跨境电商行业深度报告：国货出海方兴未艾，看好供应链及品牌全球化

Investment Rating - The report maintains a "Positive" investment rating for the cross-border e-commerce industry [2] Core Insights - The cross-border e-commerce sector is experiencing robust growth, driven by China's manufacturing advantages and increasing global e-commerce penetration [10][11] - The U.S. remains the largest market for China's cross-border e-commerce, with short-term tariff pressures expected to have a limited long-term impact on the competitiveness of Chinese goods [14] - Emerging markets such as Southeast Asia and Latin America present significant growth potential due to demographic advantages and improving infrastructure [20][21] Summary by Sections 1. Cross-Border E-Commerce - Global e-commerce sales are projected to grow from $1.1 trillion in 2014 to $5.8 trillion in 2023, with a CAGR of 17.7% [10] - China's cross-border e-commerce exports are expected to reach 2.63 trillion yuan in 2024, growing by 10.8% year-on-year [11] - The U.S. e-commerce market is projected to grow from $1.04 trillion in 2022 to $1.72 trillion by 2027, with a penetration rate increasing to 20.6% [13] 2. Platform Trends - Amazon is identified as the primary platform for Chinese sellers, with a significant share of third-party sales attributed to Chinese vendors [23] - Temu is evolving from a fully managed to a semi-managed model, enhancing its appeal to mature sellers [41] - TikTok Shop leverages social media trends to drive e-commerce, with significant growth in GMV, particularly in Southeast Asia [45] 3. Seller Models - The report distinguishes between premium and general product models, emphasizing that high cost-performance is crucial for Chinese goods abroad [57] - Premium sellers focus on product development and logistics efficiency, while general sellers prioritize operational efficiency across the supply chain [57]