Core Viewpoint - On November 19, Jihong Co., Ltd. experienced a decline of 2.95% in stock price, with a trading volume of 165 million yuan, indicating market volatility and investor sentiment [1] Financing Summary - On the same day, Jihong Co. had a financing purchase amount of 19.34 million yuan and a financing repayment of 15.48 million yuan, resulting in a net financing purchase of 3.86 million yuan [1] - As of November 19, the total balance of margin trading for Jihong Co. was 319 million yuan, which accounts for 5.32% of its circulating market value, indicating a relatively high level compared to the past year [1] - The company had no short selling activity on November 19, with a short selling balance of 0 yuan, placing it in a low position compared to the past year [1] Company Overview - Jihong Co., Ltd. is based in Xiamen, Fujian Province, and was established on December 24, 2003, with its listing date on July 12, 2016 [2] - The company primarily engages in cross-border social e-commerce and paper packaging for fast-moving consumer goods (FMCG), with e-commerce contributing 65.45% and packaging 34.49% to its revenue [2] Financial Performance - As of September 30, the number of shareholders for Jihong Co. reached 40,800, an increase of 10.93%, while the average circulating shares per person decreased by 9.85% to 7,084 shares [3] - For the period from January to September 2025, Jihong Co. reported a revenue of 5.039 billion yuan, representing a year-on-year growth of 29.29%, and a net profit attributable to shareholders of 216 million yuan, up 60.11% year-on-year [3] Dividend Information - Since its A-share listing, Jihong Co. has distributed a total of 706 million yuan in dividends, with 519 million yuan distributed over the past three years [4] Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited was the second-largest circulating shareholder of Jihong Co., holding 39.41 million shares, a decrease of 87,900 shares from the previous period [4]

Group 1 - Global automotive electronics company Visteon has signed an agreement to establish its second technology center in Wuhan Economic Development Zone, indicating a strong commitment to the region [1] - ZF Group's new factory in Wuhan has officially commenced production, marking the third major project by the group in Wuhan within two years, highlighting the city's growing appeal to global automotive giants [3] - Xiaomi's smart home appliance factory in Wuhan has achieved a product first-pass yield rate exceeding 99%, with an average production rate of one high-end air conditioner every 6.5 seconds, showcasing advanced manufacturing capabilities [4] Group 2 - The establishment of various AI companies' regional headquarters and R&D centers in Wuhan, including Huawei and ByteDance, signifies rapid growth in the smart economy sector [5] - ZF Group has made its third investment in Wuhan within five years, emphasizing the city as a core engine for global automotive technology innovation [6] - The influx of technology giants is attracting top-tier capital, technology, and high-end talent to Wuhan, creating a "catfish effect" that enhances the local economy and innovation ecosystem [7] Group 3 - Wuhan's comprehensive advantages, including location, talent pool, and supportive policies, have created a favorable business environment that attracts investment [8] - The city has a significant number of higher education institutions, with over 130,000 students graduating annually, contributing to its talent advantage [8] - The rapid project construction pace in Wuhan, exemplified by Xiaomi's factory being built in about one year, reflects the city's efficient operational capabilities [8] Group 4 - Wuhan has launched a 1 billion yuan special fund to support the cultivation of 1,000 technology innovation projects, focusing on seed-stage investments [9] - The city aims to ensure that companies not only establish a presence but also thrive and grow, emphasizing the importance of application scenarios and service-driven support [9]

穿梭于亚欧大陆的中欧班列，已累计开行近12万列。10多年间，这条"钢铁驼队"从最初单一的跨境物流 通道，到如今"班列+枢纽+产业+贸易"的多元融合生态，"中欧班列+"效应正持续放大，更以铁路大动 脉为纽带，将沿线分散的产业节点紧密串联、高效聚合，催生出一个个特色鲜明的产业集群，为亚欧大 陆架起了联通机遇、共促发展的产业协作新桥梁。 2011年3月19日，首列中欧班列"渝新欧"发出，开启亚欧铁路运输新纪元。"目前，中欧班列已累计开行 近12万列，形成了联通中国境内128个城市，通达欧洲26个国家232个城市以及亚洲11个国家100多个城 市的国际运输网络，为维护国际产业链、供应链稳定，促进全球经济发展发挥了重要作用。"国铁集团 董事长郭竹学说。 在网络延伸的同时，技术赋能让通道效率持续跃升，北斗定位、5G技术与电子施封锁的应用实现货物 全程可视化追踪。霍尔果斯口岸进口货物通行时间从2至3天压缩至16小时内，属地出口货物作业时间缩 短至1小时。高效稳定的物流通道，让内陆地区从开放末梢变为前沿阵地，为产业集群的形成提供了核 心支撑。 "班列+跨境电商""班列+订单农业""班列+绿色制造"等新模式蓬勃发展，不断拓展着 ...

Core Insights - Guangzhou's foreign trade import and export value reached 1.02 trillion yuan in the first ten months of this year, marking a historical high for the same period, with a year-on-year growth of 12.1% [1][2] - Exports from Guangzhou amounted to 682.36 billion yuan, with a year-on-year increase of 20.5%, leading among major foreign trade cities in China and within Guangdong province [1][2] - Private enterprises are the main contributors to Guangzhou's foreign trade, accounting for 87.3% of the total number of enterprises engaged in import and export activities [1] Trade Performance - In the first ten months, Guangzhou's trade with other RCEP member countries reached 292.5 billion yuan, a year-on-year increase of 11.6% [1] - Trade with the EU and ASEAN saw significant growth, with values of 182.54 billion yuan and 169.63 billion yuan, respectively, reflecting year-on-year increases of 23.9% and 31.1% [1] - Trade with Belt and Road countries reached 479.61 billion yuan, growing by 24.1% year-on-year, while trade with other BRICS countries and partners was 255.96 billion yuan, up 22.5% [1] Export Dynamics - Key export products from Guangzhou showed notable growth, with "new three samples" products exporting 19.94 billion yuan, a year-on-year increase of 52.8%, and high-tech products exporting 75.36 billion yuan, up 15.3% [3] - The cross-border e-commerce sector in Guangzhou maintained double-digit growth, reaching 169.12 billion yuan in the first nine months, significantly contributing to the overall foreign trade growth [7] Economic Development Initiatives - The Guangdong provincial government aims to enhance the airport economy by expanding the functions of the airport and attracting cross-border e-commerce industries to stimulate regional economic growth [7]

德国，是欧洲跨境电商市场的重要板块，也是跨境卖家进入欧洲的首选市场。但同时，它也是欧洲税务制度最严、处罚最重的国家之一。 近年来，随着德国税务监管体系的不断完善，税务稽查力度持续升级。有数据显示，中国跨境卖家收到税务核查函的数量较去年同比激增，轻则补税罚款， 重则关店封号！ 德国税务局的智能稽查系统早已布下天罗地网，没有哪个卖家可以心存侥幸。那么卖家又该如何自救呢？本篇为大家梳理德国VAT从注册到申报的合规避坑 建议。 一、哪些卖家需注册德国VAT？ 德国本土企业必须注册VAT。此外，其他符合以下范畴的主体，也需按德国税务法规完成强制注册： 1、在德国境内储存商品 如果卖家商品在德国设有海外仓储或者使用了德国本地仓库，即卖家货物储存在德国仓库，再从德国调发到各地，则需要注册德国VAT税号。 2、使用了亚马逊FBA仓的卖家 如果卖家使用了亚马逊FBA（亚马逊仓储和代发货服务），货物从海外发送到亚马逊在德国的仓库中储存销售，也必须在德国申请VAT号码并进行税务申 报。 3、远程销售超过阈值 如果采取远程销售模式，将货物仓储在德国以外的欧洲国家，比如英国，然后将货物直接发送给德国的最终消费者，这种情况下的年销售额如 ...

Core Insights - The China-Europe Railway Express has operated nearly 120,000 trains, evolving from a single cross-border logistics channel to a multifaceted ecosystem integrating "trains + hubs + industries + trade" [1] - This railway network connects 128 cities in China with 232 cities in 26 European countries and over 100 cities in 11 Asian countries, playing a crucial role in stabilizing international supply chains and promoting global economic development [1] Group 1 - The application of technologies such as Beidou positioning, 5G, and electronic seals has significantly improved the efficiency of logistics channels, reducing import processing time at the Horgos port from 2-3 days to under 16 hours [2] - New business models like "trains + cross-border e-commerce," "trains + order agriculture," and "trains + green manufacturing" are emerging, expanding the boundaries of industrial integration [2] - The West Xi'an Aijiu Grain and Oil Industrial Group has utilized the China-Europe Railway Express to establish a planting base in Kazakhstan, achieving a precise connection between overseas production and domestic consumption [2] Group 2 - The global expansion of the photovoltaic industry has heightened the demand for supply chain stability, with the China-Europe Railway Express providing a reliable alternative to traditional sea transport, significantly reducing the risk of cargo damage [3] - The launch of the first green cross-border e-commerce train has reduced transportation costs to one-fifth of air freight, promoting the scale development of the cross-border e-commerce industry [3] - Diverse logistics products such as public trains, boutique trains, and customized trains cater to various industrial needs, facilitating efficient circulation of electronic components, auto parts, and smart home products [3] Group 3 - The deep integration of "trains + industries" has led to the emergence of distinctive industrial clusters, with cities like Erenhot and Ulanqab experiencing rapid growth in related services and trade [4] - The China-Europe Railway Express has injected vitality into countries along the route, providing unique opportunities for Bulgaria to develop a regional distribution center that will enhance employment and related industries [4] - The railway not only facilitates logistics but also connects industrial clusters and fosters win-win cooperation among nations [6]

Group 1 - Many founders believe they understand financing after reading a few books or attending some courses, but this superficial knowledge can lead to significant pitfalls in the capital game [6][9] - The importance of hiring a financing advisor is emphasized, as they can help navigate the complexities of fundraising and avoid common mistakes [5][14] - Founders often fail to present the financial data and compliance issues that investors care about during pitches, focusing instead on product features and team strengths [7][10] Group 2 - Due diligence is not just about preparing documents; it involves identifying potential issues that could derail financing, such as unclear equity structures or hidden liabilities [9][10] - Advisors can conduct mock due diligence to uncover potential risks and help resolve them before presenting to investors [10][12] - Many founders overlook critical terms in term sheets, which can lead to unfavorable conditions that affect their control and financial outcomes [12][13] Group 3 - A good financing advisor can help founders secure better valuations and more favorable terms by leveraging their industry knowledge and investor connections [15][16] - Advisors can save time for founders by managing the fundraising process, allowing them to focus on business operations [17][18] - Advisors can help avoid hidden pitfalls that may only become apparent after the deal is closed, ensuring that terms are favorable and sustainable [18][19] Group 4 - The right financing advisor should be seen as a long-term partner who understands the industry and can provide ongoing support throughout the fundraising process [20][21] - Key qualities of a good advisor include having extensive capital market resources, understanding the specific industry, and being willing to support the company through multiple funding rounds [21][22][23] - Engaging an advisor early in the process can help set a solid foundation for future fundraising efforts and avoid initial missteps [26][27] Group 5 - Advisors can assist in structuring equity and clarifying business models at the seed or angel round stage, which is crucial for attracting initial investment [27][28] - During A and B rounds, advisors can help overcome growth challenges and connect with strategic investors who can provide both capital and industry resources [29][30] - In the C round or Pre-IPO phase, advisors play a critical role in ensuring compliance and preparing for the listing process, which is essential for successful market entry [31][32]

一、事件：黑五购物节 2025年黑五购物节（黑色星期五）将于11月28日正式开启。 黑五是美国等西方国家圣诞购物季的开始，商家会推出大规模折扣促销，现已成为全球性的购物狂欢节。 今年黑五促销周期大幅拉长，各平台纷纷延长活动时间，从传统的单日促销升级为横跨数月的商业战役。Temu从10月9日启动预热，持续至11月29日，全程 长达51天；亚马逊将黑五网一延长至12天；TikTok Shop从10月下旬持续至12月初，形成超长促销季。 跨境电商迎来表现机会 去年黑五期间，跨境电商订单量暴增。厦门机场货运中心在黑五购物季收发货量达7397吨，同比增长27%。菜鸟海外仓在北美地区峰值日单量同比增长3 倍。京东物流在北美地区海外自营仓峰值期间单量增长同比超过300%。 今年黑五也已表现出了强劲势头。11月14日，极兔宣布，双十一业务旺季的关键表现在"双十一"与"黑色星期五"等全球电商大促周期推动下，极兔全球订单 包裹量增长迅猛。11月11日，极兔速递全球包裹量再次突破亿件大关，创历史新高，同比增长9%。 其中，东南亚市场延续一贯活力。菲律宾双十一期间日均包裹量对比平日增长高达55%。新加坡、印尼与越南等多个东南亚市场在 ...

Core Viewpoint - The cross-border e-commerce industry is facing significant challenges due to strict enforcement of e-commerce taxes and changing platform rules, particularly on Amazon, which is leading to a survival crisis for small and medium-sized sellers [2][4][9]. Group 1: Challenges Faced by Sellers - The strict enforcement of e-commerce taxes is forcing many sellers to explain discrepancies in reported income, which could lead to losses if they are required to pay back taxes [2][4]. - Amazon's new pricing rules are causing historical prices to be recalibrated, leading to reduced sales volumes for many sellers [6][9]. - Increased advertising costs and platform fees are squeezing profit margins, with some sellers reporting advertising costs exceeding 10% of sales [7][9]. Group 2: Seller Strategies and Adaptations - Many sellers are exploring alternative platforms like TikTok and Temu, seeking better profit margins and less competitive environments, although these platforms also present their own challenges [10][11][12]. - A shift towards brand building is emerging among sellers, as reliance on low-price strategies is becoming unsustainable in the face of intense competition [15][16][18]. - Sellers are balancing their resources between maintaining a presence on Amazon and exploring new channels, with a common strategy being to allocate 70% of resources to Amazon and 30% to emerging platforms like TikTok [21]. Group 3: Market Dynamics - The competitive landscape is evolving, with platforms like TikTok offering lower commission rates (5%-8%) compared to Amazon's rates (15% or more), making them attractive alternatives for sellers [11]. - Amazon is adjusting its algorithms to favor brand-oriented sellers, indicating a shift in platform strategy towards higher-value sellers [16][18]. - The overall sentiment among sellers is one of cautious adaptation, recognizing that while Amazon's environment is tightening, it remains the most viable platform for sustainable profit [21].

Core Viewpoint - Focus Technology's stock has experienced fluctuations, with a current price of 44.27 CNY per share and a market capitalization of 14.044 billion CNY, reflecting a year-to-date increase of 9.23% [1] Financial Performance - For the period from January to September 2025, Focus Technology reported a revenue of 1.409 billion CNY, representing a year-on-year growth of 16.20%, and a net profit attributable to shareholders of 416 million CNY, also showing a growth of 16.38% [2] Shareholder Information - As of September 30, 2025, the number of shareholders for Focus Technology increased by 5.04% to 35,700, while the average circulating shares per person decreased by 4.80% to 5,665 shares [2] Dividend Distribution - Since its A-share listing, Focus Technology has distributed a total of 2.745 billion CNY in dividends, with 1.136 billion CNY distributed over the past three years [3] Stockholder Composition - As of September 30, 2025, the second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 5.8993 million shares, a decrease of 1.2665 million shares from the previous period [3]