外贸进出口总额超6050亿元 同比增长15.5% 7月21日，广州名创优品装满潮玩潮品、生活家居用品的25个货柜，通过航运发往印度尼西亚、泰国以 及欧美国家；2025亚洲时尚（泰国）展上，200家广州企业参展并收获超2万件意向订单；第137届广交 会上，广州900余家参展企业开展近200场供需对接活动，将境外采购商"流量"转化为"订单量"，助力该 届广交会广州交易团累计意向成交额达27亿美元，创历史新高……一系列积极作为，化为喜人的成绩 单：记者从广州市商务局获悉，今年上半年广州市外贸进出口总额6050.5亿元，同比增长15.5%，创历 史同期新高，展现出蓬勃的发展动能与坚实韧性。 企业积极拓展国际市场背后，正是广州高效便利的贸易营商环境，"广货出海"有了更给力的支撑。作为 广州外向型产业向品牌化、国际化迈进的生动实践，2025亚洲时尚（泰国）展上，"广货优品 广贸全 球"品牌企业首次集体亮相海外，200家广州企业参展并收获超2万件意向订单。 为助力企业用好境外展会资源，广州市商务局加大支持力度——省、市联动对参加2025年300多场"粤贸 全球"境外展会的企业，给予最高80%的展位费补贴；对以"广货优品 广 ...

出口方面，上半年，广西机电、劳密产品分别出口1391.3亿元、380.7亿元，分别增长29.4%、 4.5%，合计占同期广西出口总值的75.5%；其中，锂电池、服装及衣着附件、汽车、平板显示模组分别 增长184.9%、18.1%、30.4%、41.4%。进口方面，进口大宗商品902.3亿元，增长2.4%，占同期广西进 口总值的59.2%。其中，铜精矿进口量价齐升，带动金属矿砂进口605.7亿元，增长19.8%。 上半年，广西生产型企业进出口表现亮眼，进出口1299.4亿元，增长16.5%，高于整体外贸增速3.5 个百分点。其中有色金属、装备制造、造纸、农副食品加工、木材加工等行业进出口增速超过20%。生 产型企业出口、进口双增长，增速分别达到25.6%、11.7%，较今年一季度增速分别加快9.3个、6.6个百 分点，生产型企业应对风险挑战能力增强。（田希霞 程超颖） 从贸易伙伴看，上半年，广西对东盟进出口2060.8亿元，增长11.9%，占同期广西外贸总值的 53.2%。其中对越南进出口1498.8亿元，增长4.3%。同期，广西对拉美、非洲、中东、欧盟分别进出口 546.5亿元、241亿元、235.8亿元、1 ...

Group 1 - The core viewpoint of the articles highlights the robust growth of Guangxi's foreign trade in the first five months of the year, with total imports and exports reaching 323.64 billion yuan, a year-on-year increase of 14.8%, significantly outpacing the national growth rate by 12.3 percentage points [1] - Exports amounted to 199.07 billion yuan, reflecting a growth of 26.6%, while imports were 124.57 billion yuan, remaining stable compared to the same period last year [1] - The number of private enterprises engaged in foreign trade exceeded 4,000 for the first time, reaching 4,066, with a total import and export value of 224.03 billion yuan, up 16.1% year-on-year [1] Group 2 - The main export products from Guangxi in the first five months were electromechanical and labor-intensive products, which accounted for over 70% of total exports, with significant growth in clothing and lithium batteries [1] - The import of bulk commodities showed signs of recovery, with a total of 29.7 million tons imported, a year-on-year decrease of 2.4%, but the decline was narrowed by 4 percentage points compared to the previous four months [1] - Guangxi's industrial sector has been actively supported by the government, leading to increased production and investment, which has significantly bolstered foreign trade [2] Group 3 - The export figures for specific industries in Guangxi included electrical machinery and equipment at 28.26 billion yuan, paper manufacturing at 4.83 billion yuan, automotive at 9.7 billion yuan, and computer and electronic equipment at 41.08 billion yuan, with respective year-on-year growth rates of 55.5%, 24.6%, 24.3%, and 25.9% [2] - The import of consumer goods reached 6.45 billion yuan, a year-on-year increase of 5.9%, with notable growth in imports of palm oil from Indonesia, bananas from Cambodia, and fruit juices from Thailand, contributing to a 15.2 percentage point increase in consumer goods imports [2]

【公用事业 】 北方火电释放弹性，水电业绩稳健增长 投资建议： 维持公用事业行业"增持"评级。 火电：成本端改善明显，北方火电业绩高增。 25Q1 全国性火电公司盈利仍保持增长，但地方性火电公司 出现一定程度分化，北方火电厂盈利增速整体优于南方电厂。截至 23Q1 、 24Q1 、 25Q1 末火电样本 公司 PE 中位数分别为 15.7 、 12.9 、 10.4 倍， PE 估值持续降低。我们认为火电公司估值回落主要 由于市场对于后续火电盈利改善持续性存疑以及火电板块市场关注度有所降低。 25Q1 受暖冬等因素影 响，火电公司电量普遍大幅下滑，我们预计 25Q2 电量增速边际改善后，火电公司 25Q2 业绩有望持续 修复。 水电：业绩稳定性增强，估值稳健。 水电样本公司 25Q1 盈利维持了 23Q1 以来的高增速，业绩稳定性 较好（ 25Q1 业绩增速中位数 26% ），主要由于 25Q1 水电电量受蓄能影响较大，蓄水及调度持续优 化带来发电量上行。 23Q1 、 24Q1 、 25Q1 末水电样本公司 PE 中位数分别为 16.7 、 18.8 、 18.1 倍， PE 估值先升后降，但业绩稳定上行且 ...

——宏观数据观察 分析师： 事件要点： 明道雨 从业资格证号：F03092124 投资咨询证号：Z0018827 电话：021-80128600-8631 邮箱：mingdy@qh168.com.cn 2025年5月9日 [Table_Title] 4月"抢转口"效应推动进出口好于预期 宏 观 据海关统计，中国2025年4月进出口总额（以美元计）5352.05亿美元，同比 4.6%，前值为5%，下降0.4%。其中，出口3156.92亿美元，同比上升8.1%，预期 1.9%，前值上升12.4%，下降4.3%，但出口远超预期；进口2195.12亿美元，同比 下降0.2%，预期下降5.9%，前值下降4.3%，降幅收窄4.1%；贸易顺差968.1亿美元， 预期890亿美元，前值1026.4亿美元。 摘要： 东 海 研 究 东 海 观 察 投资咨询业务资格： 证监许可[2011]1771号 [table_main] [Table_Report] 4月我国出口受海外抢转口效应等因素影响，虽有所回落但远超市场预期。4月以来，欧美 制造业景气有所回升，增长有所加快，欧美商品需求短期有所加快，但是由于高关税原因， 欧美抢转口补 ...

Core Points - The Chinese government and the European Parliament have agreed to fully lift restrictions on mutual exchanges, emphasizing the importance of strengthening dialogue and cooperation between China and Europe [1][4] - The 50-year history of China-EU relations has seen significant economic growth, with trade increasing from $2.4 billion to $785.8 billion, a more than 300-fold increase [3][6] - Both parties support multilateralism and open cooperation, with their combined economic output exceeding one-third of the global total and trade volume surpassing one-quarter of global trade [4][6] Economic Cooperation - In the first quarter of this year, China's imports and exports with the EU reached 1.3 trillion yuan, a year-on-year increase of 1.4%, equating to over 10 million yuan in trade every minute [6] - In the consumer goods sector, 72% of bags, 51.7% of passenger cars, and 42.2% of cosmetics imported by China came from the EU [6] - In high-tech sectors, China imported high-end equipment worth 64 billion yuan from the EU, a 30.4% increase year-on-year, accounting for 32.9% of total imports in that category [6] Future Outlook - China looks forward to further dialogue and cooperation with the EU, aiming to manage differences and enhance the partnership [5] - Upcoming high-level dialogues will cover strategic, economic, green, and digital topics, alongside a series of celebratory events for the 50th anniversary of diplomatic relations [4][5]

Core Insights - The year marks the 50th anniversary of diplomatic relations between China and the EU, with bilateral trade increasing from 2.4 billion USD at the beginning to 780 billion USD currently [1] Trade Performance - In the first quarter of this year, China's imports and exports with the EU reached 1.3 trillion CNY, reflecting a year-on-year growth of 1.4%, which translates to over 10 million CNY in trade every minute [1] - In the consumer goods sector, 72% of bags, 51.7% of passenger cars, and 42.2% of cosmetics imported by China in the first quarter came from the EU [1] - China's exports to the EU in electronics, clothing and accessories, and daily chemical products grew by 7.7%, 3%, and 16.1% year-on-year, respectively [1]

文 ： 华创证券研究所副所长 、首席宏观分析师 张瑜（执业证号：S0360518090001） 联系人： 夏雪（微信 SuperSummerSnow） 事项 美东时间 4 月 2 日下午 16:00 ，特朗普公布"互惠对等关税"具体加征方案： 1 ）对所有进口商品征 10% 基准关税，部分国家或地区另算，标准是" 1/2 对等" ，即 按美国估算的贸易伙伴对美国征收税率（包括所谓汇率操纵和贸易壁垒）的一半征收。 2 ）其中， 基准 10% 关税将于美东时间 4 月 5 日凌晨 0:01 生效（北京时 间 4 月 5 日中午 12:01 ），对等关税将于美东时间 4 月 9 日凌晨 0:01 生效（北京时间 4 月 9 日中午 12:01 ） 。 3 ）受 232 条款约束的产品，包括汽车及零部 件、钢铝、木材、铜将被排除在对等关税外。 4 ）汽车 25% 关税将于美东时间 4 月 3 日凌晨 0:01 生效（北京时间 4 月 3 日中午 12:01 ），零部件 25% 关税推迟 一个月到 5 月 3 日生效。 4 ）据白宫高级官员，符合美墨加协定的墨西哥、加拿大将继续取得豁免，包括芬太尼关税豁免。 报告摘要 ...