麦高证券认为，品牌出海加速，电商蓬勃发展，跨境物流方兴未艾。目前我国外贸已进入"电商+产业 +品牌"的全链路全球化竞争新阶段。品牌出海与跨境电商的蓬勃发展成为跨境物流发展的重要动力， 推动了物流市场的升级和全球化物流基础设施的完善。跨境物流中直邮的国际专线因成本低、时效快、 可追踪性强等优势快速崛起。海外仓模式则因配送时效高、物流成本低、退换货便捷等优点，受到跨境 电商企业的青睐。 天津市人民政府印发天津市构建"大消费"格局行动方案的通知，其中提出，做大做优线上消费平台。培 育电商领军企业，围绕细分领域引进零售类电商平台，促进电子商务、直播经济等规范发展。推动电商 平台赋能传统零售业，支持线上线下（300959）消费融合。丰富进口消费品供给，增加美妆、医药、数 码等进口商品品类，探索"跨境电商进口＋零售"新模式。壮大跨境电商出口，建强跨境电商特色产业园 区，鼓励企业自主品牌"出海"。 信达证券（601059）认为，近年来，全球电商渗透率持续提升，市场规模稳健增长；我国跨境电商行业 背靠制造业优势，推动国货出海，增速亮丽。分市场看，美国是我国跨境电商出口最大市场，尽管短期 出现关税阴云，但短空长多，核心原因：一 ...

Core Viewpoint - The article analyzes the characteristics and landscape of the Japanese e-commerce industry through a comparative lens with China, highlighting the low penetration rate, consumption upgrades, and limited impact of live commerce in Japan [1] Group 1: Characteristics of the Japanese E-commerce Industry - Japan's e-commerce penetration rate is approximately 9.4% in 2023, significantly lower than China's 27.6% and the US's 15.8% [2][4] - Factors contributing to the low penetration include an aging population, small household sizes, strong offline consumption, high logistics costs, and low mobile payment adoption [2][7] - Japanese e-commerce is experiencing a consumption upgrade, with consumers prioritizing quality over price, as evidenced by the increase in nominal average transaction prices from 1,648 yen in 2013 to 2,931 yen in 2023 [15][19] - The interest and participation rates in live commerce among Japanese consumers are significantly lower than in China, with only 2.8% having purchased through live streams [20][21] Group 2: Competitive Landscape - The top players in Japan's e-commerce market are Amazon Japan, Rakuten Group, and LINE Yahoo, with market shares increasing post-pandemic [3][26] - Amazon Japan leads in GMV and user numbers, successfully replicating its logistics and membership systems in Japan [36][41] - Rakuten Group has over 100 million members, leveraging a robust points system to enhance user loyalty [44][48] - LINE Yahoo, while having a large platform, still needs to improve efficiency and user engagement [50][53] Group 3: Impact of Cross-Border E-commerce - Chinese cross-border e-commerce platforms like SHEIN and Temu are rapidly gaining market share in Japan, leveraging cost advantages and localized operations [29][33] - Amazon Japan has responded to this competition by reducing commission rates and delivery fees for small items, indicating a competitive response to the "catfish effect" brought by cross-border e-commerce [33][34] - TikTok Shop is expected to enter the Japanese market, potentially reshaping consumer habits and intensifying competition [30] Group 4: Future Trends and Challenges - The Japanese e-commerce market is seen as a high-potential market with relatively mild competition, but it faces challenges such as inflation risks, regulatory scrutiny on cross-border e-commerce, and the need for adaptation to AI-driven changes [4][58] - The logistics costs in Japan remain high due to elevated labor costs and a concentrated logistics industry, which may hinder e-commerce growth [14][24] - The potential adjustment of tax policies regarding small imports could impact the cross-border e-commerce landscape [34]