消费者服务行业专题报告：加速出海，跨境电商乘风破浪

Investment Rating - The report maintains an investment rating of "B" which is leading the market [2]. Core Insights - The global e-commerce penetration rate has steadily increased from 10.4% in 2017 to 19.5% in 2023, indicating significant growth potential for China's cross-border e-commerce industry [10]. - By 2025, China's cross-border export e-commerce market is expected to reach 10.4 trillion yuan, with a CAGR of 16.4% from 2022 to 2025 [10]. - Domestic companies are actively expanding into cross-border e-commerce, leveraging high cost-performance advantages of Chinese products to attract overseas consumers [10]. - The competition landscape is evolving with emerging platforms like SHEIN and TikTok Shop gaining market share from established players like Amazon [10]. Industry Overview Global E-commerce Penetration - The global e-commerce penetration rate is on the rise, with many regions still having substantial room for growth. The current penetration rate in China is 47%, significantly higher than the global average [10]. - The shift towards online shopping is expected to continue, driven by changing consumer habits post-pandemic [10]. Demand Side Dynamics - High inflation in Europe and the U.S. is leading to a rise in "value consumption," which favors Chinese products known for their cost-effectiveness [10]. - The U.S. is nearing the end of its inventory destocking phase, which could lead to increased demand for cross-border e-commerce exports from China [10]. Supply Side Dynamics - China's manufacturing sector is characterized by overcapacity in light industries, making overseas markets a viable outlet for excess production [10]. - The scale and cost advantages of Chinese manufacturing provide a competitive edge in global markets [10]. Cross-border E-commerce Growth - The cross-border e-commerce sector in China is expected to grow significantly, with B2C transactions projected to increase from 24.1% in 2017 to 33.6% by 2025 [29]. - The U.S. remains the largest market for Chinese cross-border e-commerce, with significant interest in Southeast Asia as well [33]. Investment Recommendations - The report suggests focusing on domestic cross-border e-commerce companies that are well-positioned to benefit from global e-commerce growth, high inflation in the U.S., and the competitive advantages of Chinese manufacturing [10]. - Companies such as 华凯易佰, 致欧科技, 赛维时代, 吉宏股份, 乐歌股份, 小商品城, and 安克创新 are highlighted for their potential in expanding into emerging markets and enhancing logistics capabilities [10].