21世纪经济报道记者 董静怡 上海报道 美国对华加征高额关税的"冲击波"下，中国出海企业正经历一场洗牌：依赖低价模式的企业陷入被动， 而提前布局品牌化、有技术壁垒的头部企业则展现出韧性。 "那些在品牌建设上早有布局的企业，整体抗风险能力更强，受贸易摩擦等外部影响也相对较小。"The Trade Desk中国区资深业务拓展总监吴昱霖向21世纪经济报道记者表示。 多家品牌企业向记者透露，外部环境变化后，基本还保持着既定的业务节奏，即便有所涨价，仍然有稳 定忠诚的客户群体。 这也促使很多原本还在犹豫是否要做品牌的企业开始加速转型，特别是那些已经具备稳定供应链、成熟 产品线和海外销售渠道的企业。 世界银行的数据显示，中国头部品牌在全球工业增加值份额上已超越美国品牌，中国制造业占全球比重 高达30%；然而在品牌价值份额方面，美国头部品牌仍占据更高比例，中国品牌占全球价值品牌的 18%。 中国品牌在全球发展中的领先地位主要体现在"量"上，而在品牌价值方面仍有很大的提升空间。不确定 的外部环境或许成为了中企出海品牌化发展的催化剂。 品牌出海韧性 面对美国对华加征高额关税，成熟的出海企业展现出了较强的抗风险能力。 以中国音频 ...

Core Insights - The Trade Desk (TTD) highlights that Connected TV (CTV) advertising is becoming a new driving force in global brand marketing, with 94% of advertisers reporting that CTV ad performance meets or exceeds expectations [1][2] Group 1: CTV Advertising Trends - Advertisers are significantly increasing their investment in CTV advertising as demand for high-quality digital content surges globally [1] - TTD's analysis indicates that brands need to move beyond short-term traffic thinking and adopt a comprehensive marketing strategy through CTV and other Open Internet channels to build deep emotional connections with high-value audiences [1][2] Group 2: Brand Evolution - Chinese brands are undergoing a transformation in their international strategy, moving from a focus on OEM and short-term sales (1.0 phase) to establishing brand identity (2.0 phase), and finally to valuing brand assets and long-term brand building (3.0 phase) [1][2] - Brands that have engaged with TTD to utilize CTV and other advertising channels have gained more flexibility and stronger bargaining power in uncertain external environments [2] Group 3: Long-term Brand Investment - The core advantage of high-quality internet advertising lies in the ability to integrate brands into content scenarios, enhancing trust and purchase intent among consumers [2] - As globalization deepens, Chinese brands are transitioning from "product export" to "brand export," with long-term brand investments providing them with greater market resilience [2]

Investment Rating - The report maintains a rating of "Outperform the Market" for the industry [3]. Core Insights - The industry fundamentals are expected to remain under pressure in 2024, with most sectors and companies still significantly affected by macroeconomic factors. However, a number of companies are emerging that are successfully navigating the challenges of consumer downgrade by upgrading from categories to quality and then to brand [1][2]. - The report highlights that companies with strong brand attributes are likely to continue outperforming as the market transitions from price-performance to quality-price comparisons [2]. Summary by Sections 1. Duty-Free Sector - The duty-free sales in Hainan are gradually stabilizing, with the implementation of the Hainan closure policy expected to benefit the duty-free sector. The market is seeing improvements in channel and supply chain capabilities, leading to a stable outlook for profitability [2][49]. - Key companies to watch include China Duty Free Group and Wangfujing [2]. 2. Tourism and Gaming - The tourism sector shows strong resilience in demand, becoming a crucial driver for domestic consumption. The recovery in inbound and outbound travel is significant, with a focus on new consumption scenarios and the silver-haired tourism market [2][3]. - Recommended companies include Jiuhua Tourism, Lingnan Holdings, and Sands China [2]. 3. Hotel Industry - The hotel sector is experiencing weak business travel demand, leading to pressure on RevPAR. However, leisure demand remains resilient, and leading companies are enhancing profitability through brand matrix validation and supply chain optimization [3][72]. - Companies to focus on include Huazhu Group, Atour, and Jinjiang Hotels [3]. 4. Restaurant Sector - Leading restaurant companies are demonstrating strong supply chain negotiation and profitability advantages. The overall supply in the restaurant industry is optimizing, with a competitive trend in price-performance [3][7]. - Notable companies include Mixue Ice City, KFC, and Haidilao [3][7]. 5. Cosmetics and Medical Aesthetics - The cosmetics sector is seeing a shift in focus towards profitability, with companies restructuring their product and channel strategies. High-growth companies are expected to achieve both revenue and profit increases [7][23]. - Key players include Juzhibio, Shumei, and Marubi [7][23]. 6. General Retail - The retail sector is undergoing digital upgrades and operational adjustments, with a focus on essential demand and cash flow stability. Companies like Yonghui Supermarket and Multi-Point Intelligence are recommended [8][30]. - The report also highlights the ongoing challenges in the jewelry sector due to rising gold prices [8][30]. 7. Overall Market Performance - The consumer services sector is expected to face challenges, with a projected performance of -8.70% in 2024. However, the beauty and personal care sector is anticipated to recover with a growth of +8.15% in 2025 [11][19].

Core Insights - The global AI competition has entered a "China moment" since 2025, marking the beginning of a golden era for AI applications in marketing technology [1] - BlueFocus, a leading global marketing group, recognizes the need to shift from an agency-driven model to a technology and AI-driven approach for Chinese brands going global [1] Group 1: AI as a Driving Force - AI has become a "super engine" for brands going global, enhancing efficiency despite short-term trade fluctuations [3] - The "All In AI" strategy has led to AI covering over 95% of BlueFocus's operational scenarios, with the introduction of the proprietary BlueAI model [3] - The BlueAI platform significantly improves the efficiency of generating advertising materials, achieving over tenfold increases in productivity for multilingual content and AI-generated videos [3] Group 2: Emerging Trends in Brand Marketing - Three major trends in Chinese brands' overseas marketing include AI-driven efficient advertising, the rise of new platforms, and the deepening of Direct-to-Consumer (DTC) models [4] - New platforms like TikTok, Temu, and Kwai are becoming crucial for reaching younger audiences, with brands increasingly relying on independent sites and social media for direct user connections [4] Group 3: Localization and Market Penetration - AI is being utilized to predict trending product categories in Southeast Asia and to identify local influencers in Japan, enhancing consumer trust [5] - Companies are advised to embrace AI tools across the entire marketing process, focus on localization, ensure data compliance, and combine DTC with social e-commerce strategies [5][6] - BlueFocus has established offices in nine countries to strengthen local teams and provide specialized market insights, adapting marketing strategies to cultural differences [6] Group 4: Future Strategies - BlueFocus is set to launch its "Globalization 2.0 Strategy" in 2024, focusing on building technological barriers and optimizing market structures for high-quality growth [6] - The company plans to transition from traffic agency models to self-built traffic, exploring collaborations through investments and acquisitions in the marketing and content sectors [6]

Group 1 - The article provides insights into the consumer market overview for Q1 2025, highlighting new opportunities in the health sector through demographic segmentation [1] - It discusses the trend of new convenience foods seeking differentiation amidst a wave of affordability [1] - The growth rate of the Asian fast-moving consumer goods market is expected to slow down in Q4 2024 [1] Group 2 - The article features seven core insights aimed at providing strategic guidance for brand owners and retailers [1] - Additional insights can be accessed through a 20-minute video series available on the company's platform [1]

Core Insights - The appointment of Charley Xia as an international judge for the 2025 D&AD Awards signifies the rise of Chinese creative design on a global stage, blending Eastern aesthetics with contemporary expressions [1][30] - D&AD is recognized as the "Oscar" of the creative industry, promoting fairness and sustainability in global creative sectors [3] - Charley Xia's extensive accolades and roles highlight his influence and contributions to the international design community [6][9] Group 1: Charley Xia's Contributions - Charley Xia has received over 100 international awards, including D&AD pencils and Clio awards, showcasing his significant impact in the design field [6] - His recent collaboration on the project "Tang Dynasty Ladies" won the only global pencil award in the art direction category at the 2023 D&AD, setting a historical record for the China region [9] - Xia's team focuses on brand internationalization strategies, integrating local cultural elements with international aesthetics to enhance brand recognition [25][28] Group 2: Industry Implications - The increasing presence of Chinese designers on international platforms is expected to foster a new wave of creativity, merging Eastern and Western design philosophies [30] - Xia emphasizes the importance of cultural confidence and contemporary language in interpreting traditional values for global markets [28] - The future of Chinese design is seen as a bridge to showcase the contemporary vitality of Chinese culture to the world [30]

证券代码：002959 证券简称：小熊电器 小熊电器股份有限公司投资者关系活动记录表 | 整方向，强化对核心用户的抓取，聚焦优势人群、优势用户和优势品 | | --- | | 类，收缩竞争激烈的刚需品类；还进行了降本增效工作，控制退货等 | | 费用，降低不必要的损耗。 | | 问：面对外部消费环境和消费者购买习惯的变化，公司未来三年 | | 的增长抓手？ | | 答：公司会在原先战略方面做一定调整。海外方面，尽管美国市 | | 场存在不确定性，但日韩、东南亚和欧洲等市场潜力大，仍会作为未 | | 来增长的重要路径。虽短期可能受关税影响，但长期坚定海外增长策 | | 略。 | | 国内市场已进入稳定期，去年行业稍有下滑，今年受家电消费补 | | 贴影响会有改善，但预计会有结构性的品牌差异。公司未来几年在国 | | 内会追求经营质量，而非规模增长，提高内部能力，维持合理的收入 | | 增长。具体举措上，公司会回归品牌建设，提升用户体验，进行更精 | | 细化管理。过去在制造能力、工厂和数字化建设上投入较多，目前已 | | 完成阶段性投入，接下来会进一步挖潜提高经营质量。 | | 问：公司 2025 年经营重点？ ...

广交会新闻中心主任、中国对外贸易中心副主任周善青介绍，本届广交会现场意向出口成交254.4亿美 元，增长3%，其中共建"一带一路"国家成交占比超六成，是拉动成交增长的重要引擎，传统市场成交 保持稳定。 5月5日，采购商在进口展区了解产品信息。当日，第137届广交会闭幕。截至5月4日，本届广交会共吸 引来自219个国家和地区的超过28万名境外采购商到会，较去年同期增长17.3%，创历史新高。 新华社 记者 黄国保/摄 5月5日，为期20天的第137届中国进出口商品交易会（以下简称"广交会"）在广州落下帷幕。在美国滥 施关税背景下，中国继续"做好自己的事情"，以广交会这一窗口坚定维护全球经贸秩序，提供全球经济 迷雾中的"中国解法"。截至5月4日，共有来自219个国家和地区的超28万名境外采购商到会，较第135届 广交会同比增长17.3%。 "如何应对关税冲击"是广交会参展商热议的话题。5月1日本届广交会第三期开幕当天，不少参展商旁听 了由中国对外贸易中心集团有限公司主办的"国际贸易关税壁垒应对策略"主题分享会。此后，中国对外 贸易中心发布公告称，本届广交会对出口展参展企业按50%减免展位费。广交会副主任兼秘书长、 ...

Core Insights - The Canton Fair serves as a barometer for China's foreign trade, showcasing the transition from "China manufacturing" to "China branding" as over half of the 31,000 participating companies possess their own brands [1][2] - The fair highlights the evolution of Chinese enterprises from OEM production to brand-led exports, particularly in the home appliance sector, with companies like Midea, Gree, and Haier leading the way [2] - The shift in foreign trade development models is evident, moving from single product exports to a more integrated approach involving brand and product exports [2][4] Industry Trends - The profitability of OEM business models is declining, prompting companies to focus on brand development for better customer loyalty and negotiation power [3] - Increasing numbers of enterprises are integrating into the global market through technological innovation, brand building, and cultural recognition, rather than merely exporting products [4] - The Canton Fair has established specialized industry cluster exhibition areas and procurement matchmaking events to promote regional brands to global buyers, achieving significant results [4] Company Developments - Gree Electric Appliances showcased a comprehensive display of over 100 products, with 70% of its export revenue coming from its own brand products, particularly in Belt and Road Initiative markets [2] - The "Qingshanhu Knitting and Textile" trade matchmaking event resulted in approximately $10 million in intended orders, emphasizing the effectiveness of regional branding efforts [4]

上 市 公 司 家用电器 2025 年 04 月 30 日 飞科电器 (603868) ——2024 年年报及 2025 年一季报点评：25Q1 净利率 环比显著修复，品牌出海蓄势待发 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： 2025 年 04 月 29 日 | | | --- | --- | | 收盘价（元） | 33.95 | | 一年内最高/最低（元） | 52.88/32.00 | | 市净率 | 4.9 | | 股息率%（分红/股价） | - | | 流通 A 股市值（百万元） | 14,789 | | 上证指数/深证成指 | 3,286.65/9,849.80 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 7.38 | | 资产负债率% | 16.51 | | 总股本/流通 A 股（百万） | 436/436 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 04-29 05-29 06-29 07-29 08-29 09-2 ...