股 票 研 究 重申黄金珠宝和旅游出行的投资机会 [Table_Industry] 社会服务业 商社行业周报（2026.2.23-2026.3.1） | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘越男(分析师) | 021-38677706 | liuyuenan@gtht.com | S0880516030003 | | 赵国振(分析师) | 021-38031044 | zhaoguozhen@gtht.com | S0880524030006 | 本报告导读： 国际局势动荡，黄金珠宝与部分大宗交易公司有望重估。继续看好旅游出行景气恢 复。 投资要点： 股票研究 /[Table_Date] 2026.03.01 风险提示：消费复苏不及预期、宏观经济波动风险、市场竞争加剧。 [Table_Report] 相关报告 社会服务业《春节消费高景气，关注性价比、情 绪价值和体验》2026.02.26 社会服务业《史上最长春节假期，文旅板块景气 度高》2026.02.23 社会服务业《千问加码外卖补贴，行业价格战趋 缓》2026 ...

股 票 研 究 股票研究 /[Table_Date] 2026.03.01 重申黄金珠宝和旅游出行的投资机会 [Table_Industry] 社会服务业 商社行业周报（2026.2.23-2026.3.1） | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘越男(分析师) | 021-38677706 | liuyuenan@gtht.com | S0880516030003 | | 赵国振(分析师) | 021-38031044 | zhaoguozhen@gtht.com | S0880524030006 | 本报告导读： 国际局势动荡，黄金珠宝与部分大宗交易公司有望重估。继续看好旅游出行景气恢 复。 业 投资要点： 风险提示：消费复苏不及预期、宏观经济波动风险、市场竞争加剧。 [Table_Report] 相关报告 社会服务业《春节消费高景气，关注性价比、情 绪价值和体验》2026.02.26 社会服务业《史上最长春节假期，文旅板块景气 度高》2026.02.23 社会服务业《千问加码外卖补贴，行业价格战趋 缓》20 ...

Industry Trends - The automotive industry is entering a new phase of "systematic overseas expansion," with the release of the "Automotive Data Export Security Guidelines (2026 Edition)" to enhance compliance and reduce cross-border risks[2] - China's self-developed games are projected to achieve overseas sales revenue of $20.455 billion by 2025, marking a year-on-year growth of 10.23%[2] - The lithium battery industry is expected to undergo a supply-demand restructuring by 2025, driven by technological innovations and overseas expansion efforts[4] - Uzbekistan is emerging as a key investment destination for Chinese companies, with a projected GDP growth rate of 7.7% by 2025 and a total foreign trade volume exceeding $81 billion[4] - The Chinese energy storage battery sector is experiencing a surge in overseas orders, particularly in Africa, where the demand for renewable energy solutions is high[5] Top Brand News - JD.com is testing its European online retail brand Joybuy in the UK, focusing on categories like maternal and infant products, with plans to double its overseas warehouse area by 2025[9] - Airwallex has completed a $330 million Series G financing round, achieving a valuation of $8 billion, and supports cross-border payments in over 200 countries[11] - Anta Sports has announced a strategic acquisition of a 29.06% stake in Puma for approximately $12.278 billion, aiming to revitalize the brand amid its recent financial struggles[12] - The Chinese tea brand Mixue Ice Cream has expanded its overseas presence to 4,733 stores, leveraging a low-price strategy to attract global consumers[14]

Investment Rating - The report does not provide a specific investment rating for the industry. Core Insights - The report highlights the rapid growth of cross-border e-commerce, emphasizing the importance of Amazon's global selling program in creating new brand dynamics [6][8]. - It outlines the various Amazon marketplaces available for sellers, including North America, Europe, Australia, India, the Middle East, and others, indicating a broad opportunity for international expansion [11]. - The report discusses the significance of logistics and inventory management in cross-border e-commerce, detailing Amazon's logistics solutions and fulfillment services [26][28]. Summary by Sections Cross-Border E-Commerce and Amazon Marketplace Introduction - Cross-border e-commerce is defined and its importance is discussed, along with common misconceptions and successful case studies [6][11]. Account Status and Compliance - The report covers Amazon's policies regarding account status and compliance, including product compliance, import/export trade compliance, and customer service performance metrics [13]. Product Selection Trends and Guidelines - It provides insights into trending product categories for North America, such as health and personal care, home goods, and electronics, highlighting the demand surge during the pandemic [20]. Product Detail Pages - The report emphasizes the importance of optimizing product listings and provides guidelines for creating effective product detail pages [22]. Logistics and Inventory Management - It discusses the basics of cross-border logistics, including Amazon's FBA (Fulfillment by Amazon) services and strategies for optimizing logistics costs [32][37]. Promotions and Seasonal Sales - The report outlines various promotional tools available on Amazon, such as coupons and seasonal sales strategies, to enhance product visibility and sales [39]. Amazon Advertising - It introduces different advertising options on Amazon, including sponsored products and brand promotions, along with management and optimization strategies [49]. Building a Brand from Scratch - The report discusses the foundational knowledge of branding, the advantages of Amazon's brand operations, and the steps to register and market a brand on the platform [51][55]. Amazon Brand Protection - It covers the measures Amazon has in place to protect brands, including reporting infringement and proactive measures against counterfeit products [58]. Amazon Business Purchases - The report explains the Amazon Business program, its features, and how sellers can leverage it to increase sales through B2B transactions [60][64].

Group 1 - The newly unveiled incubation space, created by the National Animation Park and Tsinghua Unigroup (Tianjin Eco-City), covers approximately 4,500 square meters and offers office spaces ranging from 55 to 480 square meters to meet the needs of enterprises at different development stages [1][4] - Tsinghua Unigroup (Tianjin Eco-City) has been operational in the Eco-City for 10 years, successfully incubating over 400 companies and nurturing more than 100 high-quality enterprises, including national high-tech enterprises and specialized small and medium-sized enterprises [3] - The new incubation space will primarily serve high-growth enterprises, providing personalized services such as enterprise management, market expansion, project packaging, listing guidance, and cross-border operations [4] Group 2 - The unveiling of the incubation space is accompanied by the launch of the Trade Forest Cross-Border Industry-Education Integration Innovation Center, which focuses on addressing the challenges faced by small and medium-sized enterprises in international markets [4] - The center will offer comprehensive services including cross-border e-commerce operation guidance, policy interpretation, capital connection, and overseas market expansion to help enterprises seize new opportunities globally [4] - A service agreement was signed between LaiPIC and Tsinghua Unigroup (Tianjin Eco-City) to leverage the advantages of the Eco-City and the national cultural export base platform, aiming to expand into the Singapore and ASEAN markets [4]

Core Viewpoint - Xiling Financial and Lingquan Cross-border have signed a cooperation agreement to establish a framework for "financial empowerment + bonded industry + cross-border export" in the Guizhou Free Trade Zone, aiming to explore new paths for the province's open economy development [1][3]. Group 1: Cooperation Agreement - The agreement focuses on leveraging the policy advantages and industrial capacity of the Guizhou Free Trade Zone, aligning with Guizhou's 14th Five-Year Plan to attract industries through open platforms and strengthen foreign trade with characteristic industries [3]. - The initial plan includes the establishment of a toy project, with Xiling Financial designing a dedicated financial support scheme for the project [3]. Group 2: Financial Support and Services - Xiling Financial plans to provide funding support to potential enterprises through the "Toy Enterprise Loan" product, addressing issues related to foreign exchange settlement and cross-border financing [3]. - The project aims to meet the requirement that trial enterprises must operate within the Free Trade Zone, thereby removing financial and compliance barriers for project implementation [3]. Group 3: Industry Planning and Market Strategy - The targeted toy enterprises will focus on the research and production of educational and environmentally friendly toys, utilizing the Free Trade Zone's policies on imported raw materials and export tax rebates to reduce production costs [3]. - Lingquan Cross-border will manage product sales and has established a cross-border e-commerce network covering markets in Europe, North America, Southeast Asia, and South America, planning to use platforms like Amazon and TikTok Shop for efficient delivery [3]. Group 4: Future Plans - Xiling Financial and Lingquan Cross-border will continue discussions with the Guizhou Free Trade Zone to refine project details and aim to attract more upstream and downstream toy enterprises that meet overseas market demands [4]. - The goal is to create a model of cooperation that integrates the Free Trade Zone, industrial chains, finance, and foreign trade, contributing to the dual breakthroughs in foreign trade quality and industrial upgrading during the 14th Five-Year Plan period [4].

Core Viewpoint - Dongguan is enhancing its cross-border e-commerce capabilities through the 2026 Cross-Border E-commerce Conference, aiming to provide a one-stop service ecosystem for businesses to access quality resources and overcome challenges in international markets [5]. Group 1: Conference Overview - The 2026 Dongguan Cross-Border E-commerce Conference is designed to build an efficient platform for policy guidance, resource aggregation, and precise matching, improving the cross-border e-commerce ecosystem [5]. - The conference integrates resources across the entire cross-border e-commerce chain, optimizing a one-stop service system to support Dongguan enterprises in their international ventures [5]. - Activities at the conference include policy interpretation, ecosystem co-construction, practical sharing, and experience exchange, with the establishment of a new cross-border service ecological alliance [5]. Group 2: Strategic Goals and Measures - Dongguan's development strategy for the "14th Five-Year Plan" includes the goals of "Intelligent Creation of Quality Products" and "Beautiful and Livable City," with nine targeted measures to stimulate economic growth [5]. - The Dongguan Municipal Bureau of Commerce aims to leverage "Bay Area Opportunities" by expanding the global marketing network for Dongguan products, enhancing air logistics hub construction, and strengthening supply chain resilience [6]. - The establishment of the "Dongguan Enterprises Going Abroad Service Center" is a key initiative, focusing on emerging markets such as ASEAN, the Middle East, Central Asia, Latin America, Africa, and Russia [6].

Core Viewpoint - Zhuoyue Technology (002369) emphasizes its long-term commitment to the 3C electronics industry, leveraging its relationships with major industry players to maintain a leading edge in technological innovation and new product development [1] Group 1 - The company has a strong foundation in high-end intelligent manufacturing and aims to enhance its profitability and brand influence through its "high-end intelligent manufacturing + cross-border expansion" strategy [1] - Chen Yong's extensive experience in cross-border trade and channel operations is expected to significantly support the implementation of the company's strategic initiatives [1] - The company plans to strengthen its fundamentals and optimize its governance structure while promoting the synergistic development of its two main business segments [1]

Core Viewpoint - The company, Shandong Lipai Machinery Group Co., Ltd., is accelerating its international expansion in the small excavator market, aiming for a sales target of 1.4 billion yuan by 2025, while establishing itself as a leading player in the industry [2][3] Group 1 - The company focuses on the research and production of small excavators, with core markets in Europe and the United States, and has achieved a sales target of over 1.4 billion yuan by 2025 [2] - The company has become a benchmark in the excavator industry in Shandong Province, with a wide product and service network covering multiple regions including mainland China, Europe, America, Australia, and Africa [2] - The company has secured 156 product patents, enhancing its core competitiveness through continuous investment in research and development and innovation [3] Group 2 - The company has adopted a hybrid cross-border e-commerce model, leveraging global platforms such as Amazon, Alibaba, and TikTok to expand its international market presence [3] - The small excavators have achieved an 18% market share in Europe and the United States, ranking first among Chinese brands and second globally [3] - The company has established a comprehensive overseas warehouse and after-sales service network, significantly reducing delivery times by 15 to 20 days compared to competitors [3] Group 3 - A new intelligent engineering machinery green manufacturing base project with a total investment of 160 million yuan is set to commence in September 2024 and is expected to be completed and operational by October 2025, with an annual production capacity of 30,000 intelligent excavators [3] - The company plans to continue increasing investment and cross-border expansion efforts to further its global presence in the small engineering machinery sector [3]

Industry Trends - Goldman Sachs' "2025 Global E-commerce Handbook" suggests Chinese sellers focus on ASEAN, Latin America, and the EU, as global e-commerce growth slows[1] - China's direct investment in South Africa is projected to reach $13.21 billion in 2024, shifting from traditional infrastructure to consumer goods and renewable energy[1] - Chinese automotive global market share is expected to reach 38%, with overseas sales potentially hitting 15%-20% by 2030[1] - By 2025, China's outbound model is expected to shift from single-point sales to systematic capability output, enhancing user shopping experiences[1] Top Brand News - Genki Forest has entered over 40 countries, emphasizing brand value and cultural attitudes rather than low prices[10] - Sweet Tea has opened over 200 overseas stores in two years, focusing on balancing global standards with local operations[11] - INTO YOU's overseas sales have surpassed 150 million yuan, marking a shift from product output to brand output in the beauty sector[12] - Xiangpiaopiao plans to invest $38 million in Thailand to expand in Southeast Asia amid declining domestic revenue[14]