传媒互联网行业专题研究：跨境电商东风正盛，海外仓建设方兴未艾

Investment Rating - The report maintains a "Strong Buy" rating for the industry, particularly focusing on the cross-border e-commerce sector and overseas warehouse development [3]. Core Insights - The cross-border e-commerce sector is experiencing rapid growth, with the "Four Little Dragons" of overseas e-commerce platforms expected to double their GMV in 2024, necessitating urgent development of logistics and warehousing infrastructure [2][10]. - The overseas warehouse model is projected to reach a market size of 387 billion yuan by 2028, with a compound annual growth rate (CAGR) of 13.7%, indicating a significant shift towards automation and scalability in logistics [2][48]. - National policies are increasingly supportive of high-quality development in cross-border e-commerce and overseas warehouses, addressing previous issues of uneven quality and price wars [2][48]. Summary by Sections 1. B2C Platforms - The "Four Little Dragons" of cross-border e-commerce, including AliExpress, Temu, TikTok Shop, and SHEIN, are rapidly expanding, with significant increases in app downloads and GMV targets for 2024 [10][12]. - The logistics and warehousing capabilities are lagging behind the rapid expansion of these platforms, necessitating a shift towards semi-managed and fully automated warehouse solutions [21][48]. 2. B2C Sellers - Sellers are increasingly avoiding reliance on a single platform, with a growing demand for overseas warehousing to support multi-platform operations [34][42]. - The introduction of semi-managed logistics models by platforms like Temu and SHEIN is expected to alleviate pressure on logistics and improve delivery efficiency [21][28]. 3. Industry Trends - The overseas warehouse logistics solution market is experiencing substantial growth, with a projected market size increase from 203.9 billion yuan in 2023 to 387 billion yuan by 2028 [48][50]. - The average size of warehouses in the U.S. is increasing, reflecting a trend towards larger, more automated facilities to meet growing demand [50]. 4. Investment Recommendations - Companies such as Demate Technology, Lege Co., and Jiacheng International are highlighted as key players in the overseas warehouse industry, with strong growth potential due to their comprehensive logistics solutions and market positioning [2][4][48].