行业"顶流"集结 9月14日下午，2025年服贸会闭幕式新闻发布会举办。据北京市商务局副局长张华雨介绍，260余位国际 组织负责人、境内外部长、世界500强高管、中外院士等重要嘉宾出席本届服贸会，围绕数智时代电商 发展、服务贸易新趋势、数字贸易创新能力提升、旅游文明互鉴、全球绿色经济发展等热点话题深入交 流，为服务贸易高质量发展探索有效路径。 张华雨介绍，2025年服贸会先后发布中国服务贸易发展报告、全球服务贸易包容发展趋势报告、世界旅 游城市发展报告、服务贸易国际标准化观察报告等重磅成果，系统呈现服务贸易发展风向。 在首发创新成果方面，商务部发布《支持北京市率先试行世贸组织〈电子商务协定〉工作方案》，推动 全球首个多边数字贸易规则在中国加快落地。北京正式发布首批通过北京真实场景检验的"北京方案"， 包括1个数智化算力底座、1个北京市政务云、N个应用方案。世界500强、独角兽企业、国家级"专精特 新"小巨人、首台（套）企业、行业协会等113家企业机构，发布人工智能、金融科技、医疗健康、绿色 低碳等领域198项成果，包括109项精准医疗、超高清视听、光量子计算机、仿生细胞传感器等方面的新 品首发。 服贸会成绩单 ...

本报讯 （记者梁傲男）9月13日，北京中品一号网络科技有限公司（以下简称"中品维度"）分布式电商 平台上线启动大会在秦皇岛召开。 众多与会服务商及合作伙伴认为，分布式电商代表了行业的未来趋势，对参与这一新生态的建设充满期 待。未来，中品维度将继续完善技术基础设施，丰富生态服务，与所有参与者携手，共同探索数字商业 的无限可能。 中品维度的诞生，正值国家全力推动"提振消费"、促进数字经济与实体经济深度融合的关键时期。平台 通过赋能千千万万的中小企业和个体创业者，有效激发了市场微观主体的活力，是一次创新性实践。 谈及中品维度未来的发展空间，公司相关负责人表示，过去二十年，国内互联网行业的飞速发展，线上 购物已经成为非常普遍的消费习惯，这为中品维度提供了丰富的"群众基础"。电商平台最终要回归商业 本质，谁能够对消费者负责，谁能够提供性价比更优的产品，谁就能赢得市场。 中品维度负责人表示，中品维度商城在中期发展中，将会植入便民按钮，涵盖餐饮、住宿、出行、娱 乐、快递、房产出租出售、闲置物品回收转让等生活周边服务。但中品维度更注重构建健康的商业生 态，让提供服务者和消费者都能享受到红利和实惠。 在传统电商的舞台上，平台往 ...

Core Insights - The article highlights significant developments in the global expansion of various companies, focusing on their strategies, market performance, and regulatory challenges. Group 1: Company Developments - SHEIN responded to allegations of tax evasion in the UK, asserting compliance with local laws and reporting a global sales figure of $38 billion in 2024, an 18% increase from the previous year [5][6] - TikTok has initiated a new data center project in Finland to comply with EU regulations, with its monthly active users in Europe surpassing 200 million, a significant increase from 175 million the previous year [8] - Temu reported over 115 million monthly active users in the EU, with Germany and France being key markets, while also implementing price reductions in the US to regain market share after a sales decline [10][11] Group 2: Market Expansion and Investments - Meituan's Keeta is accelerating its entry into the Brazilian market, with plans to invest $1 billion over five years and expand its team to 1,000 employees by year-end [18][22] - Cainiao's CEO announced plans to replicate Chinese supply chain expertise in overseas markets, with a 200% increase in external orders for local express services since April [23][25] - Anta plans to open 1,000 stores in Southeast Asia over the next three years, with a focus on expanding its brand presence in the region [32][34] Group 3: Regulatory and Trade Issues - Nearly half of US companies surveyed are calling for the elimination of tariffs on Chinese goods, citing significant uncertainty in trade relations [37][39] - Mexico plans to impose a 50% tariff on key imports from countries without trade agreements, directly impacting Chinese imports [40][41] Group 4: Financing and IPOs - GIC and SoftBank are considering selling their stakes in Vietnamese fintech company VNLife, which could be valued at over $1 billion [51][52] - Carro, a major Southeast Asian used car platform, is planning to enter the Australian market and pursue a dual listing [53][55] - Lendbuzz has filed for an IPO in the US, reporting a 38% increase in revenue for the first half of 2025 [58]

Investment Rating - The report suggests a positive outlook on overseas Chinese assets, particularly in the internet technology and virtual asset sectors, indicating a potential investment opportunity in these areas [10][15]. Core Insights - The sentiment for re-evaluating overseas Chinese assets is strong, driven by better-than-expected performance from companies like Alibaba in AI and technology sectors, attracting renewed interest from overseas investors [10][15]. - The report highlights various sectors including education, luxury goods, coffee and tea, e-commerce, streaming platforms, virtual assets, real estate transactions, and automotive services, each showing distinct trends and investment opportunities [4][11][19][22][28][33][38]. Summary by Sections 1. Education - The Chinese education index rose by 3.17% from September 8 to September 12, outperforming the Shanghai Composite Index and the CSI 300 [11]. - Notable stock performances include Yuhua Education (+46.00%), Zhongjiao Holdings (+24.56%), and Minsheng Education (+23.21%) [11][14]. 2. Luxury Goods - The S&P Global Luxury Goods Index decreased by 0.64%, while the MSCI European Luxury Goods Index increased by 0.63% [19]. - Key stocks include Samsonite (-1.82%) and Prada (+2.19%) [19]. 3. Coffee and Tea - The Hang Seng Non-Essential Consumer Index increased by 5.61%, with Luckin Coffee showing a rise of 6.14% [22]. - The report notes a competitive landscape with brands like Moutai and others experiencing varied performance [22][24]. 4. E-commerce - The Hang Seng Internet Technology Index rose by 7.56%, with Alibaba and JD.com showing significant gains of 14.64% and 7.86%, respectively [28]. - The report mentions regulatory scrutiny on delivery platforms to control subsidies and maintain fair pricing [32]. 5. Streaming Platforms - The Hang Seng Media Index increased by 7.3%, with notable performances from NetEase Cloud Music (+7.83%) and Tencent Music (+2.08%) [33]. - The report emphasizes the potential for growth in the streaming sector driven by new content initiatives [38]. 6. Virtual Assets - The global cryptocurrency market capitalization reached $416.96 billion, with Bitcoin and Ethereum prices increasing by 5.0% and 9.3%, respectively [38][39]. - The report highlights the positive trend in virtual assets supported by regulatory developments and institutional interest [44]. 7. Real Estate Transactions - The report provides data on second-hand housing transactions in major cities, indicating ongoing pressure in the real estate market [32][46]. 8. Automotive Services - The report notes a significant price drop in new cars, with an average reduction of 17,000 yuan, reflecting competitive dynamics in the automotive market [4].

证券研究报告 | 行业专题 | 社会服务 社会服务 报告日期：2025 年 09 月 14 日 行业评级: 看好(维持) 竞争加剧，布局线下和出海 ——25 年中报业绩综述 投资要点 2025 年旅游高增长，入境游需求井喷。根据文旅部数据，2025H1 旅游人次同比 增长 20.6%，出行花费增长 15.2%。优质地域文化逐渐被挖掘，IP 加速打造，旅 游产品持续创新。年轻化和下沉化旅游趋势不变，根据美团旅行，"五一"95 后 旅游订单占比达到 45%，县域高星酒店订单同比+80%。入境游需求提速，根据 国家移民管理局，25H1 累计出入境人次同比+15.8%，其中外国人人次同比 +30.2%。 OTA 充分享受大盘增长，格局稳固。线上化率提升趋势未变，OTA 在享受旅游 大盘增长的同时，格局相对稳健，京东酒旅入局后没有对收入和利润产生较大影 响，头部 OTA 业绩基本符合预期。同程 25Q2 收入实现 46.69 亿元，同比 +10.0%,高于一致预期 0.7%，经调整净利润实现 7.75 亿元，同比+18.0%,高于一 致预期 3.4%。携程 25Q2 收入实现 148.43 亿元，同比+16.2%,高于 ...

当张强在同学会上谈起自己关闭经营八年的淘宝店铺时，这场关于电商行业生存现状的讨论迅速引发共鸣。这位十年前放弃国企"铁饭碗"投身电商的创业 者，如今正带领团队转型线下加盟业务。他的经历折射出当下电商从业者共同面临的困境——流量成本激增、利润空间收窄、竞争环境恶化，这些因素正推 动行业进入深度调整期。 平台规则的频繁调整让商家疲于奔命。"电商头条"统计显示，2025年上半年淘宝进行了30余次规则更新，涉及店铺评分、商品排序等核心环节。数码配件店 主赵先生描述："有时睡一觉起来，流量就因为规则变化断崖式下跌，不得不连夜调整运营策略。"这种不确定性增加了经营风险，也让长期规划变得困难。 新兴电商平台的崛起正在重塑行业格局。艾瑞咨询数据显示，2025年第二季度抖音电商GMV同比增长78.5%，远超传统电商平台。这种分化反映出消费者购 物习惯的深刻变迁——社交电商、直播带货等新模式，正以更低的运营成本和更强的互动性吸引用户。多位从业者表示，用户注意力正在从搜索式购物转向 发现式消费。 面对行业寒冬，部分商家通过差异化竞争实现突围。专注婴幼儿安全家居的刘先生，通过提供专业安装服务在细分市场站稳脚跟；手工茶具店主张女士以文 ...

Core Insights - The article discusses various significant events and developments in the tech industry, particularly focusing on companies like Tencent, Baidu, JD, and OpenAI, highlighting their strategic moves, employee changes, and industry impacts. Group 1: Company Developments - Tencent officially denied rumors regarding former OpenAI researcher Yao Shunyu joining the company with a salary exceeding 100 million [3] - Baidu's CEO Li Yanhong awarded a team with a $1 million bonus for their innovative project, which achieved end-to-end multimodal content understanding and generation [5] - JD responded to rumors about former Xiaomi executive Wang Teng joining their team, stating there are currently no such plans [6] Group 2: Industry Changes - OpenAI signed a non-binding memorandum of understanding with Microsoft, potentially valuing the company at over $100 billion, and plans to transition its profit-making division into a Public Benefit Corporation [12][13] - The Chinese Ministry of Commerce initiated an anti-dumping investigation into imported American analog chips, citing a 37% increase in import volume and a 52% decrease in prices from 2022 to 2024 [14] - xAI, founded by Elon Musk, laid off 500 employees from its data annotation team, representing about one-third of the team, as part of a strategic shift [9] Group 3: Technological Innovations - Alibaba and Baidu have begun using self-developed chips for training AI models, reducing reliance on NVIDIA chips amid tightening export restrictions from the U.S. [21] - Tencent launched a new AI CLI tool, CodeBuddy, and announced the public beta of CodeBuddy IDE, enhancing its AI development capabilities [30] - ByteDance released the Seedream 4.0 image creation model, allowing various creative modes including text-to-image and image editing [32]

Group 1: Kazakhstan's Digital Nation Ambition - Kazakhstan's President Tokayev announced the establishment of a Ministry of Artificial Intelligence and Digital Development, aiming to transform the country into a fully digital nation within three years [2][3] - The strategic goals outlined in the annual state address include economic diversification, logistics, innovation, and agricultural transformation, with a strong emphasis on digital transformation and AI integration [2][3] - Kazakhstan's GDP grew by 6.2% year-on-year in the first half of 2025, indicating a robust economic foundation for the digital nation initiative [2] Group 2: Growth of Kazakhstan's Digital Industry - The number of IT companies in Kazakhstan has surpassed 18,000, with IT service and product exports reaching $253 million in the first quarter of 2025, nearly doubling year-on-year [3] - Experts believe that Kazakhstan has the potential to achieve its digital nation goals faster than other countries due to its existing digital government services and information systems [3] Group 3: Opportunities for Chinese Enterprises - The strategic goal of building a digital nation in Kazakhstan presents significant opportunities for Chinese digital enterprises, particularly in digital infrastructure, technology, and trade [4] - Chinese companies are actively participating in key projects such as high-speed internet and smart city initiatives, with Huawei launching a 10G ultra-high-speed internet pilot project in Astana [4][5] - ZTE and Beeline have introduced the "Giga City 2.0" digital plan to enhance smart city infrastructure in Kazakhstan [5][6] Group 4: Digital Technology Solutions - Chinese digital enterprises are leveraging opportunities in Kazakhstan's digital transformation through satellite internet and database software solutions [6][7] - Shanghai YX Satellite's low-orbit satellite internet system has completed testing in Almaty, aiming for commercial operations by 2026 [6] - Wanli Database is collaborating with Kazakhstan's digital development department to expand into the Central Asian market through localized solutions and talent development [7] Group 5: Digital Trade Collaboration - Chinese digital enterprises are engaging in deep cooperation with Kazakhstan in areas such as cross-border payment systems and e-commerce platform development [7][8] - China UnionPay and Kazakhstan's Freedom Bank signed a memorandum to establish a cross-border payment system, enhancing payment solutions in the market [7] - E-commerce platforms like JD.com plan to launch a new platform connecting Chinese factories directly to Kazakhstan, facilitating trade [7]

很多中国创业者、投资人甚至游客，第一次来到美国时都会冒出一句感慨："这地方人傻钱多！" 这句话看似调侃，背后却是真实的第一印象。美国人口只有中国的四分之一，但市场规模却巨大，人均 消费能力世界领先。更重要的是，在美国，一件普通的消费品、一个简单的订阅软件，往往能卖出远高 于中国的价格。 于是，很多人下意识地认为，美国市场是一座金矿，捡钱的机会比比皆是。但真的是这样吗？如果你真 跳进来，会发现这背后有层层复杂的现实。 美国既是全球最具吸引力的市场之一，也是竞争最激烈、门槛最高、风险最大的地方。 美国是一个非常丰富、多层次的消费市场，它的确是消费的天堂 如果从数据来看，美国确实给人"人少钱多"的直观感受。 2024年IMF与世界银行数据显示，美国GDP总量27万亿美元，人口仅3.4亿，人均GDP高达79 000美元， 而按照PPP（Purchasing Power Parity ，购买力平价）计算的人均GDP更是超过85， 000美元。相比之 下，中国虽然经济总量高达18.5万亿美元，但人均GDP只有13 000美元，即便按照PPP计算也只有23 000 美元左右。PPP的比较尤其重要，因为它更接近人们的生活体感 ...

Core Insights - The article highlights the rapid development of e-commerce in Suining County, Hebei Province, showcasing the transformation of local women into successful e-commerce entrepreneurs, with over 10,000 women utilizing mobile phones as new agricultural tools [1] - Suining County has implemented an "E-commerce Prosperity County" strategy, leading to the establishment of a comprehensive e-commerce ecosystem and the creation of the "Super Warehouse" to enhance logistics and supply chain efficiency [2][3] E-commerce Development - Suining County is recognized as one of the first "All-TaoBao Towns" in China, with over 40,000 registered online stores and more than 80,000 jobs created, projecting e-commerce sales to exceed 15 billion yuan in 2024 [1] - The county's strategic location, with a robust transportation network including six highways and five railways, positions it as a logistics hub in central Hebei, facilitating efficient connections to major airports and ports [1] Industrial Foundation - Suining is home to significant industries such as fur clothing, textile apparel, fishing gear, and musical instruments, producing a substantial portion of national output in these sectors [2] - The county has established a comprehensive supply chain platform that integrates warehousing, exhibition, and customs services, enhancing the distribution of products from the Bohai Bay to global markets [2] Cross-Border E-commerce - Over 30 fishing gear companies in Suining have leveraged e-commerce to achieve a cumulative annual export value of 100 million yuan, with products reaching over 20 countries and regions [3] - The establishment of the "China Northern Cross-Border E-commerce Industry Belt Comprehensive Service Center" aims to facilitate easier market access for local products through various supportive policies [2][3] Digital Transformation - Suining County is advancing digital upgrades for the "Super Warehouse," collaborating with the China Customs Association to create a digital cargo platform that integrates trade, logistics, customs, and settlement functions [3] - The county is building a comprehensive service ecosystem focusing on logistics networks, enterprise incubation, and international market expansion, aiming to enhance the global reach of local products [3]