贸易创新发展是全面推动高质量发展的内在要求，是加快构建新发展格局的重要支撑，亦是应对国际经 贸局势变化的主动作为。"十五五"规划建议提出"推动贸易创新发展"，要求"提升贸易促进平台功能， 支持跨境电商等新业态新模式发展"。中央经济工作会议对"鼓励支持服务出口，积极发展数字贸易、绿 色贸易"作出重要部署。跨境电商是我国外贸发展的有生力量，也是国际贸易发展的重要趋势。更好发 挥跨境电商在赋能中小外贸企业、促进产业国际化发展、维护供应链安全等方面的独特作用，进一步推 动贸易创新发展，是做好明年外贸工作的重要内容。 二是鼓励跨境电商赋能产业发展。近年来，电商平台不断深化"贸易+产业链"的模式，有效带动了地方 工业品、特色农产品出口，成为地方特色产业国际化的新载体和农民增收致富的新渠道。需积极促进跨 境电商与产业深度融合，依托产业集群基础塑造电商发展优势，支持平台企业向各产业领域融合渗透， 不断丰富应用场景。大力发展"跨境电商+产业带"，促进跨境电商综合试验区、跨境电商产业园区等与 产业集群融合发展，使电商成为带动当地特色产品以及产业出海的中坚力量。 "十五五"时期，我国跨境电商发展的瓶颈制约、短板弱项依然突出，面临的 ...

Core Insights - Hohhot Comprehensive Bonded Zone has achieved a historic milestone by surpassing an annual import and export volume of 10 billion yuan, marking its entry into the "billion-yuan park" category [3][4] - The zone has seen a rapid growth in foreign trade, with a year-on-year increase of 16.06% in import and export volume from January to November, reaching 9.309 billion yuan, accounting for 40% of Hohhot's total foreign trade [3] Group 1 - The zone is experiencing diverse growth in various sectors, including bonded logistics, precious metal processing, used car exports, and cross-border e-commerce [3] - The establishment of a full-chain closed loop in precious metal processing, covering mining, refining, trading, and recycling, is a key development [3] - New projects in green agricultural and livestock product processing and modern equipment manufacturing are expected to generate an additional annual output value of over 6 billion yuan and an import-export value of 2.5 billion yuan [3] Group 2 - The zone aims to deepen channel construction, strengthen characteristic industries, and expand digital trade, transitioning from a "channel economy" to an "industrial economy" [4] - Innovation is emphasized as a key driver for development, with plans to build an industrial ecosystem in cross-border e-commerce and explore new models such as "bonded display + cross-border e-commerce" [3][4]

中国中免 20251222 摘要 海南免税市场 12 月销售额显著增长，主要得益于自贸港封关带来的市 场信心提振，以及企业和政府部门联合推出的促销活动，包括中免集团 的年终盛典和三亚市政府的消费券。 11 月份海南免税市场增长由离岛免税政策优化、小家电等小品类调整以 及黄金新政等多重因素驱动，其中境外旅客消费高于国内旅客，黄金首 饰销量显著提升。 化妆品市场占比趋于稳定，精品类商品（如首饰、服装、箱包）表现出 色，受益于即购即提模式和消费者对正品保障的需求。 离岛免税与跨境电商竞争激烈，但离岛免税通过价格调整和正品保障逐 渐赢得消费者信任，客单价有所回升。 海南自贸港封关后，企业进口商品享受零关税，加工增值超过 30%的产 品销往内地可免关税，显著降低企业成本，提升财务效率。 未来海南离岛免税市场预计保持小幅增长，增长动力来自于购物便利性 提升和国产品退税政策的推进，但新增牌照的可能性较低。 岛民免税政策预计明年 1 月中下旬明确，主要涵盖食品、饮料、日化用 品等日常消费品，额度较低，与离岛免税形成差异化定位。 Q&A 近期海南免税市场的表现如何？ 自 12 月 18 日封关以来，海南免税市场的销售额显著增长 ...

（编辑 丛可心 王雪儿） 证券日报网讯 12月22日，万里马在互动平台回答投资者提问时表示，公司控股子公司杭州宇岛科技有 限公司业务范围以直播电商、品牌代运营为主。广州超琦信息科技有限公司主要聚焦母婴及户外运动大 健康领域，通过天猫、京东等电商平台开展电商业务。公司在聚焦单兵单警防护产品的同时和电商渠道 双向发力，围绕军工产品+直播电商打造关键性竞争能力。未来，公司将持续投入并不断加大团购和电 子商务渠道的开拓力度，持续拓展和培育高品质品牌，通过超琦电商香港子公司进一步与国外知名品牌 进行合作及开展跨境电商业务，拓宽业务范围，聚焦中产阶级需求，把握消费提振大趋势。 ...

异动分析 锂电池概念+专精特新+人民币贬值受益+跨境电商 1、据2024年5月8日互动易：2023 年公司开发锂电新产品 20 款，受到博世、Harbor Freight Tools 等客户 的认可。公司目前锂电产品的销售占比，不到总销售收入的 10%，还有很大的提升空间。谢谢！ 来源：新浪证券-红岸工作室 12月22日，开创电气跌1.94%，成交额4776.60万元，换手率1.71%，总市值60.31亿元。 主力没有控盘，筹码分布非常分散，主力成交额1371.02万，占总成交额的8.51%。 技术面：筹码平均交易成本为60.09元 2、专精特新"小巨人"企业是全国中小企业评定工作中最高等级、最具权威的荣誉称号，是指专注于细 分市场、创新能力强、市场占有率高、掌握关键核心技术、质量效益优的排头兵企业，对于提升中小企 业自身的竞争力，以及提升产业链、供应链稳定性和竞争力具有重大意义。公司已入选工信部国家级专 精特新小巨人企业名单。 3、根据2024年年报，公司海外营收占比为91.85%，受益于人民币贬值。 4、根据2025年7月4日互动易：公司于2018年开始布局电商业务。先后在金华、杭州、深圳成立跨境电 商公 ...

Core Viewpoint - The company, Huilong New Materials, is strategically investing in the pet industry through a stake in Hangzhou Pet Sales Supply Chain Management Co., aiming to leverage digital infrastructure and capitalize on the growing pet economy in China [2]. Group 1: Investment and Business Strategy - Huilong New Materials has acquired a 2.2% stake in Pet Sales Supply Chain Management for an investment of 6 million yuan, which is not classified as a major transaction [2]. - The pet sales company focuses on creating a digital supply chain infrastructure for the pet industry, enhancing the capabilities of small retailers through digital empowerment [2]. - The investment is expected to provide Huilong New Materials with valuable market insights and resources in the pet sector, aligning with the company's focus on green and environmentally friendly fiber production [2]. Group 2: Financial Performance - For the period from January to September 2025, Huilong New Materials reported a revenue of 674 million yuan, reflecting a year-on-year growth of 11.26%, and a net profit attributable to shareholders of 30.74 million yuan, up by 25.88% [8]. - The company's main revenue sources include differentiated colored polyester filament, with a composition of 50.79% from FDY and 45.22% from DTY [8]. Group 3: Market Position and Recognition - Huilong New Materials has been recognized as a "specialized, refined, distinctive, and innovative" small giant enterprise by the Ministry of Industry and Information Technology, highlighting its strong market position and innovation capabilities [3]. - The company is actively enhancing its international trade efforts, collaborating with platforms like Alibaba to explore potential customers in emerging markets along the Belt and Road Initiative [3].

Core Viewpoint - The company, Wenzhou Yuanfei Pet Products Co., Ltd., is experiencing fluctuations in stock performance and is positioned to benefit from trends in the pet economy, cross-border e-commerce, and the depreciation of the RMB [2][3]. Company Overview - Wenzhou Yuanfei Pet Products Co., Ltd. specializes in the research, production, and sales of pet supplies and pet food, with main products including pet snacks, leashes, toys, dry food, and wet food [2][7]. - The company was established on September 27, 2004, and went public on August 18, 2022 [7]. - As of September 30, 2025, the company reported a revenue of 1.281 billion yuan, a year-on-year increase of 37.66%, and a net profit attributable to shareholders of 130 million yuan, up 8.75% year-on-year [7]. Revenue and Market Position - The company's overseas revenue accounts for 85.78% of total revenue, benefiting from the depreciation of the RMB [3]. - The revenue composition includes pet snacks (52.09%), leashes (24.77%), staple food (9.79%), other products (7.72%), and toys (5.64%) [7]. - The company has established production bases in Cambodia to enhance global capacity and reduce labor costs, with an average capacity utilization rate of around 80% [3]. Shareholder and Market Activity - As of September 30, 2025, the number of shareholders is 13,600, a decrease of 10.74% from the previous period, with an average of 7,888 circulating shares per person, an increase of 53.27% [7]. - The company has distributed a total of 120 million yuan in dividends since its A-share listing [8]. - The stock has seen a net inflow of -282,500 yuan today, with no significant trend in major shareholder activity [4][5].

Core Viewpoint - The company, Zhejiang Yayi Metal Technology Co., Ltd., is focusing on outdoor leisure furniture, particularly fire pits and gas stoves, and is expanding its online sales channels through platforms like Amazon and TikTok, benefiting from the depreciation of the RMB and the growth of the camping economy and cross-border e-commerce [2][4]. Group 1: Company Overview - The company has established a comprehensive system for research, design, production, sales, and service, becoming one of the main providers of fire pits and gas stoves in China [2]. - The main business revenue composition includes 55.86% from fire pits and stoves, 33.74% from other products, and 10.40% from gas stoves [8]. Group 2: Financial Performance - In 2024, the company expects a significant revenue increase to 296 million yuan, representing a year-on-year growth of 87.22%, driven by online sales channels [2]. - As of November 20, 2025, the company achieved a revenue of 239 million yuan for the first nine months, a year-on-year increase of 22.23%, but the net profit attributable to the parent company decreased by 68.19% to 1.78 million yuan [9]. Group 3: Investment and Partnerships - The company is investing in a partnership with Yudao Venture Capital Management and others to establish a venture capital partnership, contributing 10.2 million yuan, which accounts for 39.98% of the partnership's capital [3]. Group 4: Market Position and Strategy - The company is leveraging the policies of the Zhejiang cross-border e-commerce comprehensive pilot zone to optimize its overseas warehouse layout and logistics efficiency [2]. - The overseas revenue proportion reached 98.94%, benefiting from the depreciation of the RMB [4].

Core Viewpoint - The company, Guangdong Xinghui Precision Manufacturing Co., Ltd., is experiencing fluctuations in stock performance and is benefiting from its cross-border e-commerce business, particularly in the context of the depreciation of the RMB and the growing demand for consumer electronics [2][3]. Company Overview - Guangdong Xinghui Precision Manufacturing Co., Ltd. specializes in the research, production, and sales of precision metal connectors, as well as its own brand of smart home appliances and consumer electronics [3][7]. - The company's main products include slides, hinges, baskets, sinks, faucets, and various consumer electronics [3][7]. - As of November 28, the company had 21,400 shareholders, a decrease of 7.91% from the previous period, with an average of 16,611 circulating shares per person, an increase of 8.59% [7]. Financial Performance - For the period from January to September 2025, the company reported revenue of 1.112 billion yuan, a year-on-year decrease of 6.23%, while net profit attributable to the parent company was 2.6922 million yuan, reflecting a year-on-year increase of 106.21% [7]. - The company's overseas revenue accounted for 67.99% of total revenue, benefiting from the depreciation of the RMB [2][3]. Product Segmentation - The revenue composition of the company includes 71.62% from slides, 16.77% from smart home appliances, 8.01% from power supplies, and 3.60% from other categories [7]. Market Activity - On December 22, the company's stock price fell by 1.32%, with a trading volume of 82.234 million yuan and a turnover rate of 3.41%, resulting in a total market capitalization of 3.081 billion yuan [1]. - The stock has shown a net outflow of 9.2272 million yuan today, with a lack of clear trends in major shareholder activity [4][5]. Technical Analysis - The average trading cost of the stock is 7.19 yuan, with recent reductions in holdings but at a slowing rate; the current stock price is near a resistance level of 6.78 yuan, indicating potential for a price correction if this level is not surpassed [6].

Core Viewpoint - Gujia Home's stock price has shown fluctuations, with a current decline of 2.02% and a year-to-date increase of 16.91%, indicating mixed market sentiment towards the company [1]. Group 1: Stock Performance - As of December 22, Gujia Home's stock price is 30.63 yuan per share, with a market capitalization of 25.161 billion yuan [1]. - The stock has experienced a 3.13% increase over the last five trading days and a 1.42% increase over the last 20 days, while it has decreased by 2.85% over the last 60 days [1]. - The net outflow of main funds is 5.3073 million yuan, with large orders accounting for 6.30% of purchases and 10.73% of sales [1]. Group 2: Financial Performance - For the period from January to September 2025, Gujia Home achieved a revenue of 15.012 billion yuan, representing a year-on-year growth of 8.77%, and a net profit attributable to shareholders of 1.539 billion yuan, up 13.24% year-on-year [2]. - Cumulative cash dividends since the A-share listing amount to 6.339 billion yuan, with 3.173 billion yuan distributed in the last three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders is 18,200, a decrease of 22.71% from the previous period, while the average circulating shares per person increased by 29.39% to 44,700 shares [2]. - Hong Kong Central Clearing Limited is the sixth largest circulating shareholder, holding 16.1573 million shares, an increase of 5.8478 million shares from the previous period [3]. - ICBC Value Selection Mixed A is a new entrant among the top ten circulating shareholders, holding 7.4068 million shares [3].