服务制造出海，跨境电商大步前行

Investment Rating - The report does not provide an investment rating [1] Core Insights - The global cross-border e-commerce penetration rate is increasing, with China's cross-border e-commerce exports experiencing rapid growth [5][6] - Cross-border e-commerce facilitates trade demand, with a continuously growing scale [8][11] - China's cross-border e-commerce started late but is growing quickly, supported by frequent policy initiatives that help various business models thrive [13][18] - Chinese manufacturing is expanding internationally, with cross-border e-commerce exports developing at a high speed [29][32] Summary by Sections Global Cross-Border E-Commerce Penetration and China's Export Growth - Cross-border e-commerce reduces trade chains and meets diverse consumer needs, leading to an expanding global scale and increasing penetration rates [8][11] - By 2024, global e-commerce revenue is expected to reach $6.3 trillion, with cross-border e-commerce projected to reach $1.98 trillion, maintaining over 20% growth [11][29] - China's cross-border e-commerce trade volume reached 16.85 trillion yuan in 2023, with exports accounting for 78.6% of this total [29][30] Cross-Border E-Commerce Industry Chain - The industry chain includes upstream suppliers and brand owners, midstream e-commerce platforms, and downstream consumer markets [34][36] - The number of cross-border e-commerce enterprises exceeded 120,000 by 2024, with B2B still holding over half of the market share, while B2C is rapidly growing [40][41] Cross-Border E-Commerce Logistics Processes and Business Forms - The logistics process involves various participants, including suppliers, platforms, and service providers, which streamline operations and enhance efficiency [36][44] Participants in Cross-Border E-Commerce Logistics - Major platforms include Amazon, TikTok Shop, and Temu, with Amazon remaining the leader in global cross-border e-commerce [44][50] - Social e-commerce is becoming a significant growth channel, with direct access and organic search being the primary traffic sources [46][50] Investment Recommendations - The report suggests that the evolving landscape of cross-border e-commerce presents numerous investment opportunities, particularly in logistics and platform development [5][34]