数据来源：中国海关，智研咨询整理 近一年中国煤及褐煤出口情况统计图 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。 相关报告：智研咨询发布的《中国煤炭产业全景调研及未来发展趋势研判报告（2026版）》 根据中国海关数据显示：2025年11月中国煤及褐煤进口数量为4405万吨，同比下降19.9%，进口金额为 32.07亿美元，同比下降35.3%，2025年11月中国煤及褐煤出口数量为44万吨，同比增长25.5%，出口金 额为0.65亿美元，同比增长3.1%。 近一年中国煤及褐煤进口情况统计图 ...

数据来源：中国海关，智研咨询整理 近一年中国煤及褐煤出口情况统计图 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《中国煤炭产业全景调研及未来发展趋势研判报告（2026版）》 根据中国海关数据显示：2025年10月中国煤及褐煤进口数量为4174万吨，同比下降9.7%，进口金额为 29.79亿美元，同比下降27.4%，2025年10月中国煤及褐煤出口数量为36万吨，同比下降32.3%，出口金 额为0.56亿美元，同比下降42.5%。 近一年中国煤及褐煤进口情况统计图 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。 ...

中国11月主要大宗商品进口呈现鲜明分化态势，关键农产品与高端制造业相关产品表现强劲，成品油、天然气进口则呈现"量增价跌"特征，铜 矿"量价齐增"，煤炭"量价齐跌"。 12月7日，海关总署公布的数据显示，11月份，我国货物贸易增速回升，进出口总值3.9万亿元，增长4.1%。其中，出口2.35万亿元，增长5.7%； 进口1.55万亿元，增长1.7%。 进口端，大宗商品呈现复杂的"量价分离"态势。一方面，集成电路、大豆及铜矿砂等关乎制造业升级与粮食安全的产品进口量价齐升或量增价 稳；另一方面，能源进口出现明显分化：成品油与天然气进口量分别增长4.07% 和10.67%，但进口金额却分别下降2.85% 和5.40%，凸显"量增价 跌"的格局。同期，机电产品作为高技术代表，前11个月进口额保持5.5% 的稳健增长。 关键矿物出口中，11月中国稀土出口环比激增26.5%。 | | | | 中国11月主要进口大宗商品 | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | | 进口量:万吨(集成电路单位为亿个 | | | 2025年11月份 | 202 ...

Group 1: Domestic Trade Data - In October, China's exports (in USD) decreased by 1.1% year-on-year, down from an increase of 8.3% in the previous month, while imports rose by 1.0%, down from 7.4% [3][5] - The trade surplus for October was reported at $90.07 billion, slightly down from $90.447 billion in the previous month [3] - The contribution of major trading partners to export growth showed a decline for the EU, ASEAN, Japan, and South Korea, while the US's contribution increased [5] Group 2: Transportation and Industrial Indicators - The subway passenger volume index in first-tier cities showed a slight recovery, reporting 40.61 million trips, up from 40.55 million [12] - The industrial production index increased to 117 from 113, with specific sectors like methanol and tires showing recovery, while soda ash declined [14] Group 3: Domestic Policy Developments - Premier Li Qiang co-hosted the 30th regular meeting of Chinese and Russian Prime Ministers with Russian Prime Minister Mishustin, emphasizing the deepening of Sino-Russian friendship [16][17] - Li Qiang also met with Georgian Prime Minister Kobakhidze to discuss economic cooperation and the Belt and Road Initiative [17] Group 4: International Monetary Policy Outlook - There is a significant probability of the Federal Reserve lowering interest rates by 25 basis points in December 2025, with a 66.9% chance of this occurring [26] - The current economic conditions and geopolitical tensions are influencing the Fed's potential policy decisions [26] Group 5: Industry Investment Recommendations - Investment strategies are suggested to focus on three main areas: breakthroughs in AI technology, economic recovery leading to a "stronger stronger" market trend, and the resurgence of undervalued sectors [28] - The initial phase of the bull market favors high-growth sectors, while later phases may see a shift towards cyclical stocks with better performance as the economic fundamentals improve [28]

Core Insights - In September 2025, China's coal and lignite imports amounted to 46 million tons, representing a year-on-year decrease of 3.3% [1] - The import value for the same period was $3.127 billion, showing a significant decline of 28.1% year-on-year [1] - Conversely, coal and lignite exports reached 730,000 tons, marking a year-on-year increase of 51.1% [1] - The export value was $9.7 million, which is a year-on-year growth of 19.8% [1] Import Data Summary - The total import quantity of coal and lignite in September 2025 was 46 million tons, down 3.3% from the previous year [1] - The total import value for the same month was $3.127 billion, reflecting a decrease of 28.1% year-on-year [1] Export Data Summary - The total export quantity of coal and lignite in September 2025 was 730,000 tons, up 51.1% compared to the previous year [1] - The total export value for the same month was $0.097 billion, indicating a year-on-year increase of 19.8% [1]

Core Viewpoint - China's coal and lignite imports and exports have significantly decreased in August 2025, indicating a downward trend in the coal market [1] Import Summary - In August 2025, China imported 42.74 million tons of coal and lignite, a year-on-year decrease of 6.7% [1] - The import value for the same period was $2.807 billion, reflecting a substantial year-on-year decline of 35.7% [1] Export Summary - China's coal and lignite exports in August 2025 amounted to 530,000 tons, which is a significant year-on-year decrease of 45.5% [1] - The export value for this period was $7.1 million, showing a dramatic year-on-year decline of 60.9% [1]

Core Insights - The report by Zhiyan Consulting analyzes the supply and demand dynamics of the coal mining industry in China from 2025 to 2031, highlighting significant trends in import and export activities [1] Import Data - In April 2025, China's imports of coal and lignite reached 37.83 million tons, representing a year-on-year decrease of 16.4% [1] - The import value for the same period was $2.788 billion, which reflects a substantial year-on-year decline of 38.7% [1] Export Data - In April 2025, coal and lignite exports from China amounted to 720,000 tons, showing a year-on-year increase of 29.8% [1] - The export value during this period was $10.6 million, which indicates a year-on-year decrease of 7.8% [1] Industry Context - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research reports, business plans, feasibility studies, and customized services [1] - The firm emphasizes its commitment to providing comprehensive industry solutions to empower investment decisions through professional insights and market acumen [1]

1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints of the Report - China's exports in September continued to exceed expectations, with a year-on-year growth of 8.3%. The resilience of exports was mainly supported by the demand from non-US economies and emerging markets, low base effect, and the "anti-involution" effect on export prices. In the fourth quarter, although the rising base may suppress export readings, exports may still perform better than expected. [3][7] - China's imports in September had a year-on-year growth of 7.4%, reaching a new high for the year. The increase was mainly driven by price rises, and the import volume of some consumer goods remained weak. Attention should be paid to the improvement of import momentum after the accelerated implementation of wide - credit policies in the fourth quarter. [3][4] 3. Summary by Relevant Catalogues 3.1 Export: Strong Demand from Emerging Markets Supports Export Resilience - **Overall Export Situation**: In September, the export growth rate was +8.3%, 3.9 percentage points higher than that in August. The narrowing decline in exports to the US and the rising growth rate to non - US economies, along with the booming emerging markets, supported export resilience. [3][13] - **By Product Category** - **Consumer Goods**: The drag on consumer goods exports narrowed slightly but remained at a low level. In September, the year - on - year decline of four categories of consumer goods (clothing, shoes, bags, and toys) was - 12.7%, a 0.6 - percentage - point improvement from August. Price was still the main drag, with shoes and bags having year - on - year declines of - 13.0% and - 14.1% respectively. [15] - **Intermediate Goods**: The export of intermediate goods accelerated, significantly driving exports. In September, the combined year - on - year growth of five categories of intermediate goods (plastic products, steel, aluminum, integrated circuits, and general equipment) was +21.0% (compared to +12.3% in August), driving export growth by 2.4 percentage points. [18] - **Electronic Products**: Due to the low base, the drag of electronic products on exports significantly narrowed. In September, the combined year - on - year decline of mobile phones and laptops was - 1.0% (compared to - 8.1% in August), and the drag on exports narrowed to - 0.1%, the best performance since April. [23] - **Automobiles**: The contribution of automobiles declined slightly. In September, the year - on - year growth of automobile (including chassis) export value was +10.9%, a 6.5 - percentage - point decline from August, and the driving rate of export growth dropped to 0.4%. [23] - **By Country** - **Developed Economies**: In September, the decline in exports to the US narrowed slightly, with a year - on - year decline of - 27.0%, and its share in exports rose to 10.4%. The growth rate of exports to the EU continued to rise, reaching +14.2%. [24] - **Emerging Markets**: Exports to ASEAN slowed down, with a year - on - year growth of +15.6%, a 7 - percentage - point decline from the previous month, but still at a relatively high historical level. Exports to Latin America were remarkable, with the year - on - year growth turning positive to +15.2%, the highest since May. [24] 3.2 Import: Significantly Driven by Price, with the Growth Rate Reaching a New High for the Year - **Overall Import Situation**: In September, the import amount had a year - on - year growth of 7.4%, a 6.1 - percentage - point increase from August, reaching a new high for the year. The month - on - month growth was +8.5%, significantly higher than the usual 2% in the same period. Price increases were the main driver, while the import volume of some commodities remained weak, indicating that domestic demand still needed to be boosted by wide - credit policies. [29] - **By Product Category** - **Upstream Bulk Commodities**: The decline in imports of upstream bulk commodities significantly narrowed. In September, the combined year - on - year decline of five categories of upstream bulk commodities (iron ore, copper ore, coal and lignite, crude oil, and refined oil) was - 1.6%, the best performance this year, 10.5 percentage points narrower than in August. [30] - **Intermediate Goods**: The import of intermediate goods accelerated. The combined year - on - year growth of four categories of intermediate goods (primary plastics, copper materials, diodes, and integrated circuits) was +11.6%, a 6.2 - percentage - point increase from the previous month, also at a new high for the year. [30] - **Downstream Consumer Goods**: The decline in downstream consumer goods narrowed to single - digits for the first time. The combined year - on - year decline of three categories of consumer goods (medical materials and drugs, cosmetics, and automobiles) was - 9.9% (compared to - 25.1% previously), dragging down imports by - 0.2%. [30]

Group 1: Rare Earth Imports - In September, China imported 6,864.7 tons of rare earths, an increase from 5,020.8 tons in August [1] - From January to September, total rare earth imports reached 78,898.4 tons [1] Group 2: Agricultural and Food Products - In September, China imported 1,287 tons of soybeans, a 4.8% increase from 1,228 tons in August [7] - Cumulative soybean imports from January to September were not specified but indicate a growing trend in agricultural imports [7] Group 3: Metal and Mineral Imports - In September, copper and copper products imports were 485,000 tons, up from 425,000 tons in August [4] - Iron ore and its concentrates imports in September were 11,632.6 tons, compared to 10,523 tons in August, with a total of 91,768.5 tons imported from January to September [8] - Copper ore and its concentrates imports totaled 2,263.4 tons from January to September, an increase from 2,102.4 tons in the same period last year [4] Group 4: Energy Imports - In September, crude oil imports were 4,725.2 tons, down from 4,949 tons in August, with a total of 42,299.7 tons imported from January to September [6] - Natural gas imports in September were 1,104.8 tons, a decrease from 1,185 tons in August, with cumulative imports of 9,285.9 tons from January to September [6] - Finished oil imports in September were 394.8 tons, up from 334 tons in August, with a total of 3,068 tons imported from January to September [5] Group 5: Export Data - In September, steel exports were 1,046.5 tons, an increase from 951 tons in August, with total exports of 8,795.5 tons from January to September [8] - Automobile exports (including chassis) in September were 756,000 units, slightly down from 763,000 units in August, with a total of 5,684,000 units exported from January to September [9] - Mobile phone exports in September reached 74.93 million units, up from 60.85 million units in August [8]

Core Insights - The total foreign trade import and export value of Zhenjiang reached 72.86 billion yuan in the first eight months of the year, marking a historical high for the same period, with a year-on-year growth of 5.3% [1] - Exports amounted to 56.01 billion yuan, increasing by 5.6%, while imports were 16.85 billion yuan, up by 4.4% [1] - In August alone, the total import and export value was 9.57 billion yuan, showing a robust year-on-year growth of 10.5% [1] Trade Structure - General trade continued to dominate, accounting for 56.57 billion yuan in imports and exports, a growth of 8%, and representing 77.6% of the total trade, an increase of 1.9 percentage points from the previous year [1] - Processing trade contributed 14.87 billion yuan, growing by 4.1%, and made up 20.4% of the total [1] Market Diversification - The implementation of the Belt and Road Initiative has led to a 3% increase in trade with countries involved, totaling 37.59 billion yuan, which constitutes 51.6% of the total trade [1] - Trade with the European Union reached 13.8 billion yuan, growing by 10.7%, while trade with ASEAN was 13.05 billion yuan, showing a minimal growth of 0.02% [1] - Trade with Latin America surged by 17.5% to 6.95 billion yuan, making it the third-largest trading partner, surpassing the United States [1] - Trade with the UAE and five Central Asian countries saw significant increases of 16% and 483.3%, respectively [1] Foreign Trade Entities - Private enterprises demonstrated strong growth, with imports and exports totaling 42.62 billion yuan, a 6.7% increase, accounting for 58.5% of the total [2] - Foreign-invested enterprises had imports and exports of 26.32 billion yuan, growing by 3.6%, while state-owned enterprises reported 3.92 billion yuan, up by 1.6% [2] - The number of foreign trade enterprises with performance records reached 3,480, a year-on-year increase of 5.3% [2] - The top 100 foreign trade enterprises accounted for 67.4% of the total trade, contributing 4.5 percentage points to overall growth [2] Export Performance - Exports of electromechanical products were robust, totaling 33.21 billion yuan, a growth of 9.7%, making up 59.3% of total exports [2] - Notable exports included glasses and parts at 3.57 billion yuan (up 4.9%) and auto parts at 3.25 billion yuan (up 6.1%) [2] - Exports of agricultural machinery, ships, and automobiles saw dramatic increases of 2.9 times, 3.3 times, and 14.5 times, respectively, contributing significantly to export growth [2] - Exports of non-rolled aluminum and aluminum products reached 2.5 billion yuan, growing by 37.8% [2] Import Trends - The growth rate of major imported products showed signs of recovery, with imports of electromechanical products at 5.56 billion yuan, up 3.3%, an increase of 8.3 percentage points from the previous year [3] - Agricultural product imports reached 2.44 billion yuan, growing by 18.6%, accounting for 14.5% of total imports [3] - Notable increases included soybean imports at 1.48 billion yuan, up 90.6%, and significant growth in imports of pulp, plastic products, coal, and logs [3]