2月24日，广东省高质量发展大会在广州召开，大会期间举行五场平行分会场。在主题为"数字经济与贸 易新业态"的分会场上，赛维时代（301381.SZ）创始人兼董事长陈文平，分享了"一件衣服的奇幻漂 流"的故事，全景展示了AI技术如何深度赋能跨境贸易全链条，为行业智能化转型提供了可复制的实践 样本。 赛维时代成立于2012年，是广东省首家A股跨境电商上市企业，主营服饰配饰等时尚生活品类。2025年 营收超100亿元，纳税超1亿元，出口额超22亿元。 在上架展示环节，AI化身全能"柜姐柜哥"，破解传统拍摄痛点。以往商品上架需投入高额成本聘请模 特、租赁场地并协调档期，现在仅需一张样衣图，AI即可一键生成符合亚马逊平台要求的整套模特套 图，无需外模实拍。同时支持将静态图转化为适配社交媒体的热门短视频，并能实现中国模特智能换脸 为多国籍外模，既精准逼真又显著降低拍摄成本。 AI的"智能投手"让广告更精准。AI能够自主学习优秀广告投放人员的经验，智能制定广告策略，自动调 整竞价与预算，实现精准投放，提升广告投资回报率。同时，AI还可以担当"贴心客服"，闭环优化体 验。AI客服可自动响应查询、处理物流跟踪及退换货申请，并能 ...

Investment Rating - The report assigns an "Increase" rating for the retail and wholesale trade industry, indicating an expected performance that exceeds the Shanghai and Shenzhen 300 Index by over 15% [5]. Core Insights - The U.S. Supreme Court ruled that the tariffs imposed under the International Emergency Economic Powers Act (IEEPA) were illegal, leading to a proposed 5% reduction in tariffs on Chinese goods through the implementation of Section 122 of the Trade Act of 1974 [2][5]. - The Section 122 tariffs will have a broad exemption list, including critical minerals, energy products, certain agricultural products, pharmaceuticals, and vehicles, ensuring limited scope for the tariffs [4]. - The new tariffs will apply a uniform global rate of up to 15%, eliminating previous country-specific differences, thus impacting most trade partners similarly [4]. Summary by Sections Legal Context - The Supreme Court's decision on February 20, 2026, overturned the previous tariffs under IEEPA, stating that the power to impose taxes lies with Congress, not the President [5]. - The new tariffs under Section 122 are set to be temporary, with a maximum duration of 150 days unless extended by Congress [5]. Tariff Structure - The current tariff structure on Chinese goods includes four categories: 301 tariffs (7.5%-25%), 232 tariffs (25-50%), the new 122 tariffs (15%), and special taxes (e.g., fentanyl and reciprocal tariffs totaling 20%) [5]. - The ruling results in a net reduction of approximately 5% in tariffs on Chinese goods, alleviating some pressure on trade [5]. Investment Recommendations - The report recommends several companies for investment, including Anker Innovations, Ugreen Technology, Saiwei Times, Sumida, Jihong Co., and Zhiou Technology, all rated for "Increase" [5][6].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report highlights a steady recovery in consumer spending during the Spring Festival, with significant increases in payment transactions and retail sales compared to the previous year [4][26] - The report emphasizes the importance of high-quality companies in high-growth sectors driven by emotional consumption themes [7][35] Summary by Sections Industry Dynamics - The Spring Festival saw a robust recovery in social consumption, with payment transactions on New Year's Eve reaching 4.931 billion, a 21.64% increase from the previous year [4][26] - Key regions like Hainan and cities such as Tianjin and Zhenjiang showed strong performance in retail and dining, with Hainan's duty-free shopping amounting to 1.03 billion yuan, up 20.9% year-on-year [4][27] - Domestic travel orders surged by 60%, and outbound travel orders increased by over 180% during the holiday period [4][26] Investment Recommendations - Investment Theme 1: Focus on high-end gold and fashion jewelry brands, recommending companies like Laopai Gold and Chaohongji for their differentiated product offerings [7][35] - Investment Theme 2: Emphasize retail companies adapting to trends and AI-enabled cross-border e-commerce leaders, with recommendations for Yonghui Supermarket and Aiyingshi [7][35] - Investment Theme 3: Highlight domestic beauty brands that cater to emotional value and innovative safe ingredients, recommending brands like Maogeping and Proya [7][35] - Investment Theme 4: Focus on differentiated medical beauty product manufacturers and leading medical beauty institutions, recommending companies like Meilitiantian Medical Health and Aimeike [7][35] Market Performance - The retail and social service indices reported declines of 1.59% and 0.78% respectively during the week from February 9 to February 13, 2026 [6][15] - The report notes that the education sector saw the highest growth among sub-sectors, while the watch and jewelry sector led the year-to-date performance with an 11.29% increase [6][18] Company Highlights - Laopai Gold reported a significant revenue increase of 250.9% in the first half of FY2025, driven by strong consumer demand and brand expansion [37] - Chaohongji is expected to achieve a net profit growth of 125% to 175% in FY2025, supported by its differentiated product strategy [37] - Maogeping and Proya are highlighted for their strong performance in the beauty sector, with Maogeping achieving a revenue increase of 31.3% in FY2025 [37]

Group 1 - The core point of the article is that the recent US Supreme Court ruling on the $175 billion tariff refund has significant implications for both China and the A-share market, despite the refund being an internal US matter [2][6][28] - The $175 billion in tariffs was primarily collected from imports, including a 10% tariff on Chinese goods, and is now being refunded to US importers [8][10] - The refund will indirectly benefit Chinese companies as US importers, who have been financially strained by tariffs, will use the refunded money to pay off debts to Chinese suppliers and resume orders [12][14][28] Group 2 - The immediate impact on the A-share market is expected to be positive, with a potential "opening red" for A-shares as market sentiment improves following the ruling [40][46] - The ruling is seen as a signal that the previous high tariffs on Chinese goods may not be a permanent state, which could lead to a more favorable environment for Chinese exports [20][48] - Structural opportunities in the A-share market are identified, focusing on five main lines: export-oriented sectors, domestic substitution, strategic resources, domestic consumption, and new energy [51][62][88] Group 3 - Export-oriented sectors, particularly those with high exposure to the US market, are expected to benefit directly from the tariff refunds, with companies like Midea Group and Haier expected to see improved performance [52][72][73] - Domestic substitution and self-sufficiency in sectors like semiconductors and military equipment are highlighted as long-term strategic focuses, with companies like SMIC and AVIC Shenyang Aircraft being key players [53][78][86] - Strategic resources such as rare earths and gold are also expected to see price support due to ongoing global supply chain disruptions, benefiting companies like Northern Rare Earth and Shandong Gold [56][87]

Core Viewpoint - The company Saiwei Times (301381) has recently completed a shareholder reduction plan, reporting a revenue growth of over 20% year-on-year for the first three quarters, but the high proportion of guarantees relative to net assets raises risk concerns [1][5]. Group 1: Stock Performance - On December 30, 2025, the main capital inflow was 2.4222 million yuan, indicating increased short-term attention. However, on January 8, 2026, when the stock price rose by 2.10%, there was a capital outflow of 407,700 yuan, reflecting market sentiment volatility [2]. Group 2: Executive Changes - On January 13, 2026, the major shareholder, Qiongcheng Zhongteng Venture Capital Partnership (Limited Partnership), completed its reduction plan, selling a total of 12,103,655 shares, which accounts for 3.00% of the company's total share capital. After the reduction, Zhongteng's holding ratio decreased to 18.07%. This action complies with regulations and is stated not to affect the governance structure of the company [3]. Group 3: Performance and Operations - For the period from January to September 2025, the company reported an operating income of 8.188 billion yuan, representing a year-on-year growth of 20.39%. The net profit attributable to the parent company was 210 million yuan, with a year-on-year increase of 7.34%. Historical data shows that in 2024, the operating income was 10.275 billion yuan, and the net profit attributable to the parent was 214 million yuan [4]. Group 4: Financial Condition - The company has provided a high total amount of guarantees for its subsidiaries. As of November 28, 2025, the approved guarantee amount accounted for 184.90% of the most recent net assets, while the actual guarantee balance was 101.19%. The company has advised investors to pay attention to related risks [5].

证券日报网讯 2月9日，赛维时代在互动平台回答投资者提问时表示，根据中国证券登记结算有限公司 下发的定期持有人名册，截至2026年1月30日，公司股东总户数为14950户。 （文章来源：证券日报） ...

证券日报网讯 2月9日，赛维时代在互动平台回答投资者提问时表示，公司将持续优化经营管理，致力 于提升经营效益和投资回报，回馈广大投资者的信任。 （文章来源：证券日报） ...

证券日报网讯 2月9日，赛维时代在互动平台回答投资者提问时表示，截至2026年1月20日，公司股东总 户数为15001户。 （文章来源：证券日报） ...

Investment Rating - The report maintains a positive investment rating for the cross-border e-commerce industry [11]. Core Insights - Cross-border e-commerce is characterized by high customer unit prices and high markup rates, but it has a longer midstream chain, leading to significant fluctuations in profitability [22]. - The industry is currently in a recovery phase, with a projected revenue growth of 26% in 2024 and 15% in Q1-Q3 of 2025, while non-recurring net profits are expected to decline by 46% and grow by 1% respectively [3][7]. - The report emphasizes the cyclical nature of profitability in the industry, with leading sellers gaining a relative advantage [8]. Summary by Sections Introduction: Exploring the Operating Cycle of Cross-Border E-Commerce - Cross-border e-commerce involves pre-stocking goods in overseas warehouses and includes complex logistics processes such as customs clearance and last-mile delivery, making it more intricate than traditional consumer goods [3][7]. Review: Strong Profitability Cycles and Head Seller Advantages - Historical analysis shows that the penetration rate of overseas e-commerce and the share of Chinese sellers are increasing, establishing a high growth baseline for the industry [8]. - The industry is transitioning from a phase dominated by e-commerce dividends to one focused on quality and compliance, with leading sellers outperforming overall industry growth [8]. Current Situation: Negative Impacts Easing, Industry Bottoming Out - The industry is currently in a recovery phase, driven by orderly supply chain transitions and tax reforms in China's e-commerce sector, which enhance competitive dynamics among leading sellers [9]. - Inventory levels among top sellers have reached historical lows, indicating that the inventory destocking phase is nearing its end, and shipping costs still have room to decline [9]. Investment Recommendations: Lightening the Load, Performance Inflection Point Expected - The report suggests that the cross-border e-commerce industry is expected to experience a performance inflection point in 2026, with revenue and profitability on an upward trajectory [10]. - Recommended companies include Anker Innovations and Ugreen Technology, which are leveraging channel and operational advantages to build brand recognition among overseas consumers [10].

Market Overview - The internet e-commerce sector increased by 2.17% on February 3, with Huakai Yibai leading the gains [1] - The Shanghai Composite Index closed at 4067.74, up 1.29%, while the Shenzhen Component Index closed at 14127.1, up 2.19% [1] Stock Performance - Huakai Yibai (300592) closed at 14.59, up 5.80% with a trading volume of 241,700 shares [1] - Kuaijingtong (002640) closed at 4.08, up 4.35% with a trading volume of 996,800 shares [1] - Yiwang Yichuang (300792) closed at 46.00, up 3.58% with a trading volume of 233,400 shares [1] - Other notable stocks include Saiwei Times (301381) at 23.16, up 3.49%, and Jihong Co. (002803) at 20.00, up 3.47% [1] Capital Flow - The internet e-commerce sector saw a net inflow of 76.06 million yuan from main funds, while retail funds experienced a net outflow of 23.19 million yuan [2] - Major stocks with significant capital inflow include Kuaijingtong with 43.10 million yuan and San Tai Co. (301558) with 31.94 million yuan [3] - Huakai Yibai had a net inflow of 21.57 million yuan, while Ji Hong Co. experienced a net inflow of 16.39 million yuan [3]