来源：新浪证券-红岸工作室 异动分析 AIGC概念+元宇宙+跨境电商+虚拟现实+人民币贬值受益 1、2023年2月3日互动易回复：公司自研的系统中部分业务功能涉及AIGC技术，例如运用AI技术智能化 生成商品文案，可以大规模减少相关人工成本，提高运营效率。 2、公司的VR技术主要应用于布展。布展方面，公司继续推广布展用材的成品化和成品制作工艺的流程 化，强调环保、绿色的设计理念，积极应对VR虚拟现实技术浪潮，探索VR数字内容制作，研究VR互 动平台、设备与内容的融合，创新3Dmping与建筑投影技术、纱幕投影运用。 3、2023年10月16日互动易：公司跨境电商出口业务执行多平台、多区域、多品类经营模式，目前公司 的销售目的地以欧洲、北美等地区为主。 4、2022年3月24日互动易回复：公司的虚拟现实VR/AR技术，广泛应用在各展馆展项中，该项技术经 过多年项目实践，已相对成熟。 5、根据2024年年报，公司海外营收占比为99.83%，受益于人民币贬值。 8月6日，华凯易佰涨1.58%，成交额1.31亿元，换手率3.25%，总市值46.87亿元。 主力没有控盘，筹码分布非常分散，主力成交额3431.35万，占 ...

Core Viewpoint - Jilin Province is leveraging innovation and strategic layout to enhance its high-level openness, effectively breaking through the geographical constraints of being an inland region and establishing itself as a vital hub for international trade and logistics [2][4]. Group 1: Infrastructure and Logistics Development - The establishment of the Changchun Xinglong Comprehensive Bonded Zone has created a logistics framework that includes a bonded area, international land port, and an import-export commodity exhibition center, facilitating trade and logistics [4]. - In the first half of 2025, the port's throughput reached 72,912 TEUs, marking a 20.9% year-on-year increase, with sea-rail intermodal transport accounting for 62,843 TEUs, a growth of approximately 36% [4][6]. - The development of multiple international logistics solutions, including China-Europe freight trains and TIR international road transport, is enhancing the efficiency and cost-effectiveness of logistics for inland enterprises [6][7]. Group 2: Trade and Economic Growth - The Xinglong Comprehensive Bonded Zone has seen a tenfold increase in import and export volume over the past five years, with projected import and export value reaching 12.05 billion yuan in 2024 [7]. - The China-Europe freight trains are expected to carry goods worth over 2 billion yuan in 2024, significantly boosting trade between Changchun and Europe [6][7]. - The Northeast Asia Cross-Border E-commerce Industrial Park has experienced a remarkable growth in trade volume, increasing from 40 million yuan to over 6 billion yuan in 2024, reflecting a growth of over 100 times [15]. Group 3: Consumer Experience and Market Expansion - The Changchun Xinglong Comprehensive Bonded Zone's import commodity exhibition center features over 60,000 products from nearly 60 countries, becoming a key platform for local consumers to access global goods [9][13]. - The cross-border e-commerce model in the Hunchun Northeast Asia International Commodity City allows for a seamless shopping experience, combining online sales with offline experiences, thus enhancing consumer engagement [14][15]. - The introduction of live-streaming e-commerce and training for local influencers is fostering a new trend in retail, promoting both local products and imported goods [15].

Group 1 - The core viewpoint is that Urumqi's cross-border e-commerce has rapidly risen, becoming a significant engine for foreign trade development, with a 222% year-on-year increase in import and export volume from January to June this year [1] - Urumqi has 209 cross-border e-commerce enterprises as of the end of June, covering various sectors such as e-commerce platform operation, supply chain services, logistics, marketing, and incubation, forming a relatively complete cross-border e-commerce industry chain [1] - The "Iron-Air Intermodal" model has effectively transformed regional advantages into development and competitive advantages, with the coordinated development of land port, air port, and comprehensive bonded zone becoming the main engine for the city's cross-border e-commerce growth [1] Group 2 - The Urumqi Commerce Bureau plans to focus on the integration of "cross-border e-commerce + industrial belts" and the layout of overseas warehouses, aiming to promote the sustainable and healthy development of cross-border e-commerce in the city [2] - The upcoming launch of the cross-border e-commerce public customs clearance center by Xinjiang Land Port Trade Service Co., Ltd. is expected to enhance customs clearance and transportation services for local and national cross-border e-commerce [1]

Investment Rating - The report indicates a downward trend in the cross-border logistics sector, with a decline of 1.68% in the cross-border logistics index [9][12]. Core Insights - The global container freight rates are on a downward trajectory, with the CCFI reporting 1232.29 points, a decrease of 2.30% month-on-month [7]. - The air cargo index BAI reported 2027 points, reflecting a decrease of 1.07% month-on-month, indicating a tightening in air freight capacity due to increased demand ahead of tariff deadlines [7]. - The report highlights significant developments in cross-border e-commerce, including new policies affecting import taxes and logistics costs in various regions, which may reshape market dynamics [15][16]. Summary by Sections 1. Global Cross-Border Logistics Important News - New international air cargo routes have been established, with 20 new routes opened in July, totaling 137 routes for the year, enhancing the air freight network [18]. - The U.S. has announced the cancellation of the low-value import tax exemption for goods valued under $800, effective August 29, which will impact air cargo volumes [20] 2. Cross-Border Logistics Important Data Changes - The shipping price index shows a decline, with the SCFI at 1550.74 points, down 2.63% month-on-month, and the NCFI at 1087.66 points, down 2.06% [7]. - The air cargo index BAI30 and BAI80 also reported declines of 1.65% and 0.25% respectively, indicating a broader trend of decreasing air freight rates [7]. 3. Capital Market Perspective on Cross-Border Logistics - The cross-border logistics sector has seen a cumulative decline of 7.26% since the beginning of 2025, reflecting ongoing challenges in the market [12]. - The report notes a divergence in stock performance within the cross-border logistics sector, suggesting varying impacts on individual companies [9].

Core Viewpoint - The challenges faced by cross-border e-commerce companies in seeking capital through A-share listings are highlighted, with a specific focus on the failed IPO attempts of Xiamen Dongang Technology Co., Ltd. [1][7] Company Overview - Dongang Technology, established in 2008, specializes in the research, production, and sales of professional mobile lighting tools, with over 200 product models, primarily focusing on folding lights and floodlights, which contribute over 50% of its main business revenue [3][5]. IPO Attempts and Challenges - Dongang Technology's IPO journey has been fraught with difficulties, having failed twice. The first attempt in September 2022 to list on the Shenzhen Stock Exchange was hindered by stringent revenue growth and R&D capability requirements, with a compound annual growth rate of only 4.91% from 2019 to 2021, falling short of the 20% threshold [5][7]. - The company withdrew its first IPO application in February 2023 due to slowing performance and doubts about its innovation capabilities, marking its first failure [7][11]. - After regrouping, Dongang attempted to list on the Beijing Stock Exchange in July 2023 but ultimately failed again after a year and a half of efforts [7][11]. Financial Performance - Dongang Technology's financial performance has been lackluster, with revenues of 263 million yuan in 2021, declining to 231 million yuan in 2022, and projected revenues of 221 million yuan in 2023 [11]. - The net profit decreased from 60.62 million yuan in 2021 to an estimated 51.99 million yuan in 2024, attributed to both macroeconomic factors and internal operational challenges [11][12]. Business Model and Risks - The company relies heavily on an ODM (Original Design Manufacturer) model, leading to structural risks due to high customer concentration, with its top three clients accounting for over 83% of sales [8][10]. - In 2022, a significant revenue drop of 60 million yuan occurred due to inventory adjustments by a major client, highlighting the vulnerability of its business model [8][10]. Industry Context - The mobile lighting sector is characterized by intense competition and low market concentration, with many companies facing similar challenges in capitalizing on cross-border opportunities [14][15]. - The global LED lighting market is experiencing slow growth, with a compound annual growth rate of only about 2%, indicating limited expansion opportunities for companies like Dongang Technology [14][15]. - The failures of Dongang Technology reflect broader issues faced by cross-border export companies, including the need to navigate international risks, establish brand presence, and diversify customer bases to mitigate risks [14][15][16].

文 丨 郑可书 沈方伟 制图 丨 黄帧昕 编辑 丨 王姗姗 美国今年对中国新加的关税暂时降回到 30% ，但特别针对中国跨境电商小额包裹设置的壁垒没 有降低——以前免税清关的小件包裹，如今要付货值 90% 或着每件 150 美元的关税。 一单一发的小包跨境快递曾经是中国跨境电商最低成本的物流渠道，而美国则是全球最大消费 市场。《晚点 LatePost》独家了解到，Shein 今年上半年商品成交额（GMV）约 270 亿美元， 同比增长率维持在 15-20%。而上线三年不到的 Temu，其上半年全球 GMV 为 350 亿美元左 右，同比增长率 50%。 据一位接近 Temu 的人士，今年 Temu 全年 GMV 目标是 1000 亿美元，超过拼多多成立第三年 的水平。Shein 去年 GMV 约为 520 亿美元，年初定下的全年 GMV 目标是 "微超 600 亿美 元"。 跨境电商规模效应已经建立，平台有了很多选择。 Shein 和 Temu 否认了与 GMV 相关的数据。 提前两个月的一场演练，给了 Temu 和 Shein 更多准备时间 今年 4 月关税战爆发前，Shein、Temu 以及平台上的商家已 ...

Core Viewpoint - The company 聚智科技 (Zhi Technology) is preparing for an IPO on the Hong Kong Stock Exchange, having submitted its prospectus for the second time after an initial unsuccessful attempt earlier in the year. The company specializes in baby monitoring products under the brand HelloBaby and is backed by exclusive sponsor 新华汇富 (Xinhua Huifu) [2][17]. Company Overview - 聚智科技, headquartered in Huanggang, Hubei Province, was established in 2005 as 倍耐特 (Beinait) and shifted focus to baby monitoring products in 2008. The company launched the HelloBaby brand in 2016 and acquired full ownership of 湖北聚智科技 (Hubei Zhi Technology) in 2020 to manage production [5][6]. - The company has achieved significant sales milestones, with nearly 1.4 million units sold by the end of 2024, marking a historical high. Revenue figures for 2022, 2023, and 2024 were approximately 190 million RMB, 350 million RMB, and 460 million RMB, respectively, with corresponding profits of 34.82 million RMB, 63.37 million RMB, and 94.69 million RMB [11][12]. Market Analysis - The global parenting products market has shown steady growth, increasing from $76.4 billion in 2019 to $93.6 billion in 2023, with a compound annual growth rate (CAGR) of 5.2%. Projections indicate further expansion to $119.5 billion by 2028 [8]. - 聚智科技 holds a leading position in the U.S. market for baby monitors, ranking first in terms of unit sales with a market share of 38.7% and third in value with a 19.6% market share [14]. Financial Performance - The company’s revenue is heavily reliant on international markets, with nearly 90% of its income derived from overseas sales. The U.S. market accounted for approximately 56.8%, 70.9%, and 75.5% of total revenue from 2022 to 2024 [11][17]. - Despite strong sales, the company faced challenges in 2024, including a 13.7% decline in net profit and a slowdown in revenue growth to 6.4%, attributed to increased marketing expenses and reliance on the U.S. market [20]. Strategic Initiatives - In response to market challenges, 聚智科技 is diversifying its market presence by expanding into Southeast Asia and enhancing its North American operations. The company has also begun selling through Walmart, achieving over 10,000 units sold annually [22].

Core Viewpoint - The company, Zhejiang Plade Electric Co., Ltd., has shown growth in revenue and profit, benefiting from its overseas sales and the depreciation of the RMB, while also being recognized as a "specialized and innovative" small giant enterprise in China [2][3][7]. Company Overview - Zhejiang Plade Electric Co., Ltd. was established on November 1, 2005, and went public on May 30, 2023. The company specializes in the research, design, production, and sales of electric tools, with main business revenue composition being 92.05% from electric tool assemblies, 7.25% from accessories, and 0.70% from other sources [7]. - As of March 31, 2025, the company reported a revenue of 227 million yuan, representing a year-on-year growth of 23.88%, and a net profit attributable to shareholders of 17.76 million yuan, up 4.75% year-on-year [7]. Market Position and Recognition - The company has been recognized as a "specialized and innovative" small giant enterprise, which is a prestigious title in China for small and medium enterprises that excel in niche markets and possess strong innovation capabilities [2]. - The company has established its own brand flagship stores on various e-commerce platforms, including Amazon, eBay, Taobao, and Tmall, with a brand portfolio that includes "Hengdong" and "Neumaster" [3]. Financial Performance - The company's overseas revenue accounted for 67.86% of total revenue, benefiting from the depreciation of the RMB [3]. - The company has distributed a total of 59.27 million yuan in dividends since its A-share listing [8]. Stock Performance - On August 5, the company's stock price increased by 0.94%, with a trading volume of 48.38 million yuan and a turnover rate of 5.68%, resulting in a total market capitalization of 2.639 billion yuan [1]. - The average trading cost of the stock is 26.28 yuan, with the stock currently near a resistance level of 27.48 yuan, indicating potential for upward movement if this level is breached [6].

Core Viewpoint - The company, Zhejiang Kaichuang Electric Co., Ltd., is experiencing growth opportunities due to its high overseas revenue proportion, recognition as a "specialized and innovative" enterprise, and expansion in e-commerce and lithium battery products. Group 1: Financial Performance - As of 2024, the company's overseas revenue accounts for 91.85%, benefiting from the depreciation of the RMB [2] - In the first quarter of 2025, the company achieved operating revenue of 154 million yuan, a year-on-year decrease of 6.68% [6] - The net profit attributable to the parent company for the same period was 2.29 million yuan, also showing a year-on-year decrease [6] Group 2: Business Development - The company has been recognized as a national-level "specialized and innovative" small giant enterprise, which enhances its competitiveness and stability in the supply chain [2] - Since 2018, the company has established cross-border e-commerce operations in Jinhua, Hangzhou, and Shenzhen, leading to a 58.64% year-on-year increase in online sales revenue in 2024 [2][3] - In 2023, the company developed 20 new lithium battery products, which have gained recognition from clients such as Bosch and Harbor Freight Tools [3] Group 3: Market Activity - The stock price of Kaichuang Electric has seen a slight decline of 0.07%, with a trading volume of 43.975 million yuan and a turnover rate of 3.12% [1] - The average trading cost of the stock is 27.45 yuan, with the current price approaching a resistance level of 29.42 yuan, indicating potential for upward movement if the resistance is broken [5] - The main capital flow shows a net outflow of 5.6878 million yuan today, with a ranking of 171 out of 243 in the industry [4]

Core Viewpoint - The company, Guangdong Xinghui Precision Manufacturing Co., Ltd., is benefiting from its cross-border e-commerce business and the depreciation of the RMB, with a significant portion of its revenue coming from overseas sales [3]. Group 1: Company Overview - Guangdong Xinghui Precision Manufacturing Co., Ltd. was established on November 11, 1994, and listed on June 10, 2015. The company specializes in the research, production, and sales of precision metal components such as slides and hinges, with a focus on cross-border e-commerce [7]. - The company's main business revenue composition includes: slides (55.24%), smart small appliances (15.69%), hinges (7.71%), power supplies (7.54%), computer and mobile peripherals (3.54%), and others [7]. - As of March 31, the number of shareholders is 25,100, a decrease of 13.57% from the previous period, with an average of 14,152 circulating shares per person, an increase of 27.50% [7]. Group 2: Financial Performance - In the first quarter of 2025, the company achieved operating revenue of 335 million yuan, a year-on-year decrease of 8.65%, and a net profit attributable to the parent company of -2.84 million yuan, a year-on-year decrease of 161.13% [7]. - The company has distributed a total of 71.16 million yuan in dividends since its A-share listing, with no dividends distributed in the past three years [8]. Group 3: Market Activity - On August 5, the company's stock rose by 0.72%, with a trading volume of 61.45 million yuan and a turnover rate of 3.09%, bringing the total market capitalization to 2.573 billion yuan [1]. - The company's cross-border e-commerce segment includes small household appliances such as aroma machines, coffee machines, air fryers, and milk frothers, primarily sold overseas [2]. - The company reported that its audio products, under the brand TaoTronics, achieved annual sales of tens of millions of dollars, with TWS technology widely applied in its Bluetooth earphone products [2].