本报告以图表形式全景梳理中欧贸易数据。中欧于2026年10月9日经两天谈判发布语调缓和的联合声明，双方同意于2027年3月举行第三轮磋商，被视为积极进展。欧盟是中国最大出口市场，占2026年年初至今中国总出口的15%，美国份额已降至10%；据OECD TiVA数据，欧盟约占中国国内增加值（隐含于外国最终需求）的19-20%，美国约14%。近年中国对欧盟出口与整体出口基本同步，份额稳定；中国自欧盟进口自2022年起下降，部分反映中国更多受AI周期影响、进口需求转向科技供应链。中国对欧盟贸易顺差扩大，几乎对所有成员国均为顺差，主因进口替代增强与中国竞争力提升（如汽车由逆差转为顺差）。产品结构上，资本品与工业原材料贡献主要顺差，核心产品包括自动数据处理设备、电池、电话、变压器和太阳能电池板；
China and the EU released a joint statement on 9 October after two days of negotiations under the trade dialogue launched in mid-2026 to address the EU's concerns over bilateral trade imbalances. The tone was conciliatory and both sides agreed to hold the 3rd round of talks in March 2027, which we see as a positive development. The EU is China's largest export market, accounting for 15% of total exports YTD 2026, versus the US at 10%. Based on OECD TiVA data, we estimate the EU contributes roughly 19-20% of China's domestic value added embodied in foreign final demand, compared with about 14% for the US. China's trade surplus with the EU has expanded and it now runs a surplus with nearly all EU member states, likely reflecting stronger import substitution and rising Chinese competitiveness. Capital goods and industrial supplies account for the bulk of the surplus, with key products including automatic data-processing equipment, batteries, telephones, electrical transformers and convert