Zhongjin: Excluding the base, exports still remain stable.

CICC believes that excluding the base effect, the two-year compound growth rate in September and October remained steady at 5.3%-5.5%. Shipments of products such as ships and cars maintained resilience, while exports of electrical and mechanical products generally declined. Imports fell by 1.0% year-on-year, due to the dual impact of prices and quantities. It is expected that with the base effect declining, exports in November will improve year-on-year.