注意!外贸形势开始承压!出口高增速的拐点已现,中国的机会在哪里?Notice! The foreign trade situation has begun to come under pressure! The inflection point of high export growth has come, where are the opportunities for China?


发布时间:

2022-09-15

9日国家统计局公布,中国8月CPI同比增长2.5%,预期为2.8%,前值为2.7%;8月PPI同比增长2.3%,预期为3.2%,前值为4.2%。两者数据涨幅均有所回落,这说明我国的经济面在不断向好,那么我国外贸形势如何呢? 外贸形势开始有所承压 中信证券研报指出,8月义乌疫情叠加部分地区的限电等因素的扰动,出口增速显著放缓。以上因素在9月均有所改善,预计9月出口增速可能会出现小幅反弹。中国主要贸易伙伴制造业PMI持续处于下行通道,预计中国出口也将趋势性回落。 但在海外能源问题持续扰动的背景下,中国部分工业品的出口替代效应可能会进一步加强,对出口还有一定支撑。后续国内出口增速的中枢下移也将是渐进缓慢的。 有观点认为出口高增速的拐点已现,我国外贸进出口承压。 中泰证券研报观点称,8月份我国出口增速较7月有所回落,一方面,去年同期基数抬升明显,高基数效应压制本月出口增速;另一方面,海外经济显著放缓,因疫情积压的交货订单或已出清,难以支撑外需维持高位。 不过,光大银行金融市场部宏观研究员周茂华认为,我国出口将继续保持韧性,进口会逐步改善,但预计增速仍将维持低位,“未来几个月我国外贸将呈现出口强、进口弱、贸易顺差高的格局。” 欧洲扩大采暖电器采购 但有一个市场需要特别注意,那就是欧洲市场。说到这里,就有不少人疑惑了,欧洲央行都已经史无前例地将三大关键利率单次上调了75个基点,经济增速预期也下调,那么该市场有什么机会呢? 要知道,在俄乌冲突等因素的影响下,欧洲出现了能源危机,在经过漫长的酷暑之后,严冬将至,欧洲人民该如何度过?众所周知,有危就有机,近期欧洲的紧张能源,正刺激了节能类、取暖类电器的需求。 根据欧盟统计局数据,2022年截至7月,欧盟能源价格通胀年增长率达38.3%,其中天然气和电力价格通胀年增长率分别达52.2%和31.1%。8月以来,能源价格持续高速增长。 根据欧洲电力交易所数据,8月30日欧洲电力系统均价为462.1欧元/兆瓦时,较年初增幅高达6倍;8月26日,荷兰TTF基准天然气期货收盘价格为339.195欧元/兆瓦时,较年初增幅高达5倍。 中国家用电器协会公布数据,今年以来,中国向欧洲出口的电暖器、电热毯等取暖类电器数量激增。 据悉,欧洲市场一直是中国家电出口的增长引擎,近六年来增长持续向好,2021年出口额为295.4亿美元,增长34.4%,占中国家电业出口总额比重为28.3%。 从家电产品细分品类看,增长的品类主要包括空调、电热水器、电暖器、电热毯、电吹风,1-7月累计出口额规模分别为19.9亿美元、1.3亿美元、4.9亿美元、3340万美元、1.6亿美元,其中电热毯以97%的增速引领其他品类。 中国家用电器协会信息咨询部相关人士认为,这些高增长的品类都具有温度调节的作用,说明欧洲消费者明显在扩大采暖类产品的采购,为即将到来的冬季做储备。 空气源热泵出口潜力巨大 另外,使用了绿色能源的空气源热泵呈现爆发式增长,表现非常亮眼,整体延续了2021年的高速增长态势。 中国目前是欧洲空气源热泵的主要供应国,市场占比达60%;多个欧洲国家市场呈爆发式增长,上半年中国对保加利亚、波兰、意大利、西班牙出口空气源热泵的金额增幅分别高达614%、373%、198%、71%。 据悉,2021年,中国出口欧洲的空气源热泵约200多万台。业内乐观预期,今后中国空气源热泵产品的出口量将会突破千万台。美国、加拿大、意大利、德国、英国等多个欧美国家,均对空气源热泵的推广出台了有力的补贴政策。 欧洲对安装一台空气源热泵的补贴,最高可达5000欧元,分批次落实。 产业在线分析认为,由于目前全球对空气源热泵产品的需求在不断增长,预计空气源热泵出口2022全年至少保持50%以上的增长速度。 信达证券测算,未来欧洲市场户用热泵市场空间将达3773万台,叠加更新和商业、工业用热泵需求,预计未来欧洲市场热泵的长期市场需求量将超过4000万台。 On the 9th, the National Bureau of Statistics announced that China's CPI in August increased by 2.5% year-on-year, compared with the expected 2.8%, and the previous value was 2.7%; the PPI in August increased by 2.3% year-on-year, compared with the expected 3.2%, and the previous value was 4.2%. Both the data growth rates have dropped, which shows that my country's economic situation is constantly improving, so what is the situation of my country's foreign trade? The foreign trade situation has begun to come under pressure The CITIC Securities Research Report pointed out that the epidemic in Yiwu in August was superimposed by the disturbance of factors such as power cuts in some areas, and the growth rate of exports slowed down significantly. The above factors all improved in September, and it is expected that the export growth rate may rebound slightly in September. The manufacturing PMI of China's major trading partners continues to be in a downward channel, and it is expected that China's exports will also trend down. However, in the context of the continuous disturbance of overseas energy issues, the export substitution effect of some industrial products in China may be further strengthened, and there is still a certain support for exports. The subsequent downward shift of the domestic export growth rate will also be gradual and slow. Some people believe that the inflection point of high export growth has come, and my country's foreign trade imports and exports are under pressure. According to the research report of Zhongtai Securities, the growth rate of my country's exports in August was lower than that of July. On the one hand, the base rose significantly in the same period last year, and the high base effect suppressed export growth this month; on the other hand, the overseas economy slowed down significantly. Due to the backlog of delivery orders due to the epidemic, it may have been cleared, and it is difficult to support the high level of external demand. However, Zhou Maohua, a macro researcher at the Financial Market Department of China Everbright Bank, believes that my country's exports will continue to remain resilient and imports will gradually improve, but the growth rate is expected to remain low. "In the next few months, my country's foreign trade will show strong exports, weak imports and a trade surplus high profile." Europe expands procurement of heating appliances But there is one market that needs special attention, and that is the European market. Speaking of this, many people are puzzled. The European Central Bank has unprecedentedly raised the three key interest rates by 75 basis points at a time, and the economic growth forecast has also been lowered. So what opportunities does this market have? You must know that under the influence of the Russian-Ukrainian conflict and other factors, there has been an energy crisis in Europe. After a long scorching summer, the severe winter is approaching. How should the European people survive? As we all know, when there is danger, there is opportunity. The recent shortage of energy in Europe is stimulating the demand for energy-saving and heating appliances. According to Eurostat data, as of July 2022, the annual growth rate of EU energy price inflation will reach 38.3%,

9日国家统计局公布,中国8月CPI同比增长2.5%,预期为2.8%,前值为2.7%;8月PPI同比增长2.3%,预期为3.2%,前值为4.2%。两者数据涨幅均有所回落,这说明我国的经济面在不断向好,那么我国外贸形势如何呢?

外贸形势开始有所承压

中信证券研报指出,8月义乌疫情叠加部分地区的限电等因素的扰动,出口增速显著放缓。以上因素在9月均有所改善,预计9月出口增速可能会出现小幅反弹。中国主要贸易伙伴制造业PMI持续处于下行通道,预计中国出口也将趋势性回落。

但在海外能源问题持续扰动的背景下,中国部分工业品的出口替代效应可能会进一步加强,对出口还有一定支撑。后续国内出口增速的中枢下移也将是渐进缓慢的。

有观点认为出口高增速的拐点已现,我国外贸进出口承压。

中泰证券研报观点称,8月份我国出口增速较7月有所回落,一方面,去年同期基数抬升明显,高基数效应压制本月出口增速;另一方面,海外经济显著放缓,因疫情积压的交货订单或已出清,难以支撑外需维持高位。

不过,光大银行金融市场部宏观研究员周茂华认为,我国出口将继续保持韧性,进口会逐步改善,但预计增速仍将维持低位,“未来几个月我国外贸将呈现出口强、进口弱、贸易顺差高的格局。”

欧洲扩大采暖电器采购

但有一个市场需要特别注意,那就是欧洲市场。说到这里,就有不少人疑惑了,欧洲央行都已经史无前例地将三大关键利率单次上调了75个基点,经济增速预期也下调,那么该市场有什么机会呢?

要知道,在俄乌冲突等因素的影响下,欧洲出现了能源危机,在经过漫长的酷暑之后,严冬将至,欧洲人民该如何度过?众所周知,有危就有机,近期欧洲的紧张能源,正刺激了节能类、取暖类电器的需求。

根据欧盟统计局数据,2022年截至7月,欧盟能源价格通胀年增长率达38.3%,其中天然气和电力价格通胀年增长率分别达52.2%和31.1%。8月以来,能源价格持续高速增长。

根据欧洲电力交易所数据,8月30日欧洲电力系统均价为462.1欧元/兆瓦时,较年初增幅高达6倍;8月26日,荷兰TTF基准天然气期货收盘价格为339.195欧元/兆瓦时,较年初增幅高达5倍。

中国家用电器协会公布数据,今年以来,中国向欧洲出口的电暖器、电热毯等取暖类电器数量激增。

据悉,欧洲市场一直是中国家电出口的增长引擎,近六年来增长持续向好,2021年出口额为295.4亿美元,增长34.4%,占中国家电业出口总额比重为28.3%。

从家电产品细分品类看,增长的品类主要包括空调、电热水器、电暖器、电热毯、电吹风,1-7月累计出口额规模分别为19.9亿美元、1.3亿美元、4.9亿美元、3340万美元、1.6亿美元,其中电热毯以97%的增速引领其他品类。

中国家用电器协会信息咨询部相关人士认为,这些高增长的品类都具有温度调节的作用,说明欧洲消费者明显在扩大采暖类产品的采购,为即将到来的冬季做储备。

空气源热泵出口潜力巨大

另外,使用了绿色能源的空气源热泵呈现爆发式增长,表现非常亮眼,整体延续了2021年的高速增长态势。

中国目前是欧洲空气源热泵的主要供应国,市场占比达60%;多个欧洲国家市场呈爆发式增长,上半年中国对保加利亚、波兰、意大利、西班牙出口空气源热泵的金额增幅分别高达614%、373%、198%、71%。

据悉,2021年,中国出口欧洲的空气源热泵约200多万台。业内乐观预期,今后中国空气源热泵产品的出口量将会突破千万台。美国、加拿大、意大利、德国、英国等多个欧美国家,均对空气源热泵的推广出台了有力的补贴政策。

欧洲对安装一台空气源热泵的补贴,最高可达5000欧元,分批次落实。

产业在线分析认为,由于目前全球对空气源热泵产品的需求在不断增长,预计空气源热泵出口2022全年至少保持50%以上的增长速度。

信达证券测算,未来欧洲市场户用热泵市场空间将达3773万台,叠加更新和商业、工业用热泵需求,预计未来欧洲市场热泵的长期市场需求量将超过4000万台。

On the 9th, the National Bureau of Statistics announced that China's CPI in August increased by 2.5% year-on-year, compared with the expected 2.8%, and the previous value was 2.7%; the PPI in August increased by 2.3% year-on-year, compared with the expected 3.2%, and the previous value was 4.2%. Both the data growth rates have dropped, which shows that my country's economic situation is constantly improving, so what is the situation of my country's foreign trade?

The foreign trade situation has begun to come under pressure
The CITIC Securities Research Report pointed out that the epidemic in Yiwu in August was superimposed by the disturbance of factors such as power cuts in some areas, and the growth rate of exports slowed down significantly. The above factors all improved in September, and it is expected that the export growth rate may rebound slightly in September. The manufacturing PMI of China's major trading partners continues to be in a downward channel, and it is expected that China's exports will also trend down.

However, in the context of the continuous disturbance of overseas energy issues, the export substitution effect of some industrial products in China may be further strengthened, and there is still a certain support for exports. The subsequent downward shift of the domestic export growth rate will also be gradual and slow.

Some people believe that the inflection point of high export growth has come, and my country's foreign trade imports and exports are under pressure.

According to the research report of Zhongtai Securities, the growth rate of my country's exports in August was lower than that of July. On the one hand, the base rose significantly in the same period last year, and the high base effect suppressed export growth this month; on the other hand, the overseas economy slowed down significantly. Due to the backlog of delivery orders due to the epidemic, it may have been cleared, and it is difficult to support the high level of external demand.

However, Zhou Maohua, a macro researcher at the Financial Market Department of China Everbright Bank, believes that my country's exports will continue to remain resilient and imports will gradually improve, but the growth rate is expected to remain low. "In the next few months, my country's foreign trade will show strong exports, weak imports and a trade surplus high profile."

Europe expands procurement of heating appliances
But there is one market that needs special attention, and that is the European market. Speaking of this, many people are puzzled. The European Central Bank has unprecedentedly raised the three key interest rates by 75 basis points at a time, and the economic growth forecast has also been lowered. So what opportunities does this market have?

You must know that under the influence of the Russian-Ukrainian conflict and other factors, there has been an energy crisis in Europe. After a long scorching summer, the severe winter is approaching. How should the European people survive? As we all know, when there is danger, there is opportunity. The recent shortage of energy in Europe is stimulating the demand for energy-saving and heating appliances.

According to Eurostat data, as of July 2022, the annual growth rate of EU energy price inflation will reach 38.3%, of which the annual growth rate of natural gas and electricity price inflation will reach 52.2% and 31.1% respectively. Since August, energy prices have continued to grow rapidly.

According to the data of the European Electricity Exchange, the average price of the European power system was 462.1 euros/MWh on August 30, an increase of 6 times compared with the beginning of the year; on August 26, the closing price of the Dutch TTF benchmark natural gas futures was 339.195 euros/MWh , an increase of up to 5 times compared to the beginning of the year.

According to data released by the China Household Electrical Appliances Association, since the beginning of this year, the number of heating appliances such as electric heaters and electric blankets exported from China to Europe has surged.

It is reported that the European market has always been the growth engine of China's home appliance exports. In the past six years, the growth has continued to improve. In 2021, the export value will be 29.54 billion US dollars, an increase of 34.4%, accounting for 28.3% of China's total home appliance industry exports.

From the perspective of sub-categories of home appliances, the growing categories mainly include air conditioners, electric water heaters, electric heaters, electric blankets, and hair dryers. The cumulative export volume from January to July was US$1.99 billion, US$130 million, US$490 million, 33.4 million US dollars, 160 million US dollars, of which electric blankets lead other categories with a growth rate of 97%.

A person from the Information Consulting Department of the China Household Electrical Appliances Association believes that these high-growth categories have the effect of temperature regulation, indicating that European consumers are obviously expanding the purchase of heating products to prepare for the upcoming winter.

The export potential of air source heat pump is huge
In addition, air source heat pumps using green energy have shown explosive growth and performed very well, continuing the high-speed growth trend in 2021 as a whole.

China is currently the main supplier of air source heat pumps in Europe, accounting for 60% of the market; the market in many European countries has experienced explosive growth. In the first half of the year, China's exports of air source heat pumps to Bulgaria, Poland, Italy and Spain increased by 614%. %, 373%, 198%, 71%.

It is reported that in 2021, China will export more than 2 million air source heat pumps to Europe. The industry is optimistic that the export volume of China's air source heat pump products will exceed 10 million units in the future. The United States, Canada, Italy, Germany, the United Kingdom and many other European and American countries have issued powerful subsidy policies for the promotion of air source heat pumps.

The European subsidy for the installation of an air source heat pump can reach up to 5,000 euros and be implemented in batches.

Industry online analysis believes that due to the current global demand for air source heat pump products, it is expected that air source heat pump exports will maintain a growth rate of at least 50% in 2022.

Cinda Securities estimates that the market space for household heat pumps in the European market will reach 37.73 million units in the future. With the addition of updated and commercial and industrial heat pump demand, it is estimated that the long-term market demand for heat pumps in the European market will exceed 40 million units in the future.

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