Core Insights - The article discusses the emergence of a "shadow world" in globalization, highlighting how various Chinese companies have built essential infrastructure that supports global commerce, including logistics, payment, and marketing services [4][5]. Logistics: Time and Space Compression - Companies like Zongteng and Wanyitong have established themselves as key players in cross-border logistics by investing in heavy assets such as overseas warehouses and dedicated transportation routes, which provide competitive advantages in cost and efficiency [9][11]. - Zongteng, founded in 2007, transitioned from e-commerce to logistics, focusing on overseas warehousing and specialized transportation, which allowed it to thrive during the e-commerce boom [8][10]. - Wanyitong has also adapted by investing in automated warehouses and self-built routes to enhance delivery efficiency, achieving a 95% order delivery rate within three days across the U.S. [11][12]. Payment: The Payment Revolution - The article outlines the rise of fintech companies like Airwallex and PingPong, which emerged to address the high costs and inefficiencies of traditional cross-border payment systems [20][21]. - These companies have introduced innovative pricing models and streamlined processes, significantly reducing transaction fees and improving service speed for small and medium enterprises [22][23]. - The competitive landscape in cross-border payments is evolving, with companies focusing on comprehensive financial ecosystems and compliance capabilities to differentiate themselves [25][30]. Marketing: Unlocking Overseas Traffic - The marketing sector is represented by companies like Taitong Technology, which has developed a data-driven approach to optimize advertising for Chinese businesses entering overseas markets [32][33]. - Taitong's platform integrates various media resources and advertising technologies, allowing clients to manage global campaigns efficiently [34][35]. - The article emphasizes the importance of marketing in driving sales for intangible products, where marketing costs can reach up to 50% of revenue [33]. Future Variables in the Shadow World - The article concludes that the "shadow world" of globalization is characterized by a growing number of specialized service companies that address specific pain points in cross-border trade, such as high payment fees and complex compliance issues [40][41]. - The competitive landscape is shifting towards integrated ecosystems, where logistics, payment, and marketing services are increasingly interconnected, enhancing the overall efficiency of global operations [42].

Industry Overview - The transportation sector experienced an overall decline of -0.47% from August 11 to August 16, ranking 25th among 31 SW primary industries, while the CSI 300 index rose by +2.37% during the same period [2] Subsector Performance - The performance of various subsectors within transportation during the week was as follows: - Warehousing and logistics: +1.89% - Airport: +1.13% - Public transport: +0.82% - Port: -0.09% - Express delivery: -2.22% - Road freight: -0.86% - Cross-border logistics: -1.01% - Railway: -1.85% - Shipping: -0.79% - Highway: -0.62% [2][1] Airline Sector Insights - By June 2025, major listed airlines in China showed recovery rates in domestic Available Seat Kilometers (ASK) compared to June 2019 as follows: - Air China: 150.62% - China Southern Airlines: 119.55% - China Eastern Airlines: 118.06% - Hainan Airlines: 91.71% - Spring Airlines: 166.49% - International and regional ASK recovery rates were: - Air China: 93.36% - China Southern Airlines: 92.68% - China Eastern Airlines: 110.76% - Hainan Airlines: 69.95% - Spring Airlines: 254.76% [2][3] Oil and Currency Trends - As of August 15, 2025, Brent crude oil was priced at $65.85 per barrel, reflecting a week-on-week decrease of -1.11% and a year-on-year decrease of -18.74% [3] - The exchange rate for the Chinese Yuan against the US Dollar was 7.1371, showing a slight appreciation of 0.02% week-on-week and 0.04% year-on-year [3] Shipping and Port Metrics - The Shanghai Containerized Freight Index (SCFI) was reported at 1460 points, down -1.98% week-on-week and down -55.50% year-on-year [4] - The China Containerized Freight Index (CCFI) stood at 1193 points, with a week-on-week decrease of -0.62% and a year-on-year decrease of -42.45% [4] Freight and Logistics Performance - The Baltic Dry Index (BDI) was at 2044 points, reflecting a week-on-week decrease of -0.34% but a year-on-year increase of +20.80% [5] - In June 2025, railway passenger volume reached 373 million, up +3.61% year-on-year, while road passenger volume was 948 million, down -3.72% year-on-year [5] Express Delivery Sector - In July 2025, the express delivery industry generated revenue of 120.64 billion Yuan, an increase of +8.90% year-on-year, with a total business volume of 16.4 billion pieces, up +15.10% year-on-year [5] Investment Recommendations - The airline sector is expected to benefit from the acceleration of international flight schedules and domestic demand recovery, with potential for increased profitability for airlines such as Air China, China Southern Airlines, and Spring Airlines [6] - The airport sector is anticipated to see improvements in passenger flow and commercial revenue driven by macroeconomic recovery and policy support [6] - The cross-border logistics sector is positioned to benefit from the growth of cross-border e-commerce, with companies like Huamao Logistics recommended for investment [7] - The express delivery sector remains promising due to the growth of e-commerce and the potential for market share gains among leading companies [8]

财务数据显示，截至2024年12月31日，佳裕达收入总额5.65亿人民币，同比增长13.54%；归母净利 润-4957.02万人民币，同比增长31.7%。 资料显示，佳裕达国际物流有限公司是一家在开曼群岛注册成立的境外控股母公司,主要通过其境内实 体子公司深圳市佳裕达物流科技有限公司运营。其子公司是中国领先的端到端供应链解决方案提供商之 一,专注于提供跨境物流服务。总部位于中国粤港澳大湾区的重要组成部分深圳,公司得益于独特的地理 优势,为海洋、空中和陆上物流提供高度支持。一个连通的交通网络可以大大提高效率,降低运输成本。 8月19日，佳裕达(JYD)开盘上涨2.26%，截至21:32，报0.19美元/股，成交8346.0美元，总市值2594.44万 美元。 公司提供全面的跨境供应链解决方案服务,包括:(i)货运代理服务,(ii)供应链管理,及(iii)其他增值服务。 作者：行情君 本文源自：金融界 ...

低估值、高股息，重视股东回报 低估值、高股息，提供较高安全边际，陆港业务或贡献向上期权。据测算，2025EPE大概12倍，处于历史 13%分位数，2026E股息率预计5%左右。紫金矿业（601899）持股比例保持稳定，或代表其看好公司长期 增长潜力，有望赋能公司发展。维持"买入"评级 公司成立于2005年6月，是国内率先开展跨境多式联运的物流企业。公司以蒙古、非洲、中亚等陆运跨境 需求旺盛的地区为重点发展区域，投资道路、保税仓库及海关监管场所等物流基础设施并运营。2024年供 应链贸易/跨境多式联运综合物流/陆港项目业务营业收入占比分别65.72%/27.96%/5.64%，毛利润占比分别 为42.41%/41.63%/15.79%。2025Q1，公司营收22.9亿元，同比增长15.0%，归母净利润2.6亿元，同比下降 14.8%。 蒙煤量价阶段性承压，不改核心竞争力 2025年1-6月，中国进口蒙煤量为3474万吨，同比下降8.7%；甘其毛都口岸累计完成进出口货运量1810万 吨，与去年同期相比下降13.7%，其中进口煤炭1707万吨，同比下降15.9%；蒙煤进口单价同比下滑约 39.6%，焦煤价格单边下跌 ...

Core Viewpoint - The article explores the emergence of "shadow companies" in China's globalization efforts, highlighting their roles in logistics, payment, and marketing as essential infrastructure supporting global trade [2]. Group 1: Logistics - The logistics sector has seen the rise of companies like Zongteng Group, which established overseas warehouses early on, differentiating itself from competitors by focusing on direct shipping and logistics infrastructure [5][6]. - Zongteng's strategic investments in heavy assets, such as cargo planes and automated warehouses, have created significant barriers to entry, allowing it to control costs and improve service efficiency [7][8]. - Other logistics companies, like Wanyitong and Fanding, have adapted their strategies to focus on automation and industry-specific solutions, reflecting a shift towards more integrated logistics services [9][10]. Group 2: Payment - The payment sector has been revolutionized by companies like Airwallex and PingPong, which address the high costs and inefficiencies of traditional cross-border payment systems [16][17]. - These companies have emerged in response to the pain points faced by small and medium enterprises in cross-border transactions, offering lower fees and faster processing times [18]. - The competitive landscape in cross-border payments is evolving, with firms focusing on comprehensive financial ecosystems and compliance capabilities to differentiate themselves [20][21]. Group 3: Marketing - The marketing landscape for overseas expansion is characterized by companies like Taitong Technology, which leverage data-driven strategies to optimize advertising and improve ROI for clients [25][26]. - Taitong's innovative platform integrates various marketing services, allowing clients to manage global campaigns efficiently [27][28]. - The marketing sector is witnessing a shift towards AI-driven solutions, enhancing the effectiveness of campaigns and enabling better targeting of audiences [31]. Group 4: Future Variables in the Shadow World - The "shadow world" of globalization is driven by specific pain points, such as high payment fees and inefficient logistics, leading to the emergence of specialized service providers [34][35]. - The competitive dynamics are changing, with geopolitical factors and technological advancements introducing new variables that will shape the future of these industries [35][36]. - The integration of services across logistics, payment, and marketing is creating a more complex ecosystem, where companies must adapt to survive in a rapidly evolving global landscape [35].

Core Insights - The TIR (Transports Internationaux Routiers) logistics model is being utilized to enhance cross-border transportation efficiency between Wenzhou and Russia, significantly reducing transit times compared to traditional shipping methods [3][4] - Wenzhou has initiated TIR operations since December last year, establishing five routes to Russia, Belarus, and Uzbekistan, with a total of 43 vehicles dispatched and a cargo value of approximately 26 million yuan in the first seven months of this year [3][4] Group 1 - A TIR vehicle carrying 680 pieces of semi-finished bags from Wenzhou reached the Inner Mongolia Manzhouli port, expected to arrive in Moscow in about 10 days, compared to 55 days by sea and 30 days by rail [2][3] - The first batch of 45 self-operated TIR trucks has been delivered, with plans to expand to 100 by the end of the year, saving $1,000 per trip compared to rented vehicles, leading to over $1 million in annual savings for clients [2][3] Group 2 - The TIR model allows for "one declaration, one vehicle direct delivery," eliminating the need for vehicle changes and inspections, which aligns well with the needs of Wenzhou's light manufacturing and cross-border e-commerce [3] - Future plans include adding TIR routes to five Central Asian countries and exploring international road transport channels to Southeast Asia, enhancing the global logistics network for foreign trade enterprises [4]

Core Insights - The article highlights the implementation of RFID technology at Cainiao's Hong Kong eHub, making it the first smart logistics hub in Hong Kong to achieve full-process RFID coverage, enhancing package processing efficiency by approximately 30% compared to traditional freight centers [3][4]. RFID Technology Implementation - RFID technology provides each cross-border package with a unique "digital identity," allowing for automatic recognition without manual intervention from the unloading stage [4]. - The system captures real-time location and status information at key nodes within the warehouse, enabling seamless synchronization with a central system [4]. Challenges in Traditional RFID - Traditional RFID faces challenges in complex open environments, leading to issues such as stray reads, cross reads, and missed reads [5][7]. - Stray reads occur when the reader inadvertently captures signals from non-target tags due to excessive signal coverage, resulting in "phantom inventory" [5]. - Cross reads happen when adjacent items simultaneously enter the signal zone, causing misallocation of tag information [5]. - Missed reads can occur due to signal interference from metal or liquid goods, leading to significant inventory blind spots, with missed read rates sometimes exceeding 20% [7]. Solutions by Sko - Sko has developed a new generation of precise tag recognition systems, the RFID channel machine, which effectively addresses the issues of stray reads, missed reads, and cross reads, significantly improving inventory visibility and turnover efficiency [7][12]. - The RFID channel machine employs electromagnetic field reconstruction and dynamic anti-metal interference algorithms to enhance reading accuracy [9][10]. Technical Innovations - The machine utilizes a Faraday cage structure to create a highly enclosed electromagnetic space, effectively eliminating stray reads [9]. - It incorporates beamforming technology to focus signal energy within a limited space, ensuring only tags within the channel are read, thus resolving cross read issues [9]. - The dynamic anti-metal interference algorithm employs frequency hopping to avoid signal interference from metal environments, ensuring reliable tag reading [10]. - The machine's design includes precise control systems to ensure stable operation and minimize missed reads [12]. Performance Metrics - The RFID channel machine can read over 1,000 items in just 3 seconds, significantly faster than manual inventory checks which take 5-10 minutes [13]. - The implementation has reduced the missed read rate from an industry average of 22.3% to an impressive 0.05% [12]. Broader Applications - The technology framework of Sko's RFID channel machine is highly scalable and applicable beyond cross-border logistics, suitable for industries requiring high inventory accuracy such as retail, warehousing, and asset management [16]. - The system is designed to integrate with customs systems for enhanced compliance and efficiency in cross-border logistics [16].

Core Insights - The demand for seasonal products and outdoor goods in the Nordic region has surged, leading to a peak in cross-border e-commerce orders [1] - Cainiao's logistics capabilities and efficient cross-border logistics network have enabled Chinese merchants to quickly respond to market demands [1] Group 1: Market Growth - In July, cross-border order volume in the five Nordic countries (Sweden, Norway, Denmark, Finland, Iceland) experienced a three-digit month-on-month increase, making it one of the fastest-growing markets in Europe during the e-commerce peak season [1] - The growth is attributed to the significant increase in demand for summer products in the Nordic region and continuous optimization of Cainiao's end-to-end cross-border logistics capabilities [1] Group 2: Logistics Efficiency - Cainiao's end-to-end fulfillment time in the Nordic countries is two days faster than the industry average, with comprehensive "door-to-door" delivery services available across the region, excluding Greenland [1] - The company offers flexible end-supplier configurations, allowing merchants to choose the optimal last-mile delivery service based on product characteristics [1] Group 3: Product Offerings - Cainiao has developed a specialized tiered product matrix for the Nordic market, including express, standard, and economy products, as well as dedicated solutions for light parcels, clothing, bulk goods, and cosmetics [1] - This diverse range of customized products aims to meet the varied needs of customers through differentiated services [1] Group 4: Customer Satisfaction - A long-term user of Cainiao's cross-border services reported a 70% increase in daily order volume, from 19,000 to 33,000, attributing this growth to stable logistics capabilities that enhance customer satisfaction and drive repeat purchases [2] - Cainiao's cross-border logistics network currently covers over 200 countries and regions, with 18 overseas distribution centers established [2]

Core Insights - The opening of the TIR cross-border e-commerce channel in the SCO demonstration zone aims to enhance logistics support for cross-border e-commerce and promote economic exchanges among SCO member countries [1][3]. Group 1: Market Overview - The network retail market size of SCO member countries is projected to exceed $3.2 trillion in 2024, accounting for over 50% of the global market [3]. - Cross-border e-commerce imports from SCO member countries to China reached $53 million, marking a 34% year-on-year increase, with major e-commerce platforms selling $41.6 million worth of products from SCO countries [3]. Group 2: Logistics and Transportation - The TIR system, based on the UN's International Road Transport Convention, enables cross-border transport with a unified international guarantee system, allowing for "one declaration, one vehicle direct delivery" across 78 contracting countries [3]. - TIR international road transport is becoming a crucial logistics support for cross-border e-commerce due to its lower infrastructure dependency, flexibility, and ease of loading and unloading compared to air and rail transport [3]. - The first batch of 100 TIR middle-axle curtain-side trucks was delivered to enhance the TIR capacity in the SCO demonstration zone, with each truck capable of carrying two containers and increasing volume to 130 cubic meters [5]. Group 3: Future Developments - The Qingdao Transportation Development Center plans to continue supporting the construction of a strong transportation network and international shipping center, aiming to enhance regional logistics collaboration and improve cross-border transport efficiency [5].

Core Insights - The article highlights the strategic development of Cainiao's global logistics network, particularly through the establishment of the Hong Kong eHub, which enhances cross-border logistics efficiency and supports the company's globalization efforts [1][4][12]. Group 1: Company Developments - Cainiao's Hong Kong eHub is a key logistics hub located just five minutes from Hong Kong Airport, capable of processing tens of thousands of tons of goods daily, with a four-hour air radius covering core Asia-Pacific markets [1]. - The company has transitioned into its 3.0 phase, emphasizing globalization and market-oriented strategies, with over half of its business now coming from international operations [1][4]. - Cainiao has introduced various logistics products, including "5 USD 10-day delivery," which now accounts for approximately 70% of its offerings, reflecting a significant shift in service efficiency [6][8]. Group 2: Industry Trends - The cross-border logistics sector is experiencing rapid improvements, with Cainiao's logistics products becoming more diverse and tailored to meet the needs of e-commerce businesses [7][9]. - The demand for overseas warehouses and global supply chain solutions is increasing, driven by the need for brands to adapt to international markets [10][11]. - The logistics industry is moving towards a more standardized and competitive landscape, with Cainiao's growth reflecting the broader trend of the Chinese cross-border logistics sector evolving from a broad to a more refined approach [12][17].