今年前10个月广西东兴口岸北仑河二桥货运量创新高 中新网广西防城港11月28日电 (何璐璐)东兴海关27日介绍，今年1月至10月，东兴口岸北仑河二桥进出 口货物165.7万吨，超去年全年总量，创同期货运量新高，同比(下同)增长34.1%，货值1300.9亿元(人民 币，下同)。其中，进口55.2万吨，增长45.5%；出口110.5万吨，增长29%。 今年以来，东兴海关通过扩建查验泊位、完成水果和水生动物实验室检测项目扩项、构建水果检测"快 速通道"、实现海关新一代查验管理系统和实验室管理系统互联互通等多项举措，充分释放东兴口岸北 仑河二桥5个进境指定监管场地过货潜力，农产品进口量大幅提升。 今年前10个月，东兴口岸进口农产品19.6万吨，增长34.7%。其中，进口食用水产品5.3万吨，增长 68.2%；进口水果11.8万吨，增长18.9%。 值得关注的是，今年1月至10月，东兴口岸出口产品以机电产品为主，出口机电产品624.1亿元，占同期 该口岸出口总值的71.4%。其中，出口电子元件134亿元，增长1.9倍；出口平板显示模组70.3亿元，增 长1.6倍；出口自动数据处理设备及其零部件59.5亿元，总值1.1 ...

Investment Chain - Prices of tin, silver, and gold have risen since November 2025. [1] - Fixed asset investment growth rate has decreased to -1.70% as of October 2025, with real estate development investment down by -14.70%. [1] - Manufacturing fixed asset investment growth rate is at 2.7%, while infrastructure investment growth rate is at 1.51%. [1] - Prices of copper, aluminum, lead, zinc, and nickel have decreased, while power coal prices slightly increased to 698 RMB/ton. [1] Consumption Chain - Consumer confidence index rose to 89.60 in September 2025. [2] - Nominal growth rate for October 2025 fell to 2.90%, with cumulative nominal growth rate down by 4.30%. [2] - Sales area of commercial housing saw a cumulative year-on-year decline of -7.63% in October 2025. [2] - Automobile sales growth rate decreased to 8.82% in October 2025, and home appliance retail sales fell by -10.25%. [2] Export Chain - Export growth rate to the US increased in October 2025, while exports to the EU, Japan, and ASEAN saw a decline. [3] - Cumulative export growth rates for products like agricultural goods, toys, furniture, and steel have decreased. [3] - The overall export growth rate fell to 20.21% in October 2025, with textile exports down by -9.10%. [3] Price Chain - Pork prices increased to 12.24 RMB/kg as of November 19, 2025, while oil prices decreased to 57.95 USD/barrel. [4] - Prices for cotton and white sugar have declined, while MDI prices showed mixed trends. [4] - New credit increased to 220 billion RMB in October 2025, with life insurance premium income growth rate down to 12.68%. [4]

Core Insights - The economic cooperation between China and Russia has yielded substantial results and has a promising outlook, benefiting the people of both countries [1] - The trade and investment structures between China and Russia are evolving from resource-based to more diversified sectors such as digital economy, agriculture, and manufacturing [1][2] Group 1: Trade and Investment - China's imports of crude oil from Russia reached 108.47 million tons in 2024, accounting for 19.6% of China's total crude oil imports, making Russia the largest supplier [2] - The automotive sector has seen significant growth in cooperation, with Chinese companies establishing local production in Russia to meet local demand for parts and services [2] - Agricultural trade between the two countries is rapidly increasing, with innovative cooperation across the entire supply chain, particularly in the Far East region of Russia [2] Group 2: Emerging Sectors - The digital economy and artificial intelligence are areas of potential growth, leveraging China's rapid application development and Russia's strengths in foundational sciences [3] - The green energy sector, particularly in hydrogen, solar, and wind energy, presents significant opportunities for collaboration between the two nations [3] - Mechanisms for regional cooperation are becoming more established, with initiatives linking Russian regions with Chinese counterparts to enhance trade and investment [3] Group 3: Future Prospects - The political trust, complementary trade structures, and geographical advantages between China and Russia are key factors driving successful economic cooperation [3] - With the easing of visa policies and increased flight routes, the prospects for collaboration in trade, tourism, finance, and industrial integration are expected to grow [3] - The economic partnership is not only beneficial for the two countries but also contributes positively to global economic stability and development [3]

Core Insights - Xi'an's trade with ASEAN has become increasingly close, with ASEAN replacing South Korea as Xi'an's largest trading partner, showing strong growth momentum [1] Trade Volume and Growth - In the first ten months, Xi'an's total import and export value with ASEAN reached 63.5 billion yuan, a year-on-year increase of 21.6%, accounting for 16.1% of Xi'an's total foreign trade [1] - Foreign-invested enterprises contributed to a 19.5% year-on-year growth in trade with ASEAN, making up 76.5% of Xi'an's total trade value with ASEAN [1] Trade Structure - Xi'an's trade with ASEAN is characterized by a dominant processing trade and high growth in general trade [1] - Processing trade accounted for 71.8% of the total trade value with ASEAN, with an import and export value of 45.584 billion yuan, growing by 15.09% year-on-year [1] - General trade saw a significant increase of 34.09%, with an import and export value of 14.792 billion yuan, representing 23.3% of the total [1] - General trade exports reached 10.812 billion yuan, with a remarkable growth rate of 50.55%, becoming a key driver for Xi'an's export growth to ASEAN [1] Major Trade Partners - The top four trading partners for Xi'an in ASEAN are Malaysia, Vietnam, Singapore, and Indonesia, collectively accounting for 90.3% of Xi'an's trade with ASEAN [1] - Malaysia remains the largest trading partner, with a trade value of 33.35 billion yuan, reflecting a year-on-year growth of 35.3% [1] Export and Import Products - Xi'an primarily exports electromechanical products to ASEAN, with an export value of 53.52 billion yuan, a year-on-year increase of 23.8%, making up 94% of total exports to ASEAN [2] - Key electromechanical products include integrated circuits and automatic data processing equipment, which align closely with ASEAN's electronic information and new energy industries [2] - On the import side, Xi'an mainly imports high-tech products and bulk commodities from ASEAN, with high-tech product imports valued at 4.71 billion yuan, accounting for 71.5% of total imports [2] - Notably, imports of computer integrated manufacturing technology surged by 185.3%, providing critical support for Xi'an's local electronic information industry [2] - Coal imports reached nearly 1.8 billion yuan, representing 27.3% of total imports from ASEAN, effectively supplementing local energy supply [2]

证券研究报告 | 固定收益点评 gszqdatemark 2025 11 26 年 月 日 固定收益点评 原因二：企业出海带动出口增长。今年 1-10 月，资本品出口维持高位， 船舶、通用机械设备拉动出口增长 0.4、0.1 个百分点，反映企业出海带动 出口增长。上市公司境外收入同比与出口同比、中国对外直接投资流量与 出口总额同比也具有一定正相关性。更直接的数据是商务部《对外投资统 计公报》中披露的对外投资带动出口数据。2015-2024 年，对外投资带动 的出口年均复合增速明显高于整体出口的年均复合增速（7.6% VS 5.2%），其占整体出口平均比例达 5.7%、平均拉动整体出口 0.7 个百分 点。分国别对外投资也与分国中间品及资本品别出口具有一定的正相关 性，对各国不同行业投资也对应了对各国出口不同的产品类型增速的差 异。 原因三：外部部分经济体需求保持韧性。受益于欧盟经济温和复苏，欧盟 进口增速回升。今年以来越南 GDP 同比增速持续回升，前三季度 GDP 累 计增速高达 7.85%，越南国家财政预算中的投资金额也不断走高，消费也 保持在 9.27%的高增速水平，带动今年 1-10 月中国对越南出口 ...

前10个月，东莞市有进出口实绩的外贸企业数量2.6万家，同比增长12.2%。其中，民营企业2.1万家， 进出口8137.9亿元，同比增长21.6%，占同期东莞市进出口总值的62.7%。 中新网广州11月25日电 (许青青汤沛)据黄埔海关25日消息，今年前10个月，东莞市外贸进出口总值1.3 万亿元，整体规模稳居中国第五、广东省第二，同比增长14.7%。 其中，出口7926.2亿元，同比增长8.7%；进口5056.2亿元，同比增长25.4%。10月份，进出口总值1332.2 亿元，同比增长17.3%，已连续19个月保持增长。 东莞优势产品凸显竞争力。前10个月，东莞市出口机电产品5561.9亿元，同比增长12.4%，拉高出口整 体增速8.4个百分点。其中，出口电子元件、电工器材、电脑及其零部件、手机分别同比增长12.8%、 21.2%、20.1%、10.3%。(完) （文章来源：中国新闻网） 前10个月，东莞市对东盟、中国香港地区、中国台湾地区、欧盟进出口分别同比增长38.2%、13.1%、 23.6%、10%，合计占53.4%。对共建"一带一路"国家进出口同比增长23.9%。 ...

海关数据显示，10 月中国出口钢材978.2 万吨，较9 月减少68.3万吨，环比-6.5%，同比-12.5%；1-10 月 累计出口9773. 7 万吨，同比+6.6%。当前全球制造业PMI 稳中回升，我国钢铁企业出口订单指数重回扩 张区间，钢材出口价格竞争力持续增强， 例如热轧卷板出口报价（FOB）为445 美元/吨，较印度、土 耳其、日本等主要出口国低45-95美元/吨。但外需景气度仍处于偏弱状态，叠加贸易摩擦及相关税费政 策的制约，继续对我国钢材出口形成抑制。分地区来看，1-10 月对西亚、非洲、南美出口分别增长 6.7%、30.4%、17%，对东南亚、东亚、北美则分别下滑0.8%、9.7%、20.7%。分国家来看，前2 大出口 流向的越南和韩国出口分别下滑25.8%和11.8%，受反倾销税措施影响， 降幅明显，而对排名3-6 位的泰 国、菲律宾、阿联酋、沙特出口分别增长12.6%、11.2%、6.8%、19.1%。 智通财经APP获悉，中信建投发布研报称，10月中国出口钢材978.2万吨，较9月减少68.3万吨，环 比-6.5%，同比-12.5%;1-10月累计出口9773.7万吨，同比+6.6%。 ...

Group 1 - The core viewpoint of the articles highlights the steady growth of China's goods trade, driven by industrial upgrades and enhanced competitiveness of export products, particularly in the machinery and high-tech sectors [1][3][10] Group 2 - In the first ten months, the export value of machinery and electrical products increased by 27%, reaching 60.7% of the total export value [3] - Integrated circuit exports grew by 24.7%, while automobile exports also saw significant growth [3][10] Group 3 - High-tech product exports showed a remarkable increase of 73%, outpacing the overall export growth rate [7][8] Group 4 - The trade structure is continuously optimizing, with cross-border e-commerce exports reaching approximately 1.65 trillion yuan, marking a 66% increase [12][13] - The transition from traditional foreign trade to digital foreign trade is enhancing competitiveness [15] Group 5 - In the first three quarters, China exported holiday goods, dolls, and animal-shaped toys worth over 50 billion yuan to more than 200 countries and regions [17]

每经记者｜张怀水 每经编辑｜毕陆名 今年上半年中国GDP增速取得6.8%的好成绩。而解构外贸这一重要"科目"，还将发现许多看点。上半 年，全国货物进出口总额达到14.12万亿元，而广东、江苏、上海和浙江四省份的进出口总额就达到8.23 万亿元，占全国总量的58.3%。不过，进出口总量居第一的广东出口增速出现负增长。而在中缅油气管 道进口的石油、天然气带动之下，云南"逆袭"领跑全国贸易增速榜。总体而言，上半年各地外贸既 有"颜值"，更有"气质"。 日前，《每日经济新闻》记者通过对全国21个省、3直辖市和3个自治区（西藏、宁夏未公布相关数据除 外）今年上半年的外贸数据进行详细梳理后，发现东部省份在贸易规模上继续占绝对优势，仍然是外 贸"绩优生"，而西部省份在贸易增速上明显赶超东部，后发优势明显、潜力巨大。值得一提的是，虽然 西部省份在贸易增速上领跑全国，但多数西部省份进出口增速保持两位数增长的同时，彼此的差距也在 拉大。 广东上半年出口现负增长 倘若比起贸易规模和体量，东部沿海地区省份无疑具有明显的优势。在"万亿俱乐部"中，广东、江苏、 上海和浙江已经成为"常客"。而粤苏沪浙4省市进出口总额占全国总量的比重已经接 ...

今年以来，我国货物贸易延续平稳增长态势。同时，随着我国产业升级发展，产品技术含量提升，出口 商品竞争力不断增强，结构不断优化升级。机电产品和高技术产品日益成为出口的重要增长点。 机电产品出口扩大 前10个月 机电产品出口额 同比增长 2 7 0/ 达到60.7% 其中 ● 占全部出口总额的比重 集成电路出口额增长 24.7% 汽车出口额增长 14.3% (0 - Kam i 高新技术产品出口向好 前10个月 高新技术产品出口额 增长 7 396 "中国制造" 引领升级 前10个月 铁道电力机车、风力发电机组等绿色产品 出口增速均达到_两位数 智能化、绿色化、高端化的"中国制造" 不仅引领全球制造业升级 更在诸多消费前沿领域掀起"中国热" () - Kam - 读 贸易结构不断优化 前三季度 快于全部出口额增速 来源：国新办发布会、人民日报 图片来源：视觉中国 跨境电商出口 约7063万亿元 增长 6 6% 从代工贴牌到品牌出海|我国贸易结构不断优化 从传统外贸到数字外贸 竞争力持续增强 （文章来源：人民网） ...