Core Viewpoint - The Hong Kong government aims to leverage its geographical advantages and logistics infrastructure to establish itself as a cross-border e-commerce logistics hub within the Greater Bay Area, enhancing digital trade and economic integration [2][4]. Group 1: Digital Trade and E-commerce Development - The Greater Bay Area has a population of over 86 million and a GDP exceeding 14 trillion RMB, making it a vital region for national economic development and digital trade opportunities [4]. - The Hong Kong government plans to expand the "BUD Special Fund" to cover more regions under the e-commerce support program, enhancing the competitiveness of Hong Kong brands in international markets [4]. - Initiatives such as the "Hong Kong Goodies Festival" and the new "E-commerce Express" service will be implemented to increase the exposure and competitiveness of local brands [4]. Group 2: Shipping and Logistics Enhancements - Hong Kong's status as an international shipping center and aviation hub provides a natural advantage for developing digital trade and cross-border e-commerce [6]. - The government will reform the current "Hong Kong Marine Department" into the "Hong Kong Marine Development Bureau" to assist in policy-making and long-term strategies [7]. - Plans include the development of high-value shipping and professional services, aiming to position Hong Kong as a green shipping center [8]. Group 3: Airport and Cargo Handling Improvements - The Hong Kong International Airport connects nearly 200 destinations globally and has maintained the highest air cargo volume for over a decade [8]. - The completion of the three-runway system by the airport authority will increase the airport's capacity by 50% starting in 2035 [8]. - The government is collaborating with Dongguan to innovate "sea-air cargo intermodal" services, with plans to handle 1 million tons of cargo annually by 2025 [8].

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]

高铁穿梭在郑州高楼林立间 孟夏时节，当朝阳穿透薄雾洒向大地，郑州机场北货运区多架国际货运航班缓缓升空，一批批"河南制 造""中国品牌"从这里飞往全球…… 殷殷嘱托，言犹在耳；厚望如山，催人奋进。2014年5月10日，习近平总书记在河南考察郑州市跨境贸 易电子商务服务试点项目、郑州国际陆港时，勉励郑州朝着"买全球卖全球"目标迈进，建成连通境内 外、辐射东中西的物流通道枢纽，为丝绸之路经济带建设多作贡献。 4月17日，我国和马来西亚关于构建高水平战略性中马命运共同体的联合声明更为吉隆坡国际机场与郑 州新郑国际机场的航空物流合作掀开崭新一页。 郑州机场高峰时刻平均每2分钟就有1架全货机起降；中欧班列（郑州）开行量和综合运营能力稳居全国 第一方阵……凭借密织的"空、陆、海、网"4条丝路链接世界，商都郑州已成为"买全球 卖全球"的重要 枢纽。 空中"双枢纽"通达全世界 "向云端"，才能看到更大的世界。 不少市民走进超市发现，马来西亚榴莲、南美车厘子、智利蓝莓等进口水果抢"鲜"上市，助力市民实 现"水果自由"；在郑州少林寺、只有河南·戏剧幻城等景区，外国游客越来越多，仅今年五一假期，郑 州航空口岸出入境总客流量就有160 ...

Group 1: Company Performance and Growth - The company achieved a revenue of 2.423 billion CNY in 2024, representing a year-on-year growth of 154.76%, which is higher than the growth rate in 2023 [2][6]. - The company served 1,175 outbound enterprises and shipped over 11 million packages in 2024, indicating robust operational capacity [3][7]. - The company is positioned as a leading player in the large-item overseas warehouse sector, benefiting from a strong partnership with FedEx as a global TOP 100 customer [3][6]. Group 2: Strategic Plans and Investments - The company plans to accelerate the construction of self-built warehouses to reduce rental costs and create a long-term competitive advantage [4][5]. - The funds raised from the 2024 private placement will primarily be used for the self-built overseas warehouse project in Ellabell, Georgia, which is expected to significantly enhance service capacity and operational efficiency [5][6]. - The company aims to expand its cross-border e-commerce business by diversifying product categories, channels, and markets, while also enhancing automation and information technology in warehouse operations [4][6]. Group 3: Market Position and Service Expansion - The company is focusing on strengthening its brand presence in ergonomic health office and smart home sectors through targeted marketing and advertising efforts [4][6]. - The company’s overseas sales are primarily conducted through independent sites and major e-commerce platforms such as Amazon, HomeDepot, and eBay, with its overseas warehouses providing services to these platforms [6][7]. - The transition from leased to self-built warehouses is expected to improve gross margins, although actual margins will still be influenced by warehouse utilization and last-mile delivery costs [7].

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 ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The cancellation of the low-value small package tax exemption by the U.S. is a strategic move to counter the competitive advantage of Chinese cross-border e-commerce, which has disrupted the U.S. market by offering lower prices through efficient supply chains [7][8][20] - The impact of the new tax policy is significant, with over 80% of low-value packages being affected, leading to an estimated 90% impact on cross-border e-commerce volume between China and the U.S. [10][45] - The future advantage of overseas warehouse models over air express delivery is highlighted, as increased taxes eliminate the cost benefits previously enjoyed by direct shipping methods [11][63] Summary by Sections 1. Core Logic Behind the Cancellation of the Low-Value Small Package Tax Exemption - The U.S. aims to create barriers in customs clearance and last-mile delivery to counter the influence of Chinese cross-border e-commerce [7][20] - The U.S. has faced challenges in implementing these barriers due to countermeasures from Canada and Mexico, as well as system failures [8][31] 2. Impact on Cross-Border E-Commerce Shipping Volume - The number of low-value small packages imported into the U.S. has surged, with over 1 billion declarations in 2023 compared to 153 million in 2015 [10][44] - The average additional tax cost per package is estimated at $18, with a significant decline in customs clearance efficiency for about 70% of packages [10][49] 3. Advantages of Overseas Warehouse Models Over Air Express Delivery - The cost of air freight for low-value packages has increased significantly due to new taxes, making overseas warehouses a more viable option [11][63] - It is projected that air freight demand for cross-border e-commerce will decline by over 20% by 2025, while demand for overseas warehouse orders will increase by 8% [11][56] 4. Investment Recommendations - Focus on companies with strong cash flow and the ability to adapt to changing supply chain strategies, particularly those with resources in North America [13]

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]

Group 1: Labor and Recognition - The celebration of the 100th anniversary of the All-China Federation of Trade Unions aims to motivate the working class and laborers to contribute to national development [1] - President Xi Jinping emphasizes the importance of labor and has engaged with frontline workers during his visits to Henan [1] Group 2: Cross-Border E-Commerce Development - The Henan Free Trade Zone has evolved into a core area for cross-border e-commerce, contributing over 150 billion yuan in import and export value [2][3] - The cross-border e-commerce sector in Henan is projected to reach an import and export value of over 24 billion yuan in 2024, with a year-on-year growth of 26.03% [3] Group 3: Intelligent Manufacturing in Mining Equipment - Zhengzhou Coal Mining Machinery Group has developed an AI video analysis system to enhance safety and operational efficiency in coal mining [4][5] - The company has implemented over 40 automated processing steps and achieved real-time interaction among more than 100 production stations [5] Group 4: International Logistics and Trade - The Zhengzhou International Land Port plays a crucial role in the operation of China-Europe freight trains, facilitating international logistics and trade [7][8] - Since its inception, the Zhengzhou China-Europe freight train service has established a network covering over 40 countries and 140 cities, with more than 14,000 trains operated [8] Group 5: High-End Equipment Manufacturing - China Railway Equipment is focused on producing high-quality shield tunneling machines, with recent models featuring a cutting diameter of 15.7 meters, the largest for export [10][11] - The company has expanded its market reach from a few countries to over 30 countries across five continents, showcasing significant growth in its production capabilities [11] Group 6: Digital Transformation in Traditional Services - Zhengzhou Yuanfang Group has seen its revenue grow from 2 billion yuan in 2020 to over 5 billion yuan in 2024, while also increasing its workforce from 62,000 to over 100,000 [12][13] - The company invests over 10 million yuan annually in digital transformation, integrating AI and IoT technologies into its services [13]