Core Insights - The article highlights the transformation of Baigou into a global hub for luggage production and e-commerce, showcasing its historical significance and modern commercial evolution [1][2][5][19]. Group 1: Historical Context - Baigou has a rich commercial history, originally serving as a vital water and land port, facilitating trade since the Song and Liao dynasties [2]. - The town's commercial legacy continues to thrive, with local residents sharing stories of market changes and adaptations over generations [4][3]. Group 2: Economic Impact - Baigou's annual luggage production value reaches nearly 50 billion yuan, with products exported to 199 countries and regions, and an average of 1.2 million express deliveries daily [1][6]. - The town hosts over 40,000 e-commerce entities and employs nearly 80,000 people, forming a complete luggage industry chain [6]. Group 3: E-commerce Development - The rise of e-commerce has significantly impacted Baigou, with traditional markets adapting to online sales, including live streaming and micro-businesses [8][9]. - Baigou's e-commerce ecosystem has developed a complete closed loop, including various industry associations and specialized e-commerce parks [9][12]. Group 4: Supply Chain and Production - The success of Baigou's luggage industry is attributed to its flexible supply chain and quick market responsiveness, allowing rapid design-to-production cycles [7][14]. - Local businesses have shifted to a model of small-batch production, enabling quick adjustments based on market feedback [14]. Group 5: Future Prospects - Baigou is evolving into a comprehensive consumption experience center, integrating shopping, cultural tourism, and business services [15][16]. - The town is enhancing its digital infrastructure, with plans for a new rapid transit line to improve connectivity with the Beijing-Tianjin-Hebei region [21][20]. - The local government supports e-commerce development through funding and training initiatives, fostering a conducive environment for traditional merchants to transition to digital platforms [12].

此外，下游还衍生出一系列配套服务，如跨境营销推广、本地化客服、退换货处理以及数据合规咨询 等。这些服务共同提升了整体交易体验，增强了买卖双方的信任。 对投资者而言，理解这一模式不仅有助于把握数字经济下的全球化机遇，也能更清晰地识别产业链中不 同环节的成长潜力。由于该领域融合了信息技术、供应链管理与国际贸易，其发展受政策环境、汇率波 动及国际关系等多重因素影响，投资时需综合评估风险与长期趋势。 首先是上游的商品供应端，包括制造商和品牌商，他们负责提供具备竞争力的产品。这些产品往往需要 符合目标市场的质量标准与消费偏好。紧随其后的是中游的电商平台运营方，它们搭建交易桥梁，提供 技术支持、流量导入以及交易保障服务，帮助卖家触达更广泛的国际客户群体。 在交易达成后，跨境物流成为关键支撑。专业的国际仓储、运输及清关服务商协同运作，确保商品高 效、合规地跨越国境。与此同时，支付结算系统也需满足多币种、低延迟、高安全性的要求，以保障资 金流转顺畅。 近年来，随着互联网技术的发展和全球消费习惯的转变，一种新型贸易模式逐渐走入大众视野。这种模 式打破了传统贸易的地域限制，让国内商家能够直接将商品销售给海外消费者，同时也为境外优 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內 容而引致之任何損失承擔任何責任。 SA SA INTERNATIONAL HOLDINGS LIMITED 莎莎國際控股有限公司 ( 於開曼群島註冊成立之有限公司 ) (股份代號：178) 截至 2025 年 9 月 30 日止 第二季度未經審核之最新銷售數據 莎莎國際控股有限公司（「公司」） 董事會公佈本公司及其附屬公司（「集團」）由2025年7月 1日至9月30日止第二季度(「第二季」或「期內」）未經審核之最新銷售數據。 集團持續經營業務 | 營業額 | 2025/26 | 2024/25 | 按年變動 | | --- | --- | --- | --- | | (百萬港元) | 財政年度第二季 | 財政年度第二季 | (%) | | 線下業務 | | | | | 香港及澳門 | 737.5 | 670.0 | +10.1% | | 東南亞 | 88.8 | 85.6 | +3.7% | | | 826.3 | 755.6 | +9 ...

Core Insights - The fifth CHWE Global Cross-Border E-commerce Exhibition took place in Shenzhen from September 6 to 8, 2025, focusing on making cross-border trade easier and connecting Chinese supply chains with global consumer demand [1][5] - The exhibition featured over 1,500 exhibitors across more than 15 popular cross-border categories, covering an exhibition area of over 100,000 square meters and attracting over 20,000 quality source factories [2][5] Group 1: Exhibition Overview - The exhibition included various specialized zones such as home goods, toys, fashion accessories, gifts, beauty products, and a cross-border service ecosystem, catering to diverse procurement needs [2][4] - Notable products included innovative home goods from companies like Yunnan Gai Rui Flowers and Shenzhen Kanghao Technology, showcasing the strength of China's toy industry with companies like Shantou Ling Shu Bao Toys [2][4] Group 2: Concurrent Events and Discussions - A series of summits and activities were held during the exhibition, discussing key topics in cross-border e-commerce, including strategies for the 2025 year-end shopping season and growth opportunities in emerging markets [3][4] - Specific summits included the "Winning Global 2025 Golden Period GMV Growth Summit" and the "TikTok Shop Global E-commerce Traffic Growth Summit," focusing on operational strategies and market insights [3][4] Group 3: Cross-Border Service Ecosystem - The exhibition integrated over 50 mainstream e-commerce platforms and cross-border service providers, offering comprehensive support for businesses, including logistics, payment solutions, and marketing services [4][5] - Major platforms like TikTok Shop, SHEIN, and Walmart participated, presenting their latest recruitment policies and operational resources [4][5] Group 4: Future Prospects - The success of the exhibition is expected to inject new vitality into the cross-border e-commerce industry, facilitating deeper connections between Chinese supply chains and global markets [5] - The next exhibition is scheduled for March 30 to April 1, 2026, in Shenzhen, promising more opportunities and innovative ideas for the industry [5]

Group 1 - The report highlights that Chinese "manufacturing hard consumption" companies are entering a golden development period for globalization, transitioning from "product export" to "brand export" due to technological accumulation, supply chain advantages, and global layout [1][2] - The Chinese government has introduced favorable policies to support the globalization of manufacturing hard consumption enterprises, including guidance on brand internationalization and cross-border trade facilitation [2][3] - In 2024, policy support will focus on cross-border e-commerce and overseas warehouse construction, addressing challenges in overseas storage and distribution for enterprises [3][4] Group 2 - Chinese manufacturing hard consumption enterprises have developed a multi-faceted overseas expansion model characterized by "technological breakthroughs, localized production, and brand upgrades," with significant global factory layouts [3][4] - The innovation capabilities of Chinese companies in the consumer electronics and smart hardware sectors are gaining global recognition, with products like robotic vacuum cleaners and portable chargers consistently ranking as best sellers on cross-border e-commerce platforms [4][5] - The report identifies three major opportunities for the globalization of Chinese manufacturing hard consumption during the 15th Five-Year Plan period: the release of demand in emerging markets, product premiumization driven by technological upgrades, and the improvement of cross-border e-commerce and overseas warehouse systems [5][6] Group 3 - The globalization of Chinese manufacturing hard consumption is evolving from simple "product output" to "standard output" and "service output," with companies participating in the formulation of global industry standards and establishing comprehensive after-sales service networks [5][6] - The report emphasizes that the globalization journey of Chinese manufacturing hard consumption enterprises has entered a new phase, supported by policies, industrial foundations, and innovation vitality, positioning them as key players in the global consumption market [6][7] - The report outlines a comprehensive policy framework to support the internationalization of the domestic consumption industry, facilitating the transition from "product export" to "capacity export" and "brand export" [24][25]

Core Viewpoint - The era of low tariffs and global trade circulation has ended, and Chinese brands must adapt to a new phase of globalization that emphasizes local integration and relationship building [2][10]. Group 1: Trends in Globalization and E-commerce - The rise of reverse globalization presents challenges, but new technologies like AI and blockchain can drive the development of cross-border e-commerce [4][6]. - Cross-border e-commerce platforms have a stronger ability to mitigate tariff impacts, and there is an opportunity for Chinese brands to transition to high-value, high-tech sectors [6][10]. - The competition landscape for cross-border e-commerce is shifting towards digital transformation and green initiatives, requiring companies to enhance compliance and protection capabilities [6][10]. Group 2: Strategies for Entering New Markets - Chinese companies have strong products and supply chain advantages but often struggle with relationship barriers in overseas markets [8][10]. - The "Five R Integration" methodology emphasizes building relationships with government, customers, investors, industry associations, and overseas talent to succeed in international markets [8]. - Successful examples include local engagement strategies, such as donating products to gain media coverage and community trust [9]. Group 3: Investment Opportunities in Emerging Markets - In 2024, China's outbound direct investment is projected to reach $192.2 billion, with private enterprises becoming the main force in overseas expansion [10]. - Emerging markets like ASEAN, Africa, and the Middle East present significant opportunities for Chinese companies due to their growing consumer bases and infrastructure needs [10][22]. - The Middle East, particularly Saudi Arabia and the UAE, offers a vibrant market with a young population and high consumer spending potential, especially in sectors like e-commerce and technology [22][23]. Group 4: Challenges and Considerations - Companies must navigate logistical, regulatory, and cultural challenges when entering new markets, particularly in regions like Russia and Africa [15][19]. - Compliance with local laws and building a strong local presence are critical for long-term success in international markets [24][25]. - Companies should adopt a long-term mindset, focusing on relationship building and understanding local market dynamics rather than seeking quick wins [24][26].

Core Insights - The cross-border e-commerce export from Dongxing has shown strong growth, with a peak daily export volume reaching 33 trucks and over 450,000 packages sent on a single day [3][5] - Since the establishment of the China (Fangchenggang) Cross-Border E-Commerce Comprehensive Pilot Zone five months ago, 66 cross-border e-commerce companies have registered with customs, with over 18 million packages exported, valued at 2.02 billion RMB [3][5] Group 1 - The Dongxing Customs has implemented a "customs head delivers policies" service to help businesses understand and utilize preferential policies and support measures related to cross-border e-commerce [3] - The customs efficiency at Dongxing port is highlighted as a key competitive advantage, with measures in place to ensure normal customs operations during weekends and holidays [5] - The introduction of a local cross-border e-commerce platform has shifted many goods from sea freight to land transport through Dongxing, enhancing the speed of delivery [5]

Core Insights - Nigeria's new De Minimis policy, effective September 2025, raises the tax-free import threshold from 50,000 Naira (approximately $120) to $300 (about 450,000 Naira), marking a significant milestone in African trade history and presenting unprecedented opportunities for Chinese foreign trade and cross-border e-commerce [2][6]. Trade Data Summary - In the first four months of 2025, bilateral trade between China and Nigeria reached $8.008 billion, a year-on-year increase of 20.40%, with Chinese exports to Nigeria amounting to $7.331 billion, up 28.30% [4]. - China's exports to Nigeria primarily consist of industrial products, such as synthetic fiber woven fabrics and communication equipment, while imports from Nigeria focus on energy and mineral products, reflecting Nigeria's role as a resource-exporting country [7]. Policy Changes - The new De Minimis policy significantly increases the tax-free import threshold by 150%, making Nigeria one of the countries with the highest tax-free standards in Africa [8]. - The policy includes usage frequency limits, allowing individuals to benefit from the tax exemption once per quarter, with a maximum of four times per year, aimed at preventing abuse of the system [9]. Impact on Trade - The policy is expected to lower the comprehensive costs for Chinese goods entering the Nigerian market, enhancing price competitiveness. For instance, the reduction in tariffs and operational costs could lead to a price competitiveness increase of approximately 15% for low-value goods [12]. - The Nigerian e-commerce market is projected to grow at a CAGR of 10.81%, reaching $10.03 billion by 2027, with the policy stimulating consumer behavior to make multiple purchases to utilize the tax exemption [13]. Export Opportunities - The policy is favorable for key export categories from China to Nigeria, including textiles, new energy products, and automotive parts, with a notable increase in small orders for furniture and steel products [14]. - The combination of tax exemptions, free trade zones, and digital payment advancements is expected to activate Nigeria's consumer potential, particularly among its 210 million population and growing middle class [14].

Core Viewpoint - Qingdao is accelerating its international market expansion strategy by establishing a comprehensive support system for enterprises going abroad, focusing on three main frameworks: a multi-dimensional policy support system, an internal and external service guarantee system, and a professional empowerment state-owned platform service system [1][4]. Group 1: Multi-Dimensional Policy Support System - Qingdao has introduced 25 policy measures to support foreign trade, focusing on stabilizing operations, exploring new markets, and optimizing supply chain layouts [1]. - The city aims to help foreign trade enterprises through a public consultation hotline and a comprehensive policy coverage approach [1]. Group 2: Internal and External Service Guarantee System - Qingdao is developing a "10+8+7" overseas comprehensive service system, which includes 10 overseas service centers and 8 key economic and trade cooperation zones [4]. - The establishment of overseas warehouses in 41 countries and regions, covering over 1 million square meters, aims to enhance logistics and service capabilities for enterprises [4]. - A collaborative mechanism involving business, finance, customs, taxation, foreign exchange, and port services has been established to address operational challenges faced by foreign trade enterprises [4]. Group 3: Professional Empowerment State-Owned Platform Service System - Qingdao emphasizes the role of state-owned platforms in international trade, supporting companies like Qingdao Huato Group and Guoxin Group in various sectors, including cold chain and cross-border e-commerce [5][6]. - The establishment of Qingdao Haifa International Trade aims to integrate shipping logistics and international trade services, enhancing the overall service ecosystem [6]. - The city is focusing on digital transformation and resource integration to support local industries in their international expansion efforts [6]. Group 4: Focus on Specialized Export Clusters - The Shandong Provincial Department of Commerce has launched an initiative to cultivate specialized export clusters in ten key industries, targeting significant export growth by 2026 [7]. - The goal includes creating one trillion-yuan-level and two 500-billion-yuan-level export clusters, along with the addition of over 1,000 specialized export enterprises [7].

Group 1 - The event "Dialogue on New Outbound Future Unicorns" was held in the Guangxi ASEAN Cross-border E-commerce Headquarters Base, focusing on AI, cross-border e-commerce, and new outbound strategies [1][3] - The Five Xiang New Area is seizing multiple opportunities to cultivate new productive forces and develop key industrial clusters, enhancing cooperation with ASEAN [3][4] - The investment promotion bureau of the Five Xiang New Area introduced its business environment and development policies in AI, cross-border e-commerce, and low-altitude economy [3] Group 2 - Representatives from companies in intelligent manufacturing, satellite internet, AI, and smart healthcare shared their outbound experiences and strategic insights [4] - The event facilitated deep interactions among participants regarding capital cooperation, industrial connections, and policy implementation, strengthening trust and cooperation between government and enterprises [4] - The Five Xiang New Area is becoming a strategic highland for new outbound enterprises, leveraging its geographical advantages and policy benefits [4]