零售出海观察系列第44：10月出口大幅改善，龙头α更为显著

Investment Rating - The report maintains an "Overweight" rating for the wholesale and retail industry [2][3]. Core Insights - October exports showed significant improvement, with expectations for strong performance in the Q4 due to the upcoming holiday shopping season in Europe and the US, alongside adjustments in shipping prices and base effects from the previous year [2][3]. - The report highlights a notable increase in export growth rates to Africa, Latin America, and BRICS countries, with October's single-month export growth reaching 12.7% [3]. - The cross-border e-commerce sector is experiencing increased differentiation, with brands like Anker showing the best performance [4]. Summary by Sections Export Performance - In the first ten months of the year, China's export growth was 5.1%, with a month-on-month increase of 0.8 percentage points. October alone saw a 12.7% growth in exports, up 10.3 percentage points from the previous month [3]. - Exports to various regions have accelerated, with growth rates of +22% to Africa, +19% to Latin America, and +14% to BRICS countries [3]. Cross-Border E-commerce - The revenue growth rate for the cross-border e-commerce sector in Q3 was 34%, an increase from 26% in Q1 and 24% in Q2. However, net profit growth was -2%, indicating some challenges [4]. - Leading companies are focusing on improving operational efficiency and core product categories, which is expected to enhance profit margins [4]. Company Recommendations - The report recommends specific companies based on their brand strength and low exposure to the US market, including Anker Innovations and Ugreen Technology for brand strength, and Xiaoshangcheng and Focus Technology for low US exposure [5]. - Other recommended companies include Miniso for retail overseas and Sumida for other sectors [5].