Core Viewpoint - The article highlights the significant growth and strategic partnerships in the cross-border e-commerce and technology sectors, particularly focusing on brands expanding into overseas markets and the increasing demand for innovative technologies in various industries [4][5][6]. Group 1: Brand Expansion and E-commerce Growth - Over 50 leading brands, including Honor, Baseus, and Nubia, have signed with AliExpress for the "Super Brand Outbound Plan" to accelerate their overseas market expansion, particularly in high-value categories like consumer electronics and smart home devices [4]. - TikTok Shop in Southeast Asia is projected to double its GMV by 2025, with daily GMV increasing by 90% year-on-year, indicating a strong consumer upgrade trend in the region [5][6]. - Cainiao's global overseas warehouse is expected to see a 32% year-on-year increase in order processing volume by 2025, with operations in over 40 overseas warehouses across 18 countries [8]. Group 2: Technological Innovations and Collaborations - Eagle Network's new game "Arknights: End of the World" has launched globally, supported by Alibaba Cloud to handle high concurrency demands during the launch [4]. - NineSight has initiated Malaysia's first autonomous vehicle testing project in collaboration with local postal services, showcasing the company's expansion into Southeast Asia [7]. - Baidu's "LuoBo Kuaipao" has launched a fully autonomous driving service in Abu Dhabi, marking its first overseas public service deployment [8]. Group 3: Investment and Market Trends - Zhongke Kelan has completed a multi-million angel round financing to accelerate its biodegradable plastic products' overseas expansion, targeting applications in ecological agriculture and marine environments [10]. - Yanhe Technology has secured nearly 100 million yuan in A1 round financing to enhance its global market presence and production capabilities for perovskite batteries [11]. - The overseas micro-short drama market is expected to exceed $5 billion by 2026, with Chinese apps capturing 90% of the market share [12][13].

证券研究报告 晨会 hyzqdatemark 2026 年 01 月 25 日 投资要点： 资料来源：聚源，华源证券研究所，截至2026年01月23日 华源晨会精粹 20260125 固定收益 25Q4 理财资产配置有何变化——中国银行业理财市场年度报告（2025 年）点评：截至 25 年末，银行理财市场存续规模 33.29 万亿元，较 25Q3+1.2 万亿 元，较 24 年末+3.3 万亿元。由于债券收益率处于历史低位，我们预计 26 年混合类 产品存续规模会持续回升。2026 年理财规模仍有望增长 3 万亿以上。截至 25 年末， 全市场一共有 191 家理财机构，其中有 159 家银行机构，32 家理财公司，较 25Q3 分别-22 家/持平。我们预计至 26 年底，理财市场或将向理财公司持续转移。25Q4 理财大幅增配公募基金，减配权益类资产和同业存单，债券投资占比处于近年低位。 低利率时代，25Q4 理财产品平均收益率走弱。2026 年债市行情可能好于预期。建 议关注超长债波段操作机会，建议重点配置 3-5Y 资本债以获取票息，超长债搓波段， 关注多资产投资机会。 风险提示。财政政策超预期发力，导 ...

Investment Rating - The industry investment rating is "Overweight," indicating that the industry is expected to outperform the overall market [12]. Core Insights - The report highlights the ongoing competition in the AI application space, with major companies like Tencent, Alibaba, and ByteDance vying for dominance in the domestic AI super entrance battle. This competition is expected to drive up transaction sentiment in AI applications [4][6]. - Pop Mart's recent buybacks and the success of its PUCKY "electronic wooden fish" and Valentine's Day series have alleviated market concerns about its reliance on the Labubu IP. The company's multi-IP strategy and global channel expansion are seen as key to its success [4][6]. - The upcoming Spring Festival is anticipated to boost the film and gaming sectors, with several films scheduled for release and optimistic expectations for AI-integrated content production [4][6]. Summary by Sections AI Applications - The report notes a resurgence in AI application interest, with significant developments from companies like Baidu and Alibaba. The competition among major players is expected to catalyze growth in AI applications [4][6]. Pop Mart - Pop Mart has executed two buybacks totaling approximately 350 million HKD, and the strong sales of its new products have reduced market fears regarding its IP dependency. The company's strategy of expanding its IP portfolio and global reach is validated [4][6]. Film and Gaming - The report outlines several films set for release during the Spring Festival, including "Flying Life 3" and "Biao Ren: Wind Rises in the Desert." The integration of AI in content production is expected to enhance the industry's growth, with projections indicating that the AI comic market could reach 22 billion RMB by 2026 [4][6]. Key Company Valuations - The report provides a valuation table for key companies, indicating their market capitalization, revenue forecasts, and profit margins. For instance, Tencent's market cap is 48,677 million RMB, with projected revenues of 8,453 million RMB for 2026, reflecting a 12% year-over-year growth [6].

证券研究报告 全球跨境电商前景可观，北交所拟上市公司千岸科技、尚睿科技发展自主品牌 ——北交所消费服务产业跟踪第四十九期（20260125） 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 联系人 2013-2024 年中国跨境电商市场规模 CAGR 约为 17%，跨境出口电商具备优势。根 据 PrecedenceRESEARCH 数据，2025 年全球跨境电商市场规模为 5512.3 亿美元， 预计从 2026 年的 6363.4 亿美元增至 2034 年的约 2 万亿美元，复合年增长率高达 15.44%。随着我国跨境电商市场规模的快速发展，跨境电商新业态对传统外贸高质 量发展的促进作用越发明显，根据网经社电子商务研究中心的数据，2024 年中国跨 境电商市场规模为 17.66 万亿元，2013-2024 年复合增速约为 17%，其中跨境出口 电商占据了我国跨境电商市场的大部分市场份额。根据 Cognitive Market Research 数据，北美跨境电商市场在全球跨境电商市场占据主导地位，2025 年市场销售收入 达 1.63 万亿美元，预计 2025-2033 年的复合年增长率为 17.9 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The total retail sales in China for 2025 reached CNY 501,202 billion, with a year-on-year growth of +3.7%. December's retail sales showed a modest increase of +0.9% [25][34] - The retail sector is experiencing a gradual recovery, with service retail outperforming goods retail. Online sales are rebounding, while offline supermarkets, convenience stores, and specialty shops are performing relatively steadily [4][27] - The high-end traditional gold market is expanding, with brands like Laopu Gold gaining traction among high-net-worth consumers, supported by strong sales during promotional events [34][38] Summary by Sections Retail Sector Overview - The retail and social service indices reported increases of 2.16% and 3.20% respectively from January 19 to January 23, 2026, with the retail index ranking 16th among 31 sectors [6][15] - The jewelry sector has shown the highest growth, with an increase of 8.66% in the past week and 11.51% year-to-date [18][20] Consumer Trends - Essential consumer goods are stable, with food and oil products performing particularly well. In contrast, optional consumer goods show mixed results, with cosmetics and jewelry performing better than clothing and home appliances [31][33] - The online retail market for physical goods reached CNY 130,923 billion in 2025, growing by +5.2%, accounting for 26.1% of total retail sales [27][30] Investment Recommendations - Focus on high-quality companies in high-demand sectors driven by emotional consumption themes, particularly in gold and jewelry, with recommendations for brands like Laopu Gold, Chao Hong Ji, and Chow Tai Fook [7][41] - Emphasize offline retail companies adapting to market changes and AI-enabled cross-border e-commerce leaders, recommending companies like Yonghui Supermarket and Aiyingshi [7][39] - Highlight domestic beauty brands that innovate in emotional value and safety, recommending brands like Mao Ge Ping and Proya [7][39] - Consider differentiated medical beauty product manufacturers and expanding chain medical institutions, with recommendations for companies like Meili Tianyuan and Aimeike [7][39]

荣耀、倍思、努比亚等50+品牌签约速卖通品牌出海 继小米宣布将阿里速卖通 AliExpress 作为其品牌出海首选阵地后，1月22日，包括荣耀、倍思、努比亚等超50家行业头部品牌集体签约速卖通"超级品牌出海 计划"，旨在借助平台资源加速海外市场拓展。签约品牌主要覆盖消费电子、智能硬件、智能家电等高附加值类目，具体包括游戏手柄品牌 GameSir、笔记 本电脑品牌驰为、三防手机品牌 CUBOT 等。据悉，速卖通自2025年9月加大品牌赛道投入，提出以亚马逊一半成本实现更高成交的目标后，品牌从亚马逊 转向速卖通的趋势逐渐明显。（网易新闻） 头条大事 "迪拜商业论坛·中国"5月亮相深圳，报名通道已开启 迪拜商业论坛·中国将于2026年5月14日在深圳举行。论坛以"合力致远，共筑经济新增长"为主题，将向中国商界介绍迪拜经济议程（D33）所带来的多元化 发展机遇，开拓双方合作与战略投资的新路径。作为推动中国与迪拜商界领袖战略经济协作的高端平台，迪拜商业论坛·中国汇聚中国顶尖的跨国企业、独 角兽公司、高成长科技企业、风险投资机构及家族企业的核心代表；来自迪拜的高级别代表团亦将参会。如果您对本届迪拜商业论坛·中国感兴趣，欢 ...

激活贸易新业态，抢占数字新赛道。面对全球数字经济浪潮，我国正推动跨境电商从规模扩张向质量提 升跃迁，加速向"数字贸易强国"迈进。近年来，数字贸易已成为外贸增长的重要引擎，2025年跨境电商 进出口规模突破2.75万亿元，占货物贸易比重持续提升。全流程数字化深刻改造传统贸易模式，智能选 品、智慧物流、数字化通关等手段让贸易效率与韧性同步增强。这体现了数字技术与实体经济深度融合 的成效，也标志着我国依托完整的产业体系与庞大的数据资源，构筑起以技术、数据与效率为核心的国 际竞争新优势。 优化投资双向流，提升配置高效率。双向投资合作正从规模扩张向质效提升转变，成为链接国内国际双 循环的重要纽带。在"引进来"方面，我国持续优化营商环境，2025年11月，我国实际使用外资同比增长 26.1%，一批标志性重大外资项目落地投产，彰显了全球资本对中国市场的长期信心。在"走出去"方 面，我国企业对外投资结构持续优化，从传统领域向新能源、数字经济等优势产业拓展，全年非金融类 直接投资保持稳健增长。这种高质量的双向互动，既促进了国内产业升级，也为东道国带来发展机遇， 实现了全球要素的优化配置，推动构建开放型世界经济。 深耕丝路硬联通 ...

近一两年，在社交媒体上，常能见到类似宋成 从 头再来的 "被动创业者"，还包括了刚毕业觉得"无路可走"的学生，以及疲倦的职场人。 他们最集中 去 的地方之一就是 "世界小商品之都"义乌。 截至 2025年5月，义乌市场经营主体总量达120万户，占浙江省市场主体总量十分之一、全国千分之六，居县域之首。而 在 2023年8月，义乌市 场经营主体总量 突破 100万户。 不到两年时间，义乌多了20万新老板 ， 增长 20%。而义乌市场经营主体破80万是在 2022年2月 ，进一步总结，三年零3个月时间，增长40万， 可见近几年义乌创业热度仍然颇高。 点击按钮▲立即测试 " 不到两年时间，义乌多了 20 万新老板，增长 20% 。 " 文 /巴九灵（微信公众号：吴晓波频道） 2024年3月，杭州人宋成与妻子决定落脚义乌，进行一窍不通的外贸创业。 此前，宋成已是三个年收入达 10亿元 规模 的餐饮品牌的主要股东。 按他的说法，高峰时加杠杆，陷入债务纠纷， "把自己搞崩了"。 画像： 高学历 、 有经验 创业者越来越多，几千块开干 1990年生的浙江东阳人江左高高瘦瘦，像个北方人，如今蹭在一个朋友租的办公室办公。 他未必 ...

Core Insights - Zhengzhou Xinzheng Comprehensive Bonded Zone achieved a cumulative import and export value of 466.52 billion yuan in 2025, marking a year-on-year growth of 17.1% and ranking second among national comprehensive bonded zones, improving one position from 2024 [2] Group 1: Digital Transformation and Efficiency - Foxconn's Zhengzhou Comprehensive Bonded Zone "Lighthouse Factory" has seen production efficiency increase by 102% and overall equipment efficiency rise by 27% through digital transformation, showcasing dual improvements in manufacturing efficiency and environmental friendliness [3] - The Zhengzhou Airport Economic Comprehensive Experimental Zone is promoting a wave of digital transformation in manufacturing, enhancing production efficiency and profitability for enterprises within the zone [3] Group 2: Integrated Port and Zone Model - The "Zone-Port Integration" model has improved customs clearance efficiency and reduced transportation costs, attracting foreign trade enterprises and was selected as a "Best Practice" case in the sixth batch of national free trade pilot zones [4] - In 2025, the cargo volume through the zone reached 72,500 tons, a year-on-year increase of 25%, with active enterprises increasing by over 44% and the number of enterprises engaged in import and export business rising by 46% [4] Group 3: Infrastructure and Regulatory Enhancements - An investment of over 20 million yuan in the first phase of information technology upgrades in the Zhengzhou Comprehensive Bonded Zone has led to a 62.5% improvement in access efficiency [4] - The "Bonded + ERP" smart regulatory model has been implemented, enhancing operational efficiency and supporting the growth of major e-commerce players like Vipshop, Cainiao, and JD.com, making the zone a key distribution center for cross-border e-commerce [4] Group 4: Policy Support and Expansion - The Zhengzhou Airport Economic Zone has launched a special action for cross-border trade facilitation, implementing 25 measures to enhance foreign trade development and boost enterprise confidence in the bonded zone [5] - The expansion of the Xinzheng Comprehensive Bonded Zone was approved by the State Council in November last year, making it the first successful expansion of a comprehensive bonded zone in Central China, aimed at enhancing logistics and industrial innovation [5]

华凯易佰 20260122 摘要 公司四季度业绩显著反转，归母净利润环比增长 552%至 788%，主要 得益于前期高库存、库存减值及高费用压力缓解，以及股权激励费用冲 回的积极影响。 公司通过收购易佰网络转型为跨境电商，目前主要收入和利润来源于易 佰网络，母公司华凯创意主要为费用中心，新老管理层正在交替，胡范 金和庄俊超分别负责 IT 架构与供应链。 公司聚焦宠物用品、家具及母婴玩具三大核心品类，SKU 超过 110 万， 通过系统自动管理，主要销售平台包括亚马逊、沃尔玛及 TikTok，并积 极拓展精品业务。 亚马逊占公司销售额的 60%，仍是最重要平台，美国市场贡献 40%销 售额，欧洲市场占比近 30%，俄罗斯、波兰等新兴市场增速较快，占比 超 10%。 预计 2026 年公司将实现持续高增长，高库存问题已解决，新管理层对 未来充满信心，并推进泛品向精品化发展，通过内部孵化与外部并购扩 展业务。 Q&A 华凯 100 在 2025 年的业绩表现如何？ 华凯 100 在 2025 年的业绩预告显示，公司盈利为 1.32 亿元至 1.62 亿元，同 比下降 22.43%至 4.8%。公司全年收入预计为 9 ...