作者黄昱 编辑周智宇 过去十年，跨境电商草莽掘金，一夜暴富的神话，正在迅速退潮。 王策（化名），一位在跨境浪潮中摸爬滚打了近八年的舵手，曾经动辄爆单、利润丰厚，日赚斗金，然而如今他的店销量仅能勉强维持在高峰期的三分之一， 全球开店的浪漫想象也已被现实的骨感击碎。 过去两年多，TEMU携大量拼多多商家汹涌出海，分食了原本偏小众的跨境电商生意，美国在2025年4月悍然取消中国商品的 "小额免税" 政策，又成为最后一 根稻草， 随后关税飙升，让那些高度依赖直邮小包模式的中国玩家遭遇直接冲击。 不仅是个体商家，以TEMU为代表的跨境平台，也被迫从过去依赖免税小单、极致低价和高效供应链，为海外消费者营造"像亿万富翁一样购物"的幻梦中惊 醒。 随后的中美经贸会谈带来喘息之机，但政策的钟摆效应远未平息——欧盟对入境小包裹拟征费用的传闻旋即又起。这清晰地昭示着，不确定性，已是跨境电商 必须时刻面对的新常态。 对于高度依赖政策红利的跨境玩家而言，每一次风向变动，都挤压着本已微薄的利润空间，挑战着他们的生存底线。 这不再是一个单凭勇气和低价就能制胜的时代，那些躺着赚钱的日子，无疑画上了句号。 王策和TEMU也在行动。从不惜一切代 ...

5月27日，市场主要指数继续走低，个股涨跌参半，95只个股涨停，5只个股跌停，市场热点聚焦核电、固态电池、创新药、新消费等板块。 高位股方面，核电板块中超控股17天11板、百利电气8天5板、哈焊华通、融发核电3连板，化纤板块苏州龙杰13天9板、尤夫股份11天6板，IP经 济概念股京华激光6天5板、莱绅通灵6天5板。 | 代码 | 名称 | 几天几板 涨停分析 | 价格 | 涨幅% | 换手率 | 成交额 | 首次涨停时间 | | --- | --- | --- | --- | --- | --- | --- | --- | | 002471 | 中超控股 | 8大6枚 曾研发外骨骼机器人用电缆 5.70 | | +10.04% 29.96% | | 21.51 乙 | 10:28:57 | | 603607 | 京华激光 | 6天5板 IP经济+激光防伪包装材料+ 32.04 | | +9.99% | 10.70% | 6.12 Z | 09:30:00 | | 603900 | 莱细通灵 | 6天5板 艺术黄金+珠宝首饰+IP经济 13.86 | | +10.00% | 16.13% | 7.27 乙 | ...

丨证券研究报告丨 公司研究丨点评报告丨华凯易佰（300592.SZ） [Table_Title] 华凯易佰 2024 年及 2025Q1 点评：盈利能力阶 段承压，存货管控轻装上阵 报告要点 [Table_Summary] 2024 年公司营业收入达到 90 亿元，同比增长 38%，归母净利润达到 1.7 亿元，同比下降 49%； 2024Q4 公司营业收入达到 29.1 亿元，同比增长 64%，归母净亏损 1912 万元，同比下降 158%。 2025Q1 公司营业收入达到 22.92 亿元，同比增长 35%，归母净亏损达到 0.15 亿元，同比下 降 118%。 分析师及联系人 research.95579.com 1 [Table_Author] 李锦 罗祎 秦意昂 SAC：S0490514080004 SAC：S0490520080019 SAC：S0490524110002 SFC：BUV258 请阅读最后评级说明和重要声明 %% %% %% %% 华凯易佰（300592.SZ） cjzqdt11111 [Table_Title 华凯易佰 2024 2] 年及 2025Q1 点评：盈利能力阶 段承压 ...

Core Insights - Shopee has emerged as a favored platform for sellers and entrepreneurs in the rapidly growing and competitive cross-border e-commerce market, leveraging its unique advantages to stand out [1][6] Market Environment - The Southeast Asian market, characterized by a large population, a high proportion of young consumers, and increasing internet penetration, presents significant consumption potential for sellers [1] - Shopee's diverse market coverage allows sellers to reach various consumer groups across different product categories, including fashion, beauty, electronics, and outdoor equipment [1] Seller Support - Shopee enhances seller operational efficiency by providing a user-friendly backend interface and comprehensive seller guides and training courses, making it accessible for inexperienced sellers [3] - Regular seller exchange meetings are held to share successful experiences and operational techniques, further empowering sellers [3] Marketing and Promotion - Shopee invests heavily in marketing tools and regularly hosts large promotional events, such as "Double 11" and "Double 12," which significantly increase traffic and orders for sellers [3] - The platform's advertising system is designed for precision targeting, improving product visibility and sales, while the introduction of short videos and live streaming offers new marketing channels [3] Logistics and Delivery - Shopee continuously optimizes its logistics ecosystem, enhancing collection efficiency and improving last-mile delivery services, which boosts seller traffic and sales [4] - During the 2024 Shopee 9.9 Super Shopping Festival, logistics services were enhanced with additional collection areas and increased flight schedules, ensuring uninterrupted service [4] Payment and After-Sales Service - Shopee offers various payment methods, including credit cards, debit cards, and e-wallets, catering to different consumer preferences and ensuring transaction security [5] - A robust after-sales service system, including hassle-free returns and dispute resolution, enhances consumer confidence and improves sellers' brand image [5] Conclusion - Shopee's extensive market coverage, user-friendly experience, strong marketing support, efficient logistics, and reliable payment and after-sales services position it as a leading choice for sellers and entrepreneurs in the cross-border e-commerce sector [6]

A股三大指数早盘集体下跌，截至午盘，沪指跌0.33%，深成指跌0.87%，创业板指跌0.98%，北证50指数跌0.09%。全市场半日成交 额6260亿元，较上日缩量349亿元。全市场3500只个股飘绿。 板块题材上，饮料制造、培育钻石、IP经济板块领涨；创新药板块跌幅居前。 盘面上，新消费概念领涨，保健饮品、休闲食品、珠宝、IP经济等方向均表现不俗，创源股份（300703）、科拓生物（300858）、 有友食品（603697）、交大昂立（600530）、明牌珠宝（002574）、莱绅通灵（603900）等十余只成分股封涨停。无人物流车概念 反复活跃，科捷智能、云内动力（000903）、通达电气（603390）涨停。医药股走强，华森制药（002907）涨停，三生国健涨超 15%。机器人概念股领跌，江苏雷利（300660）、绿的谐波跌幅居前。 "聪明钱"流向曝光！暗盘资金破解主力操盘密码>> 热点概览： 涨停天梯榜： 【5连板】 汇得科技（603192）。 【4连板】 中超控股（002471）、尚纬股份（603333）、京华激光（603607）。 NO.1 【电子商务】 板块内14家涨停，2只连板股，最高连板数为 ...

Core Viewpoint - The decision of VeSync to privatize is a strategic retreat rather than a failure, aimed at creating more flexibility for future business developments in a challenging market environment [2][4][5]. Company Overview - VeSync, founded in 2011 by Yang Lin, started with small appliances and has grown into a global brand covering smart home and kitchen appliances [2][7]. - The company achieved significant revenue growth, reaching $650 million in 2024, an 11.5% increase from the previous year [3][8]. Financial Performance - In 2024, VeSync reported a net profit of $93.05 million, reflecting a double-digit growth compared to the previous year [8]. - The company faced challenges post-IPO, including a net loss of $16.28 million in 2022 due to rising supply chain costs [7]. Privatization Decision - The privatization process was initiated with a premium of 33.3% over the market price, allowing shareholders to exit with attractive returns [2][9]. - The decision was influenced by the need to reduce costs associated with maintaining a public listing and to avoid excessive market focus on short-term performance [4][9]. Market Context - The cross-border e-commerce sector is facing increased geopolitical risks and market challenges, prompting VeSync to seek more operational flexibility post-privatization [9][10]. - The company's market valuation fluctuated significantly, dropping from over HKD 26 billion at IPO to HKD 6.347 billion at the time of privatization [9][10]. Future Plans - Post-privatization, VeSync aims to invest in platforms like TikTok and expand its presence in the European market, indicating a focus on long-term growth strategies [12].

Group 1 - The 2025 Zhengzhou Cross-Border E-Commerce Conference and Foreign Trade Quality Products China Tour (Henan Station) will be held from May 29 to 31, focusing on "buying globally and selling globally" with a combination of online and offline activities [1] - The event aims to support foreign trade enterprises in stabilizing traditional markets, exploring emerging markets, and enhancing domestic market connectivity amid a complex international trade environment [1] - The foreign trade quality products exhibition will cover over 15,000 square meters, featuring more than 300 foreign trade enterprises and showcasing nearly 10,000 quality products [1] Group 2 - The "Silk Road E-Commerce" International Cooperation Matchmaking Conference will invite ambassadors and commercial counselors from Belt and Road countries to promote e-commerce cooperation needs [2] - As of April 30, 2023, Zhengzhou Airport has completed 80.12 million cross-border e-commerce import and export orders, a year-on-year increase of 86.7%, with exports alone increasing by 155.8% [2] - The conference will also feature a special session to attract talented individuals from Henan to return and develop cross-border e-commerce, leveraging the region's logistical and industrial advantages [2] Group 3 - In the first four months of this year, Zhengzhou Airport handled over 70,000 tons of cross-border e-commerce goods, reflecting a year-on-year growth of over 155% [3] - An aviation cargo innovation development matchmaking conference will be held to discuss innovative paths for cross-border e-commerce air freight, involving industry leaders and major platforms [3] - The event aims to assist enterprises facing export challenges and promote coordinated development between international and domestic markets [3]

二、平台准入要求 一、产品安全与认证资质 在全球跨境电商快速发展的背景下，洗发水作为个人护理类目中的高频消费品，出口至海外市场需满足多国法规及平台 合规要求。以下基于2025年最新政策与平台规则，梳理洗发水出口需办理的资质及关键要求： 1. 亚马逊 1. 欧盟市场 2. 美国市场 3. 东南亚及中东市场 产品责任险：保额不低于100万美元，覆盖产品使用风险。 品牌备案：需提供商标注册证书（R标）或品牌授权书，防止侵权风险。 检测报告：需提交符合目标市场法规的第三方检测报告（如欧盟的CPNP、美国的FDA合规证明）。 2. 速卖通/阿里国际站 商标资质：需提供商标注册证或受理通知书，部分类目需品牌授权书。 欧盟CE标志（若适用）：部分平台误将化妆品归类为需CE认证，实际应关注CPNP，但需注意平台特殊要求。 3. Shopee/Lazada 本地化标签：需提供英文及目标市场语言（如泰语、越南语）标签，含成分、使用说明及本地进口商信息。 FDA/SIRIM认证（东南亚）：部分站点要求提供区域性安全认证。 三、包装与环保合规 1. 包装材料注册 四、其他核心要求 1. 检测报告内容 微生物检测：证明产品无致病菌污染 ...

Core Viewpoint - The opening of the "Ezhou-New York-Halifax" cargo route marks a significant milestone for Ezhou Huahu Airport, being its first direct cargo route to Canada and the 100th cargo route overall, showcasing the rapid development of China's air cargo sector [1][3]. Group 1: Airport Development - Ezhou Huahu Airport, operational for only 34 months, has rapidly established itself as a key player in China's air cargo industry, expanding its network significantly [2][3]. - Since its opening, the airport has introduced 100 cargo routes, connecting to 53 cities across 31 provincial regions in China, and extending its reach to Europe, North America, the Middle East, Asia, and Africa [3][4]. Group 2: Cargo Volume and Growth - The airport's air cargo throughput is projected to grow from 245,000 tons in 2023 to 865,000 tons in 2024, moving up to the 5th position nationally and 25th globally, indicating a rapid growth rate [3][4]. - In 2024, the total import and export value through Ezhou Huahu Airport is expected to reach 102.36 billion yuan, marking a 556.8% increase, with the airport ranking 14th in the country for import and export value [7]. Group 3: Cross-Border E-commerce and Logistics - The establishment of a cross-border e-commerce comprehensive pilot zone in Ezhou has facilitated significant growth in e-commerce logistics, with over 30,000 customs declarations filed since its approval [6][7]. - The airport's logistics capabilities, including a 24/7 customs clearance model, enable rapid global delivery, with goods reaching international destinations within a day [6][7]. Group 4: Fresh Produce and Specialized Cargo - Ezhou Huahu Airport has developed specialized logistics for fresh produce, including a temperature monitoring system to ensure the quality of perishable goods during transport [8]. - The airport plans to open new routes for seasonal fruits, enhancing its role as a logistics hub for fresh products [8][9]. Group 5: Global Expansion and Future Plans - Ezhou Huahu Airport is set to establish overseas warehouses in Hong Kong and Milan, aiming to create new points for dual investment and global sales [9]. - The airport is positioned to play a crucial role in the restructuring of global supply chains, with a capacity for 33 cargo flights per hour [9].

Core Insights - The recent tariff adjustment between China and the U.S. has led to a significant surge in container shipping bookings, with a nearly 300% increase in bookings from China to the U.S. [7] - The 90-day tariff window has sparked a "stockpiling wave" among U.S. buyers, with a 40% year-on-year increase in inquiries from American buyers on cross-border e-commerce platforms [1][3] - Various industries, particularly machinery, textiles, and consumer goods, are poised to benefit from the reduced tariffs, while high-tech products like chips remain constrained due to retained tariffs [1][13] Industry and Company Summaries - The 90-day tariff window is providing a valuable adjustment period for industries with significant tariff reductions, such as machinery, textiles, and consumer goods, enhancing their market competitiveness [1][13] - On May 14, the day the tariff adjustments took effect, Alibaba's international platform saw a double-digit increase in order volume across various categories, with automotive parts up 62% and machinery up 46% [2] - The demand for shipping has surged, leading to a shortage of shipping containers, with many shipping companies announcing price increases due to the high demand [7][8] - The new T86 customs policy has reduced the tax rate on small packages under $800, easing price pressures for Chinese online retail giants like Shein and Temu [6] - Companies are actively preparing for the upcoming holiday season, with many manufacturers ramping up production to meet the anticipated demand during the 90-day window [12][9] - The textile and consumer goods sectors are expected to see a rebound in orders, with companies like Midea reporting significant cost savings due to reduced tariffs [13][14] - Long-term risks remain as companies are advised to diversify their market strategies and reduce reliance on single markets due to potential future tariff changes [14][15]