棉花主力 (ZCE_CF) 加自选

中国出口同比大幅反弹5.9%，美国出货量仍呈两位数下降。中国11月贸易数据呈现强于预期的反弹，出口同比飙升5.9%，至3303.5亿美元，大幅扭转了10月-1.1%的跌幅。这一改善标志着自2024年初以来最强劲的表现。

China's exports rebound sharply by 5.9% yoy, US shipments remain deep in double-digit decline.China's November trade data delivered a stronger-than-expected rebound, with exports surging 5.9% yoy to USD 330.35B, sharply reversing October's -1.1% decline. The improvement marks the strongest performance since early 2024.

研究中国——双速经济。中国的最新数据对双速经济的总体情况几乎没有变化，国内需求疲软，而出口和科技继续保持强劲。

Research China – A Two-Speed Economy.The latest data in China has changed little to the overall picture of a two-speed economy with domestic demand looking weak while exports and tech continue to power ahead.

中国政治局表示，经济运行总体稳定。中国政治局表示，经济运行总体稳定

China's Politburo says economic operation is generally stable.China's Politburo says economic operation is generally stable

中国11月出口高于预期，进口表现不佳。11月，中国的出口超过了预期，这得益于与美国的关税休战，尽管工厂活动疲软，从前期装载点到具有挑战性的2026年的回报消失。

China's November exports top expectations, imports underperform.China's exports topped forecasts in November, buoyed by a boost from a tariff truce with the U.S. even as weak factory activity and vanishing returns from front-loading point to a challenging 2026.