Core Viewpoint - The 2025 Service Trade Fair in Beijing will focus on the theme "Digital Intelligence Leading, Service Trade Renewed," featuring six types of activities including global summits, exhibitions, forums, and promotional events, emphasizing international participation and technological empowerment [1][2]. Group 1: International Participation - The global service trade summit will be co-hosted by UNCTAD, the Ministry of Commerce, and the Beijing municipal government, inviting foreign dignitaries and international organization leaders to discuss new trends in service trade [1]. - Australia will be the guest country, bringing nearly 60 enterprises to participate deeply and host promotional activities, while 54 countries and 21 international organizations will set up exhibitions [1]. Group 2: Technological Empowerment - The fair will emphasize the application of technology and intelligence, showcasing new technology application scenarios, solutions, and the additional services behind products [1]. - Interactive elements such as a digital human guide, AI-driven biomedical research demonstrations, and robot-assisted food preparation will enhance the experience [1]. Group 3: Authority and Industry Development - The event will feature 13 thematic forums, over 80 specialized forums, and more than 70 promotional sessions, with over 200 high-profile domestic and international guests discussing cutting-edge topics and releasing authoritative reports on digital trade and tourism city development [2]. Group 4: Service Brand Promotion - Over 100 enterprises will launch more than 190 new products and achievements, including the world's first 3D-printed polymer fatigue-resistant absorbable vascular stent and the first domestic quantum computer exceeding 1,000 bits [2]. - The fair will also promote service demonstration cases in AI and green innovation, enhancing the commercial value of "Beijing Services" and "China Services" [2]. Group 5: Interactive Experience - The fair will host over 40 diverse supporting activities, utilizing unique industrial scenes to create new service consumption formats, including art performances, cultural tourism markets, and sports events [2]. - More than 10 inspection routes will be launched to promote the integration of culture, commerce, and tourism [2]. Group 6: Venue and Infrastructure - This year's fair will be held at Shougang Park, which has undergone significant renovations to facilitate the integration of exhibitions, meetings, and experiential activities within a 3 square kilometer area [3]. - Shougang Park aims to establish a garden-style "exhibition town" to provide new offerings for the city's exhibition industry and set a new benchmark for urban renewal [3].

Group 1 - Zhejiang Province has issued the "Implementation Plan for the Reform and Innovation Development of Digital Trade" to enhance its competitive advantage in digital trade and support high-quality development [1] - The plan outlines a "1+3+N" framework, which includes a global digital trade expo, three key centers (Hangzhou, Ningbo, Yiwu), and encourages other cities to develop distinctive digital trade projects [1] - By 2027, Zhejiang aims to rank among the top provinces in digital trade scale and establish itself as a global digital trade center by 2035 [1] Group 2 - The plan promotes the development of cross-border e-commerce by integrating it with traditional industries and enhancing brand cultivation [2] - It encourages the use of live streaming and visual marketing strategies in cross-border e-commerce, while also improving overseas service capabilities [2] - The initiative aims to optimize global overseas warehouse layouts and enhance their digital and intelligent capabilities [2] Group 3 - The plan focuses on building a competitive digital trade enterprise ecosystem, targeting the cultivation of cross-border e-commerce platforms with annual transaction volumes exceeding 10 billion [3] - It aims to support small and medium-sized enterprises in their digital transformation and technological upgrades [3] - The initiative includes the modernization of digital trade ports, enhancing the digital operation levels of sea, land, and air ports [3]

Core Insights - The Fourth Global Digital Trade Expo will be held from September 25 to 29 in Hangzhou, marking its significance as the only national-level exhibition focused on digital trade, which has been included in the State Council's Government Work Report for two consecutive years [1] Exhibition Overview - The total exhibition area is 155,000 square meters, with 1,671 exhibitors, surpassing last year's total, including 360 international exhibitors, accounting for 21.5% [2] - The exhibition will feature innovative products such as DeepSeek's generative AI for poetry and music, and various interactive experiences in digital entertainment, smart travel, and artificial intelligence [2] Event Ecosystem - The expo will include a diverse range of activities, forming an "8+34+N" activity system, with over 80 pre-scheduled digital trade professional releases [3] - Eight thematic events will focus on international cooperation, while 34 key industry, investment, and competition activities will target sectors like healthcare and digital infrastructure [3] - The event is expected to attract 40,000 professional buyers, including over 10,000 international buyers, with pre-registration numbers reaching 32,000, including 7,700 international buyers [3] Economic Impact - The expo will serve as a major event for promoting consumption, featuring the "2025 'Buy in China' National Digital Consumption Season" and the Hangzhou Digital Trade Fashion Consumption Week, with a focus on five themes [3] - Hangzhou's digital trade volume exceeded 160 billion yuan in the first half of the year, showing a year-on-year growth of 16%, the highest growth rate and share in the province [4]

Core Insights - The Fourth Global Digital Trade Expo will be held in Hangzhou from September 25 to 29, with the theme "Seeing Innovative Futures in Digital Trade" and featuring the UAE and Indonesia as guest countries [1] - The expo will showcase a significant expansion in the AI exhibition area, doubling in size compared to previous years, and will introduce a dedicated section for intelligent products [2][3] - The total exhibition area will cover 155,000 square meters with 1,671 exhibitors, including 21.5% international exhibitors, and is expected to attract 40,000 professional buyers [1][5] Digital Trade Focus - The expo will emphasize the application of cutting-edge technologies such as generative AI and embodied intelligent robots, aiming to enhance the integration of digital technology with the real economy [3][4] - A total of 8 thematic activities and 34 key industry events will be organized to promote industry connections, focusing on sectors like healthcare, digital infrastructure, and cultural entertainment [5][6] Investment and Innovation - The newly introduced "Digital Trade Investment Day" will feature reverse roadshows where quality venture capital will present their investment needs to startups [6] - Zhejiang province aims to achieve a digital trade volume exceeding 800 billion yuan in 2024, with a continuous double-digit growth trend over the past six years [6][7] Regional Development - Hangzhou is positioning itself as a global digital trade hub, with a digital trade volume of over 160 billion yuan in the first half of the year, marking a 16% year-on-year increase [7] - The city plans to establish a core area for digital trade, leveraging the expo to drive growth in various digital trade bases and self-trade zones [7]

8月25日，第四届全球数字贸易博览会(以下简称"数贸会")新闻发布会在浙江杭州举行。从会上介绍的 情况看，展会"朋友圈"持续扩容，国际参与度再创新高。 杭州市人民政府副秘书长沈凯波表示，数贸会期间，杭州将通过组织金砖国家特殊经济区对话会、推出 金砖国家特殊经济区中国合作中心展区、开展杭州特殊经济区商务考察和对接交流活动等举措，搭建金 砖国家资源对接平台，持续促进金砖国家特殊经济区间的数字贸易合作。 为促进更多国际合作落地，本届数贸会还升级了供需对接模式。 会上，浙江省商务厅副厅长胡真舫介绍，本届数贸会已按照7大特色产业展区征集了300多份国际采购需 求，还将迭代升级"数贸在线"平台，上线商机配对、全球开店、多语言实时翻译等实用功能，实现全年 无间断展贸对接。 现场，商务部外贸发展事务局副局长曾花城还提到，本届数贸会将发布《全球数字贸易发展报告2025》 等权威报告，推动技术标准化与产业风向引领；依托杭州跨境电商综试区十周年经验，探索数据跨境流 动、数字税等国际规则，为全球数字治理提供中国方案；通过主宾国机制和"丝路电商日""数贸非洲 日"等活动，强化与发展中国家的数字合作。 (责任编辑：朱赫) 据悉，本届展会 ...

Core Insights - The Fourth Global Digital Trade Expo will be held in Hangzhou from September 25 to 29, focusing on innovation in digital trade with guest countries including the UAE and Indonesia [1][4] - The expo will feature an expanded AI exhibition area, showcasing over 300 companies and introducing a new "Intelligent Agent Zone" for consumer-grade AI products [3][4] - The event aims to enhance industry connections and promote digital trade through a comprehensive activity system, including a new "Digital Trade Investment Day" [4][5] Group 1: Event Overview - The total exhibition area for this year's expo is 155,000 square meters, with 1,671 exhibitors, a 21.5% share of international exhibitors [1][4] - An estimated 40,000 professional buyers are expected to attend, including over 10,000 international buyers [1] - The exhibition structure includes one main theme area and five subfields of digital trade, covering seven specialized industry zones [1] Group 2: Focus on AI and Technology - The expo will highlight cutting-edge technologies such as generative AI and embodied intelligent robots, aiming to integrate digital technology with the real economy [3][4] - The AI exhibition area will focus on practical applications of AI across various sectors, including agriculture, finance, and emergency management [3][4] - The event will also feature a variety of activities aimed at promoting industry connections and digital trade reforms [4] Group 3: Economic Impact and Future Goals - Zhejiang's digital trade volume is projected to exceed 800 billion yuan in 2024, continuing a trend of double-digit growth for six consecutive years [6] - The provincial government has introduced a development plan to establish a "1+3+N" layout for digital trade, encouraging the creation of distinctive projects in various cities [6] - Hangzhou aims to achieve a digital trade volume of 440 billion yuan by 2027, supported by the establishment of key digital trade bases [7]

Group 1 - The fourth Global Digital Trade Expo will be held from September 25 to 29, 2025, with the theme "Seeing Innovative Future" and will feature the UAE and Indonesia as guest countries and Shaanxi Province as the guest province [1] - This year's expo will cover a total exhibition area of 155,000 square meters with 1,671 exhibitors, surpassing last year's total, including 360 international exhibitors, accounting for 21.5% [3] - The expo will adopt a "1+5+7" structure, including one main exhibition area and seven specialized industry exhibition areas focusing on digital entertainment, smart travel, artificial intelligence, Silk Road e-commerce, digital healthcare, smart space, and smart logistics [3] Group 2 - The event will focus on five key subfields: digital ordering trade, digital technology trade, digital service trade, digital product trade, and data trade [3] - Four major international organizations, including the United Nations Global Center for Statistical Data and Data Science, will participate for the first time to build international consensus on AI in sustainable development, financial services, basic sciences, and space computing [3] - The expo will feature an "8+34+N" activity system, with over 80 digital trade professional releases planned, including eight thematic events and 34 key industry, investment, and competition activities [3] Group 3 - The expo is expected to attract 40,000 professional buyers, including over 10,000 international buyers, with 32,000 pre-registered professional buyers, including 7,700 international buyers [4] - The "Digital Trade Online" platform will be upgraded to include features such as business matching, global store opening, and real-time multilingual translation for year-round trade connections [4] - The event will also host the 2025 "Buy in China" national digital consumption season and the Hangzhou Digital Trade Fashion Consumption Week, focusing on five themes: food, housekeeping, time-honored brands, digital life, and cultural tourism [4]

Core Insights - The "China City Overseas Social Media Communication Power Index (July 2025)" highlights Jiangsu cities' strong performance, with Nanjing ranking first nationally in comprehensive communication power index [1] - Jiangsu cities, including Suzhou and Yangzhou, hold significant positions in overseas communication within the Yangtze River Delta region, forming a "Jiangsu Matrix" for overseas dissemination [1] Group 1: Communication Power Rankings - Nanjing ranks first in comprehensive communication power, while Suzhou and Yangzhou rank seventh and eighth respectively [1] - The rankings across various social media platforms show Nanjing leading in Facebook and Instagram communication power [2] Group 2: Content Creation and Cultural Representation - Jiangsu cities leverage their rich cultural heritage to create unique content, exemplified by Nanjing's Instagram post of Xuanwu Lake, which received 17,000 likes, showcasing cross-cultural visual appeal [4] - Suzhou highlights its strengths in technology and innovation by sharing advancements in biomedicine and nanotechnology on overseas social media [4] Group 3: Differentiated and Localized Communication Strategies - Jiangsu cities employ differentiated strategies across social media platforms, using TikTok for relatable short videos and YouTube for in-depth content [5] - Content is localized based on cultural backgrounds, emphasizing historical exchanges with Southeast Asia and technological innovation for Western audiences [5] Group 4: Policy Support and International Engagement - The Jiangsu provincial government has implemented measures to enhance digital trade and international communication, aiming to cultivate influential digital platforms by 2025 [8] - Jiangsu cities actively host international events to showcase their development achievements and cultural characteristics, thereby increasing their global visibility [8]

Investment Rating - The investment rating for the company is "Hold" [6] Core Views - The company achieved steady growth in H1 2025, with revenue of 7.713 billion and a year-on-year increase of 13.99%, while net profit attributable to the parent company reached 1.691 billion, up 16.78% [1] - The trade service segment has become a core driver of profit growth, with revenue of 531 million, a 43.2% increase, and a profit total of 302 million, surging 127% year-on-year [2] - The global digital trade center's successful招商 (招商 refers to the process of attracting businesses) indicates a new growth cycle, with high demand for commercial spaces and significant bidding prices [3] - The company's digital transformation strategy, empowered by AI, has created a closed-loop ecosystem that enhances user engagement and operational efficiency [3] Summary by Sections Financial Performance - In H1 2025, the company reported revenue of 7.713 billion, a 13.99% increase year-on-year, and a net profit of 1.691 billion, reflecting a 16.78% growth [1] - Q2 2025 saw a revenue of 4.552 billion, with a year-on-year growth of 11.41%, and a net profit of 888 million, up 20.77% [1] Business Segments - The trade service segment's revenue reached 531 million, marking a 43.2% increase, and its profit total surged 127% to 302 million [2] - The Chinagoods platform achieved a net profit of 155 million, a 109.69% increase, while Yiwu Pay's profit exceeded 40 million, growing over 50% [2] Market Outlook - The招商 for the global digital trade center has attracted over 47,000 entities for the first batch and over 24,000 for the second batch, indicating strong market demand [3] - The bidding prices for commercial spaces reached 11-12.4 million per square meter for the first batch and up to 13.8 million for the second batch, highlighting the high value of the Yiwu market [3] Strategic Initiatives - The company has successfully implemented a digital and intelligent transformation strategy, creating a closed-loop ecosystem that integrates information flow, business flow, and capital flow [3] - The Chinagoods platform has registered over 5.1 million buyers, and the "Small Business AI" applications have surpassed 1 billion uses, significantly enhancing user retention [3] Investment Projections - The company is expected to achieve net profits of 4.1 billion, 5.5 billion, and 6.3 billion for the years 2025, 2026, and 2027 respectively, with corresponding PE ratios of 27x, 20x, and 18x [4]

每经编辑｜张益铭 ｜2025年8月25日 星期一｜ NO.1央行：8月25日将开展6000亿元MLF操作 央行发布2025年8月中期借贷便利招标公告，为保持银行体系流动性充裕，2025年8月25日（周一），中 国人民银行将以固定数量、利率招标、多重价位中标方式开展6000亿元MLF操作，期限为1年期。 点评：央行开展6000亿元MLF操作，显示了中国人民银行在当前经济形势下对流动性管理的重要性和 灵活性。这一举措旨在引导银行体系保持资金充裕，平稳市场利率，支持实体经济发展。 点评：广东加快出台养老金融指导性文件，体现了地方政府对养老产业的高度重视及其对金融支持养老 事业的积极探索。此举旨在通过制度设计推动养老金融的协同发展，为银发经济注入活力。 NO.3浙江：支持在浙跨境支付机构申请全球支付牌照 近日，浙江发布《浙江省数字贸易改革创新发展实施方案》并指出，强化数字服务贸易特色优势。加强 人工智能等技术在金融、医疗、教育等场景的应用。支持在浙跨境支付机构申请全球支付牌照。积极推 广云外包、平台分包等新业态新模式，鼓励研发、设计、维修、咨询等领域传统服务外包企业向综合解 决方案提供商转型。 点评：浙江支持跨境支付 ...