欧美用电问题凸显，公司增长势能充沛 分区域看，美国/欧洲市场在政策退坡等因素下短期节奏有所扰动，澳洲市场在"Cheap HomeBatteries"补 贴计划加持下景气表现突出，对应单7 月澳大利亚太阳能电池安装数量接近2024年全年总量1/4。格局 维度，美国市场呈现Tesla 和Enphase 双寡头格局，欧洲和澳洲市场对于优质的非本土厂商并不排斥。产 品方面，对比Anker Solix X1 和Tesla Powerwall 3 来看，Anker Solix X1 在电芯材质、模块化、每千瓦时 价格等维度上更加领先。后续公司也有望凭借优异品牌积淀持续开拓优质渠道。 投资建议：赛道景气较优，公司动能充沛 欧美市场用电成本高，电价波动幅度大、用电稳定性不足等问题突出，储能赛道有望持续增长，便携式 储能&户储行业大盘远期复合增速均在20%+，阳台光储、澳洲户储边际景气优异。于公司而言，作为 阳台光储开创者，有望持续享受行业优异增速红利，优异产品竞争力加持下，便携式储能和户储赛道的 份额或稳中有升，我们预计公司2025-2027 年归母净利润分别为26.57、31.98 和38.95 亿元，对应PE 分 别为2 ...

[Table_scodeMsg1] 联合研究丨公司深度丨安克创新（300866.SZ） [Table_Title] 纵览安克增长前景系列报告之五： 如何看待储能板块增长势能？ %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 欧美市场用电成本高，电价波动幅度大、用电稳定性不足等问题突出，储能赛道有望持续增长， 便携式储能、户储行业大盘远期复合增速均在 20%+，阳台光储、澳洲户储边际景气优异。于 公司而言，作为阳台光储开创者，有望持续享受行业优异增速红利，优异产品竞争力加持下， 便携式储能和户储赛道的份额或稳中有升。 分析师及联系人 [Table_Author] 陈亮 李锦 杨洋 SAC：S0490517070017 SAC：S0490514080004 SAC：S0490517070012 SFC：BUW408 SFC：BUV258 SFC：BUW100 霍博 请阅读最后评级说明和重要声明 2 / 23 %% %% %% %% research.95579.com 2 [Table_scodeMsg2] 安克创新（300866.SZ ...

Core Insights - The report emphasizes the importance of "strong, change, and new" in the 2026 strategy for the trading industry, focusing on both external and internal demand, particularly through consumer exports and resource trading [1][3] Group 1: Industry Review and Trends - In 2025, the trading industry benefited from national subsidies, leading to a recovery in consumer demand, particularly in discretionary categories, with growth rates of 18-21% for various consumer goods [3][14] - The "anti-involution" trend has led to a recovery in production profits, with industrial profits showing over 20% year-on-year growth in August and September [3][23] - The rise of new consumption patterns, the impact of trade wars on consumer exports, and the significant increase in gold prices present unique opportunities for the industry [3][24][26] Group 2: Future Directions for the Trading Industry - Consumer exports and trade security are expected to play a crucial role in China's economy, with a focus on building "Chinese brands" globally [3][28] - The gold and jewelry retail sector is anticipated to remain a key area of focus in 2026, despite high gold prices, as consumer habits typically lag behind price changes [3][29] - The bulk trading sector is at a turning point, with potential for the emergence of large Chinese trading groups similar to Japan's trading houses [3][30] - Retail and tourism sectors are expected to undergo significant changes and reforms, providing marginal catalysts for growth [3][31] Group 3: Investment Recommendations - Strong investment opportunities include companies involved in consumer exports such as Xiaoshangcheng, Anker Innovations, and Luguan Technology, as well as gold retail brands like Luk Fook Holdings and Chow Tai Fook [3][33] - Companies undergoing changes in trading cycles and brand development, such as Xiamen Xiangyu and Yonghui Superstores, are also recommended [3][34] - New consumption trends represented by brands like Laopu Gold and Pop Mart are highlighted as potential growth areas [3][35] - Companies with low valuations, including Huazhu Group and Miniso, are suggested for consideration [3][36] Group 4: Cross-Border E-commerce Growth - The cross-border e-commerce sector is experiencing high growth, with exports reaching 2.6 trillion yuan in 2024, a 10.8% increase year-on-year [42] - The sector's growth is driven by China's supply chain advantages and increasing e-commerce penetration in overseas markets [42][45] - Future growth in cross-border e-commerce is expected to be fueled by the branding of supply chains and the continued rise of overseas e-commerce platforms [42][45] Group 5: Bulk Supply Chain Recovery - The bulk supply chain industry is fragmented, with leading companies holding less than 2% market share, indicating significant growth potential [54] - The market concentration in the bulk supply chain sector is increasing, with leading companies showing continuous growth [54][58] - As domestic manufacturing becomes more specialized, the advantages of leading supply chain companies in terms of scale and efficiency are expected to enhance their market share [58]

今天分享的是：2025年中国出口跨境电商发展趋势白皮书 报告共计：8页 中国出口跨境电商迈入价值创造新阶段 自主创新与AI赋能成关键引擎 近年来，中国出口跨境电商行业正经历从"价格竞争"到"价值创造"的深刻转型。根据《2025年中国出口跨境电商发展趋势白皮书》，随着全球消费市场尤其 是Z世代网购人群比例预计攀升至90.3%，中国卖家不再依赖低价策略，而是通过产品创新、技术升级和品牌建设，推动行业向高质量发展迈进。在供应 端，已有64%的中国卖家将选品重点转向全新品类或现有产品的迭代更新，35%的销量来自一年内新选品，显示出创新已成为出海增长的核心动力。 在产品创新方面，中国企业展现出强劲的自主研发实力与市场敏锐度。白皮书指出，超过88%的出海产品为自主创新，32%为全球首发品类，涵盖AI智能硬 件、新一代信息技术等前沿领域。品牌通过挖掘用户真实需求，从使用场景中提炼创新方向，例如推出免换水扫地机器人、口袋无人机、柔美机械键盘等产 品，不仅解决了传统产品的痛点，还开辟了全新细分市场。这些创新产品在亚马逊等平台上获得平均4.3分以上的用户评价，超过60%的品牌产品斩获国际 奖项，显示出全球消费者对中国智造的认可。 ...

Group 1: New Energy Vehicles - Evergrande Auto, once a major player in the new energy vehicle sector, is now associated with abandoned land, which may soon be taken over by Guangzhou state-owned enterprises [2] - Li Auto is facing challenges with declining sales and has acknowledged a slowdown in efficiency during a recent strategic meeting, prompting a reevaluation of its product and research strategies [6] Group 2: Consumer Electronics - Anker Innovations, known for its charging products, is facing a significant recall crisis involving over 1.86 million power banks due to safety issues, which has impacted its stock price and market value [3] Group 3: Automotive Market - Honda Fit, once a popular model, has seen its sales plummet to single digits, reflecting a broader decline in the fuel small car market in China [4] Group 4: Real Estate - The real estate sector is undergoing a leadership shake-up, with over 20 companies changing their chairpersons in the past six months, indicating a shift in management to adapt to new industry challenges [5] - Vanke's new chairman has emphasized the importance of market-oriented support from its major shareholder, Shenzhen Metro Group, during a recent shareholder meeting [13] Group 5: Luxury Automotive Market - Maserati has drastically reduced the price of its Grecale Folgore model to 358,800 yuan, indicating increased competition in the luxury car market, particularly from domestic brands [7] Group 6: Technology and Privacy - Xiaomi has responded to allegations regarding its smartwatch's diving capabilities, clarifying that the product in question was not certified for diving, thus addressing concerns about misleading marketing [11] - Starbucks is facing scrutiny for allegedly misusing precise location data from its app to push promotions without user consent, raising privacy concerns [12]

Core Insights - The article highlights a critical window for cross-border e-commerce companies to comply with tax regulations as the tax authority actively seeks to understand industry pain points and solutions [1][3]. Group 1: Revenue Recognition Issues - There is a discrepancy between the total sales reported by platforms and the actual income received by sellers, leading to confusion in revenue recognition [3][15]. - For example, a product sold for $100 may result in a net income of only $40 after deducting platform fees, while the platform reports the total sales of $100 [3][4]. - According to the 2025 No. 15 announcement, platforms report total sales, which does not reflect the actual income of cross-border sellers, causing potential tax inquiries due to significant income gaps [15][12]. Group 2: Taxpayer Identification Challenges - Many sellers operate multiple store fronts under different entities, complicating the identification of the actual taxpayer [12][16]. - The tax authority is unclear about the relationships between these entities and their actual operations, leading to compliance challenges [12][16]. - The article suggests that the tax authority should consider the operational realities of cross-border sellers and their compliance structures [28][30]. Group 3: Recommendations for Tax Authority - The industry suggests that the tax authority should clarify revenue recognition standards and allow for net income reporting [33][31]. - A transitional policy is recommended to help businesses adjust to historical data discrepancies [33]. - The article advocates for the tax authority to provide clear guidelines on tax treatment for cross-border e-commerce to avoid undue burdens on compliant businesses [30][34]. Group 4: Industry Response and Support - The article emphasizes the importance of industry participation in the tax authority's research process, encouraging businesses to engage actively [36][37]. - Companies are advised to prepare for the survey and present their operational realities and policy suggestions effectively [36][37]. - The article positions the consulting firm as a strategic partner for compliance transformation, offering tailored solutions for revenue recognition and taxpayer identification issues [36][37].

Investment Rating - The report maintains an "Overweight" rating for the retail industry [1] Core Insights - The 2025 Double Eleven sales period saw a total e-commerce sales of approximately 1,695 billion yuan, representing a year-on-year increase of 14.2%. The comprehensive e-commerce platforms accounted for 1,619.1 billion yuan, with a year-on-year growth of 12.3% [4][9] - Instant retail showed remarkable growth, with sales reaching 67 billion yuan during the Double Eleven period, marking a year-on-year increase of 138% [10][15] - Key product categories such as digital appliances, food and beverages, furniture, and pet products experienced significant growth, with pet sales reaching 9.2 billion yuan, up 59% year-on-year [15][16] Summary by Sections Weekly Industry Viewpoint - The Double Eleven sales period was extended, contributing to steady growth in total e-commerce sales. The sales period for 2025 was from October 7 to November 11, compared to October 14 to November 11 in 2024 [9] - Instant retail emerged as a highlight, with substantial growth compared to traditional e-commerce formats [10] Weekly Market Review - From November 10 to November 16, the Shenwan retail index increased by 4.06%, while the Shanghai Composite Index decreased by 0.18% [17] - Year-to-date performance shows the Shenwan retail index up by 8.43%, compared to a 19.06% increase in the Shanghai Composite Index [17][22] Company Valuation Table - The report includes a detailed valuation table for various companies in the retail sector, with specific metrics such as market capitalization and P/E ratios [24][25]

Group 1: Autonomous Driving and Smart Mobility - Didi Autonomous Driving has announced a strategic partnership with the Abu Dhabi Investment Office (ADIO) to support the development of smart mobility and sustainable transportation in Abu Dhabi, aiming to contribute 44 billion AED to the GDP and create 40,000 jobs by 2045 [1] - WeRide has received approval from the UAE federal government to launch commercial operations of fully autonomous Robotaxi services in Abu Dhabi, marking the first city-level L4 autonomous driving license outside the US [2] Group 2: Digital and AI Solutions - The United Nations Solutions Platform (UNSH) was launched at COP30, with Tencent and other Chinese companies participating as strategic partners, aiming to accelerate carbon reduction and promote sustainable development through digital infrastructure [3] - Baidu has launched a one-stop AI learning and office platform "Oreate" overseas, which has gained over one million users and topped the Product Hunt daily chart [4] Group 3: Consumer Market Expansion - Xiaomi is set to open its first direct store in Paris, marking its continued expansion in France since entering the market in 2018 [5] - The mother and baby brand Kyte Baby, founded by a Chinese entrepreneur, has gained popularity in North America with bamboo fiber products, achieving annual revenue exceeding 10 million USD [6] - Didi's food delivery brand 99Food has launched operations in Bahia, Brazil, investing 100 million BRL to expand its market presence [8] Group 4: Entertainment and Gaming - Tencent's international gaming revenue has surpassed 20 billion CNY, driven by a 43% year-on-year growth, reflecting the success of its global strategy [9] Group 5: Globalization and Investment - Transsion Holdings plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its international brand image and diversify financing channels [14] - Anker Innovations is planning to issue H-shares and list on the Hong Kong Stock Exchange to advance its global strategy [15] - Leshushi, known as the "diaper king of Africa," has listed on the Hong Kong Stock Exchange with a market value approaching 20 billion CNY on its first trading day [16] - Yushu Technology has completed its listing guidance, with its quadruped robots holding a nearly 70% market share globally [17] Group 6: Manufacturing and Infrastructure - Bowei Alloy plans to invest up to 150 million USD in Morocco to establish a production base for special alloy electronic materials, shifting from a previous project in Vietnam [11] - Ta'ziz and China Chemical Engineering Seventh Construction signed a 1.99 billion USD EPC contract to build the largest PVC plant in the UAE, expected to be operational by Q4 2028 with an annual capacity of 1.9 million tons [12]

Core Viewpoint - Anker Innovations' stock has experienced a decline of 2.02% on November 17, with a current price of 105.52 CNY per share, reflecting a total market capitalization of 56.575 billion CNY. The company has seen a year-to-date stock price increase of 10.56%, but has faced recent declines over various time frames [1]. Financial Performance - For the period from January to September 2025, Anker Innovations reported a revenue of 21.019 billion CNY, representing a year-on-year growth of 27.79%. The net profit attributable to shareholders was 1.933 billion CNY, marking a 31.34% increase compared to the previous year [2]. - Cumulative cash dividends since the company's A-share listing amount to 3.443 billion CNY, with 2.792 billion CNY distributed over the last three years [3]. Shareholder Information - As of September 30, 2025, Anker Innovations had 22,800 shareholders, an increase of 25.71% from the previous period. The average number of circulating shares per person decreased by 19.47% to 13,245 shares [2]. - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 43.4388 million shares, which is a decrease of 4.005 million shares from the previous period. The seventh-largest shareholder is E Fund's ChiNext ETF, holding 4.6066 million shares, down by 0.6826 million shares [3]. Business Overview - Anker Innovations is primarily engaged in the research, design, and sales of consumer electronics, focusing on self-owned brands of mobile device peripherals and smart hardware products. The revenue breakdown is as follows: charging and energy storage products (52.97%), smart innovation products (25.27%), and smart audio-visual products (21.75%) [1].

Core Viewpoint - Anker Innovations is facing significant challenges due to multiple product recalls and cash flow issues, yet it has unexpectedly initiated an IPO in Hong Kong ahead of market expectations. Group 1: Product Recalls and Financial Impact - In 2025, Anker Innovations experienced four major product recalls, including 712,900 power banks in China and 1,158,000 in the U.S., primarily due to fire hazards linked to a specific batch of lithium battery components [3][5]. - The financial repercussions are severe, with the company estimating potential losses in the hundreds of millions if full refunds are issued, alongside a provision of 130 million yuan for quality assurance and 238 million yuan for inventory depreciation [5]. - Cash flow has deteriorated significantly, with a net cash flow from operating activities of -865 million yuan in the first three quarters of 2025, a decline of 152.38% year-on-year, while inventory surged from 3.234 billion yuan to 6.147 billion yuan, an increase of over 90% [5][9]. Group 2: Market Position and Business Performance - Despite the challenges, Anker's energy storage business has shown promise, achieving a revenue of 3.02 billion yuan in 2024, a year-on-year growth of 184%, and is expected to become profitable in 2025 [9]. - The company heavily relies on overseas markets, with 96.68% of its revenue coming from international sales, indicating a vulnerability to market fluctuations [9]. - Inventory levels remain high at 6.147 billion yuan, raising concerns about the company's ability to manage stock effectively, especially given the negative cash flow situation [9][11]. Group 3: Controversial Financial Decisions - Anker Innovations raised 1.1 billion yuan through convertible bonds in July 2025, intended for energy storage and smart hardware development, yet proceeded to distribute 375 million yuan in dividends shortly after, raising questions about its financial strategy [11][13]. - The company's decision to prioritize shareholder dividends over reinvestment in the business during a period of cash flow strain has drawn criticism from investors [11][13]. - The upcoming IPO in Hong Kong is shrouded in uncertainty, with no clear details on the underwriting banks or fundraising amounts, leading to speculation about the company's valuation and market conditions [13][15].