北京听雅科技有限公司始终将用户权益放在首位，以高度负责的态度深耕跨境电商服务领域。此次，因相关部门指导要求，公司将公布跨境电商开店运营技 术指导服务调整安排，并委托第三方处理后续用户事务。 依据相关部门指导要求，公司对跨境电商开店运营技术指导服务进行调整。随着行业的发展和监管要求的变化，原有的服务模式需要与时俱进。调整后的安 排更加注重规范化、专业化，旨在为用户提供更优质、高效的服务。 展望未来，北京听雅科技有限公司充满信心。公司承诺将继续做好跨境电商服务，不断提升服务水平，保障用户权益。在跨境电商领域持续深耕，为用户创 造更大的价值，以实际行动践行对用户的承诺，为行业的健康发展贡献力量 。 为确保后续用户事务得到妥善处理，公司委托独立第三方专业机构负责。第三方机构在用户事务处理方面具有丰富的经验和专业的团队，其专业性优势能够 有效保障用户权益。这一举措不仅体现公司对用户权益保障的重视，更是借助专业力量提升服务质量的有力体现。 4 一直以来，公司秉持对用户高度负责的态度。在过往的运营中，积极响应用户需求，不断优化服务流程，用实际行动诠释着对用户权益的重视。这种重视并 非一时兴起，而是贯穿公司发展始终，成为公司 ...

Core Viewpoint - China's foreign trade has shown resilience and structural optimization in the first three quarters of 2023, achieving a total import and export value of 33.61 trillion yuan, a year-on-year increase of 4% [3][4]. Group 1: Trade Performance - In the first three quarters, exports reached 19.95 trillion yuan, growing by 7.1%, while imports totaled 13.66 trillion yuan, a slight decline of 0.2% [3][4]. - In September alone, the total trade value was 4.04 trillion yuan, reflecting an 8% year-on-year growth [3]. - The number of foreign trade entities with import and export performance reached 700,000 for the first time, surpassing the total for the entire previous year [4][6]. Group 2: Export Growth and Trends - Exports have maintained a growth rate exceeding 7% for eight consecutive quarters, demonstrating strong momentum despite external pressures [8]. - The export of industrial robots surged by 54.9%, and wind power equipment exports increased by 23.9%, indicating a shift towards higher value-added products [5][6]. Group 3: Cross-Border E-commerce - Cross-border e-commerce imports and exports grew by 6.4% year-on-year, totaling approximately 2.06 trillion yuan, with exports at 1.63 trillion yuan and imports at 425.54 billion yuan [7]. - The main export products included clothing, jewelry, and digital products, while imports were primarily beauty products, food, and healthcare items [7]. Group 4: Future Outlook - The customs authority plans to enhance policy communication and training for businesses, aiming to improve the convenience and regulation of cross-border e-commerce [7]. - Despite global economic uncertainties, China's foreign trade is expected to continue adapting to international market demands, supported by domestic policies [8].

Core Insights - Cross-border e-commerce has become a new driving force for foreign trade growth in China, with imports and exports reaching approximately 2.06 trillion yuan in the first three quarters of the year, marking a year-on-year increase of 6.4% [1] - Exports accounted for about 1.63 trillion yuan, growing by 6.6%, while imports were approximately 425.54 billion yuan, with a growth rate of 5.9% [1] - Key regions such as Guangdong play a crucial role in supply and consumption, significantly supporting the development of cross-border e-commerce [1] Summary by Categories Trade Performance - The total cross-border e-commerce import and export value reached around 2.06 trillion yuan, with exports at 1.63 trillion yuan and imports at 425.54 billion yuan [1] - The growth rates for exports and imports were 6.6% and 5.9%, respectively [1] Key Products - Major export products include apparel, footwear, jewelry, digital products, and home office appliances [1] - Key imported products consist of beauty and personal care items, fresh food, health supplements, and medical devices [1] Regional Insights - The primary export regions are Guangdong, Zhejiang, Fujian, Jiangsu, and Henan, while the main import destinations are Guangdong, Jiangsu, Zhejiang, Shanghai, and Shandong [1] Policy and Innovation - The customs authority has implemented reforms and innovative measures to support high-quality development in cross-border e-commerce, including a "pre-inspection before shipment" pilot program [2] - New electronic payment systems for tax payments have been introduced, allowing cross-border e-commerce companies to complete tax payments online [2] - Efforts to enhance logistics efficiency and reduce costs for enterprises have been emphasized through various initiatives [2]

Core Insights - The press conference highlighted the growth of China's cross-border e-commerce, with imports and exports reaching 1.37 trillion yuan in the first half of the year, a year-on-year increase of 10.3% [1][3] - The total cross-border e-commerce import and export value for the first three quarters is estimated at approximately 2.06 trillion yuan, reflecting a growth of 6.4% [3][4] Group 1: Import and Export Data - In the first half of the year, exports amounted to 1.09 trillion yuan, growing by 11.6%, while imports were 281.18 billion yuan, increasing by 5.5% [1][3] - For the first three quarters, exports are approximately 1.63 trillion yuan, up by 6.6%, and imports are around 425.54 billion yuan, with a growth of 5.9% [3] Group 2: Key Products and Markets - Major export products include clothing, shoes, bags, jewelry, digital products, and home office appliances, while imports mainly consist of beauty and personal care products, fresh food, and medical supplies [3] - Key export regions are Guangdong, Zhejiang, Fujian, Jiangsu, and Henan, while major import destinations include Guangdong, Jiangsu, Zhejiang, Shanghai, and Shandong [3] Group 3: Policy and Regulatory Support - The customs authority has implemented innovative measures to support the high-quality development of cross-border e-commerce, including pilot programs for "inspection before shipment" and simplified export declaration procedures [3] - The introduction of electronic tax payment systems allows cross-border e-commerce companies to complete tax payments online, enhancing efficiency and reducing operational burdens [3][4] - Future plans include strengthening policy communication and business training, optimizing regulatory models, and improving the convenience and standardization of customs clearance for cross-border e-commerce [4]

Core Insights - Wuhan is experiencing a surge in consumer activity and is enhancing its role as a significant hub for domestic and international trade [6][8][12] Economic Performance - In 2024, Wuhan's total retail sales of consumer goods reached 862.93 billion, ranking among the top ten in the country, with a growth rate that placed it first among 19 sub-provincial cities [9][12] - The city's foreign trade exceeded 400 billion for the first time, with an annual growth rate of 10.5% since the 14th Five-Year Plan, ranking fourth nationally and first in Central China [9][12] - Wuhan's newly signed contracts for foreign engineering projects reached 13.493 billion USD, maintaining the top position in the country for four consecutive years [9][12] Trade and Investment - The city has introduced over 1,000 new stores in the past three years, ranking sixth nationally [10][15] - Cross-border e-commerce has seen an average annual growth of 48.3%, while service outsourcing contract execution has grown by 22% annually [11][15] Exhibition Economy - In 2024, Wuhan hosted 1,060 events, with a total exhibition area of 3.3035 million square meters, marking a significant achievement in the exhibition economy [13] Infrastructure and Logistics - Wuhan has established itself as the second-largest logistics hub in the country, with a comprehensive logistics network that includes rail, water, and air transport [17] Future Development Goals - Wuhan aims to solidify its position as a core hub in the national dual circulation strategy, enhancing its role in both domestic and international markets [18][22]

Core Viewpoint - China's foreign trade has shown resilience and growth in the first three quarters of 2023, with total imports and exports reaching 33.61 trillion yuan, a year-on-year increase of 4% [1][5][7]. Group 1: Trade Performance - Exports amounted to 19.95 trillion yuan, growing by 7.1%, while imports were 13.66 trillion yuan, slightly decreasing by 0.2% [1][5]. - In September alone, trade reached 4.04 trillion yuan, marking an 8% increase [1][5]. - The growth rate of imports and exports has accelerated each quarter, with the third quarter showing a 6% increase [5][6]. Group 2: Market Diversification - Trade with countries involved in the Belt and Road Initiative reached 17.37 trillion yuan, a 6.2% increase, accounting for 51.7% of total trade [5][31]. - Exports to ASEAN, Latin America, Africa, and Central Asia grew by 9.6%, 3.9%, 19.5%, and 16.7% respectively [5][6]. Group 3: Export Product Trends - Exports of electromechanical products reached 12.07 trillion yuan, growing by 9.6% and comprising 60.5% of total exports [6][19]. - High-tech products such as electronic information and high-end equipment saw significant growth, with increases of 8.1%, 22.4%, and 15.2% respectively [6][19]. Group 4: Import Recovery - Imports began to recover, with a 0.3% increase in the second quarter and a further 4.7% increase in the third quarter [6][28]. - Notable increases in import volumes included crude oil and metal ores, which rose by 4.9% and 10.1% respectively [6][28]. Group 5: Active Foreign Trade Entities - The number of foreign trade enterprises reached 700,000, an increase of 5.2% year-on-year, with private enterprises accounting for 613,000 of these [6][19]. - Private enterprises contributed significantly to trade growth, with a 7.8% increase in total trade value [19]. Group 6: Challenges and Future Outlook - Despite the positive performance, external challenges remain, including uncertainties in trade policies and a complex global economic environment [7][26]. - The customs authority plans to enhance regulatory efficiency and promote trade facilitation to support stable foreign trade development [7][29].

Core Viewpoint - Cross-border e-commerce has significantly facilitated domestic and international consumers, with notable growth in import and export figures for the first three quarters of the year [1] Summary by Category Import and Export Data - In the first three quarters of this year, China's cross-border e-commerce import and export reached approximately 2.06 trillion yuan, representing a growth of 6.4% [1] - Exports accounted for about 1.63 trillion yuan, with a growth rate of 6.6% [1] - Imports totaled approximately 425.54 billion yuan, showing a growth of 5.9% [1]

证券研究报告 | 2025年10月13日 商贸零售行业 10 月投资策略暨三季报前瞻 优于大市 消费整体平稳增长，把握细分板块配置机遇 4）跨境电商：三季度主要企业预计收入端仍受益于海外需求稳步增长和国 内优质产品创新助推，但利润端受外部环境扰动预计分化明显。当前外部关 贸环境虽仍有变数，但国内优质头部平台型企业通过灵活的关税应对措施， 以及坚实的产品力壁垒，长期来看已经具备了强抗风险韧性。 投资建议：维持板块"优于大市"评级。在大盘水位走高下消费板块滞涨已 久，Q4 在海内外旺季及大促的基本面带动下，存在板块轮动下的补涨机会。 1）美容护理：存量市场下，产品积极迭代升级，渠道精细化运营的国货龙 头有望持续提升市占率，推荐：上美股份、青木科技、毛戈平、上海家化、 登康口腔、若羽臣等。2）黄金珠宝：在当前金价持续高位以及工艺进步下 为黄金品类赋予了悦己和保值两大新消费特质，积极通过差异化设计布局一 口价产品的企业，有望持续受益，推荐：潮宏基、周大福、曼卡龙等。3） 线下零售：板块整体偏内需为主，受外部环境扰动影响较小，短期可关注兼 具改善主线和低估值低位置标的：名创优品、重庆百货、永辉超市等。4） 跨境电商：外 ...

Core Insights - The cross-border e-commerce industry conference held in the Daxing area aims to enhance collaboration and resource integration among nearly 20 quality enterprises, including JD International and other logistics companies [1] - The Daxing area is positioned as a strategic function zone for the Beijing-Tianjin-Hebei coordinated development, providing a comprehensive international logistics and supply chain service system [2] - JD International plans to establish an incubation center in the Daxing area to gather international supply chain and cross-border trade resources, accelerating the formation of foreign trade industry clusters [3] Group 1 - The conference gathered key players in the cross-border e-commerce sector to discuss industry integration and collaboration [1] - The Daxing area has developed a robust international logistics and supply chain service system, supporting diverse cross-border e-commerce needs [2] - The "two centers and one platform" data cross-border service system has engaged in compliance cooperation with 85 enterprises across 14 industries in 9 provinces [2] Group 2 - The Daxing area will focus on key industries such as cross-border e-commerce, air logistics, and healthcare, aiming to become a globally influential hub for high-quality development [2] - JD International's strategic cooperation includes plans for an incubation center to enhance the local foreign trade ecosystem [3]

Core Viewpoint - Cross-border e-commerce is recognized as the fastest-growing and most promising new form of foreign trade, becoming a significant trend in international trade. The Haikou Customs is committed to supporting the development of cross-border e-commerce enterprises through various innovative measures [2][3]. Group 1: Policy Advantages - The Haikou Customs emphasizes leveraging the policy advantages of the Hainan Free Trade Port to promote high-quality development in cross-border e-commerce [2]. - Support for enterprises includes utilizing special regulatory zones like comprehensive bonded zones for tax-free imports and promoting the integration of online and offline e-commerce businesses [2][3]. - The customs authority is facilitating the "cross-border e-commerce + duty-free island" model, enhancing market competitiveness by allowing international new products to debut in Hainan or launch simultaneously globally [2]. Group 2: Management Innovations - The customs is focused on improving customs clearance efficiency by implementing measures such as "first enter the zone, then inspect," catering to the flexibility needs of supply chains [2]. - To meet the high timeliness requirements of cross-border e-commerce packages, the customs has optimized processes for "one-stop" handling and provides 24/7 instant inspection services through WeChat appointments, ensuring zero wait time for customs clearance [2][3]. Group 3: Service Innovations - The customs authority is committed to reducing costs and increasing efficiency for enterprises by strictly implementing preferential policies for the comprehensive experimental zone [3]. - Simplified procedures have been introduced, such as the cancellation of registration for overseas warehouse enterprises and the elimination of the need to transmit electronic payment information during declarations, thereby reducing institutional transaction costs [3]. - Continuous attention to enterprise needs will drive further optimization of regulatory and service levels to support the high-quality development of the cross-border e-commerce industry in Hainan [3].