Group 1 - The China E-commerce Logistics Index for September reached a new high of 112.7 points, increasing by 0.4 points from the previous month, indicating a continued upward trend in e-commerce logistics [1] - The total business volume index for e-commerce logistics in September was 132.5 points, up by 1.1 points from the previous month, reflecting robust growth in logistics activities [1] - Citic Securities suggests that since Q3 2025, the growth rate and competitive landscape of domestic e-commerce have stabilized, with platforms continuing their competitive strategies from H2 2024 [1] Group 2 - Guosen Securities highlights that there is still room for growth in e-commerce penetration in overseas markets, with strong demand for quality Chinese products among consumers [2] - The anticipated improvement in the external trade environment is leading top cross-border brands to enhance product strength and diversify regions, which increases their resilience to risks [2] - Cross-border platform companies benefit from the rising demand for outbound services and the growing buyer traffic in non-U.S. regions, presenting opportunities for potential customer growth [2]