Market Overview - The three major indices collectively rose, with the Shanghai Composite Index up by 0.35%, the Shenzhen Component Index up by 0.45%, and the ChiNext Index up by 0.21%. However, the North China 50 Index fell by 0.96% [1] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets reached 1.5912 trillion yuan, an increase of 56.2 billion yuan compared to the previous day. Over 2,500 stocks in the market experienced gains [1] Sector Performance - The cross-border payment, oil and gas exploration and services, and combustible ice sectors showed strong performance, while the PCB concept and liquid cooling server sectors experienced adjustments [2] - The cross-border payment sector was particularly strong, with companies such as Sanwei Xinan and New Morning Technology hitting the daily limit, along with Zhongyou Capital and Tianrongxin also reaching the daily limit [2] - The oil and gas exploration and services sector saw gains, with Huaiyou Co. hitting the daily limit [2] - The combustible ice sector performed well, with companies like Xinjing Power and Shenkai Co. rising over 8% [2] - Conversely, the PCB concept weakened, with Chongda Technology nearing the daily limit down [2] - The liquid cooling server sector also declined, with companies like Tenglong Co. and Jintian Co. hitting the daily limit down [2]

A股开盘，三大指数集体高开，沪指涨0.12%，续创10年新高，深证成指涨0.33%，创业板指涨0.28%。 盘面上，跨境支付概念高开，天融信涨停，中油资本、四方精创涨超9%；券商股普涨，中银证券涨超 5%，哈投证券、东兴证券涨超3%；光伏设备板块调整，华民股份跌超4%，亚玛顿跌超3%；稀土永磁 概念盘初走低，金田股份跌超8%，东方锆业跌超5%。(格隆汇) ...

Core Insights - The article discusses the emergence of a "shadow world" in globalization, highlighting how various Chinese companies have built essential infrastructure that supports global commerce, including logistics, payment, and marketing services [4][5]. Logistics: Time and Space Compression - Companies like Zongteng and Wanyitong have established themselves as key players in cross-border logistics by investing in heavy assets such as overseas warehouses and dedicated transportation routes, which provide competitive advantages in cost and efficiency [9][11]. - Zongteng, founded in 2007, transitioned from e-commerce to logistics, focusing on overseas warehousing and specialized transportation, which allowed it to thrive during the e-commerce boom [8][10]. - Wanyitong has also adapted by investing in automated warehouses and self-built routes to enhance delivery efficiency, achieving a 95% order delivery rate within three days across the U.S. [11][12]. Payment: The Payment Revolution - The article outlines the rise of fintech companies like Airwallex and PingPong, which emerged to address the high costs and inefficiencies of traditional cross-border payment systems [20][21]. - These companies have introduced innovative pricing models and streamlined processes, significantly reducing transaction fees and improving service speed for small and medium enterprises [22][23]. - The competitive landscape in cross-border payments is evolving, with companies focusing on comprehensive financial ecosystems and compliance capabilities to differentiate themselves [25][30]. Marketing: Unlocking Overseas Traffic - The marketing sector is represented by companies like Taitong Technology, which has developed a data-driven approach to optimize advertising for Chinese businesses entering overseas markets [32][33]. - Taitong's platform integrates various media resources and advertising technologies, allowing clients to manage global campaigns efficiently [34][35]. - The article emphasizes the importance of marketing in driving sales for intangible products, where marketing costs can reach up to 50% of revenue [33]. Future Variables in the Shadow World - The article concludes that the "shadow world" of globalization is characterized by a growing number of specialized service companies that address specific pain points in cross-border trade, such as high payment fees and complex compliance issues [40][41]. - The competitive landscape is shifting towards integrated ecosystems, where logistics, payment, and marketing services are increasingly interconnected, enhancing the overall efficiency of global operations [42].

Core Insights - PayPal China released a report on small and medium-sized enterprises (SMEs) in cross-border e-commerce, indicating strong growth despite a complex international trade environment, with 67% of enterprises having annual revenues below $3 million, highlighting the dominance of SMEs in the sector [2] Group 1: Growth Opportunities - Shenzhen SMEs demonstrate remarkable innovation capabilities, with examples of businesses leveraging unique products to attract significant overseas interest [3] - Emerging business models, such as interest-based e-commerce, are showing substantial growth potential, with Shenzhen companies having a clear advantage in these new fields [4] - The report highlights a rapid increase in digital product transactions, alongside traditional sectors like consumer electronics and furniture [4] Group 2: Payment Localization Challenges - Localized payment requirements are critical for successful transactions, with specific needs varying by country, such as local tax invoices in Mexico and "buy now, pay later" options in Brazil [5] - PayPal offers a comprehensive payment solution that allows Chinese merchants to accept payments in over 200 countries, addressing local payment preferences and facilitating quick currency conversion [5][6] Group 3: Fast Settlement Solutions - PayPal's four-hour RMB withdrawal service is a leading cross-border settlement solution, enabling quick fund recovery for SMEs, which is crucial in the current trade environment [6] - The service supports multi-currency transactions and ensures rapid access to funds, enhancing cash flow for small businesses [6] Group 4: Diversification Strategies - In response to US-China trade tensions, successful companies exhibit traits such as multi-market presence, product differentiation, and digital empowerment [8] - Chinese enterprises are expanding into emerging markets in Europe and Latin America, with localized adaptations being essential for success [8] - A Shenzhen home goods company has successfully shifted focus from the US market to multiple European countries, increasing its European business share to 35% through PayPal's localized payment solutions [8] Group 5: Technology Empowerment - Shenzhen companies utilizing digital tools have an average order conversion rate 18 percentage points higher than traditional firms, with AI tools expected to reduce operational costs by 30% [8] - The digitalization of global trade necessitates inclusive global collaboration platforms, with PayPal's innovative payment solutions providing crucial support for SMEs venturing abroad [8]

Core Viewpoint - The article explores the emergence of "shadow companies" in China's globalization efforts, highlighting their roles in logistics, payment, and marketing as essential infrastructure supporting global trade [2]. Group 1: Logistics - The logistics sector has seen the rise of companies like Zongteng Group, which established overseas warehouses early on, differentiating itself from competitors by focusing on direct shipping and logistics infrastructure [5][6]. - Zongteng's strategic investments in heavy assets, such as cargo planes and automated warehouses, have created significant barriers to entry, allowing it to control costs and improve service efficiency [7][8]. - Other logistics companies, like Wanyitong and Fanding, have adapted their strategies to focus on automation and industry-specific solutions, reflecting a shift towards more integrated logistics services [9][10]. Group 2: Payment - The payment sector has been revolutionized by companies like Airwallex and PingPong, which address the high costs and inefficiencies of traditional cross-border payment systems [16][17]. - These companies have emerged in response to the pain points faced by small and medium enterprises in cross-border transactions, offering lower fees and faster processing times [18]. - The competitive landscape in cross-border payments is evolving, with firms focusing on comprehensive financial ecosystems and compliance capabilities to differentiate themselves [20][21]. Group 3: Marketing - The marketing landscape for overseas expansion is characterized by companies like Taitong Technology, which leverage data-driven strategies to optimize advertising and improve ROI for clients [25][26]. - Taitong's innovative platform integrates various marketing services, allowing clients to manage global campaigns efficiently [27][28]. - The marketing sector is witnessing a shift towards AI-driven solutions, enhancing the effectiveness of campaigns and enabling better targeting of audiences [31]. Group 4: Future Variables in the Shadow World - The "shadow world" of globalization is driven by specific pain points, such as high payment fees and inefficient logistics, leading to the emergence of specialized service providers [34][35]. - The competitive dynamics are changing, with geopolitical factors and technological advancements introducing new variables that will shape the future of these industries [35][36]. - The integration of services across logistics, payment, and marketing is creating a more complex ecosystem, where companies must adapt to survive in a rapidly evolving global landscape [35].

Core Viewpoint - The Southeast Asian e-commerce market is experiencing explosive growth, with annual sales projected to increase from $4 billion in 2012 to $184 billion by 2024, attracting significant attention from Chinese companies [2][4]. Group 1: Market Growth and Opportunities - The e-commerce platforms in Southeast Asia, such as Lazada, are evolving through substantial investments from Alibaba and leveraging the entire Alibaba ecosystem for digital transformation [4]. - Chinese companies are increasingly entering the Southeast Asian market, shifting from merely selling products to offering services, thereby reshaping the e-commerce landscape [5]. - Southeast Asia, with nearly 700 million people and a high percentage of young consumers, presents a significant opportunity for e-commerce growth, as internet penetration rates exceed 70% in most countries [5][6]. Group 2: Consumer Preferences and Trends - The most notable e-commerce growth is observed in Indonesia, Thailand, and Vietnam, where consumers prefer visually appealing, low-decision, and high-repeat purchase products [6]. - Chinese sellers have a competitive advantage in understanding local demands and product selection, becoming a dominant seller group on Southeast Asian e-commerce platforms [6][10]. - The rise of content-driven e-commerce, particularly through platforms like TikTok Shop, is changing consumer purchasing behavior, with 75% of consumers more willing to buy products recommended by influencers [8][9]. Group 3: Technological Advancements - E-commerce platforms in Southeast Asia are benefiting from technological upgrades, with Lazada being a pioneer in applying AI for personalized recommendations and operational efficiency [7]. - The integration of AI has led to a 46% increase in user interaction with the platform during peak shopping events [7]. Group 4: Infrastructure Development - The logistics and payment infrastructure in Southeast Asia is improving, with significant investments from Chinese logistics companies to enhance delivery efficiency [12][13]. - The electronic payment adoption rate has surpassed 50%, with mobile payments in Thailand projected to account for 55% of e-commerce transactions by 2024 [13][14]. - Despite the growth in electronic payments, cash transactions remain prevalent due to cultural preferences and the limited issuance of debit and credit cards [13][14]. Group 5: Cross-Border Payment Solutions - Chinese payment service providers are capitalizing on the opportunity to address payment challenges in Southeast Asia, offering localized services and cross-border payment solutions [14]. - Successful collaborations, such as UnionPay's partnership with Laos' national payment network, highlight the potential for Chinese payment services to enhance local payment ecosystems [14].

Core Viewpoint - The Southeast Asian e-commerce market is experiencing explosive growth, with annual sales projected to increase from $4 billion in 2012 to $184 billion by 2024, attracting significant attention from Chinese companies [1][3]. Group 1: Market Growth and Opportunities - The e-commerce platforms in Southeast Asia, such as Lazada, are evolving with the support of Chinese companies like Alibaba, which provides funding and ecosystem integration [3]. - The demand for Chinese products in Southeast Asia is rising, driven by a young population and increasing internet penetration, with over 70% in most countries except Laos, Myanmar, and East Timor [6][7]. - Indonesia, Thailand, and Vietnam are noted for their significant e-commerce consumption growth, with a preference for visually appealing and high-repurchase products [6][7]. Group 2: E-commerce Strategies and Innovations - The rise of live streaming and short videos as new consumer entry points is reshaping shopping habits, with 75% of Southeast Asian consumers preferring products recommended by influencers [9][10]. - TikTok Shop is leveraging a dual model of "content + shelf," where personalized recommendations and real-time interactions drive sales [10][11]. - Chinese sellers, experienced in domestic e-commerce, are successfully applying their strategies in Southeast Asia, enhancing the content ecosystem on platforms like TikTok Shop [11]. Group 3: Infrastructure Development - The logistics and payment infrastructure in Southeast Asia is improving, with significant investments from Chinese logistics companies like Cainiao and SF Express [12][14]. - The electronic payment adoption rate has surpassed 50%, with mobile payments in Thailand projected to account for 55% of e-commerce transactions by 2024 [14][15]. - Despite advancements, challenges remain in payment adoption due to low credit card issuance and a preference for cash transactions among local consumers [15]. Group 4: Cross-Border Payment Solutions - Chinese payment service providers are capitalizing on the payment challenges in Southeast Asia, offering solutions that facilitate cross-border transactions and reduce costs [15]. - Successful collaborations, such as UnionPay's partnership with Laos' national payment network, highlight the potential for Chinese companies to enhance local payment ecosystems [15].

受国际贸易环境变化影响，发掘新市场机遇已成为跨境企业应对挑战、实现长期增长的必然选择。Payoneer派安 盈(纳斯达克股票代码：PAYO)近日正式发布"盈动全球"计划，旨在通过一系列行业洞察赋能、产品服务升级、全 球服务资源对接等多项举措，帮助中国企业在美国市场精耕细作、非美市场稳健拓展，实现出海业务稳健运营和 韧性增长。 欧洲市场凭借其庞大的消费群体、成熟的电商环境以及持续增长的购买力，正快速崛起为新的增长高地。根据 ECDB数据，2025年欧洲电商的销售总额已超过7600亿美元，预计在2028年达到9010亿美元。为助力中国中小企 业加速布局欧洲市场，Payoneer派安盈近日分别在杭州、深圳举办了"盈动全球●欧洲跨境峰会"系列活动，携手 TikTok Shop、亚马逊及跨境生态链中多家合作伙伴，深度解读欧洲市场的机遇与挑战，分享本地化经营的实战经 验与启示，并提供专属资源扶持对接活动，帮助卖家高效落地、抢占先机。 会上，Payoneer派安盈大中华区销售总经理秦童发表主题演讲，他表示："当前，欧洲已成为中国出海企业突破单 一市场依赖、实现全球化多元布局的主要目标市场。Payoneer派安盈最新调研显示 ...

DCEP-CIPS跨境支付系统试点区域进一步拓宽，现涵盖50个国家和地区，这一覆盖范围已达到"一带一路"沿线经济体的90%。预计到2025年第一季度，通过 该系统的跨境结算总额将超过1.8万亿元人民币，较上年同期增长达到320%。 在诸多积极因素的推动下，数字货币与跨境支付领域，作为当前最热门的板块，已确立起政策层面的基本框架，并启动了初步的发展进程。 请注意！ 数字货币及跨境支付领域即将迎来爆发式增长！ 为何有这样的说法？ 得益于多方面的积极因素，数字货币与跨境支付领域正稳步迈向商业化的道路！ 中国人民银行行长潘功胜于2025年6月18日的陆家嘴论坛上宣布，将设立数字人民币的国际运营中心。 香港正式推出《稳定币条例》：自2025年8月1日起，该条例正式施行，标志着全球首个对法币挂钩稳定币进行全面监管的法规体系在香港诞生。 mBridge多边央行数字货币桥项目逐步实施：该项目由国际清算银行（香港）创新中心、泰国银行、阿联酋央行、中国人民银行数字货币研究所以及香港金 融管理局共同发起并建设。 未来，这一领域无疑将迈向新的高峰。在此趋势下，拥有跨境许可和金融牌照的企业显得尤为关键，因为只有获得政策授权的企业，才能 ...

Group 1 - LianLian International held the 2025 Ecological Conference in Shenzhen, focusing on technological innovation and global market opportunities for outbound enterprises [1] - The event featured industry experts discussing new strategies for cross-border e-commerce, emphasizing the importance of collaboration and open ecosystems for success [1] - LianLian International has established a robust global presence with over 60 payment licenses and a network covering more than 100 countries, serving over 5.9 million outbound enterprises [1] Group 2 - LianLian International launched the "LianLian Cross-Border Merchant Confidence Index" project to assess market conditions and seller expectations across seven dimensions, aiding industry understanding [2] - The company introduced the CrossLink open platform to share its user ecosystem and facilitate diverse business scenarios, partnering with LooperBuy to enhance B2B sourcing services [2] - A global e-commerce entrepreneurship competition named "Breaking Boundaries Future" was announced to support small and medium-sized entrepreneurs in overcoming challenges related to funding, direction, and resources [2] Group 3 - LianLian International is integrating advanced AI technology to enhance product capabilities, offering free AI experiences to cross-border sellers and launching tools like "LOOP AI" for streamlined operations [3] - The company aims to empower the industry through technology and warm services, fostering trust and collaboration among ecosystem partners for a new era of globalization for Chinese enterprises [5]