Core Insights - The overall growth of foreign trade is slowing down, with a slight recovery expected in 2024, as export focus shifts from Europe and the United States to Southeast Asia and emerging markets [1][6] - Foreign trade B2B companies are prioritizing refined operations to enhance revenue and risk resilience, with 3-5% of net profits allocated to digital transformation, and 15-25% of that for SaaS tool procurement [1][16] - The SaaS market for foreign trade B2B is projected to reach approximately 7.8 billion yuan in 2024, with a growth rate of 29.8% [2][42] Market Environment - The export growth rate has slowed in 2023 compared to 2022, but a slight recovery is anticipated in 2024, particularly in machinery and equipment categories [6] - B2B e-commerce is becoming increasingly dominant in the overall foreign trade market, accounting for about 70% of cross-border e-commerce transactions [6][8] Digital Transformation - Digitalization is seen as a solution to the challenges faced by foreign trade businesses, including market anchoring, customer acquisition, and cost reduction [11] - The digitalization level of foreign trade B2B companies is approximately 40%, with a significant portion willing to invest in digital tools [16][13] SaaS Market Characteristics - The foreign trade B2B SaaS market can be categorized into business growth, operational management, cross-border payment, and compliance [18] - The competitive landscape shows a concentration in business growth and compliance sectors, while website building and operational management are more fragmented [51] AI Integration - AI is increasingly being integrated into various SaaS applications, enhancing decision-making and operational efficiency [35][57] - The application of AI in marketing and operational management is evolving from automation to decision-making support, with a focus on business restructuring [57][59] Emerging Trends - The trend of "service going abroad" is shifting towards "outbound services," with a focus on localizing and adapting products for new markets [54] - New entrants in the foreign trade B2B market include startups and companies transitioning from domestic to foreign trade, highlighting the need for tailored support and services [28][31] Competitive Landscape - Platform-type SaaS providers focus on traffic acquisition, while tool-type providers emphasize functional specialization [48] - The market is characterized by a tiered structure, with leading companies like Xiaoman OKKI holding a significant market share [51]

Group 1 - The core viewpoint is that the "智造新城" initiative is effectively supporting local companies in expanding their international trade, particularly in Europe and Latin America, through tailored services and resources [1][2][3] Group 2 - 浙江兆和化工有限公司 has secured a potential €500,000 foreign trade order due to effective translation services that facilitated technical document conversion for European market entry [1] - The company has become a significant player in the automotive airbag chemical sector, leveraging the support of the "智造新城" initiative to enhance its market presence [1] - 衢州力奥科技有限公司 is preparing to send bamboo fiber eco-friendly home products to Mexico, aided by the initiative's global exhibition resources, which have attracted over 30 Latin American buyers [1] Group 3 - The "智造新城" initiative has introduced a comprehensive support mechanism for companies, including pre-exhibition policy guidance, on-site problem resolution, and post-exhibition logistics support, which has led to significant order growth for participating companies [2] - 浙江优柏智能科技有限公司 achieved over 3.5 million yuan in orders from four continents during the Spring Canton Fair, with a 150% year-on-year increase in order volume [2] - The initiative has established a "market backup" mechanism to help companies like 衢州天能工具有限公司 shift orders to emerging markets, effectively mitigating trade risks [2] Group 4 - In the first quarter of this year, the "智造新城" initiative has assisted over 30 key enterprises in achieving intention orders exceeding 100 million yuan, while also expanding into emerging markets like the Middle East [3] - The initiative focuses on strengthening local industrial chains while simultaneously exploring new market opportunities through innovative services [3]

Investment Rating - The industry rating is "Recommended" [4] Core Insights - The consumer services and retail sectors are under pressure, with notable performance in emotional consumption and tourism consumption [1][2] - In 2024, CITIC consumer services revenue and net profit attributable to shareholders are expected to grow by 2% and decline by 24% respectively, while the retail sector is projected to see an 8% drop in revenue but a 6% increase in net profit [1][2] - The report highlights the divergence in performance among sub-sectors, with tourism services (+56%), human resources (+15%), and scenic areas (+3%) showing relative strength [1][2] Summary by Relevant Sections Consumer Services - In 2024, revenue for CITIC consumer services is projected to grow by 2%, while net profit is expected to decline by 24%. The tourism services sector shows a significant revenue increase of 56% [1] - For Q1 2025, the consumer services sector continues to face pressure, with revenues down by 0.1% and net profits down by 8% [2] Retail Sector - The retail sector is expected to see an 8% decline in revenue for 2024, but net profit is projected to increase by 6% [1] - Notable performances include supermarkets and convenience stores, which saw a 156% increase in net profit due to non-operating factors [1] OTA (Online Travel Agency) - The online booking rate for travel continues to rise, with OTA transaction volume expected to grow by 17.8% in 2024 [3] - Major players like Ctrip and Tongcheng are experiencing significant revenue growth, with Ctrip's international business revenue reaching 10% of total revenue [3][6] Scenic Areas - The scenic area sector is expected to see a 3% increase in revenue and a 30% increase in net profit for 2024, driven by strong performances from key players [7] - In Q1 2025, revenue is projected to grow by 2%, but net profit is expected to decline by 18% [7] Hotel Sector - The hotel sector is facing pressure with a decline in RevPAR (Revenue per Available Room), but major hotel groups are maintaining aggressive expansion plans [8][9] - For Q1 2025, major hotel groups are experiencing varying impacts on net profit, with some showing significant declines [9] Human Resources - The outsourcing business remains strong, with companies like Core International and Beijing Human Resources seeing revenue growth of 22% and 14% respectively [10] - Government subsidies are contributing to significant net profit increases for these companies [12] E-commerce and Services - The report highlights the growth of self-owned brands, with companies like Ruoyu Chen achieving a 29.26% increase in total revenue for 2024 [13] - The demand for agency operations is declining, but self-owned brands are driving high growth [13] Dining Sector - The dining sector is under pressure due to intense price competition, but some brands are showing resilience [14] - In Q1 2025, the dining sector shows signs of marginal improvement as price competition eases [14] Jewelry Sector - The jewelry sector is experiencing performance divergence, with strong brands outperforming the market amid rising gold prices [15] - In Q1 2025, brands like Chaohongji and Mankalon are showing significant revenue and profit growth [15] Investment Recommendations - The report suggests focusing on high-demand consumer products and travel services, as well as companies benefiting from overseas expansion [17]