从"夫妻档"起家 创业 的尚富顺正是在 经历 转型焦灼的情况下了解到SHEIN 的平台业务 并尝试 出海。到今年，他突然发现不少新老客户甚至曾经的老板都在摸索跨境电商。让他感到庆幸的 是，自己2023年就开通了这家稳定增长的希音店，在无需投放广告的情况下每个月有1 1 0多万 名海外消费者进店浏览， 最近近一年的店铺 销售额 更是多达一 千 三百多万 。 尚富顺回忆起自己的来时路：十几年前发现首饰行业的外贸商机后从前公司离职开办了一家小 厂，直至几年前老客户订单缩水让他原本几十人的厂子迅速收缩到只有3人，再到今天，其店里的 多款脚链、项链、手链产品都能周销千单以上，仓库里上千个 包装盒 里装满了备受海外买家喜 欢的"时兴款"。他指着这些 盒子 说："这 里盛放的 都不是库存，是爆款的备货，几天时间就能 卖空"。 另一家惠州出海企业在2022年之前曾主要为欧洲的几家中高端品牌生产，后来欧洲客户生意下 滑，工厂老板傅女士认为，把工厂发展寄托于某一个或几个国外客户身上并不可靠，进而投身跨 境电商。通过效仿SHEIN自营品牌的供应链模式，她也对自己的老鞋厂进行了"改造"，从出品到 团队都进行了能适应跨境零售的改革，经 ...

Group 1 - The stock price of Zhongyuan Home on August 20 closed at 14.58 yuan, down 2.28% from the previous trading day [1] - The opening price on that day was 14.60 yuan, with a highest point of 14.92 yuan and a lowest point of 14.26 yuan, resulting in an intraday volatility of 4.42% [1] - There was a brief rebound in the stock price, reaching 14.78 yuan at 9:37 AM, with a gain of over 2% within 5 minutes [1] Group 2 - Zhongyuan Home primarily engages in the research, production, and sales of home products, including sofas and mattresses, and operates within the renovation and building materials sector [1] - The company is also involved in cross-border e-commerce [1] - On August 20, the net inflow of main funds was 1.6926 million yuan, with a cumulative net inflow of 12.8078 million yuan over the past five trading days [1] - The trading volume on that day was 71,349 lots, with a transaction amount of 104 million yuan and a turnover rate of 5.70% [1]

Group 1 - The stock price of Baiyang Pharmaceutical closed at 25.46 yuan on August 20, 2025, down by 0.50 yuan, a decrease of 1.93% from the previous trading day [1] - The trading volume on that day was 93,448 hands, with a total transaction amount of 238 million yuan [1] - Baiyang Pharmaceutical operates in the pharmaceutical commercial sector, with main business activities including wholesale and retail of pharmaceutical products, medical devices, and health products [1] Group 2 - Baiyang Pharmaceutical Group Co., Ltd., the controlling shareholder, has increased its registered capital by 400 million yuan, fully subscribed by the new shareholder Baiyang Huikang [1] - After the capital increase, Baiyang Huikang will indirectly control 72.03% of the company's shares [1] - In the first quarter of 2025, the company achieved operating revenue of 1.841 billion yuan and a net profit attributable to the parent company of 85.01 million yuan [1] Group 3 - On August 20, 2025, the net outflow of main funds was 1.5171 million yuan, with a cumulative net outflow of 63.2298 million yuan over the past five trading days [1]

公司近期在投资者互动平台表示，截至2024年12月31日，子公司睿观信息已申请发明专利6项，外观设 计专利8项，并取得软件著作权3项。这些专利目前均处于受理阶段。 资金流向方面，8月20日主力资金净流出529.59万元，近五个交易日累计净流出6097.47万元。 风险提示：以上信息仅供参考，不构成任何投资建议。股市有风险，投资需谨慎。 截至2025年8月20日15时17分，三态股份最新股价为9.65元，较前一交易日上涨1.26%。当日开盘价为 9.48元，最高触及9.66元，最低下探至9.43元，成交量为18.89万手，成交金额达1.81亿元。 三态股份属于贸易行业，同时涉及跨境电商、AIGC概念等多个领域。公司主营业务包括跨境电商出口 业务和跨境物流服务。根据公开信息，公司技术人员占比达21.16%，子公司睿观信息在技术创新方面 取得一定进展。 ...

Core Insights - The article discusses the emergence of a "shadow world" in globalization, highlighting how various Chinese companies have built essential infrastructure that supports global commerce, including logistics, payment, and marketing services [4][5]. Logistics: Time and Space Compression - Companies like Zongteng and Wanyitong have established themselves as key players in cross-border logistics by investing in heavy assets such as overseas warehouses and dedicated transportation routes, which provide competitive advantages in cost and efficiency [9][11]. - Zongteng, founded in 2007, transitioned from e-commerce to logistics, focusing on overseas warehousing and specialized transportation, which allowed it to thrive during the e-commerce boom [8][10]. - Wanyitong has also adapted by investing in automated warehouses and self-built routes to enhance delivery efficiency, achieving a 95% order delivery rate within three days across the U.S. [11][12]. Payment: The Payment Revolution - The article outlines the rise of fintech companies like Airwallex and PingPong, which emerged to address the high costs and inefficiencies of traditional cross-border payment systems [20][21]. - These companies have introduced innovative pricing models and streamlined processes, significantly reducing transaction fees and improving service speed for small and medium enterprises [22][23]. - The competitive landscape in cross-border payments is evolving, with companies focusing on comprehensive financial ecosystems and compliance capabilities to differentiate themselves [25][30]. Marketing: Unlocking Overseas Traffic - The marketing sector is represented by companies like Taitong Technology, which has developed a data-driven approach to optimize advertising for Chinese businesses entering overseas markets [32][33]. - Taitong's platform integrates various media resources and advertising technologies, allowing clients to manage global campaigns efficiently [34][35]. - The article emphasizes the importance of marketing in driving sales for intangible products, where marketing costs can reach up to 50% of revenue [33]. Future Variables in the Shadow World - The article concludes that the "shadow world" of globalization is characterized by a growing number of specialized service companies that address specific pain points in cross-border trade, such as high payment fees and complex compliance issues [40][41]. - The competitive landscape is shifting towards integrated ecosystems, where logistics, payment, and marketing services are increasingly interconnected, enhancing the overall efficiency of global operations [42].

Core Viewpoint - The article highlights the entrepreneurial journey of Cheng Gang, who successfully established Youpai, a company specializing in pet care products, by identifying and capitalizing on a niche market in pet hygiene products, leading to significant growth and market presence in both domestic and international markets [1][3][7]. Group 1: Company Overview - Youpai's revenue reached approximately 1.02 billion yuan in 2024, with a net profit of about 59 million yuan, and over 60% of its revenue coming from overseas markets [3][31]. - The company operates across three main segments: pet care, adult care, and personal care, with pet care products contributing over 70% of total revenue [5][6]. - The brand Honeycare has become a best-seller on Amazon in the pet category, with one product selling 136,000 units in a month and maintaining a top position in the Dog Diapers category [20][24]. Group 2: Market Strategy - Youpai has adopted a dual-brand strategy, launching Honeycare for high-end markets and Cocoyo for cost-effective domestic markets, allowing it to capture a broad customer base [7][26]. - The company has established a robust online and offline sales channel ecosystem, with nearly 70% of its revenue generated from online sales [12][13]. - Youpai's pricing strategy in overseas markets directly competes with high-end brands, resulting in a gross margin of 35.65% for overseas revenue in the first eight months of 2024 [16][30]. Group 3: Competitive Landscape - Youpai faces competition from larger players in the market, including Unicharm, which poses both a partnership and competitive threat as it expands into pet care [29]. - The company maintains a higher gross margin compared to competitors, with a gross margin of 32.10% in 2024, indicating effective cost management and pricing strategies [30]. - The global pet supplies market is projected to grow significantly, with the U.S. market expected to reach $32.05 billion by 2027, presenting opportunities for Youpai [31][32]. Group 4: Future Outlook - Youpai's focus on the pet care segment, which is often overlooked, positions it well for future growth as the market continues to expand [33]. - The company has invested in local manufacturing and supply chain capabilities, enhancing its competitiveness and reducing reliance on exports [12][26]. - However, the potential for price wars and competition from larger brands remains a concern, necessitating continuous innovation and brand differentiation [29].

Core Viewpoint - The U.S. Customs and Border Protection (CBP) announced the cancellation of low-value goods tax exemptions for all countries starting August 29, 2025, following Executive Order 14324 signed by Trump on July 30, 2025 [1][3]. Group 1: Tax Regulations - From August 29, 2025, all goods exported to the U.S. via mail will no longer enjoy tax exemptions and must go through standard customs declaration procedures [3]. - Two methods for calculating taxes will be available starting February 28, 2026, with a requirement to choose one method per month [4]. - Method 1 involves the ad valorem tariff system, where duties are calculated based on the declared value of the goods, with specific rates for Chinese goods being 10% and an additional 20% for fentanyl [5][8]. Group 2: Compliance and Payment - The ad valorem method requires the completion of the CBP International Mail Duty Worksheet for customs declaration [6]. - Method 2, the specific tariff method, will impose duties based on the effective IEEPA tariff rate, with additional compliance requirements for goods exceeding $2,500 in value [8]. - Duties must be paid by the 7th business day of the month following the customs declaration, with penalties for late payments [8]. Group 3: Market Impact - The increase in small package import limits from $200 to $800 in 2016 led to a tenfold increase in small package imports to 1.36 billion items by 2023, significantly benefiting Chinese e-commerce platforms like Shein and Temu [9]. - Amazon has responded to the competitive pressure by launching its low-cost e-commerce platform, Haul, which will allow third-party sellers to ship directly from China to U.S. consumers starting in 2025 [9]. - The new regulations are expected to impact the growth strategies of Chinese e-commerce platforms, with companies like Temu and Shein emphasizing compliance with U.S. import regulations [9].

Investment Rating - The report does not explicitly provide an investment rating for the cross-border logistics industry Core Insights - The global container freight rates are on a downward trend, with CCFI at 1193.34 points, down 0.62% week-on-week, SCFI at 1460.19 points, down 1.98%, and NCFI at 1052.50 points, down 0.13% [6] - The air cargo index BAI is reported at 2034 points, down 1.79%, while BAI30 is at 3527 points, up 1.94%, and BAI80 at 4411 points, down 0.99% [6] - The report highlights a significant decline in new ship orders for dry bulk carriers, reaching a seven-year low, while cruise ships are experiencing growth [6] Summary by Sections 1. Global Cross-Border Logistics Important News - Saudi Arabia has extended the VAT penalty exemption until the end of 2025, aiding compliance for cross-border e-commerce [14] - Amazon Global Logistics (AGL) has launched direct air freight services from Shanghai and Hong Kong to the US West Coast, enhancing cross-border logistics efficiency [14] - The USPS has announced price increases for four major services starting October, reflecting differentiated changes compared to last year [6][14] 2. Cross-Border Logistics Important Data Changes - The cross-border logistics sector has seen a decline of 1.01% in the past week [8] - The report indicates a mixed performance among individual stocks within the cross-border logistics sector [8] 3. Shipping Weekly Leading Data Tracking - Container freight rates are declining, with significant adjustments in emerging market routes and continued weakness in the US and European markets [6] - The report notes a decrease in shipping capacity deployment and highlights the impact of port congestion on shipping efficiency [6] 4. Air Freight Weekly Leading Data Tracking - The air cargo market is facing a stable pricing environment, but demand is showing signs of weakness, potentially leading to price adjustments [6] - New air freight routes are being established, including a direct cargo route from Xi'an to Chicago, expected to increase international cargo throughput significantly [16] 5. Cross-Border E-Commerce Leading Data Tracking - The report tracks various indices related to small commodity exports, indicating fluctuations in pricing and demand trends [14] 6. Macro Leading Data Tracking - The report includes regional trade data, reflecting the overall health of cross-border logistics and e-commerce activities [8]

Industry Overview - The transportation sector experienced an overall decline of -0.47% from August 11 to August 16, ranking 25th among 31 SW primary industries, while the CSI 300 index rose by +2.37% during the same period [2] Subsector Performance - The performance of various subsectors within transportation during the week was as follows: - Warehousing and logistics: +1.89% - Airport: +1.13% - Public transport: +0.82% - Port: -0.09% - Express delivery: -2.22% - Road freight: -0.86% - Cross-border logistics: -1.01% - Railway: -1.85% - Shipping: -0.79% - Highway: -0.62% [2][1] Airline Sector Insights - By June 2025, major listed airlines in China showed recovery rates in domestic Available Seat Kilometers (ASK) compared to June 2019 as follows: - Air China: 150.62% - China Southern Airlines: 119.55% - China Eastern Airlines: 118.06% - Hainan Airlines: 91.71% - Spring Airlines: 166.49% - International and regional ASK recovery rates were: - Air China: 93.36% - China Southern Airlines: 92.68% - China Eastern Airlines: 110.76% - Hainan Airlines: 69.95% - Spring Airlines: 254.76% [2][3] Oil and Currency Trends - As of August 15, 2025, Brent crude oil was priced at $65.85 per barrel, reflecting a week-on-week decrease of -1.11% and a year-on-year decrease of -18.74% [3] - The exchange rate for the Chinese Yuan against the US Dollar was 7.1371, showing a slight appreciation of 0.02% week-on-week and 0.04% year-on-year [3] Shipping and Port Metrics - The Shanghai Containerized Freight Index (SCFI) was reported at 1460 points, down -1.98% week-on-week and down -55.50% year-on-year [4] - The China Containerized Freight Index (CCFI) stood at 1193 points, with a week-on-week decrease of -0.62% and a year-on-year decrease of -42.45% [4] Freight and Logistics Performance - The Baltic Dry Index (BDI) was at 2044 points, reflecting a week-on-week decrease of -0.34% but a year-on-year increase of +20.80% [5] - In June 2025, railway passenger volume reached 373 million, up +3.61% year-on-year, while road passenger volume was 948 million, down -3.72% year-on-year [5] Express Delivery Sector - In July 2025, the express delivery industry generated revenue of 120.64 billion Yuan, an increase of +8.90% year-on-year, with a total business volume of 16.4 billion pieces, up +15.10% year-on-year [5] Investment Recommendations - The airline sector is expected to benefit from the acceleration of international flight schedules and domestic demand recovery, with potential for increased profitability for airlines such as Air China, China Southern Airlines, and Spring Airlines [6] - The airport sector is anticipated to see improvements in passenger flow and commercial revenue driven by macroeconomic recovery and policy support [6] - The cross-border logistics sector is positioned to benefit from the growth of cross-border e-commerce, with companies like Huamao Logistics recommended for investment [7] - The express delivery sector remains promising due to the growth of e-commerce and the potential for market share gains among leading companies [8]

Core Insights - PayPal China released a report on small and medium-sized enterprises (SMEs) in cross-border e-commerce, indicating strong growth despite a complex international trade environment, with 67% of enterprises having annual revenues below $3 million, highlighting the dominance of SMEs in the sector [2] Group 1: Growth Opportunities - Shenzhen SMEs demonstrate remarkable innovation capabilities, with examples of businesses leveraging unique products to attract significant overseas interest [3] - Emerging business models, such as interest-based e-commerce, are showing substantial growth potential, with Shenzhen companies having a clear advantage in these new fields [4] - The report highlights a rapid increase in digital product transactions, alongside traditional sectors like consumer electronics and furniture [4] Group 2: Payment Localization Challenges - Localized payment requirements are critical for successful transactions, with specific needs varying by country, such as local tax invoices in Mexico and "buy now, pay later" options in Brazil [5] - PayPal offers a comprehensive payment solution that allows Chinese merchants to accept payments in over 200 countries, addressing local payment preferences and facilitating quick currency conversion [5][6] Group 3: Fast Settlement Solutions - PayPal's four-hour RMB withdrawal service is a leading cross-border settlement solution, enabling quick fund recovery for SMEs, which is crucial in the current trade environment [6] - The service supports multi-currency transactions and ensures rapid access to funds, enhancing cash flow for small businesses [6] Group 4: Diversification Strategies - In response to US-China trade tensions, successful companies exhibit traits such as multi-market presence, product differentiation, and digital empowerment [8] - Chinese enterprises are expanding into emerging markets in Europe and Latin America, with localized adaptations being essential for success [8] - A Shenzhen home goods company has successfully shifted focus from the US market to multiple European countries, increasing its European business share to 35% through PayPal's localized payment solutions [8] Group 5: Technology Empowerment - Shenzhen companies utilizing digital tools have an average order conversion rate 18 percentage points higher than traditional firms, with AI tools expected to reduce operational costs by 30% [8] - The digitalization of global trade necessitates inclusive global collaboration platforms, with PayPal's innovative payment solutions providing crucial support for SMEs venturing abroad [8]