如果从中报业绩预增的五矿发展、江苏舜天、江苏国泰来看，贸易行业景气回升迹象正进一步强化。尤其是2012年主营收入接近1500亿元、A股贸易行业排第一的央企五矿发展在预告中称，预计净利润与上年同期相比有较大增长，而此前一季报业绩已经较2012年有较大改善。

如果从中报业绩预增的Minmetals development/Jiangsu sainty/Jiangsu guotai to see,Signs of recovery are further intensified trade industry.Especially in 2012, main business income is close to 150 billion yuan/State-owned minmetals development of a-shares trade industry ranked first in the trailer said,Expected net profit year-on-year have bigger growth,After a quarterly performance has improved substantially in 2012.

　　五矿发展是整个贸易行业经营出现改善的缩影。《大众证券报》数据中心统计发现，无论从营业收入、营业利润的增速，还是净利润增长的变化情况来看，今年一季度，整个贸易行业已经发生了向好的变化。

Minmetals development是整个贸易行业经营出现改善的缩影.[Public securities]Data center statistics found,No matter from revenues/Operating profit growth,Changes in net profit growth conditions,In the first quarter this year,The entire trade industry has changed for the better.

　　Wind数据显示，申万贸易行业一季度营业收入同比上升15.16%，而2012年为下降0.16%；营业利润增速上，也从去年的-54.32%大幅提升至32.51%；净利润也同步改善，由去年的下降53.24%转变为增长26.94%。

Wind数据显示,All trade industry in the first quarter revenue rose 15.16% from a year,The 0.16% decline in 2012;Operating profit growth,Also improved from last year's 54.32% to 32.51%;Net income also improved simultaneously,By last year fell by 53.24% to 26.94% growth.

　　具体来看，21家A股贸易上市公司中，一季度营收增速高于2012年的公司多达17家，这包括A股行业营收前五中的五矿发展、上海物贸(600822,股吧)、厦门国贸(600755,股吧)、如意集团(000626,股吧)。同期营业利润同样较去年提升的公司也有15家，行业营收前五公司全部改善，包括营收下降的中化国际(600500,股吧)。其中，五矿发展、中化国际、厦门国贸、如意集团还分别从去年下滑17.47%、25.38%、28.56%、25.92%，到今年一季度实现了58.01%、12.45%、14.38%、65.68%的正增长。

具体来看,In the 21 listed a-shares trade companies,First quarter revenue growth is higher than the company up to 17 in 2012,This includes the a-share industry revenue in the first five minmetals development/Shanghai WuMao(600822,stocks)/Xiamen international trade(600755,stocks)/ruyi(000626,stocks).At the same time operating profits compared with last year same company has 15 of ascension,All five companies improve before industry revenue,Sinochem international include loss of revenue(600500,stocks).Among them,Minmetals development/Sinochem international/Xiamen international trade/Ruyi also were down 17.47% since last year/25.38%/28.56%/25.92%,To the first quarter of this year by 58.01%/12.45%/14.38%/The positive growth of 65.68%.

　　如果进一步观察这21家贸易上市公司的一季报中营运能力方面的财务指标，可以发现营业利润、净利润方面的提升，确实源自企业经营状况的改善，证明行业景气出现了回升。19家有可比数据的贸易公司今年一季度平均存货周转率为2.93次，去年同期为2.79次。流动资产周转率上，今年一季度平均周转0.675次，而去年一季度只有0.611次。同时，11家公司今年一季度应收账款周转率比去年同期提高，如兰生股份(600826,股吧)从11.52次提升至27.53次。

如果进一步观察这21家贸易上市公司的一季报中营运能力方面的财务指标,Can be found that operating profit/Net profit improvements,Really comes from the improvement in business conditions,Prove industry boom appeared.19 have comparable data trading company in the first quarter this year, on average, the inventory turnover ratio is 2.93 times,2.79 times the same period last year.Current assets turnover,In the first quarter this year the average turnover of 0.675 times,And in the first quarter of last year was only 0.611 times.At the same time,11 companies in the first quarter this year accounts receivable turnover ratio increase than the same period last year,Such as birth shares(600826,stocks)From 11.52 times to 27.53 times.

　　东兴证券商贸研究员高坤表示，由于行业特性，存货的周转情况、应收账款率很能反映贸易行业的“冷暖”，流动资产的周转情况对于贸易企业运营质量也很重要。多数上市公司，尤其是重点公司一季度都能看到改善，而且费用出现了下降。从4月份追踪的情况看，改善仍在继续，这最终将反映到业绩上，尤其是去年基数较低，改善情况还将持续。

东兴证券商贸研究员高坤表示,Because industry characteristics,Inventory turnover situation/Accounts receivable rate can reflect the trade industry"Changes in temperature",Current assets turnover situation for trade business quality is also very important.Most of the listed company,Especially the key companies in the first quarter can be improved,And costs fell.From April see tracking situation,Improve continues,This will eventually be reflected in the results,Especially the low base last year,Improvement will continue.

　　可以看到，我国1-4月外贸延续了去年四季度以来的反弹，统计局数据显示1-4月我国进出口总值8.36万亿元，同比增长14.0%，较前3月的13.39%略微加快，也高于去年同期6.0%及全年的6.2%的增速。

可以看到,April 1 - in our country foreign trade for the rebound since the fourth quarter of last year,Bureau of statistics data show in April 1 - China's import and export value of 8.36 trillion yuan,Up 14.0% from a year earlier,The previous slightly accelerated 13.39% in March,Also 6.0% higher than the same period last year and the year of 6.2% growth.

　　而已发中报预告的三家公司对比去年也都向好：预计较大幅增长的五矿发展，去年中报业绩为下降142.48%；江苏舜天预计中期业绩大幅增长，去年仅略增3.91%；江苏国泰虽预计增长0-30%，去年同期下降10.90%。

而已发中报预告的三家公司对比去年也都向好:Minmetals development is expected to surge,Interim results for fell by 142.48% last year;Jiangsu sainty medium-term performance is expected to increase substantially,Only slightly increased 3.91% last year;Jiangsu guotai is 0-30% expected growth,In the same period last year dropped by 10.90%.