作者 曾刚 近年来，跨境电商作为全球贸易的重要组成部分，展现出强劲的发展势头，极大地推动了国际贸易的数 字化转型。然而，随着国际贸易环境的变化，跨境电商的发展也面临着诸多挑战。经贸摩擦加剧、地缘 政治紧张局势升级、全球经济复苏乏力等因素，使得跨境电商企业在物流、供应链、市场准入等方面遭 遇更多不确定性。在复杂多变的经贸背景下，跨境支付机构作为跨境电商的重要支撑环节，扮演着愈发 重要的角色。它们不仅为企业提供了高效、安全的支付解决方案，还帮助企业应对资金结算、税务合 规、汇率管理等多重挑战，为跨境电商的发展注入了新的动力。 跨境支付在跨境电商中的关键作用 跨境支付是跨境电商交易链条中的核心环节之一，其主要功能包括货币兑换、资金结算、支付安全保障 等。作为连接全球消费者与商家的重要桥梁，跨境支付的效率、成本和安全性直接影响跨境电商的交易 体验和运营效率，在提升交易效率、降低交易成本、保障交易安全以及优化用户体验等方面发挥着不可 替代的作用。 一是提升交易效率。传统跨境支付方式如银行电汇，通常需要较长的处理时间，可能导致交易周期延 长，影响跨境电商的运营效率。跨境支付机构通过技术手段和全球化的支付网络，能够快速完成 ...

Core Insights - The report indicates that the current market sentiment score is 62, categorizing it as "relatively hot," suggesting a positive outlook for the market [6][10]. - Recent policy support and improved market sentiment have led to an upward trend in the market, with historical data showing that a sentiment score below 30 provides support, while above 90 indicates resistance [10]. Theme Tracking - **Cross-Border Payment**: The People's Bank of China has issued a plan to enhance cross-border financial services, aiming to improve service levels for enterprises going abroad. Related stocks include Cross-Border Communication (002640) and Qingdao Jinwang (002094) [7]. - **Virtual Power Plants**: The National Development and Reform Commission and the National Energy Administration have released guidelines to advance virtual power plant development, targeting a capacity of over 20 million kilowatts by 2027 and 50 million kilowatts by 2030. Related stocks include Guoneng Rixin (301162) and Kehua Data (002335) [7]. - **Duty-Free Theme**: The Ministry of Commerce and other departments have announced measures to optimize the departure tax refund policy, aiming to enhance inbound consumption. Related stocks include China Duty Free (601888) and Wangfujing (600859) [7]. Market Capital Flow - The report lists the top ten stocks with the highest net inflow of funds, with Liou Co., Ltd. (002131) leading at 884.26 million yuan, followed by Zhaoyi Innovation (603986) at 581.87 million yuan [11][12]. - The report also highlights the top ten stocks with the highest net outflow, with Shenghong Technology (300476) showing a net outflow of -389.52 million yuan, followed by Huayin Power (600744) at -387.68 million yuan [13][23]. Industry Overview - The report provides insights into the net inflow and outflow of funds across various industries, indicating that the machinery and home appliance sectors have seen significant net inflows, while the public utilities and food and beverage sectors have experienced notable net outflows [17][18].

品牌出海升温。 粤港澳大湾区的外贸企业正在全球贸易变局中展现出强大的市场适应能力。从风靡中东市场的双陆棋，到欧美热销的珍宝盒，再到畅销全球的电池产 品，"中国制造"不断拓展着国际市场空间。 伴随着跨境电商的快速发展，企业对国际支付结算服务的需求与日俱增。面对复杂多变的市场环境，跨境支付面临哪些具体挑战？数字化技术能提供怎样的 解决方案？第一财经记者近日深入调研大湾区外贸企业和支付服务机构，试图寻找这些问题的答案。 （大湾区外贸企业的出海展品。摄影 /王方然） 跨境支付需求更多元 "关税政策变化使得跨境支付合规成本增加。"一名业内人士指出，跨境支付机构需加强对交易背景、资金来源等的审核，以确保交易符合关税政策及相关法 律法规。 支付是贸易的基础设施。近年，在我国对外贸易高速发展及复杂的贸易背景下，部分进出口企业在资金收付兑的过程中面临着汇率损失、到账慢、提现慢等 问题。多位受访人士对记者表示，跨境支付面临着合规、成本与效率的"三角平衡"挑战。 在跨境贸易的赛道上，支付就像接力赛的最后一棒，支付效率决定着整个交易流程的成败。跨境物流和商旅等时效敏感领域，支付效率直接影响企业的运营 成本和客户体验。 费率问题是跨境 ...

Group 1 - The report indicates that the current market sentiment score is 48, categorizing it as "neutral" [6][11][22] - Recent market trends show a gradual upward movement supported by improved market sentiment and policy backing [11] - Historical sentiment trends suggest that when the sentiment score is below or near 30, the market tends to find support, while scores above 90 may indicate resistance [11] Group 2 - Key themes tracked include cross-border payments, virtual power plants, and duty-free shopping [7] - The cross-border payment theme is driven by the People's Bank of China's initiative to enhance cross-border financial services, with related stocks including Cross-Border Pass (002640) and Qingdao Kingking (002094) [7] - The virtual power plant initiative aims for a national adjustment capacity of over 20 million kilowatts by 2027 and 50 million kilowatts by 2030, with related stocks such as Guoneng Rixin (301162) and Kehua Data (002335) [7] - The duty-free shopping theme is supported by a new policy to optimize exit tax refund policies, with related stocks including China Duty Free (601888) and Wangfujing (600859) [7] Group 3 - The report provides a list of stocks with significant net inflows, including Dazhi Technology (600589) with a net inflow of 464.47 million and Hangang Co. (600126) with 246.20 million [12] - It also highlights stocks with significant net outflows, such as Tuo Wei Information (002261) with a net outflow of -825.75 million and BYD (002594) with -725.89 million [14][23] - The report emphasizes the importance of monitoring financing net purchases and securities lending net sales as indicators of market sentiment and investor behavior [23]

Group 1 - The China Securities Regulatory Commission (CSRC) has adjusted the A-share market holiday schedule, with the market closed from May 1, 2025, to May 5, 2025, for a total of 5 days, resuming normal trading on May 6, 2025 [1] - There is a suggestion for increasing the daily trading hours of the A-share market and making holiday arrangements more scientific, indicating a need for reform in trading schedules [1] Group 2 - Market sentiment remains positive despite the index performance, with more stocks rising than falling daily, particularly in core sectors like electricity and finance (banking and cross-border payments) [3] - The banking sector is reaching new highs, and the electricity sector is experiencing significant gains, indicating a strong focus of funds on these performance lines as earnings reports are released [3] Group 3 - The current index is experiencing a back-and-forth movement around the 3300-point level, with a need for a pullback to accumulate more upward momentum for future growth [5] - The pullback is not seen as the end of the rebound but rather a necessary adjustment for stronger upward movement, with expectations for the index to fully recover above 3300 points after this adjustment [5] Group 4 - The three major A-share indices showed mixed results, with the Shanghai Composite Index down 0.07% and the Shenzhen Component Index up 0.39% [7] - The index is expected to face adjustments next week, with support likely above 3200 points, and a collective rebound anticipated in the following weeks, presenting opportunities for low-positioning strategies [7]

A股跨境支付板块盘初活跃，优博讯涨超11%，浔兴股份涨停，先进数通涨超8%，拉卡拉、信雅达、新 晨科技跟涨。 ...

Core Insights - The report indicates that the current market sentiment score is 62, categorizing it as "relatively hot," suggesting a positive market outlook supported by recent policy measures [10][6][22] - Key investment themes identified include cross-border payments, virtual power plants, and agriculture, with specific companies highlighted for potential investment opportunities [7][8][9] Market Sentiment - The market sentiment temperature indicator shows a score of 62, indicating a "relatively hot" market environment, which is expected to support upward trends in the market [10][6] - Historical sentiment trends suggest that when the sentiment score is below or around 30, the market tends to find support, while scores above 90 may indicate resistance [10][6] Investment Themes - **Cross-Border Payments**: The People's Bank of China has issued a plan to enhance cross-border financial services, aiming to increase the number of banks participating in the Cross-Border Interbank Payment System (CIPS). Related stocks include Cross-Border Communication (002640) and Qingdao Kingking (002094) [7] - **Virtual Power Plants**: The National Development and Reform Commission has set goals for virtual power plants, targeting a capacity of over 20 million kilowatts by 2027 and 50 million kilowatts by 2030. Relevant companies include Guoneng Rixin (301162) and Kehua Data (002335) [7] - **Agriculture**: The Central Committee and State Council have released a plan to strengthen the agricultural sector, focusing on seed industry innovation and resource protection. Key stocks include Dabeinong (002385) and Fengle Seed Industry (000713) [7] Capital Flow Analysis - The report lists the top ten stocks with the highest net inflow of capital, with notable mentions such as Tuo Wei Information (002261) and BYD (002594), indicating strong investor interest [11][12] - Additionally, the report highlights the top ten stocks with the highest net outflow, including Bei Yin Mei (002570) and Runze Technology (300442), suggesting caution in these areas [13][21] Industry Overview - The report provides insights into various industries, with significant net inflows observed in sectors like computing and utilities, while industries such as food and beverage and real estate are experiencing notable outflows [17][18]

Summary of Key Points from the Conference Call Industry or Company Involved - The conference call primarily discusses the Chinese economy, focusing on various sectors including real estate, infrastructure, consumer services, and the impact of external trade policies. Core Insights and Arguments 1. **Economic Growth and Risk Management**: The Political Bureau meeting emphasized the dual focus on stabilizing growth and managing risks, indicating a stronger policy response to economic challenges, particularly in service consumption and support for foreign trade enterprises [1][2][3]. 2. **Real Estate Strategy**: The meeting highlighted the importance of real estate, proposing a new development model that includes increasing the supply of high-quality housing and optimizing land acquisition policies to stabilize the market [1][19][20]. 3. **Infrastructure Investment**: Government investment is seen as a key driver, with a focus on major projects in economically advantageous regions like the Yangtze River Delta and Greater Bay Area, as well as significant projects in western regions [1][28][29]. 4. **Service Consumption Growth**: There is a strong signal to boost income for low- and middle-income groups and develop service consumption, with expectations that service retail will account for over 40% of total retail sales by 2027 [1][37][41]. 5. **Impact of Tariffs on Textile and Apparel**: Chinese textile and apparel companies are adapting to U.S. tariff policies by relocating production to Southeast Asia, while maintaining competitiveness through price adjustments [1][42][44]. 6. **Cross-Border E-commerce**: The cross-border e-commerce market is thriving despite tariff challenges, with companies like Dunhuang.com performing well in the U.S. market [1][43]. 7. **AI and Technology in Retail**: The integration of AI technology is transforming the retail landscape, with major Chinese internet companies investing heavily in AI infrastructure and applications [1][50][51]. Other Important but Potentially Overlooked Content 1. **Challenges in Land Acquisition**: The government faces challenges in land acquisition policies, including pricing and funding issues, which may hinder the execution of real estate strategies [1][22][23]. 2. **Slow Progress in Urban Village Renovation**: Urban village renovation has been slow, with various obstacles such as funding models and compensation mechanisms affecting progress [1][24]. 3. **Consumer Behavior Trends**: New consumption trends are emerging, with a focus on personalized and unique experiences driving growth in sectors like beauty care and personal grooming [1][48][49]. 4. **Investment Opportunities in Infrastructure**: The emphasis on urban renewal and infrastructure investment presents significant opportunities for growth in the construction and related sectors [1][31][32]. 5. **Potential for High-Quality Housing**: The trend towards high-quality housing is gaining momentum, with local governments implementing new standards to enhance living conditions [1][21][25]. This summary encapsulates the key points discussed in the conference call, providing insights into the current economic landscape and potential investment opportunities within various sectors.

Summary of Cross-Border Payment Industry Conference Call Industry Overview - The global payment market is projected to exceed $2.4 trillion in 2024, with an annual growth rate of 10%-15% [1][2] - The cross-border payment market in China is expected to surpass 7.5 trillion RMB, benefiting from policy support and the growth of cross-border e-commerce, with continued growth anticipated in 2025 [1][2] - The global cross-border payment market is dominated by Europe and North America, while emerging markets in Southeast Asia, Latin America, the Middle East, and Africa are rising [1][3] Key Players - Major players in the B2C cross-border e-commerce payment sector include PingPong, LianLian, Payoneer, and Ant Group's Wofpay [1][4] - In the B2B foreign trade payment sector, XTransfer, PingPong, and WorldFirst hold significant positions [1][4] Business Models - Cross-border payment companies are increasingly adopting similar business models, such as API integration with e-commerce platforms and partnerships with banks for currency exchange and distribution [1][7] - B2C platforms include Amazon, Walmart, Shein, TikTok, among others, with leading companies processing significant transaction volumes [5] - The industry faces declining fee rates due to intense competition, with rates dropping from 1.4% to negotiable terms, and some large clients enjoying zero fees [1][7] Market Dynamics - The industry is experiencing a rapid growth trajectory, particularly in emerging markets, with a transaction growth rate in China exceeding 8% [6] - The SWIFT system currently holds about 80% of the global transaction market share, but new systems like CIPS aim to reduce dependency on SWIFT [3][8] Regulatory Environment - Recent policies in China include increased export tax rebates and the establishment of a 500 billion RMB special loan to support foreign trade enterprises [9] - The government is promoting the CIPS system to facilitate RMB cross-border settlements, aiming to reduce exchange loss risks [9][10] Technological Developments - The development of SAPS and mBridge systems is expected to significantly impact third-party payment companies, particularly in terms of currency exchange and transaction volume [11] - Virtual currencies and digital currencies are rapidly evolving, with potential to disrupt traditional payment models and enhance transaction efficiency [12][14] Future Outlook - The CIPS system is anticipated to lower cross-border transaction costs by 30%-40% and improve settlement efficiency [13] - The integration of digital currencies with traditional payment methods is expected to create new business opportunities and challenges [15] Competitive Landscape - Domestic payment licenses are crucial for companies operating in the market, with significant competition for these licenses [18] - Companies like PingPong are focusing on localized services and partnerships to enhance user experience and ensure compliance [16][17] Conclusion - The cross-border payment industry is poised for significant growth, driven by technological advancements, regulatory support, and the expansion of emerging markets. Key players are adapting their business models to remain competitive in a rapidly evolving landscape.

Group 1 - The report by Airwallex and Statista highlights the rapid growth of the Hong Kong e-commerce market, with an expected industry valuation increase of 52% from $4.77 billion in 2024 to $7.25 billion by 2029 [14][16][20] - 92% of consumers in Hong Kong shop online at least once a month, and 95% prefer purchasing overseas products, indicating a strong demand for cross-border shopping [16][20] - Payment preferences are diverse, with credit cards being the most common payment method at 82%, followed by electronic wallets at 64% and Buy Now Pay Later (BNPL) services at 71%, particularly favored by luxury consumers [17][18][20] Group 2 - Key strategies for market expansion include understanding local tax structures, providing localized checkout experiences, and supporting multiple payment methods such as Visa and Alipay [2][25][31] - Airwallex offers a one-stop service that aids businesses in compliance, providing global accounts, security measures, and financial tools to facilitate local currency transactions [3][28][29] - The report emphasizes the importance of a seamless checkout experience, with 85% of consumers wanting prices displayed in Hong Kong dollars and over 90% expecting preferred payment options and clear tax details [23][31][32] Group 3 - The report outlines the regulatory environment in Hong Kong, noting a simple tax structure with a corporate tax rate of 16.5%, and no Goods and Services Tax (GST) or Value Added Tax (VAT), making it attractive for international sellers [25][26] - Companies must register within a month of starting operations and comply with local product safety and labeling standards, particularly in sectors like electronics and cosmetics [25][26] - Data privacy regulations require businesses to obtain consent before collecting personal information and to implement security measures to prevent misuse [51][56]