CITIC Securities research report said that under the low base effect, the export growth rate in May has rebounded significantly, and the overall export chain is still in a relatively high prosperity. From the export structure point of view, China's exports to ASEAN and Latin America performed well in May, and the semiconductors industry chain, the real estate post-cycle industrial chain, the auto industry chain, and the machinery and transportation equipment all contributed significantly to the positive export growth rate. On the import side, the import growth rate in May has fallen, which may be related to base factors and the slower-than-expected recovery of domestic manufacturing. In terms of structure, the import of consumer electronic intermediate parts and components, such as automatic data processing equipment and integrated circuits, maintained a fast growth rate, reflecting that the relevant industry may have started actively replenishing their stock. Looking ahead, the low base effect of the same period last year, the gradual opening of overseas inventory cycles, the revival of the manufacturing industry in the Belt and Road countries, and the preemptive shipping by foreign trade companies to avoid geopolitical risks are expected to continue to drive export growth in the next few months.