跨境电商行业快评：“黑五网一”促销创新高，关注跨境电商产业投资机会

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [1][3]. Core Viewpoints - The recent "Black Friday and Cyber Monday" promotions set new records, with U.S. sales reaching $10.8 billion on Black Friday (up 10.2% year-on-year) and $13.3 billion on Cyber Monday (up 7.3% year-on-year) [3][6]. - Major e-commerce platforms performed well, with Amazon achieving record sales and TikTok Shop's GMV in the U.S. increasing by 176% [3][7]. - Key characteristics of the recent promotions include an extended promotional period, diversified platform competition, and significant contributions from Chinese sellers [4][6]. Summary by Sections Sales Performance - U.S. Black Friday sales reached $10.8 billion, a 10.2% increase year-on-year, while Cyber Monday sales hit $13.3 billion, a 7.3% increase [3][6]. - The number of shoppers during the Thanksgiving to Cyber Monday period was estimated at 197 million, exceeding initial expectations [6]. E-commerce Platform Analysis - Amazon's sales and product sales volume reached historical highs during the promotional period, with over 60% of sales coming from third-party sellers, many of whom are Chinese [4][7]. - TikTok Shop's U.S. GMV grew by 176%, with daily GMV more than tripling compared to last year's promotions [3][7]. Consumer Trends - The trend of value-for-money consumption continues, with platforms focusing on providing low-cost, high-quality products. Amazon launched the "Amazon Haul" low-price store during the promotional period [4][16]. - The promotional period for Amazon was the longest in history at 12 days, while TikTok Shop's promotion lasted 19 days [6][13]. Investment Recommendations - The report suggests that as overseas e-commerce penetration increases and China's supply chain capabilities improve, it remains a crucial direction for Chinese consumer enterprises to expand [5][21]. - Recommended companies include Anker Innovations, a leader in consumer electronics with localized brand strength, and Xiaogoods City, which is transitioning to a global comprehensive foreign trade service provider [5][21][22].