《南华早报》此前发文称，随着冬季天气转冷、签证政策放宽及东南亚强劲需求推动，从哈尔滨的冰雪城堡到新疆的 滑雪场，再到四川的冰川，中国冰雪旅游目的地的入境游客人数大幅增长。根据在线旅行社携程网的数据，中国冬季 旅游目的地的入境预订量今年同比增长近一成，部分地区的增长率超过130%。 【环球网财经综合报道】中国旅游研究院近日发布的《2026年中国冰雪旅游发展报告》显示，冰雪旅游行业已进 入"持续繁荣"阶段，预计2025-2026冬季，将有3.6亿人次参与冰雪休闲旅行，创造4500亿元（合645亿美元）收入。 行业分析师称，中国扩大免签入境及过境政策，降低了旅行门槛，缩短了规划周期，助力中国成为海外游客越来越青 睐的冬季旅游目的地。 报道还提到，除传统的冰雪旅游热点外，更多温暖地区的城市也加入其中，打造室内冬季运动设施，宣传其相对罕见 的高山环境。在旅游之外，越来越多的国产冰雪装备，包括滑雪器材和雪地保养车辆，通过跨境电商出口，显示出从 吸引全球游客向供应链和市场深度国际融合的转变。 ...

Core Viewpoint - Wokefei has established a strong foothold in the Indonesian market as the largest cross-border digital retail platform for computer and mobile accessories, but it still faces challenges in diversifying into other Southeast Asian markets [1][9] Company Overview - Wokefei has submitted an application for listing on the Hong Kong Stock Exchange, with a valuation of approximately $215 million, and is expected to raise over $50 million in its IPO [1][9] - The company was founded by Xu Longhua, a former executive at TCL, and has been operating in Indonesia since 2015, gradually expanding into Vietnam, Thailand, and the Philippines [1][9] - Wokefei ranks first among Chinese cross-border e-commerce companies in the "3C" accessories segment and sixth in the small appliances sector, which is currently its fastest-growing area [1][9] Market Potential - The Southeast Asian retail market is projected to grow at an average annual rate of 6.1% from 2020 to 2024, expanding from $693.4 billion to $879.9 billion, with Indonesia being the largest market [3][11] - Indonesia's retail market size is expected to increase from $243.4 billion in 2020 to $313.3 billion by 2024 [3][11] Business Model - Wokefei's business model combines the Chinese supply chain with local logistics, operating 17 warehouses in Indonesia [4][11] - The company sells products through its own Wook app, as well as major e-commerce platforms like Shopee and Tokopedia, and utilizes TikTok for live commerce [4][11] - Wokefei has a distribution network that includes approximately 40,000 offline distributors covering around 85,000 warungs (small retail shops) [4][11] Financial Performance - The company has experienced stable revenue growth of 15% to 18% over the past two years, with revenue reaching approximately $127 million in the first nine months of 2025 [6][13] - Net profit growth accelerated from 11% in 2024 to 26% in the first nine months of 2025, with net profit reaching approximately $6.1 million [6][13] - The core product line, 3C accessories, accounts for about two-thirds of Wokefei's revenue, while small appliances and home goods each contribute about 10% to 15% [6][13] Competitive Landscape - The competitive environment in the Southeast Asian market has intensified, with more Chinese retailers entering the region [7][14] - Major brands like Midea and Supor have established a strong presence in the Indonesian home appliance market, while Xiaomi has built an ecosystem for mobile accessories across the region [7][14] Strategic Plans - Wokefei plans to use funds from its IPO to address its geographic concentration issue [7][14] - The company is tightening its R&D spending, with the ratio of R&D expenses to revenue decreasing from 2.3% in 2023 to 1.3% in the first nine months of 2025 [7][14] Overall Assessment - Wokefei's early entry into the Indonesian market and its cross-border e-commerce model leveraging low manufacturing costs in China position it well, but its late expansion into other markets may limit future growth [8][15] - Potential regulatory changes requiring higher local procurement could pressure Wokefei's cost advantages derived from its reliance on the Chinese supply chain [8][15]

针对跨境电商业态，广州今年将推动实施龙头引领、大卖培优、生态涵养三大行动，完善跨境电商平台 培育、选品中心、物流仓储、支付收汇、品牌推广全链条服务。举办15场"跨境电商+产业带"活动，培 育跨境电商"麒麟"企业，推动加强海外仓建设，以跨境电商业态，助力广货优品飘扬出海。 立足本土，打造有温度、有特色、有活力的消费生态，今年广州将做强"羊城消费新八景"城市消费IP， 并借农历新年消费旺季契机，重点推进年度首景"行花街·年味广州"主题活动。通过深挖广州35家中华 老字号、82家广东老字号和150家广州老字号底蕴，引导老字号深度融入春节消费场景，联动全市各大 花市、核心商圈与线上平台，推动老字号形成特色品牌矩阵。 春节前后广州将分多轮发放5000万元政府餐饮消费券，并撬动广东银联等金融机构，美团、抖音等平台 企业推出更多商业优惠券。围绕电子信息、智能家电、现代轻工、家居等优势产品，今年广州将发动超 4000家次企业参加265场"粤贸全球"境外展会，既涵盖美国西部光电展（CES）、德国柏林国际消费类 电子及家用电器展（IFA）等国际知名大展，又兼顾东南亚、中东、非洲等新兴市场的新锐展会。 1月28日，广州市人民政府新 ...

1月28日，互联网数据分析机构Similarweb发布2026年度Digital100报告。阿里巴巴旗下跨境电商平台速 卖通AliExpress在美国、英国、德国等多个发达国家市场均跻身综合平台增速前十。差异化的品牌策略 和坚定的本地化投入，成为其在高竞争、高门槛市场持续增长的关键优势。 在美国，速卖通2025全年网站访问量同比增长18.7%，成为美国增速最快的十大平台之一，被评 为"2025年美国大赢家"。美国市场亚马逊、沃尔玛、Target等本土零售巨头长期占据主导地位，新兴平 台突围难度极高，取得这一成绩可谓不易。 纽交所也发文祝贺："在纽交所上市企业中，阿里速卖通是唯一入选增速Top10的电商平台。" （文章来源：证券日报） ...

文 ： 华创证券首席经济学家 张瑜（执业证号：S0360518090001） 联系人： 陆银波（15210860866） 袁玲玲（微信 Yuen43） 点击查看往期： 2026年地方两会跟踪系列 | 分类 | | 省份 | 今年目标 | 去年目标 | 去年实际 | | --- | --- | --- | --- | --- | --- | | | | 广东 | 4.5-5,在实际工作中全力争 取更好结果 | 5左右 | 3.9% | | 调整为 | 下调约0.5 | | 5-5.5,在实际工作中努力争 | | 5.5% | | 区间目 | 个点 | 浙江 | 取更好结果 | 5.5左右 | | | 标 | | 新疆 | 5-5.5 | 6左右 | 5.5% | | | 上调约0.5 个点 | 江西 | 5-5.5 | 5左右 | 5.2% | | | | 河南 | 5左右,在实际工作中努力 争取更好结果 | 5.5左右 | 5.6% | | | | 天津 | 4.5,在实际工作中努力争取 更好结果 | 5左右 | 4.8% | | 下调0.5个 | | 湖北 | 5.5左右 | 6左右 | 5.5% | | ...

Core Viewpoint - Xiamen Jihong Technology Co., Ltd. expects a significant increase in net profit for 2025, projecting between 273 million to 291 million yuan, representing a year-on-year growth of 50% to 60% compared to 184 million yuan in the previous year, alongside steady revenue expansion [1] Group 1: Company Overview - Jihong's development trajectory reflects a continuous transformation, evolving from a packaging leader to a cross-border e-commerce benchmark, with its origins dating back to 1996 [2] - The company was officially established in 2003, focusing on the paper packaging industry and providing comprehensive services, becoming a market leader in China by 2024 [2] - Jihong's packaging business generated over 2 billion yuan annually from 2021 to 2024, maintaining a gross margin of 15% to 20% [2] Group 2: Strategic Transformations - In 2016, Jihong recognized the rise of mobile internet and cross-border e-commerce, initiating a second strategic transformation [2] - The establishment of the subsidiary Jike Printing in 2017 marked its entry into cross-border social e-commerce, achieving over 200 million yuan in revenue in its first year [2][3] Group 3: AI and Business Model - Cross-border social e-commerce has become Jihong's primary growth engine, with revenue from this segment reaching 3.366 billion yuan in 2024, accounting for 60.9% of total revenue [4] - The company developed the Giikin AI system to enhance its cross-border e-commerce operations, shifting from a traditional "people find goods" model to a "goods find people" approach [4] - AI technology is integrated throughout the entire process, improving product selection cycles from 45 days to 15 days and optimizing advertising ROI to 1:4.8 [4] Group 4: Market and Product Strategy - Jihong employs a broad product strategy covering various categories, focusing on emerging markets in Asia and along the Belt and Road, with over 80% of cross-border revenue coming from Southeast Asia, Northeast Asia, and the Middle East [5] - The company plans to deepen its presence in markets like India and Brazil, expanding its cross-border e-commerce reach to over 40 countries and regions by 2025 [5] Group 5: Challenges and Brand Development - Despite strong performance, Jihong faces common challenges in the cross-border e-commerce sector, including rising competition and increased pressure on product selection accuracy and brand premium capabilities [6] - The company's self-branded products currently account for less than 4% of revenue, indicating a need to transition from a "traffic-driven" to a "brand-driven" approach to enhance customer retention and long-term profitability [7]

运输通道优势凸显，航空运输引领增长。2025年，我市依托"枢纽+通道"优势，多式联运体系持续 完善。其中，航空运输进出口表现突出，完成货物进出口4027.9亿元，占比62%，同比增长10.5%；水 路、公路、铁路运输协同发展，分别完成进出口1350.6亿元、1075.9亿元、44.2亿元，占比分别为 20.8%、16.5%、0.7%，同比分别增长26.4%、32.3%、20.4%，多渠道运输网络进一步畅通。 出口结构不断升级，高附加值产品成主力。2025年，我市出口产品不断向价值链高端攀升，机电产 品、高新技术产品分别出口3456.2亿元、2779.4亿元，分别占全市出口的80.8%、65%，同比分别增长 22.3%、18.3%，成为出口增长的主引擎。 进口品类聚焦高端，重点产品支撑有力。2025年，我市进口结构与产业发展需求高度匹配，机电产 品、高新技术产品进口占比较高，分别进口1946.4亿元、1616亿元，分别占全市进口的87.4%、72.6%， 同比分别增长11.6%、9.1%，为产业链升级提供有力支撑。此外，平板显示模组、消费品等进口增长幅 度较大，分别进口255.4亿元、148.7亿元，同比分别增 ...

Core Insights - In 2025, Shaanxi's fruit online retail sales are projected to reach 24.825 billion yuan, ranking second nationally with a year-on-year growth of 7.48% [1] - The leading cities in online fruit sales within Shaanxi are Weinan, Yan'an, and Xianyang, collectively accounting for over 60% of the province's sales [1] - The online retail sales of Shaanxi's key products, apples and kiwis, are expected to be 4.812 billion yuan and 3.526 billion yuan respectively, with year-on-year growth rates of 11.82% and 10.53% [1] Market Structure - By the end of 2025, Shaanxi will have 66 regional public fruit brands, achieving online retail sales of 15.794 billion yuan, a 5.62% increase year-on-year [1] - The top three regional public brands in online sales are "Luochuan Apple," "Meixian Kiwi," and "Zhouzhi Kiwi" [1] - The number of e-commerce fruit brands in the province has increased to 1,040, with total online retail sales reaching 18.994 billion yuan, growing by 7.3% year-on-year [1] Regional Performance - The online retail market for Shaanxi fruits is highly concentrated in the Northwest and East China regions, with Central China showing a notable consumption growth rate of 19.52% [1] - Provinces such as Anhui, Hebei, and Sichuan have growth rates exceeding 18%, indicating potential areas for market expansion [1] Cross-Border E-commerce - In 2025, Shaanxi's fruit cross-border e-commerce online retail sales are expected to reach 176 million yuan, marking a 15.86% increase from the previous year [2] - Landmark products like apples and kiwis lead exports, while pears, citrus, and grapes are gradually finding markets, with Vietnam, Thailand, and Indonesia being key destinations [2] Live E-commerce Growth - The live e-commerce sector for Shaanxi fruits is projected to achieve online retail sales of 8.243 billion yuan in 2025, reflecting a year-on-year growth of 23.38% [2] - Xi'an leads with 4.624 billion yuan in live fruit sales, while Tongchuan shows a remarkable growth rate of 45.84% [2] Influencer Economy - By the end of 2025, the number of fruit influencers in Shaanxi is expected to reach 37,200, a growth of 25.34%, driving online retail sales of 4.455 billion yuan, which is a 28.72% increase [2] - The overall share of online channels in Shaanxi's fruit consumption is continuously expanding, reaching 20.28% in 2025 [2] Future Directions - The Shaanxi Fruit Industry Center plans to focus on brand development, optimizing the e-commerce ecosystem, and expanding domestic and international markets to enhance brand influence and promote high-quality development in the fruit industry [2]

Core Insights - The cross-border e-commerce industry demonstrates unexpected resilience amid a complex global economic landscape, with China's cross-border e-commerce imports and exports projected to reach 27.5 trillion yuan by 2025, a 69.7% increase from 2020 [1] - Companies are shifting their focus from purchasing and operational costs to brand building, indicating a change in decision-making logic within the industry [3] - The need for financial services that understand the future-oriented needs of cross-border e-commerce businesses is becoming increasingly critical, as traditional financial institutions often rely on past data [6] Funding Trends - There is a noticeable shift in where companies are directing their funds, moving from inventory purchases to investments in brand development [3] - Companies are transitioning from a "drop shipping" model to establishing overseas warehouses, which shortens product launch times and enhances consumer experience [4] - The establishment of overseas warehouses complicates the funding structure, requiring companies to manage funds across different currencies and regulatory environments [5] Technology Investment - Companies are increasingly investing in data tools and AI applications to enhance decision-making accuracy in uncertain markets [5] - AI is being utilized to predict growth patterns and funding gaps, allowing for dynamic adjustments in financing to support stable growth [7] - The integration of AI into financial services aims to create a comprehensive service system that addresses the evolving needs of cross-border e-commerce businesses [8] Systemic Challenges - The fragmentation of financial services poses a challenge for companies that require a more systematic approach to funding [7] - There is a growing recognition that funding is not a standalone issue but part of a broader system that includes business objectives and long-term returns [7] - The industry is transitioning from "wild growth" to "refined cultivation," with a focus on certainty becoming more valuable than capital itself in a rapidly changing environment [8]

©️深响原创 · 作者｜何理 2026刚开年，跨境电商便进入"高强度博弈"——合规与经营成本持续抬升，单纯依靠低价和铺量驱动增长的模式正在加速失效。这并非短期扰动，而是正 在构成跨境电商未来相当长一段时间的基本环境。 从市场侧看，美区依然是跨境品牌绕不开的核心战场。其意义早已不止于规模本身，更逐渐演变为品牌定价体系与全球化能力的"试金石"。 在这样的背景下，越来越多头部品牌及各家平台的大商家们都开始重新审视并选择自己的主阵地：如何在稳住生意基本盘、对冲不确定性的同时，持续获 得新增量？ 1月27日，TikTok Shop 美区跨境 POP 针对头部出海品牌、经销商以及跨境电商平台千万大商等"超级头部"商家召开私享会，发布「TOP 计划」，计划全 年投入亿级资源，为优质商家提供全链路激励扶持，并为"超级头部"商家提供更多资源和权益。显然，TikTok Shop释放了明确的利好信号——从商品、 内容、营销和服务等多个维度，进一步提升对头部品牌的长期支持力度，为增长提供更高确定性。 在出海新主场找准机会点：从内容力到增长力、品牌力 面对激烈的全球竞争，跨境品牌要想高效建立品牌认知、推动产品转化，曝光只是基础，更关键 ...