The CITIC Securities Research Report said that the export growth rate in May this year was higher than previous values and expectations, reflecting that the foreign trade export chain is still in a high boom range. In May, exports from the electronics, AI, and automobile industry chains were strong, and exports of terminal consumer goods were relatively poor, reflecting the economic recovery characteristics of K-type differentiation in developed economies. The good export performance of the electronics, AI, and automobile industry chains is related to the rapid growth in global AI investment demand and the rise in traditional energy prices driving new energy vehicle exports. From the perspective of volume and price splitting, we judge that a large proportion of the performance exceeding expectations in April-May came from price contributions. The import growth rate also exceeded expectations in May. The main reason was that the domestic manufacturing boom continued to improve, the rapid growth in demand for AI computing power led to price increases for products such as integrated circuits, and the high price of traditional upstream energy. Looking ahead, we judge that under multiple favorable factors, imports and exports are expected to maintain strong resilience in the second half of the year. In terms of export categories, considering the healing characteristics of K-type differentiation in overseas economies, we expect that the export performance of the electronics, AI, and automobile industry chains will continue to be better than terminal consumer goods.

The CITIC Securities Research Report said that the export growth rate in May this year was higher than previous values and expectations, reflecting that the foreign trade export chain is still in a high boom range. In May, exports from the electronics, AI, and automobile industry chains were strong, and exports of terminal consumer goods were relatively poor, reflecting the economic recovery characteristics of K-type differentiation in developed economies. The good export performance of the electronics, AI, and automobile industry chains is related to the rapid growth in global AI investment demand and the rise in traditional energy prices driving new energy vehicle exports. From the perspective of volume and price splitting, we judge that a large proportion of the performance exceeding expectations in April-May came from price contributions. The import growth rate also exceeded expectations in May. The main reason was that the domestic manufacturing boom continued to improve, the rapid growth in demand for AI computing power led to price increases for products such as integrated circuits, and the high price of traditional upstream energy. Looking ahead, we judge that under multiple favorable factors, imports and exports are expected to maintain strong resilience in the second half of the year. In terms of export categories, considering the healing characteristics of K-type differentiation in overseas economies, we expect that the export performance of the electronics, AI, and automobile industry chains will continue to be better than terminal consumer goods.