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） ...

据广州海关统计，今年前10月，广州市外贸进出口总值达1.02万亿元，创下历史同期新高，同比增长12.1%。其中，出口6823.6亿元，同比增长20.5%，增速 居全国主要（前十）外贸城市首位、广东省21个地市首位。 具体来看，今年前10月，广州市对其他RCEP成员国进出口2925亿元，同比增长11.6%。同期，广州市对欧盟、东盟的进出口值分别为1825.4亿元、1696.3亿 元，同比分别增长23.9%、31.1%；对共建"一带一路"国家进出口4796.1亿元，同比增长24.1%；对其他金砖成员国和伙伴国进出口2559.6亿元，同比增长 22.5%。 民营企业是广州外贸"主力军"。今年前10月，广州市有进出口实绩的企业超过2.7万家，同比增长12.5%。其中，民营企业数量超过2.4万家，在有进出口实绩 企业总数中占比达87.3%。今年前10月，广州市民营企业进出口6207.5亿元，同比增长20.3%，占同期广州市外贸总值的60.6%。 解读：去年广州外贸规模突破万亿元，用时11个月，今年则是再度提速，外贸规模历史上首度在前10月突破万亿元，为全省外贸增速贡献1.5个百分点。 具体来看，今年前10月，广东外贸进 ...

外贸"朋友圈"不断扩大，企业拓展海外市场前景更加广阔。据广州海关统计，今年前10月，广州市对其 他RCEP成员国进出口2925亿元，同比增长11.6%。同期，广州市对欧盟、东盟的进出口值分别为1825.4 亿元、1696.3亿元，同比分别增长23.9%、31.1%；对共建"一带一路"国家进出口4796.1亿元，同比增长 24.1%；对其他金砖成员国和伙伴国进出口2559.6亿元，同比增长22.5%。 广州市重点商品出口增长明显。据广州海关统计，今年前10月，广州市"新三样"产品出口199.4亿元， 同比增长52.8%。同期，高新技术产品出口753.6亿元，同比增长15.3%。 据广州海关统计，今年前10月，广州市外贸进出口总值达1.02万亿元，创下历史同期新高，同比增长 12.1%，占广东省外贸总值的13.1%。其中，出口6823.6亿元，同比增长20.5%，增速居全国主要（前 十）外贸城市首位、广东省21个地市首位。 广州市外贸规模历史上首度在前10月突破万亿，为全省外贸增速贡献1.5个百分点，月度进出口连续4个 月运行在1000亿元以上的较高水平。数据显示，广州市外贸发展韧性强劲、活力十足，在复杂外部环境 ...

Core Insights - Guangzhou's foreign trade import and export value reached 1.02 trillion yuan in the first ten months of this year, marking a historical high for the same period and a year-on-year increase of 12.1% [2] - Exports amounted to 682.36 billion yuan, with a year-on-year growth of 20.5%, leading among major foreign trade cities in China and contributing 1.5 percentage points to the province's overall foreign trade growth [2][3] - The city's foreign trade has shown strong resilience and vitality, effectively supporting the overall foreign trade situation in Guangdong province despite complex external environments [2] Trade Performance - The monthly import and export value has consistently exceeded 100 billion yuan for four consecutive months, indicating robust trade activity [2] - The "New Three Samples" products exported from Guangzhou reached 19.94 billion yuan, reflecting a significant year-on-year growth of 52.8% [3] - High-tech product exports totaled 75.36 billion yuan, with a year-on-year increase of 15.3% [3] Business Environment - Over 27,000 enterprises in Guangzhou engaged in import and export activities in the first ten months, representing a year-on-year increase of 12.5% [3] - The number of private enterprises exceeded 24,000, accounting for 87.3% of all enterprises with import and export performance [3] - Private enterprises' import and export value reached 620.75 billion yuan, growing by 20.3% year-on-year and constituting 60.6% of Guangzhou's total foreign trade value [3] Logistics and Infrastructure - The Nansha Port, the largest automobile roll-on/roll-off terminal cluster in South China, has established a comprehensive customs clearance service mechanism to facilitate the efficient export of new energy vehicles [2] - As of the end of October, Nansha Port operated 11 automobile foreign trade roll-on/roll-off shipping routes, including one newly opened route to Sri Lanka [2]

1—10月全国财政收入稳步回升 财政部17日发布的最新数据显示，今年1至10月，全国财政收入18.65万亿元，同比增长0.8%，增幅比1至9月提高0.3个百分点。10 月当月，全国财政收入2.26万亿元，同比增长3.2%，月度增幅继续提高。 1—10月铁路客流创新高 促进服务消费 央视网消息：11月17日，多部门公布1至10月经济数据，显示中国经济持续呈现稳中向好的态势。 1—10月我国中西部地区外贸实现较快增长 今年前10个月，中部6省货物贸易进出口总值3.18万亿元，同比增长9.52%。"新三样"产品出口增长47.35%。其中，电动汽车增长 125.39%，高新技术产品占中部地区出口总值近三成。 前10个月，我国西部12省区市货物贸易进出口3.5万亿元，创历史同期新高，同比增长8.9%。西部地区对共建"一带一路"国家进出 口2.2万亿元，占同期西部地区外贸总值超六成。民营企业继续担当外贸主力军，外商投资企业、国有企业进出口增速均超10%。 "十四五"期间我国新建国家计量基准34项 国铁集团11月17日发布的数据显示，今年1至10月，全国铁路发送旅客39.5亿人次，同比增长6.4%，客流总量和单日客流量均创 ...

央视网消息（新闻联播）：今年前10个月，我国中西部地区货物贸易进出口6.68万亿元，外贸增速继续 领跑全国。 前10个月，我国西部12省区市货物贸易进出口3.5万亿元，创历史同期新高，同比增长8.9%。西部地区 对共建"一带一路"国家进出口2.2万亿元，占同期西部地区外贸总值超六成。民营企业继续担当外贸主 力军，外商投资企业、国有企业进出口增速均超10%。 今年前10个月，中部6省货物贸易进出口总值3.18万亿元，同比增长9.52%。中部地区外贸"新"意十 足，"新三样"产品出口增长47.35%。其中，电动汽车增长125.39%，高新技术产品占中部地区出口总值 近三成。 ...

Summary of Key Points from Conference Call Industry Overview - The conference call discusses the performance of China's export and import data for October 2025, as well as the challenges faced by the real estate market in China. Export Data - In October 2025, China's export growth rate declined to -6.4%, influenced by fewer working days due to the Mid-Autumn Festival and National Day holidays, a high base effect from the previous year (12.6%), and a divergence in foreign trade demand [1][2] - Cumulative export growth from January to October 2025 was 5.3%, with optimistic projections suggesting a maximum annual growth rate of 5.7% and a neutral expectation of around 5.2% [1][5] - Exports to various regions showed a decline: ASEAN from 15.6% to 11%, Africa from 56.4% to 10.6%, and Latin America from 15.2% to 2.1% [1][3] Import Data - In October 2025, the import growth rate significantly dropped to 1%, down from 7.4% in September, primarily due to insufficient domestic demand [6] - Key imports included integrated circuits and automobiles, with integrated circuit imports decreasing from 32.7% to 26.9% and automobile imports increasing from 10.9% to 34% [7][8] Real Estate Market Challenges - The real estate market is facing challenges with declining sales area, average prices, and investment amounts, leading to increased financial pressure on real estate companies [10][11] - Sales data showed a downward trend across all regions, with significant declines in domestic loans, deposits, and personal mortgage loans [11][14] - The market remains cautious, requiring effective policy support to alleviate financial pressures on real estate firms [14] Future Outlook - For 2026, despite risks such as inventory buildup and trade policy uncertainties, China's export growth is expected to remain resilient at approximately 4.4% [9] - The focus of the 15th Five-Year Plan for real estate development emphasizes high-quality growth, improving housing supply, and enhancing regulatory frameworks for pre-sale systems [12]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - China's exports have been consistently exceeding expectations due to the high cost - effectiveness of Chinese goods, a result of domestic "involution" and technological progress. Even after "anti - involution", China's price advantage is expected to last a long time because other countries' price increases are much faster than China's [6]. - There is no situation where exports will decline after the end of "rush - exports". The so - called "rush - exports" and "rush - imports" ended in April, but China's exports did not decline after that [5][6]. - The year - on - year decline in exports in October was mainly due to the base misalignment in September and October 2024. Trade frictions may have also affected the export rhythm in October. The key is to observe the high - frequency export data in November [6]. 3. Summary by Related Catalogs Event Overview - According to the General Administration of Customs, in October 2025, in US dollars, China's imports increased by 1.0% year - on - year (previous value +7.4%), decreased by 9.6% month - on - month (+8.5%); exports decreased by 1.1% year - on - year (+8.3%), decreased by 7.1% month - on - month (+2.1%); the trade surplus decreased by 5.9% year - on - year (+10.6%), decreased by 0.4% month - on - month (-11.6%). Exports had their first year - on - year negative growth since March 2025 [3]. Possible Reasons for the First Negative Growth of Exports since March 2025 - **Base factor**: Exports have obvious seasonal patterns. In 2024, September and October's data deviated from the seasonal pattern, while in 2025, it conformed. As a result, the base in September 2025 was extremely low, and in October 2025, it was extremely high, leading to a high year - on - year export growth rate of 8.3% in September 2025 and a low rate of - 1.1% in October 2025 [3]. - **Tariff interference**: Fewer working days in October, combined with tightened manufacturing exports due to unclear Sino - US negotiation results and the threat of 100% tariffs in trade frictions, may have interfered with October's exports. High - frequency export data was weak in mid - October but rebounded significantly in late October. If the high - frequency data in November is similar to that in late October, subsequent exports will still be strong [4]. - **"Rush - exports end, exports will decline" is a false proposition**: The US "rush - imports" ended in April. Since then, US imports have dropped significantly to 2024 levels. However, China's exports have not declined since April, indicating that this narrative may be wrong [5]. Bond Market Viewpoint - In the context of economic expectation correction, bond yields are expected to rise trend - wise. For stock and bond allocation, the report maintains its previous view [7].

Trade Data Overview - In October 2025, exports decreased by 1.1% year-on-year, down from 8.3% in September, while imports increased by 1.0%, down from 7.4%[2] - The trade surplus for October was $90.07 billion, a decrease of $5.64 billion compared to the same month last year[2] Export Performance - The two-year compound growth rate for October exports was 5.55%, indicating resilience despite the month-on-month decline of 7.0%[2] - Exports to the U.S. saw a slight recovery, with a year-on-year decrease of 25.17%, improving by 1.86 percentage points from September[2] - Exports to the EU, ASEAN, and Japan all experienced declines, with year-on-year decreases of 13.26, 4.67, and 7.52 percentage points, respectively[2] Import Trends - October imports showed a significant month-on-month decline of 9.5%, weaker than the four-year average of -6.22%[2] - Key imports such as fertilizers and copper ore saw notable increases, while traditional demand-related imports like iron ore and steel continued to decline[2] Sector Insights - Midstream products dominated exports, with machinery and high-tech products experiencing declines of 9.7% and 11.4% year-on-year, respectively[2] - Certain sectors like shipbuilding and automotive showed significant recovery, reflecting ongoing strengths in midstream manufacturing[2] Economic Outlook - The report highlights the need for policy support to stabilize domestic demand, as import growth remains low despite five consecutive months of positive growth[3] - Risks include potential delays in domestic policy implementation and changes in U.S.-China tariff issues[3]

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]