智通财经5月24日电，香港特区行政长官李家超今天出席"购在中国·2025大湾区消费季"启动仪式并致 辞。他表示将善用香港优越的地理位置，以及一流的运输物流基建设施，将香港打造成为区内的跨境电 商物流配送中心。同时，会扩展"BUD专项基金"下电商易计划的资助范围，涵盖更多地区，并且透过由 香港贸易发展局举办的"香港好物节"和推行新的"电子商务快线"服务，加强香港品牌在境外市场的曝光 和竞争力，协助企业拓展电商业务。未来，香港特区政府会继续加快产业数字转型、加强数字基础建 设、研究促进数据交易生态，并且以大湾区作试点探讨便利数据跨境流动安排，推动数字经济和实体经 济融合发展。 李家超：将香港打造成为区内的跨境电商物流配送中心 ...

Core Insights - The global e-commerce market is undergoing a significant transformation in cross-border logistics, driven by technological advancements and innovative models, with a focus on AI, blockchain, and sustainability Group 1: Key Trends in Cross-Border E-commerce Logistics - Commercialization of drone delivery has been achieved, with Amazon and JD launching regular services in select cities, reducing delivery time for packages under 3 kg to within 30 minutes and cutting last-mile costs by 60% [1] - Blockchain technology is reshaping cross-border customs clearance, with the "Silk Road Chain" platform reducing average clearance time from 72 hours to 4 hours, and logistics efficiency improving by 40% for early adopters [2] - Green logistics is becoming standard, driven by the EU's upcoming carbon neutrality legislation, with major companies like DHL and SF Express investing billions in electric delivery fleets and sustainable practices, resulting in a 28% year-on-year reduction in carbon footprint by Q1 2025 [3] Group 2: Competitive Landscape and Cost Efficiency - Emerging logistics hubs in Vietnam and Malaysia are intensifying competition, with companies like ZTO International establishing smart warehouses that handle 500,000 orders daily, reshaping the global e-commerce supply chain [4] - AI predictive systems, such as Alibaba's "Damo Academy Logistics Brain," are significantly lowering inventory costs, improving stock accuracy to 92% and increasing inventory turnover rates by three times, while reducing unsold losses by 65% [5] - With the implementation of regional trade agreements like RCEP, cross-border logistics costs in the Asia-Pacific region are expected to fall below those in Europe and the US for the first time by 2025, indicating a shift from cost centers to new profit growth points in the industry [5]

证券代码：300729 证券简称：乐歌股份 乐歌人体工学科技股份有限公司 投资者调研接待记录表 编号：2025-003TZZ 投资者关系活动 类别 特定对象调研 □分析师会议 □媒体采访 业绩说明会 新闻发布会 □路演活动 现场参观 其他（请文字说明） 参与单位名称及 人员姓名 线上参加公司 2024 年度网上业绩说明会的全体投资者 时间 2025 年 5 月 15 日（周四） 15:00-16:00 地点 价值在线（https://www.ir-online.cn/）网络互动 上市公司接待人 员姓名 董事长、总经理 项乐宏 董事、副总经理、财务负责人 朱伟 董事、副总经理 李响 董事会秘书、总经理助理 虞浩英 独立董事 刘满达 保荐代表人 李豪 投资者关系活动 主要内容介绍 投资者提出的问题及公司回复情况： 1.目前在国外的海外仓是否在 A 股同类公司中面积最大或单坪效 益最佳，谢谢 答:您好！感谢您对公司的关注。公司海外仓业务保持高增长，2024 年全年营收 24.23 亿元，同比增长 154.76%，增速高于 2023 年度。随 着美国电商渗透率持续提升、中国跨境电商品牌出海趋势不断加强， 大幅提升了海 ...

跨境物流独角兽迎资本大动作，控股上市公司的纵腾要"借壳"登陆资本市场了吗？ 日前，A股上市企业绿康生化(002868)发布了《关于筹划重大资产出售暨关联交易的提示性公告》，宣布跨境电商物流龙头企业纵腾网络通过受让绿康生化 29.99%的股权成为其控股股东，成功实现跨界收购。公司实际控制人变更为纵腾网络创始人王钻。 收购后会否有更多资本动作？截至发稿前，南都·湾财社暂未收到纵腾网络更多回复。不过，有接近纵腾网络的相关人士对记者表示，企业内部还在推进 IPO。 收购四年连亏的ST公司 这也给了纵腾跨界收购的机会。虽然在公众视野中颇为低调，但纵腾近年因为SHEIN的崛起，也备受外界关注，资方也相继抛来橄榄枝。 作为亚马逊、eBay、TikTok、SHEIN、沃尔玛等头部跨境电商平台的仓储物流供应商，纵腾集团现已获得了包括普洛斯、钟鼎资本、字节跳动、高瓴资本、 泰康人寿、泥藕资本(NEEO FUND)等机构的数十亿投资，是行业内当之无愧的独角兽。 成立于2009年，纵腾网络是中国跨境电商物流龙头企业、全球跨境电商基础设施服务商纵腾集团的母公司。纵腾网络主营业务涵盖跨境仓储与物流全链条服 务，包括海外仓（谷仓海外仓）、 ...

5月12日，中美双方发布《中美日内瓦经贸会谈联合声明》，同意在2025年5月14日前采取措施，大幅降 低双边关税水平。13日傍晚，与瑞士日内瓦相隔9472公里之外的深圳宝安福永怀德翠岗工业园区的仓库 内，工人间默契配合，快速分拣各类商品，分类、打包、贴标、装车……一辆辆满载货物的大卡车整装 待发。与此同时，深圳市一代国际物流（集团）有限公司创始人凌胡顺正忙着计算中美下调关税后的物 流成本和税率，以及时反馈给上游的跨境电商企业。 "全球范围内的货物需求是相对固定的，而中国制造的产品在世界范围内无可替代。我们对后续跨境电 商的发展充满信心。"凌胡顺说。 中美经贸高层会谈10日至11日在瑞士日内瓦举行。12日，双方发布《中美日内瓦经贸会谈联合声明》， 达成重要共识，并取得实质性进展。深圳市一代国际物流（集团）有限公司创始人凌胡顺表示，中美日 内瓦经贸会谈联合声明一经发布，他的电话就被"打爆了"。 "昨天（12日）一天就接待了三四十位客户。上游的跨境电商企业问得最多的问题就是，互降关税之后 相对应的出口产品，新的物流成本和税率组成是怎样的。"凌胡顺表示，从昨天以来他和团队便一直忙 着与上游跨境电商企业进行密切沟通，告 ...

证券研究报告行业动态报告 跨境电商物流系列研究（三）（更新） ——剖析美国关税政策调整对跨境电商物流的影响 分析师：梁骁 liangxiaobj@csc.com.cn SAC 编号:S1440524050005 分析师：韩军 hanjunbj@csc.com.cn SAC 编号:S1440519110001 SFC 编号:BRP908 发布日期：2025年5月13日 本报告由中信建投证券股份有限公司在中华人民共和国（仅为本报告目的，不包括香港、澳门、台湾）提供。在遵守适用的法律法规情况下，本报告亦可能由中信建投（国际）证券有限公司在香港提供。请务必阅读正文之后的免责条款和声明。 内容摘要 核心观点 1、特朗普取消低值小包免税政策的核心逻辑？ 中国跨境电商商业模式打破美国资本构建的覆盖"衣食住行"的垄断利润，美国计划在自身能控制的清关及尾程配送环节设置障碍，反制 中国跨境电商。但在过去的执行过程中遇到各种现实问题： （1）美国增加清关障碍：但中国跨境电商生态通过近岸中转和低报货值绕开这一壁垒，所以当下美国欲通过对"加墨加税" 和"取消低 值小包免税政策"对以上动作进行根本整治。当下却遇到了"加墨两国反制" 和" ...

Core Viewpoint - *ST Lvkang is facing significant uncertainty regarding its ability to continue operations due to insolvency, while simultaneously engaging in a series of capital actions such as equity transfers that appear to be self-rescue efforts. The question arises whether the company will pursue a backdoor listing or engage in "tri-party transactions" in its capital operations, with the former being potentially more uncertain given the urgency of maintaining its listing status [1] Group 1: Financial Performance and Business Transition - Lvkang Biotech, originally focused on veterinary drug raw materials and probiotics, has seen a decline in performance since its listing in 2017, with a net profit drop of 6.97%, 13.08%, 23.73%, and 24.15% from 2017 to 2020 [2] - In 2021, the company reported a revenue of 363 million yuan, a year-on-year increase of 17.93%, but incurred a net loss of 26.04 million yuan, a decline of 160.28% compared to the previous year [2] - The company entered the photovoltaic film sector in 2022 through acquisitions, leading to a significant stock price increase from around 10 yuan to a peak of 65.9 yuan, representing a more than fivefold increase [2] Group 2: Ongoing Losses and Financial Challenges - Lvkang Biotech has continued to incur losses, with net profits of -122 million yuan, -222 million yuan, and -445 million yuan projected for 2022, 2023, and 2024 respectively, indicating a worsening financial situation [3] - The photovoltaic film business has negatively impacted the company's financial statements due to low gross margins and high financial costs associated with increased bank loans and financing leases [3] - As of December 31, 2024, the company's current liabilities exceeded current assets by over 1 billion yuan, raising significant doubts about its ability to continue as a going concern [4] Group 3: Shareholder Changes and Market Reactions - On April 24, 2025, Lvkang Biotech announced a change in control, with major shareholders transferring shares to Zongteng Network at a price of 13.73 yuan per share, totaling approximately 639.93 million yuan [5] - This transfer will increase Zongteng Network's ownership to 29.99%, surpassing the previous controlling shareholder's stake [5] - The market is speculating whether Zongteng Network's involvement indicates a backdoor listing or a different capital strategy, especially as the company also announced plans to divest its photovoltaic assets [9] Group 4: Strategic Moves and Future Outlook - Lvkang Biotech's recent capital operations, including the divestiture of its photovoltaic film business, may be aimed at clearing obstacles for future transactions [9] - The company signed an asset transfer agreement on April 24, 2025, to sell all assets and liabilities related to its photovoltaic film business to a joint venture established by its shareholders [9] - The potential for a backdoor listing or tri-party transaction remains uncertain, with regulatory hurdles and the urgency of maintaining its listing status complicating the situation [9]

核心提示 在"五一"国际劳动节来临之际，庆祝中华全国总工会成立100周年暨全国劳动模范和先进工作者表彰大会隆重 举行，表彰一批全国劳动模范和先进工作者，进一步动员激励我国工人阶级和广大劳动群众奋进新征程、建 功新时代。 从劳动人民中走来，习近平总书记崇尚劳动、尊重劳动者，始终与劳动者心贴心、在一起。党的十八大以 来，习近平总书记多次到河南考察调研，与一线职工亲切交谈，倾听人民心声。 "目前，园区已集聚1500余家跨境电商产业链企业，进口商品10万多种，业务辐射200多个国家和地区。"细数 发展历程，徐平说，"我们一直朝着'买全球卖全球'的目标努力奋斗，完善供应链体系，跨境电商包机、国际 公路、货运班列、海运齐头并进，推动'空陆数海'丝绸之路协同发展，积极服务和融入新发展格局和全国统 一大市场建设。" 连日来，河南日报记者深入走访河南一线职工，听他们忆当年、谈感受、讲变化、话发展。大家纷纷表示， 要脚踏实地、奋发进取、拼搏奉献，在以中国式现代化全面推进强国建设、民族复兴伟业的新征程上再立新 功、再创辉煌。 河南保税物流中心 开拓买卖全球大天地 "总书记勉励我们朝着'买全球卖全球'目标迈进。这些年来，我们锚定这一 ...

近期出口链调研综合情况汇报 20250427 摘要 • 跨境电商物流成本增加，每公斤增长 4-8 元人民币，但商家尚未完全转嫁 至终端价格，部分商品因促销活动甚至降价。直邮模式面临挑战，企业暂 停发货观望关税政策。 • 跨境电商企业对未来持乐观态度，认为美国供应链短期内难以跟上，且美 国消费者消费能力强劲。关税增长短期内通过提价、卖家承担和降低毛利 率分摊，长期或考虑转移生产和拓展欧洲等市场。 • 关税贸易战对美线货代企业影响显著，4 月初订单量大幅下降，营收减少， 员工工作量不饱和。上海美线货量降幅从 30%扩大到 50%，预计 5 月初 将进一步扩大。 • 部分跨境电商物流企业通过拆分报关等方式应对关税变化，提高了货代和 物流企业的专业能力和资金垫资能力，大型跨境物流公司需求逆势增长。 • 美国零售商库存可支撑约两个月，预计 5-7 月是恢复贸易关系的关键时间 点。沃尔玛和 Target 等零售商与特朗普会面后释放出恢复货物运送的信 号，但仍需跟踪。 Q&A 当前 145%关税政策对跨境电商的影响如何？ 根据近期调研结果，当前 145%的关税政策对跨境电商的影响尚未完全体现出 来。销售端方面，由于商家备货 ...

Core Insights - The Shenzhen Qianhai Shekou Free Trade Zone has experienced rapid growth since its establishment in April 2015, with total foreign trade import and export value increasing from 71.2 billion to 537.98 billion yuan over the past decade, averaging an annual growth rate of over 25% [1] - The area has introduced 882 institutional innovation achievements, with 104 of them replicated nationwide, and has ranked first in the institutional innovation index for three consecutive years from 2022 to 2024 [2] Trade and Investment - The Qianhai Free Trade Zone has implemented measures to enhance trade liberalization and facilitation, including a "one inspection, one certification, one passage" model for customs clearance between Shenzhen and Hong Kong [3] - The zone has established the "Shenzhen Qianhai e-Station" platform to provide comprehensive overseas services for enterprises, gathering 180 service providers and offering over 60 types of services [3] - In 2024, the cross-border e-commerce import and export value in Qianhai is expected to reach 121.03 billion yuan, marking a 104% increase [7] Legal and Regulatory Framework - The Qianhai Hong Kong International Legal District has introduced policies allowing Hong Kong-funded enterprises to apply Hong Kong laws, creating a multi-level legal institution system [3] - A training program focused on cross-border legal services was launched to assist Chinese enterprises in expanding into European markets, enhancing their confidence in overseas operations [4] Integration with Hong Kong - Qianhai has strengthened integration with Hong Kong and Macau, allowing professionals from these regions to practice in Qianhai without taking local qualification exams [5][6] - The "Qianhai Construction of Deep Integration Development Leading Area Action Plan" aims to enhance the convenience of employment and life for Hong Kong residents in Qianhai by the end of the year [6] Future Outlook - The Qianhai Free Trade Zone plans to continue aligning with international trade rules and explore innovative reforms in telecommunications, healthcare, and education sectors [9] - The area aims to become a high-quality open hub, serving as a key connection point for domestic and international dual circulation [9]