近一年中国液晶平板显示模组进口情况统计图 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年中国液晶显示模组行业市场专项调研及投资前景规划报告》 根据中国海关数据显示：2025年11月中国液晶平板显示模组进口数量为0.94亿个，同比下降2%，进口 金额为8.64亿美元，同比下降13.3%，2025年11月中国液晶平板显示模组出口数量为1.9亿个，同比增长 13.1%，出口金额为27.81亿美元，同比增长17.6%。 近一年中国液晶平板显示模组出口情况统计图 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。 ...

Core Insights - In 2025, China's foreign trade reached a record high, with total imports and exports amounting to 45.47 trillion yuan, a year-on-year increase of 3.8% [1] - Exports were 26.99 trillion yuan, growing by 6.1%, while imports were 18.48 trillion yuan, with a modest growth of 0.5% [1] - December 2025 saw a monthly trade record of 4.26 trillion yuan, marking a 4.9% year-on-year increase [1] Trade Performance - December 2025 exports reached 2.54 trillion yuan, a 5.2% increase year-on-year, continuing the upward trend from November [2] - The positive export performance in December is linked to progress in US-China negotiations and China's strong manufacturing capabilities [2][3] - Exports to countries involved in the Belt and Road Initiative accelerated, compensating for declines in exports to the US [3][7] Sectoral Growth - Significant growth was observed in high-tech exports, which increased by 13.2%, contributing 2.4 percentage points to overall export growth [5] - Key sectors such as integrated circuits, automobiles, and ships saw double-digit growth, with integrated circuits and ships both increasing by 27.4% [4][5] - The automotive sector, particularly Chery Automobile, reported a 17.4% increase in exports, with December exports alone rising by 46.8% [4] Regional Trade Dynamics - Trade with ASEAN countries grew by 14%, while exports to Africa surged by 26.5%, indicating a shift in trade focus [6][7] - Exports to the US fell by 19.5%, while exports to the EU increased by 9%, highlighting a diversification in trade partnerships [6][7] - The share of trade with the top ten partners decreased to 47.7%, suggesting a more balanced trade landscape [6]

Export Performance - In December, China's export growth exceeded expectations, with a year-on-year increase of 6.6%, up 0.7 percentage points from the previous value, and a two-year compound growth rate of 8.62%[9] - For the entire year of 2025, cumulative export growth was 5.5%, nearly matching the 2024 figure of 5.82%, indicating strong export momentum despite U.S. tariff policies[9] - High-tech products drove export growth, with a 13.2% year-on-year increase, contributing 2.4 percentage points to overall export growth[18] Trade Partner Dynamics - China's trade partnerships have diversified, with exports to ASEAN and the EU increasing, while exports to the U.S. decreased to 11.14% of total exports, down 3.52 percentage points from the previous year[11] - Exports to "Belt and Road" countries grew by 11.2%, contributing 5.4 percentage points to overall export growth, with ASEAN becoming the largest export market for three consecutive years[11] Import Trends - December imports also exceeded expectations, with a year-on-year growth of 5.7%, significantly higher than the market forecast of -0.28%[20] - The cumulative import growth for 2025 was flat at 0%, indicating stability in import levels compared to the previous year[20] Future Outlook - Despite a high base effect, export growth is expected to remain a key contributor to economic growth in 2026, with an estimated growth rate of around 3%[2] - The ongoing upgrade of product structures, particularly in high-tech and green products, is anticipated to continue supporting export growth[25]

宏观研究 证 券 研 究 报 告 【宏观快评】 再论出口强在中游：2026 机电出口或延续景气 ——12 月进出口数据点评 事 项 12 月我国以美元计算出口同比 6.6%，预期 3%，前值 5.9%；12 月以美元计价 进口同比 5.7%，预期 0.9%，前值 1.9%。 主要观点 核心观点： 1、12 月，中国出口同比不仅没因基数问题回落，反而较上月回升 0.7 个点。 与 PMI 新出口订单的大幅回升对应，可能既有外需景气也有年末节前一定的 生产前置因素。 拆分商品来看，边际改善动力主要源自四类机电产品：1）手机：或主要源于 去年价格低基数；2）自动数据处理设备及其零部件，设备篇弱，主要是零附 件强，或受益于 AI 趋势下的科技进口需求景气；3）车：主要是新能源车偏 强，或受益于竞争优势和市场需求扩张；4）集成电路：与电脑零附件类似， 或主要受益于科技进口需求高增。 2、展望 2026：我们认为中游偏强或有望延续。一是从产品结构看，机电产品 四链条或均有景气逻辑支撑：1）信息通讯技术（ICT）产品：或受益于科技进 口需求景气；2）船舶：出口韧性来自手持订单继续高增长；3）汽车，出口韧 性或受益于竞争力提 ...

1 、 12 月，中国出口同比不仅没因基数问题回落，反而较上月回升 0.7 个点。与 PMI 新出口订单的大幅回升对应，可能既有外需景气也有年末节前一定的生 产前置因素。 文 ： 华创证券首席经济学家 张瑜（执业证号：S0360518090001） 联系人：夏雪（微信SuperSummerSnow） 事项 12 月我国以美元计算出口同比 6.6% ，预期 3% ，前值 5.9% ； 12 月以美元计价进口同比 5.7% ，预期 0.9% ，前值 1.9% 。 核心观点 3 、对于集成电路 ，或受益于以美国为首的发达市场 AI 投资拉动的 AI 进口需求。 2025 年 1~3 季度，美国 AI 相关投资实际同比增速高达 14.4% （ 2024 年为 8.2% ）， AI 科技资本品实际进口量同比 53.2% （ 2024 年为 41.8% ）。在这个过程中，中国出口或通过全球供应链"间接出口"从中受益，表现为电子 中间品（以集成电路为代表）出口偏强。 4 、对于电脑， 设备偏弱，零件附件出口偏强 。自动数据处理设备及其零部件中，自动数据处理设备出口占比 42% ，目前最新 1~11 月累计同比增速 -10. ...

Consumption - In November 2025, the total retail sales of consumer goods reached 43,898 billion yuan, with a year-on-year growth of 1.3%, down 1.6 percentage points from the previous value of 2.9%[12] - Sales of "two new" products and real estate-related consumption continued to decline, with automotive consumption down 8.3% and home appliances down 19.4% year-on-year[12] - Service retail sales grew by 5.4% year-on-year from January to November, indicating a gradual release of service consumption potential[14] Investment - Fixed asset investment continued to decline, with a year-on-year decrease of 2.6% in November, marking three consecutive months of negative growth[23] - Real estate development investment fell by 31.4% year-on-year in November, a significant increase in the decline compared to the previous month's 23.2%[23] - Equipment purchase investment showed a year-on-year growth of 6.3%, contributing 1.8 percentage points to overall investment growth[24] Trade - In November, exports increased by 5.9% year-on-year, rebounding from a previous decline of 1.1%[32] - Exports to the EU saw a significant recovery with a growth rate of 14.8%, while exports to the US decreased by 28.6%[32] - Imports rose slightly by 1.9% year-on-year, with notable increases in the import of integrated circuits and automatic data processing equipment[34]

Core Viewpoint - The report by Zhiyan Consulting highlights the trends in China's liquid crystal display module industry, indicating a decline in imports and a growth in exports for October 2025 [1] Import Data - In October 2025, China imported 85 million liquid crystal display modules, representing a year-on-year decrease of 26.8% [1] - The import value for the same period was $846 million, showing a year-on-year decline of 11.8% [1] Export Data - In October 2025, China exported 160 million liquid crystal display modules, which is a year-on-year increase of 4.7% [1] - The export value reached $2.524 billion, reflecting a year-on-year growth of 12% [1] Industry Insights - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research and providing comprehensive consulting services for investment decisions [1]

Consumption - In October 2025, the total retail sales of consumer goods reached 46,291 billion yuan, with a year-on-year growth of 2.9%, down 0.1 percentage points from the previous value of 3%[12] - Sales of "two new" products and real estate-related consumption declined, with automotive sales down 6.6% and home appliances down 14.6% year-on-year[12] - Service consumption showed strong performance, driven by the Mid-Autumn Festival and National Day holidays, with food-related items growing by 8% year-on-year[13] Investment - Fixed asset investment continued to face pressure, with a year-on-year decline of 11.2% in October, worsening from a previous decline of 6.8%[22] - Real estate development investment fell by 23.2% year-on-year in October, while manufacturing and infrastructure investments also saw declines of 6.7% and 12.1%, respectively[22] - Excluding real estate, project investment showed a cumulative growth of 1.7%, indicating that real estate investment dragged down overall investment by approximately 3 percentage points[22] Trade - In October, exports fell sharply with a year-on-year decline of 1.1%, a drop of 9.4 percentage points from the previous value of 8.3%[37] - Exports to the U.S. improved slightly, with a year-on-year growth of -25.2%, while exports to the EU and Africa saw significant declines of 13.3% and 46.0%, respectively[38] - The electronics sector maintained high growth, with integrated circuits growing by 26.9% year-on-year, while labor-intensive products experienced significant declines[37] Industrial Performance - Industrial value-added growth slowed down, with the PMI index showing a downward trend, indicating a potential seasonal disturbance and tariff volatility[7] - The overall industrial profit growth rate slowed, with financial costs being a significant drag on performance[7] - Despite the slowdown, major industrial indices remained in the expansion zone, reflecting overall market optimism[7] Price Trends - The Consumer Price Index (CPI) turned positive in October, with core CPI continuing to rise, driven by strong food prices and holiday demand[7] - The Producer Price Index (PPI) showed a narrowing decline, with prices in the non-ferrous metals sector increasing significantly[7] - The real estate sector continued to face pressure, with a year-on-year decline in real estate development investment of 14.7% from January to October[7]

Export Performance - In November, China's export growth exceeded expectations, with a year-on-year increase of 5.9%, up 7 percentage points from the previous value[9] - The two-year compound growth rate for exports in November was 6.24%, an increase of 0.69 percentage points compared to the previous value, and better than the Wind consensus estimate of 2.94%[9] - Exports to the EU, Japan, and South Korea were the main contributors to the growth, while exports to the US continued to weaken[10] Key Trade Partners - Exports to the EU grew by 14.83% in November, a significant increase of 13.9 percentage points from the previous value, driven by low base effects and competitive pricing[12] - Exports to Japan increased by 4.3%, up 10.01 percentage points, attributed to Japan's high inflation and competitive pricing of Chinese goods[15] - Exports to South Korea rose by 1.92%, a recovery of 14.97 percentage points, influenced by low base effects and competitive pricing[15] Key Products - High-tech products and machinery exports maintained strong growth, with high-tech products growing by 7.68% and machinery products by 9.65%[18] - Key items such as automobiles, integrated circuits, and LCD modules saw significant export growth rates of 52.97%, 34.17%, and 17.57% respectively[18] Import Performance - In November, China's import growth was 1.9%, which was below market expectations of 2.85% but better than the five-year historical average by 4.28 percentage points[19] - Imports from the EU, Japan, and South Korea showed positive contributions, with respective contributions of 0.16%, 0.44%, and 0.47% to the overall import growth[22] Future Outlook - The report maintains that exports will remain a significant contributor to economic growth, with an expected growth rate of around 2% in 2026[3] - The ongoing strengthening of China-EU cooperation is expected to continue, driven by trade transfer effects amid global trade restructuring[24] - Despite uncertainties in US-China trade relations, stability is anticipated following multiple rounds of negotiations[24]

Core Viewpoint - In November, China's exports in USD terms increased by 5.9% year-on-year, exceeding expectations of 3.8% and rebounding from a previous decline of -1.1% [2][46] Group 1: Export Strength in Midstream - The export growth rate rebounded significantly in November, with a 7 percentage point increase compared to the previous month, influenced by base effects and resilient demand [4][13] - The manufacturing PMI new export orders showed a substantial recovery across all industries, indicating improved export demand [4][14] - The overall growth momentum has marginally recovered to seasonal averages, with a three-month moving average of 1.1% in November, slightly below the historical average of 1.4% [4][14] Group 2: Category Analysis - Exports are strong in electromechanical products, with a cumulative year-on-year increase of 7.9% from January to November, contributing 87% to the overall export growth [8][20] - The "three main electromechanical products" (cars, ships, integrated circuits) have seen export growth rates exceeding 15% [8][21] - Labor-intensive products, in contrast, showed a cumulative year-on-year decline of -4.3% from January to November, negatively impacting overall export growth [8][20] Group 3: Regional Analysis - Exports to emerging markets are strong, while exports to the US are weak, with a year-on-year decline of -28.8% in November [29][56] - The share of exports to the US has decreased by 3.4 percentage points to 11.3%, while ASEAN's share increased by 1.1 percentage points to 17.5% [30][63] - If US import demand stabilizes, China's exports to the US may rebound significantly due to low base effects [30][31] Group 4: Future Export Resilience - In December, the elevated base may lead to a 2-3 percentage point adjustment pressure on year-on-year readings [4][37] - Leading indicators suggest a stable external demand environment, with the electronic supply chain likely to continue supporting growth [4][37] - The cumulative effects of monetary easing are expected to maintain a stable external demand environment, supporting strong resilience in electromechanical exports [4][38]