。1-11月集成电路出口同比增 长24.7%，去年全年增长17.4%。前11个月出口汽车（包括底盘）同 比增长16.7%，去年全年增长15.5%。前11个月出口船舶同比增长26. 8%，去年全年增长57.3%。前11个月出口家电同比下降3.6%，去年 全年增长14.1%。前11个月出口手机同比下降11.2%，去年全年下降 3.1%。前11个月出口箱包及类似容器同比下降13.5%，去年全年下降 3.2%。前11个月出口玩具同比下降12.1%，去年全年下降1.7%。前1 1个月出口服装及衣着附件同比下降4.4%，去年全年增长0.3%。前1 1个月出口家具及零件同比下降5.9%，去年全年增长5.8%。今年中国 出口更高科技含量产品和传统优势出口产品的增长速度明显分化。 11月位于中国进口金额前列的还是集成电路和大宗商品。11月中 国进 ...

海关总署12月8日发布数据显示，今年前11个月，我国出口机电产品14.89万亿元，增长8.8%，占我出口 总值的60.9%。其中，自动数据处理设备及其零部件1.31万亿元，下降1.3%；集成电路1.29万亿元，增 长25.6%；汽车8969.1亿元，增长17.6%。同期，出口劳密产品3.7万亿元，下降3.5%，占我出口总值的 15.1%。其中，服装及衣着附件9872.6亿元，下降3.7%；纺织品9313.3亿元，增长1.7%；塑料制品6776 亿元，下降0.5%。出口农产品6702.1亿元，增长2%。 ...

每经AI快讯，12月8日，海关总署发布的数据显示，前11个月，我国出口机电产品14.89万亿元，增长 8.8%，占我出口总值的60.9%。其中，自动数据处理设备及其零部件1.31万亿元，下降1.3%；集成电路 1.29万亿元，增长25.6%；汽车8969.1亿元，增长17.6%。同期，出口劳密产品3.7万亿元，下降3.5%，占 我出口总值的15.1%。其中，服装及衣着附件9872.6亿元，下降3.7%；纺织品9313.3亿元，增长1.7%； 塑料制品6776亿元，下降0.5%。出口农产品6702.1亿元，增长2%。 ...

Core Insights - The General Administration of Customs reported that in the first 11 months, China's export of electromechanical products reached 14.89 trillion yuan, an increase of 8.8%, accounting for 60.9% of total exports [1] Group 1: Electromechanical Products - Exports of automatic data processing equipment and its components totaled 1.31 trillion yuan, a decrease of 1.3% [1] - Exports of integrated circuits reached 1.29 trillion yuan, showing a significant growth of 25.6% [1] - Exports of automobiles amounted to 896.91 billion yuan, reflecting a growth of 17.6% [1] Group 2: Labor-Intensive Products - Exports of labor-intensive products were 3.7 trillion yuan, a decline of 3.5%, making up 15.1% of total exports [1] - Exports of clothing and accessories were 987.26 billion yuan, down by 3.7% [1] - Exports of textiles reached 931.33 billion yuan, with a growth of 1.7% [1] - Exports of plastic products totaled 677.6 billion yuan, showing a slight decrease of 0.5% [1] Group 3: Agricultural Products - Exports of agricultural products reached 670.21 billion yuan, marking a growth of 2% [1]

Macro and Strategy Research - In October 2025, China's exports decreased by 1.1% year-on-year, while imports increased by 1.0%, resulting in a trade surplus of 90.074 billion USD [2][3] - The decline in export growth is attributed to high base effects and seasonal factors, but the overall decrease is considered manageable [2] - Looking ahead, the easing of US-China trade tensions and stable global manufacturing PMI suggest that export uncertainties have significantly reduced [3] Price Data Analysis - In October 2025, the Consumer Price Index (CPI) turned positive with a notable increase driven by rising food prices and core inflation influenced by international gold prices [4][5] - The Producer Price Index (PPI) saw a narrowing year-on-year decline, with improvements in key industries such as coal and photovoltaic equipment due to ongoing capacity management [5][6] Fund Research - The equity market saw most major indices rise, with the Shanghai Composite Index increasing by 1.08% [7] - Bond ETF scales reached new highs, indicating strong investor interest in fixed-income products [7][8] - The average return for equity funds was positive, with quantitative funds leading the gains [8] Industry Research - The light industry and textile sectors are under pressure from export declines, with furniture and clothing exports down by 12.66% and 15.96% respectively in October [11][12] - New government policies aimed at accelerating digital transformation are expected to enhance the competitiveness of these sectors in the medium term [11] - The computer industry reported a revenue of 935.835 billion CNY in the first three quarters of 2025, with a year-on-year growth of 9.14%, driven by strong performance in software development and IT services [13][14]

Core Insights - China's foreign trade maintained steady growth in the first ten months of 2023, with a total import and export value of 37.31 trillion yuan, an increase of 3.6% year-on-year [1] - Exports reached 22.12 trillion yuan, growing by 6.2%, while imports were 15.19 trillion yuan, remaining stable compared to the previous year [1] Monthly Performance - In October, the total value of imports and exports was 3.7 trillion yuan, a slight increase of 0.1% [1] - Exports in October were 2.17 trillion yuan, showing a decline of 0.8%, marking the first negative growth in monthly exports since the second half of the year [1][2] - Imports in October were 1.53 trillion yuan, increasing by 1.4%, continuing a five-month growth trend [1] Factors Influencing Export Trends - The decline in October's export growth was attributed to high base effects from the previous year, fewer working days due to the Mid-Autumn Festival, and the impact of high tariffs from the U.S. [2][3] - The export value in October, when measured in U.S. dollars, decreased by 1.1%, with a significant drop in growth rate compared to September [2] High-End Manufacturing and Trade Dynamics - In the first ten months, exports of electromechanical products reached 13.43 trillion yuan, growing by 8.7%, accounting for 60.7% of total exports [4] - Exports of integrated circuits increased by 24.7%, while automotive exports grew by 14.3% [4] - Private enterprises played a crucial role in foreign trade, with their import and export value reaching 21.28 trillion yuan, a growth of 7.2%, representing 57% of total foreign trade [5] Regional Trade Performance - Despite a continued decline in exports to the U.S., exports to the European Union showed positive growth, with an overall increase of 8.4% [5] - Notable growth was observed in exports to Germany (10.6%), France (7.9%), and Italy (9.6%) [5]

Core Viewpoint - China's exports show resilience despite a slowdown in growth due to external demand weakening, with a total import and export value of 37.31 trillion yuan in the first ten months of 2025, reflecting a 3.6% year-on-year increase [1] Group 1: Export Performance - In the first ten months of 2025, exports grew by 6.2%, while imports remained stable compared to the previous year [1] - The export growth rate decreased by 3.5 percentage points compared to the previous three quarters, with October showing a decline in exports of 0.8% in yuan terms and 1.1% in dollar terms, marking the first negative growth since February [1] - The decline in October exports was influenced by a high base from the previous year, reduced working days due to the Mid-Autumn Festival, and ongoing high tariffs from the U.S. impacting global trade [2] Group 2: External Factors - The U.S. tariffs have led to a significant drop in exports to the U.S., with a year-on-year decrease of 25.2% in October, contributing to a 3.8 percentage point drop in overall export growth [2] - Other regions also experienced a decline in export growth, with exports to the EU, Japan, ASEAN, and Belt and Road countries showing varying decreases in growth rates compared to the previous month [3] Group 3: Resilience in Exports - Despite external challenges, China's exports remain resilient, supported by diversification in trade and a surge in AI investments and domestic manufacturing upgrades, particularly in chip and automotive exports [4] - In the first ten months, trade with ASEAN and the EU grew by 9.1% and 4.9%, respectively, while trade with the U.S. decreased by 15.9% [4] Group 4: Product Categories - Mechanical and electrical products accounted for over 60% of exports, with significant growth in integrated circuits (24.7%) and automobiles (14.3%), while labor-intensive products saw a decline [5] - In October, chip exports grew by 26.9% and automobile exports by 34.0%, indicating strong performance in these sectors [5] Group 5: Future Outlook - Export growth is expected to rebound to around 2.0% in November, but overall export momentum is anticipated to weaken in the fourth quarter compared to the previous three quarters [6] - Policies to stabilize foreign trade are expected to support enterprises in shifting exports to domestic sales and expanding export credit insurance coverage [6] - The Shanghai export container freight index rose by 10.5% in late October, indicating stable demand in European shipping routes and positive market conditions for North American routes [6]

Core Insights - In the first ten months, China's export of electromechanical products reached 13.43 trillion yuan, an increase of 8.7%, accounting for 60.7% of total exports [1] - Exports of labor-intensive products amounted to 3.38 trillion yuan, a decrease of 3%, representing 15.3% of total exports [1] - Agricultural product exports totaled 598.98 billion yuan, showing a growth of 2% [1] Electromechanical Products - Exports of automatic data processing equipment and its components were 1.19 trillion yuan, down by 0.7% [1] - Integrated circuit exports reached 1.16 trillion yuan, increasing by 24.7% [1] - Automobile exports were valued at 798.39 billion yuan, reflecting a growth of 14.3% [1] Labor-Intensive Products - Exports of clothing and accessories amounted to 905 billion yuan, declining by 3% [1] - Textile exports were 844.19 billion yuan, with a growth of 1.8% [1] - Exports of plastic products totaled 614.55 billion yuan, showing a slight decrease of 0.1% [1]

Core Insights - China's export of electromechanical products reached 13.43 trillion yuan in the first ten months, marking an 8.7% increase and accounting for 60.7% of total exports [1] Electromechanical Products - Exports of automatic data processing equipment and its components totaled 1.19 trillion yuan, showing a decline of 0.7% [1] - Integrated circuits exports were valued at 1.16 trillion yuan, with a significant growth of 24.7% [1] - Automobile exports amounted to 798.39 billion yuan, reflecting a growth of 14.3% [1] Labor-Intensive Products - Exports of labor-intensive products reached 3.38 trillion yuan, down by 3%, representing 15.3% of total exports [1] - Clothing and apparel exports were 905 billion yuan, decreasing by 3% [1] - Textile exports were valued at 844.19 billion yuan, with a slight increase of 1.8% [1] - Plastic products exports totaled 614.55 billion yuan, showing a marginal decline of 0.1% [1] Agricultural Products - Exports of agricultural products reached 598.98 billion yuan, with a growth of 2% [1]