Group 1 - The core focus of fund managers is on overseas warehouse businesses within the cross-border e-commerce sector, driven by high tariffs and the cancellation of small parcel exemptions, which provide cost advantages in customs clearance, logistics, and taxes [1][2][3] - The increasing support from high-level policies for the cross-border e-commerce industry encourages companies to diversify their foreign trade business, particularly in B2B segments, which is seen as a significant opportunity for public funds [2][3] - Fund managers are particularly interested in companies with strong overseas warehouse capabilities, as these facilities allow for bulk customs clearance and lower tax rates, leading to explosive growth in demand for overseas warehouses [2][4] Group 2 - Companies like JD Logistics, which have over 50 self-operated overseas warehouses in regions such as North America and Southeast Asia, have become key holdings for funds, with JD Logistics reporting a 186.8% year-on-year increase in adjusted net profit for 2024 [4][5] - Other public funds are heavily investing in companies like Jitu Express and Pinduoduo, which are also expanding their overseas warehouse networks, indicating a strong focus on this area by fund managers [5][6] - The logistics and warehouse sector is being prioritized by various funds, with a notable absence of dedicated cross-border e-commerce funds, suggesting a strategic focus on logistics as a foundational infrastructure for e-commerce [7][8] Group 3 - The cross-border e-commerce sector is characterized by a limited number of investable targets, leading funds to adopt a strategy focused on a few leading companies rather than a broad industry approach [7][9] - Fund managers emphasize the importance of identifying high-quality, globally competitive companies within the cross-border e-commerce space, indicating a preference for specific stock selection over broad sector investment [9]