在这场2000万亿元市场的竞赛中，合规是入场券，技术是加速器，而全球化视野是最终胜出的密码。 跨境支付概念近期坐上"过山车"。Wind数据显示，跨境支付指数自4月8日～4月22日迅速上涨，从1269 点上涨至1500点上方，区间涨幅超15%。4月24日开始至今，又回调至1445点附近。 热门概念股表现也震荡。以拉卡拉（300773.SZ）为例，该股4月8日股价最低下挫至13.95元/股，随后震 荡上行，4月22日一度触及29.99元/股高点。截至4月30日收盘，拉卡拉报收21.21元/股。此外，新晨科 技（300542.SZ）、高伟达（300465.SZ）、信雅达（600571.SH）、海联金汇（002537.SZ）等多只"跨 境支付概念股"也高度活跃。 跨境支付指数14天暴涨超15%又迅速回调背后，一场关税冲击下的跨境支付行业变局正在上演。短期来 看，跨境支付行业面临关税政策带来的压力——合规成本增加、短期内跨境支付笔数和金额可能减少。 中长期来看，人民币国际化进程加速与全球供应链重构或为跨境支付企业打开新的增长空间，行业洗牌 已悄然开启。 跨境支付指数大幅波动 跨境支付板块的行情波动绝非偶然，其背后是政策 ...

Group 1: Company Strategy and Market Positioning - The company focuses on enhancing its global supply chain capabilities and expanding its overseas logistics network, particularly in Southeast Asia, targeting Thailand and Vietnam for network reinforcement [1] - The company aims to improve its profitability by optimizing its business structure and increasing gross margins through differentiated solutions [2] - The company is committed to digital transformation and green supply chain initiatives to drive cost reduction and efficiency [2] Group 2: Financial Performance - In Q1 2025, the company achieved a revenue of CNY 1.431 billion, with a net profit of CNY 599,600, reflecting a year-on-year growth of 120.55% [5] - The operating cash flow for Q1 2025 was CNY 24.24 million, an increase of 160.39% compared to the same period last year [5] Group 3: Industry Outlook - The logistics industry is expected to benefit from global supply chain restructuring, with China's logistics market projected to grow steadily, reaching a total logistics volume of CNY 360.6 trillion in 2024, a 5.8% increase year-on-year [4] - The overall revenue of the logistics industry in China is anticipated to reach CNY 13.8 trillion in 2024, reflecting a 4.9% growth [4] Group 4: Project Developments - The Dongguan logistics base is set to officially commence operations in Q1 2026, having reached its construction peak in January 2025, adhering to LEED Gold certification standards [7] - The company is actively involved in providing cross-border transportation services, focusing on sectors such as electronics, automotive, and renewable energy [7]

Group 1: Business Strategy and Market Response - The company has diversified its business into To B (education and leisure) and To C (fitness) segments, mitigating tariff impacts through a production base in Vietnam, which generated revenue of 334 million CNY in 2024 [2][3] - The company plans to actively explore non-US markets and restructure its global supply chain and marketing systems in response to trade tensions [3] - The company has established a product research institute to develop proprietary products, with the AI module 1.0 successfully developed and 2.0 in progress [3] Group 2: Financial Performance - The company reported a 40% revenue growth in Q1 2025, driven primarily by the education and fitness segments, with the subsidiary Ruitfei's revenue increasing nearly 100% [3] - The gross margin of the education and leisure segment has improved, contributing to the overall revenue growth [3] Group 3: Product Development and Market Position - The fitness segment has established brand recognition in the home fitness equipment market, with several products ranking first in their category on Amazon [3] - The company has opened its first offline experience store in the US in April 2025, enhancing brand competitiveness and pricing power [3][4] Group 4: Future Plans and Capacity Expansion - The Vietnam production base is not yet at full capacity, and the company plans to build a new facility in northern Vietnam to further increase production capacity [3] - The company aims to gradually implement price increases in the fitness segment, starting with small batches [3]

Group 1 - China's crude oil imports from Canada surged by 420% year-on-year, while imports from the U.S. plummeted by 90%, reflecting China's "energy diversification" strategy [1][4] - A $18 billion long-term oil supply agreement was signed between Chinese oil companies and Canada, indicating strong bilateral ties [1] - The U.S. energy sector faced significant challenges, with Texas energy companies' stock prices dropping by 18% in one week due to a surplus of 300,000 tons of shale oil [3] Group 2 - China's daily crude oil purchases from Canada reached 1.5 million barrels, equivalent to one-third of U.S. shale oil production, leading to the shutdown of five refineries in North Dakota [4] - The U.S. economy is projected to lose 120,000 jobs for every 10% reduction in energy exports to China, with the current 90% drop impacting millions of American families [6] - Canada, Russia, and the Middle East are rapidly expanding their energy markets in China, with Russia doubling pipeline capacity and Saudi Aramco expanding its storage facilities [6] Group 3 - China's exports to emerging markets increased by 1.8% for every 1% decline in exports to the U.S., showcasing the resilience of the Chinese economy [6] - Chinese companies are making significant inroads in North America, with BYD establishing a 500,000-unit electric vehicle plant in Mexico and Huawei launching 5G base stations in Alaska [9] - The strategic positioning of China contrasts sharply with the U.S.'s reactive measures, as evidenced by the U.S. debt crisis and declining support for the Republican Party in energy states [11]

撰 文 / 张霖郁 设 计 / 琚 佳 中美双方生效不到48小时的关税带来的痛感尚未显露。 一方面是因为，2024年底到2025年初，美方拼命囤货，中方拼命加班供货，囤积的量至少目前仍能 维持双方的正常营收；另一方面，中美双方的对等关税不断升级，导致很多交易暂停，尚未进入结 算期，大家都在观望。 无论美国还是中国，关税导致企业成本增加利润下滑、中美双方制造业回流引发新一轮的劳动力大 调整、价格战以及后续一系列的影响还远没有拉开大幕。 "政策还没有传导到我这儿，可能5月、6月就会感受到，两个月后，我的压力会很大。"一位已从墨 西哥市场撤出、同时在泰国建厂的铝合金材料生产商告诉汽车商业评论。 "全球供应链的逻辑会发生变化，无论是采购方或供货方，接下来有可能6个月内做切换"，一位仍 在墨西哥从事零部件生产的中国供应商说。 先梳理一下这几天的关税战时间线。 4月3日（美国当地时间4月2日），特朗普（Donald J. Trump）宣布对全球贸易伙伴加征关税，其中 对华加征34%；4月4日，国家财政部宣布反制，对美进口商品同等加征34%的关税；4月8日，特朗 普要求中国政府取消34%关税，否则将对华关税提升至84%；同 ...

点击上图▲立即报名 2025年6月19日—6月20日，"生而全球·共融共建"第二届出海全球峰会，与 1500+企业出海掌舵人狮城再聚，探索中企出海从"产能迁徙"到"文明共生"的新路 径。 【点击预约报名】 " 大家都在观望，这是两个世界的博弈，很尖锐，主要还得靠各国政府的行动，身处其中的企业家没办法做太多。 " 文 / 巴九灵（微信公众号：吴晓波频道） 这次关税围剿中，东南亚首当其冲：柬埔寨 49% 、缅甸 47% 、越南 46% 、老挝 44% 、泰国 36% 、印尼 32% 、马来西亚 24% 、菲律宾 17% 、新加坡 10% 。 东南亚 11 国中，除了经济体量极小的文莱和东帝汶，剩下 9 个国家中有 6 个被征收了超过 30% 的高关税。这片曾经 " 承接中国制造 " 的热门目 的地，变成了 " 制造焦虑 " 的永动机。 部分中国企业原本为了躲避美国关税而出海设厂，如今却被新一轮关税迎头痛击：货出不去、订单受阻、供应链再度摇摆不定、投资回报周期被迫 拉长，有的项目甚至面临中止风险。 " 越南园区早餐摊的人都少了，因为大家都没心情吃饭了。 " 激荡商学执行院长、华商出海产业服务联盟主理人卓立告诉小巴， ...