Core Viewpoint - China's foreign trade has shown resilience and a positive development trend in the first three quarters of the year, with a total import and export value of 33.61 trillion yuan, a year-on-year increase of 4% [1] Group 1: Resilience - The strong resilience of China's foreign trade is reflected in its stable performance, with China's share of global goods trade at 11.8% in the first seven months, maintaining its position as the world's largest goods trader [2] - The overall growth rate of imports and exports has accelerated, with quarterly growth rates of 1.3%, 4.5%, and 6% respectively, marking eight consecutive quarters of year-on-year growth [2] - In September alone, imports and exports reached 4.04 trillion yuan, a year-on-year increase of 8%, the highest monthly growth rate of the year [2] Group 2: Growth Momentum - The growth momentum is driven by the continuous development of new productive forces and the upgrading of key industries, with high-tech product exports increasing by 11.9% year-on-year, contributing over 30% to overall export growth [3] - The export of industrial robots surged by 54.9%, and green products like wind power equipment and electric locomotives also saw significant growth [3] - Cross-border e-commerce has emerged as a new driving force for foreign trade growth, with exports primarily in apparel, jewelry, and digital products [3][4] Group 3: Market Expansion - The number of foreign trade entities has reached 700,000, surpassing last year's total, indicating a robust and proactive approach among trade participants [5][6] - China has expanded its trade partnerships, being among the top three trading partners for 166 countries and regions, an increase of 14 from the previous year [6] - Trade with countries involved in the Belt and Road Initiative reached 17.37 trillion yuan, a year-on-year increase of 6.2%, accounting for 51.7% of total trade [6][7] Group 4: Future Outlook - Despite the positive trends, the external environment remains complex and challenging, with uncertainties and difficulties increasing, necessitating continued efforts to stabilize foreign trade in the fourth quarter [8]

四川自贡是中国首批十三个国家文化出口基地之一。图为当地制作的彩灯"孔雀开屏"。新华社记者 张 笑宇摄 在浙江杭州举行的第四届全球数字贸易博览会上，外商进行低空经济MR交互体验。章勇涛摄（人民视 觉） 山东省荣成市石岛管理区修造船基地，船坞内外停满了海内外各类大型船舶。王福东摄（人民视觉） 夜幕降临，北京中关村，写字楼里依旧灯火通明，一家智能科技公司的工程师们正与海外团队协同作 战，为国外客户提供技术解决方案。 十几公里外，王府井街头，外国游客三三两两，品小吃茶饮、买纪念品，不论是通关入境、便捷支付， 还是"吃住行游购娱"服务，中国行越来越畅通。 从写字楼到街头，从跨境技术支持到入境旅行服务，这些都是服务出口的典型场景。 不仅大量采购"中国制造"，近年来海外客商更纷纷下单"中国服务"。2014—2024年，中国服务出口年均 增长7.3%。近日，商务部等九部门印发《关于促进服务出口的若干政策措施》，服务出口再迎政策利 好。 数字化驱动、融合性凸显，服务贸易在不确定性中展现强大韧性 质检、财税、清关、物流……阿里巴巴旗下源头厂货采购平台1688上的跨境供应链专区，正在吸纳有服 务跨境买家能力的服务商入驻，为跨境买家 ...

制图：张芳曼 10月13日，国务院新闻办举行新闻发布会，介绍前三季度进出口情况。据海关统计，今年前三季度，我 国货物贸易进出口33.61万亿元，同比增长4%。其中，出口19.95万亿元，增长7.1%；进口13.66万亿 元，下降0.2%。9月，进出口4.04万亿元，增长8%。海关总署副署长王军说："我国货物贸易顶住压 力，实现平稳增长，展现出较强韧性，有底气、有朝气、有锐气。" 有进出口实绩的外贸经营主体首次达70万家，超去年全年总量 "今年以来，我国外贸在复杂的外部环境下顶压前行，延续稳中向好发展势头。各地各部门攻坚克难、 努力拼搏，广大外贸企业积极应变、开拓创新，我国外贸韧性彰显、结构优化，实现了量质齐升，成绩 来之不易。"王军介绍。 进出口增速逐季加快。一、二季度我国进出口分别增长1.3%和4.5%，三季度增长6%，已连续8个季度实 现同比增长。 市场多元化持续推进。前三季度，我国对共建"一带一路"国家进出口17.37万亿元，增长6.2%，占进出 口总值的51.7%，比重提升了1.1个百分点。对东盟、拉美、非洲、中亚等进出口分别增长9.6%、3.9%、 19.5%和16.7%。对亚太经合组织其他经济体进 ...

Group 1: Core Insights - China's manufacturing sector is experiencing significant growth, with exports of industrial robots increasing by 54.9% and wind power equipment exports rising by 23.9% in the first three quarters [1] - Trade with Shanghai Cooperation Organization (SCO) member countries has deepened, with imports and exports reaching 2.75 trillion yuan, a year-on-year increase of 2.4% [1] - The total value of China's goods trade reached 33.61 trillion yuan in the first three quarters, reflecting a 4% year-on-year growth, with exports growing by 7.1% and imports declining by 0.2% [2] Group 2: Export Trends - The export structure is continuously optimizing, with over 500 billion yuan worth of festive goods, toys, and animal-shaped products exported to over 200 countries, many of which are original Chinese products [2] - The popularity of Chinese cultural products, such as lanterns and bamboo crafts, has surged internationally, showcasing the appeal of original Chinese IP [3] - The number of foreign trade enterprises has increased to 700,000, a rise of 5.2% year-on-year, with private enterprises accounting for 61.3% of total trade [3] Group 3: Economic Stability and Challenges - China's foreign trade has shown resilience, with both exports and imports achieving year-on-year growth for four consecutive months [4] - Major provinces like Guangdong, Jiangsu, and Zhejiang contributed significantly to national trade growth, accounting for over 80% of the total increase [4] - Despite global economic uncertainties and rising protectionism, China's economic fundamentals remain strong, supporting sustained trade growth [4] Group 4: Cross-Border E-commerce - Cross-border e-commerce has emerged as a vital growth driver, with imports and exports reaching 1.37 trillion yuan in the first half of the year, a 10.3% increase [5] - The structure of cross-border e-commerce exports is dominated by apparel, jewelry, and electronics, while imports focus on beauty products and fresh food [5] - Customs reforms and innovations, such as electronic tax payment systems and streamlined logistics, are enhancing the efficiency and quality of cross-border e-commerce [6]

Core Viewpoint - China's foreign trade has shown resilience and growth in the face of complex external challenges, with a total import and export value of 33.61 trillion yuan, representing a year-on-year increase of 4% in the first three quarters of this year [1] Group 1: Trade Growth and Performance - China's import and export growth rate has accelerated quarterly, with increases of 1.3%, 4.5%, and 6% in the first, second, and third quarters respectively, marking eight consecutive quarters of year-on-year growth [3] - Approximately 80% of China's trade partners have experienced growth in exports, with the manufacturing sector showing a continuous increase in exports for eight years, including a 7.1% growth in the first three quarters of this year [3][4] - The export of high-tech products reached 3.75 trillion yuan, growing by 11.9%, contributing over 30% to the overall export growth [4] Group 2: Key Industries and Products - The export of industrial robots surged by 54.9%, while wind power equipment exports grew by 23.9%, indicating a shift towards advanced manufacturing and innovation [5] - Traditional cultural products, such as festival items and toys, have gained popularity overseas, with exports exceeding 50 billion yuan to over 200 countries and regions [8][9] Group 3: Cross-Border E-commerce - Cross-border e-commerce imports and exports reached approximately 2.06 trillion yuan, with exports growing by 6.6% and imports by 5.9% in the first three quarters [7] - The main export products include apparel, jewelry, and electronics, while imports focus on beauty products, food, and healthcare items [7] Group 4: Future Outlook and Support - The customs authority plans to enhance policy communication and training for businesses, aiming to improve the regulatory environment for cross-border e-commerce and facilitate smoother customs processes [7][9]

Summary of Conference Call on U.S.-China Trade Tariffs Impact on Chinese Consumer Export Companies Industry Overview - The conference call discusses the impact of recent U.S. tariff policies on Chinese consumer export companies, particularly in the context of the ongoing U.S.-China trade tensions [1][2][3]. Key Companies and Their Strategies 1. 小商品城 (Small Commodity City) - Exports to the U.S. account for only 2% of its total, making it less affected by tariffs [1][3]. - Acts as a strategic asset in U.S.-China trade relations, leveraging a market procurement model and providing scalable services [3]. 2. 安克创新 (Anker Innovations) - Approximately 45% of exports are directed to the U.S. [5]. - Over 50% of production capacity has been relocated to Southeast Asia, expected to reach over 70% by year-end [5]. - Anticipates only a single-digit percentage impact on profit margins even if a 100% tariff is imposed, with potential price increases to mitigate effects [5]. 3. 名创优品 (Miniso) - Increased local sourcing in the U.S. to 30%-40% and raised prices on non-local products to offset tariff costs [6]. - Achieved growth in the North American market, with quarterly GMV accounting for about 10% of global sales [6]. - High gross margins (60%-70%) allow for effective cost transfer [6]. 4. 绿联科技 (Ugreen) - U.S. revenue comprises about 15%-20% of total sales, with 70%-80% of North American orders sourced from Southeast Asia [7]. - Maintains sufficient inventory to meet year-end demand, resulting in limited impact from tariffs [7]. 5. 智欧科技 (Zhiou Technology) - U.S. market revenue accounts for approximately 34% [8]. - Has transferred 70%-80% of production capacity to Southeast Asia and plans further increases [8]. - May seek local sourcing alternatives or cease related operations if tariffs are fully implemented [8]. General Industry Insights - The overall impact of U.S. tariffs on Chinese consumer export companies is considered limited, as many have already optimized their supply chains and relocated production [2][9]. - Companies like 赛维时代 (Saiwei Times) and 恒林股份 (Henglin) have also moved significant portions of their manufacturing to Southeast Asia [9]. Competitive Advantages - Chinese cross-border e-commerce companies possess advantages in brand building, product quality, and global market positioning [10]. - These companies are not solely reliant on Chinese manufacturing, enhancing their resilience against trade tensions [10]. Investment Outlook - Investors are encouraged to maintain confidence in the consumer export sector, as market panic may present opportunities to acquire shares in strong brands like Anker, Ugreen, and Miniso [11][12]. - The long-term potential of the consumer export sector remains significant, driven by brand value and global strategies rather than just production costs [12]. Conclusion on U.S. Policy Impact - The Trump administration's policies introduce short-term uncertainties but are manageable for leading companies that have adapted their strategies [13]. - The core competitiveness of these companies lies in their brand value and operational capabilities, allowing them to sustain growth despite policy fluctuations [13].

最近，不少跨境电商卖家都在讨论一个话题：如何在平台政策收紧的情况下，既控制成本，又保持运营的灵活性？今天我们就来聊聊"FBA+海外仓"这个 逐渐流行的组合模式。 如今的海外仓已经升级为数字化运营的智能节点。通过系统对接，卖家可以： 这种"FBA负责引流，海外仓负责弹性备货"的模式，让卖家在控制成本的同时，也提升了应对销售波动的能力。 如果你符合以下情况，可以考虑采用"FBA+海外仓"混合模式： 在当前环境下，完全依赖单一物流方式已不是最优解。通过"FBA+海外仓"的双轨模式，卖家可以在控制成本的同时，提升库存的灵活性和抗风险能力。 构建以海外仓为支点的弹性供应链，正成为越来越多卖家的共同选择。 大家有什么仓储运营方面的心得，欢迎在评论区一起交流～ 仓储成本更低，平均比FBA便宜30%–50%，还没有旺季附加费； 入库政策更宽松，大件商品、慢销品都能存放； 退货处理灵活，本地换标、翻新等服务，让退货成本下降六成以上。 过去，很多卖家习惯把货全部放在平台仓库（FBA）。但随着仓储费用上涨、库存处理规则变化，完全依赖FBA的成本和风险都在增加。 比如，有卖家反馈，现在平台不仅调高了仓储费，还默认开启"自动清库存"功 ...

（来源：衡水日报） 此外，Mera Mart在风险控制与用户体验优化方面也展现出强大的技术实力。平台部署了智能风控模型，对交易行为进行实时监测，有效防范欺诈 与异常操作，保障资金安全。同时，区块链技术被应用于关键交易环节的数据存证与商品溯源，增强了终端消费者的信任感。对于分销商而言， 平台提供的数据看板可清晰展示销售趋势、用户画像与收益明细，帮助其科学决策，提升运营效率。 业内观察人士指出，Mera Mart的技术架构不仅提升了平台自身的运营效率，更重要的是，它为全球范围内的小微创业者提供了可复制、可持续的 创业工具。相比依赖资本投入和团队规模的传统电商路径，Mera Mart通过技术平权，让更多普通人得以低成本参与全球化分工。 随着平台业务规模的扩大，Mera Mart正进一步加大在技术研发上的投入，探索生成式AI在多语言内容生成、智能客服响应等场景的应用，持续降 低跨文化运营的门槛。其背后来自亚马逊、谷歌、阿里巴巴等科技巨头的核心团队，也为技术创新提供了坚实支撑。 编辑：牟玉珍 在全球电子商务持续增长的背景下，传统跨境分销模式正面临效率瓶颈与运营复杂度上升的双重挑战。越来越多的创业者渴望参与全球贸易，却 ...

Core Insights - Cross-border e-commerce has emerged as a trillion-dollar market, with China's import and export scale reaching 2.06 trillion yuan in the first three quarters of this year, marking a year-on-year growth of 6.4% [1][2] - The export performance is particularly strong, with a growth rate of 6.6%, amounting to approximately 1.63 trillion yuan [1][2] - The resilience and vitality of this emerging sector are evident, especially in the context of global economic uncertainties [1] Trade Dynamics - In the first three quarters, cross-border e-commerce exports reached 1.63 trillion yuan, growing by 6.6%, while imports totaled 425.54 billion yuan, increasing by 5.9% [2] - In the first half of the year, the total import and export value was 1.37 trillion yuan, with a year-on-year growth of 10.3%, accounting for 6.3% of China's total import and export value [2] - Major export categories include apparel, jewelry, digital products, and home appliances, while imports mainly consist of beauty products, food, and healthcare items [2] Industry Development - The "cross-border e-commerce + industrial belt" model has shown significant results, with key export regions including Guangdong, Zhejiang, Fujian, Jiangsu, and Henan [3] - Zhengzhou Airport has signed multiple cross-border e-commerce projects, indicating strong growth in the sector, with a 55.6% year-on-year increase in business volume [3] Policy Support - Customs has implemented reforms to support high-quality development in cross-border e-commerce, including pilot programs for "inspection before shipment" and simplified export declaration procedures [4][5] - The introduction of electronic tax payment systems has streamlined the tax process for cross-border e-commerce companies [4] Industry Clusters - The growth of cross-border e-commerce is fostering the development of related industry clusters, with significant events like the 2025 Cross-Border Industry Cluster Development Conference highlighting this trend [6] - The focus is on integrating design and service stations to enhance the entire cross-border e-commerce supply chain [6] Logistics and Competition - Logistics companies play a crucial role in the cross-border e-commerce supply chain, with firms like Tuowei Tianhai leading in large-item logistics [7] - The company plans to enhance its logistics services by integrating domestic and international warehousing with localized delivery systems [7] Future Outlook - The customs authority aims to continue improving regulatory frameworks and facilitating smoother customs processes for cross-border e-commerce [8] - Local governments are also introducing supportive policies, with incentives for businesses that could reach up to 5 million yuan [9] - The integration of domestic industrial advantages with digital trade is reshaping China's foreign trade competitive landscape [9]

Group 1: Local Life and E-commerce - The competition in local life services is expected to continue in Q4 2025, with major platforms like Meituan, JD, and Alibaba intensifying their investments in delivery services and instant retail [2][3] - In Q2 2025, Meituan, JD, and Alibaba reported significant losses in local life services, but these losses are anticipated to peak in Q3 due to increased summer demand and promotional activities [2][3] - The e-commerce sector is experiencing reduced competitive pressure, with online retail sales reaching 1.02 trillion yuan in August 2025, reflecting a year-on-year growth of 7.1% [4] Group 2: Tourism and Hospitality - The tourism sector is witnessing a recovery, with a 7% year-on-year increase in cross-regional travel during the National Day holiday, indicating a shift in traveler preferences towards experiential travel [7][8] - Online Travel Agencies (OTAs) are benefiting from the overall growth in tourism, with major players maintaining stable performance despite increased competition from new entrants [7] - The hotel industry is expected to reach a bottoming out phase, with leading companies like Jinjiang and Huazhu showing resilience and potential for profit recovery in Q4 2025 [10][11] Group 3: Retail and Consumer Goods - The offline retail sector is undergoing significant transformations, with supermarkets like Yonghui Supermarket expected to complete major store renovations, leading to improved profitability [9] - The retail landscape is shifting towards quality retail, with community stores like convenience stores maintaining high growth rates, while traditional department stores face slower growth [9] - The mother and baby retail sector is benefiting from supportive government policies and adjustments in store formats, leading to a notable recovery in same-store sales [14] Group 4: Cross-border E-commerce - Cross-border e-commerce is experiencing profit differentiation due to external factors like tariffs, with platform-based companies showing stable performance while product-based companies seek innovative advantages [12][13] - The sales peak for cross-border e-commerce is anticipated in the second half of 2025, driven by promotional events like Amazon's Prime Day, which saw a 30.3% increase in online spending [12][13] Group 5: Recommendations - Key investment targets include Yonghui Supermarket, Alibaba, Meituan, and various hotel chains such as Jinjiang and Huazhu, reflecting a diversified approach across sectors [5]