（来源：天津日报） 转自：天津日报 作为当前发展速度最快、潜力最大、带动作用最强的外贸新业态，跨境电商已成为国际贸易发展的重要 趋势、中国外贸发展的新动能。 以往，企业需要实现销售后才能申报办理出口退税，周期往往较长。为帮助出口企业打通资金堵点，让 企业的钱袋子更快"回血"，资金周转率大幅提升，跨境电商出口海外仓货物"离境即退税、销售后再核 算"相关政策缩短企业退税周期，减轻企业资金周转压力。 除了加大力度支持跨境电商等贸易新业态发展，我国还深入推进国际贸易"单一窗口"建设，助力企业实 现跨境贸易业务全链条全环节"一网通办"。据谢放介绍，目前，"单一窗口"已建成"一站式"综合服务平 台，实现与30个部门（单位）系统对接，提供货物申报、检验检疫、税费办理、出口退税、跨境电商等 25大类1010项服务，涵盖国际贸易全流程各主要环节。 据新华社北京1月15日电 支持"空中丝绸之路"发展、继续优化出口锂电池检验监管模式、推进"药食同源"进口商品便利通关…… 海关总署15日举行记者通报会，海关总署国家口岸管理办公室副主任谢放宣布了新一批在全国复制推广 的25项跨境贸易便利化措施，为促进我国外贸稳量提质、打造对外开放新优 ...

Core Viewpoint - The implementation of an expanded domestic demand strategy is essential for maintaining long-term healthy economic development and meeting the growing needs of the people for a better life [1] Group 1: Domestic Demand and Consumption - The central economic work conference emphasizes "domestic demand as the main driver" and aims to build a strong domestic market, with a focus on promoting consumption [2] - In 2025, China's retail sales of consumer goods are expected to exceed 50 trillion yuan for the first time, with a growth rate of 4.0% in the first 11 months [2] - The service retail sector is growing faster than goods retail, indicating strong vitality and potential in the market [2] Group 2: Service Consumption Growth - The focus will be on cultivating new growth points in service consumption, particularly in sectors like transportation, housekeeping, and online entertainment [3] - Policies will be implemented to support the replacement of old consumer goods with new, energy-efficient products, promoting green and intelligent consumption [3] Group 3: Downstream Market Potential - The third and fourth-tier cities and counties represent a significant market, accounting for 70% of the population and 60% of retail sales, and are seen as areas with the highest growth potential [4] - Initiatives like the "Buy in China" series will be promoted to stimulate consumption in these regions, including special events during the Spring Festival [4] Group 4: Trade Development - China's foreign trade is expected to exceed 45 trillion yuan in 2025, with a growth rate of 3.8%, maintaining its position as the world's largest trading nation for nine consecutive years [5] - The focus will be on diversifying markets, promoting balanced trade development, and enhancing service trade [6][7] Group 5: High-Level Opening Up - The Ministry of Commerce will expand autonomous opening in various service sectors and promote the implementation of free trade agreements [8] - Efforts will be made to optimize the cross-border layout of industrial and supply chains, encouraging cooperation in green development and digital economy [9] - Active participation in global economic governance will be prioritized, including engagement in APEC and WTO meetings [9]

Core Viewpoint - Jiangsu Province is prioritizing the "industrial reform" work in industrial parks as a key focus for the construction of the industrial workforce by 2026, leveraging the advantages of industrial parks to deepen and solidify the reform [1] Group 1: Industrial Park Reform Strategy - The industrial park is identified as a crucial platform for integrating various resources such as party building, human resources, education, and industrial information, which helps avoid isolated efforts by enterprises [1] - Jiangsu has established a five-level pilot system for "industrial reform," with Wuxi being a pioneer since 2019, cultivating 1,898 pilot enterprises and 35 characteristic industrial parks [2] - The "Industrial Park Reform Work Guide" has been iterated to its fifth version, with successful models being adopted by other regions like Changzhou Economic Development Zone [2] Group 2: Skills Development and Training - The Changjiang Cross-Border E-commerce Industrial Park in Wuxi has organized 73 training sessions covering e-commerce and enterprise management, reaching 5,561 employees since 2024 [2] - Partnerships with vocational colleges have been established to strengthen school-enterprise cooperation, with hundreds of university students being employed annually [2] - The park has initiated skills competitions that have directly contributed to export orders exceeding 1 billion yuan [2] Group 3: Collaborative Framework and Goals - A leadership group for "industrial reform" in industrial parks will be established, integrating it into party building and park development plans [3] - The goal is to achieve a collective bargaining coverage rate of 90% in key industrial parks by the end of 2026 [3] - The Jiangsu Provincial Federation of Trade Unions emphasizes the need for collaboration among leading enterprises, small and medium-sized enterprises, and other stakeholders to effectively implement the reforms [3]

Core Insights - The surge of Shenzhen's cross-border e-commerce companies pursuing IPOs is attributed to a combination of industry advantages, policy support, and brand development efforts [1][2]. Group 1: Industry Advantages - Shenzhen boasts a complete 3C electronics supply chain, enabling a highly competitive "one-hour industrial circle," where 95% of a smartphone's components can be sourced within an hour's commute [1]. - The city's cross-border enterprises benefit from the natural advantages of this industrial ecosystem, enhancing their competitiveness in the market [1]. Group 2: Policy Support - Shenzhen has established a comprehensive regulatory service model for cross-border e-commerce, integrating aspects such as commerce, customs, finance, taxation, and insurance, which provides a favorable environment for companies to grow [1]. - The continuous release of policy benefits has created a conducive atmosphere for the development of cross-border e-commerce businesses [1]. Group 3: Brand Development - Companies are transitioning from a "product distribution" model to a "branding" approach, establishing a dual-driven model of "R&D + branding" [1]. - Shenzhen's cross-border e-commerce firms are diversifying their sales channels, moving away from reliance on single platforms like Amazon to a multi-channel system that includes e-commerce platforms, independent websites, and offline retail [1]. - The focus on sustained R&D innovation and product quality is seen as essential for maintaining competitive advantage in the global market [2]. - The transformation of Shenzhen into a "cross-border brand capital" emphasizes the importance of long-term strategies and core capabilities for companies aiming to establish world-class brands [2].

第一，研发投入密度方面，品牌型企业研发投入占比需稳定在5%~8%以上。事实上，资本关注的不是 专利数量，而是"技术护城河"。第二，海外本土化资产占比方面，资本重点关注的是海外仓储面积、当 地员工占比。第三，复购率方面，一般而言，消费级硬件复购率若能达到30%~40%，说明品牌已形成 社区效应，而非一次性买卖。 从数据合规角度来看，随着2026年欧盟《数字市场法案》（DMA）执法重点转向透明度，以及中国新 修订的《网络安全法》施行，企业处理全球用户信息（如独立站用户画像）的合法性成为审计重点。如 果企业无法证明其数据采集和算法合规，其估值或将面临"监管风险折价"。 "合规化，一定是企业需要当成核心竞争力去夯实的。"深圳市电子商务服务中心主任助理洪培林毫不讳 言"合规"的重要性。他在接受深圳商报记者采访时表示，对于企业来说，不论上市与否，只有合规才能 够长远发展。如果只靠短期利益驱动，最终结果就是出局。 记者梳理企业招股书和相关公告发现，企业募资用途的分布高度聚焦在海外仓建设、研发投入以及品牌 营销投入等。从资本视角看，企业需通过哪些关键指标才能证明品牌升级潜力，并获得持续认可？ 宋清辉认为，企业需通过以下三个维 ...

Group 1 - The core viewpoint is that cross-border e-commerce faces regulatory risks due to tariff adjustments in Europe and the U.S., and companies must navigate these challenges to maintain compliance and attract capital and market interest [1] - The European Union will eliminate the €150 tax exemption for small packages starting July 1, 2026, impacting the previous strategies of tax evasion through "drop shipping" or "small package direct shipping" [1] - The IPO review process will focus on companies' "overseas warehouse distribution capabilities" and "localization progress in the supply chain" [1] Group 2 - Compliance is emphasized as a core competitive advantage for companies, essential for long-term development regardless of whether they go public [2] - Companies are focusing their fundraising on overseas warehouse construction, R&D investment, and brand marketing [2] - Key indicators for maintaining capital market recognition include R&D investment density (5%-8% of revenue), overseas localization asset ratio (warehouse area and local employee ratio), and a repurchase rate of 30%-40% for consumer hardware [2]

新通道：大桥上的全球订单 从珠江西岸的养殖基地、种植园区到港澳市场，供港澳农食产品一直具有批次多、品种杂、通关时效要求高、全年不间断供应等特点，一项聚焦于"纸张"的 变革，正在悄然重塑跨境民生供应链的效率与成本。 2025年，珠江口西岸外贸展现出强劲韧性。据拱北海关统计，去年全年该关关区珠海、中山两市外贸进出口总值达6226.5亿元，同比增长2.4%，其中跨境电 商、锂电池等新业态出口呈现跨越式增长。 港珠澳大桥海关监管区，一辆辆满载跨境电商包裹的货车快速通过卡口，几乎无需停留。"2025年我们经大桥口岸通关的包裹超1000万个，货值上亿元，这 个数字在我们开展业务初期是不敢想象的。"菜鸟集团关务运营负责人蔡东觉介绍。菜鸟集团于2020年落地大桥口岸开展业务，见证了大桥口岸跨境电商的 迅猛发展。 变化源于港珠澳大桥经贸新通道建设。以往货物需要在多地辗转，如今海关充分释放大桥连接港澳密集国际航线的独特优势，创新打造"大桥通关—港澳转 链—全球速达"电商快线，联动香港机场、码头分拨功能前置，实现了出口商品内地通关、港澳中转、全球配送。"我公司每天通过大桥口岸出口的跨境电商 包裹数万件，全天候通关保障和稳定可预期的 ...

中央财经大学副教授刘春生向《证券日报》记者表示，在跨境电商产业升级的过程中，生产商、品牌商扮演着重要角色， 它们是政策落地、产业集聚的核心载体，也是出口产品和服务的供给方，承担着技术创新、产品迭代、服务质效提升等具体任 务。对其给予明确支持，比如加大金融支持力度、完善配套服务等，有利于整合当地特色产业资源，也有利于加快相关产品、 服务和品牌的"出海"。 本报记者 寇佳丽 2026年开年以来，跨境电商（即"跨境电子商务"）成为了多地相关部门部署经济工作的重点。 1月13日，湖南省人民政府办公厅发布的《关于推动2026年一季度经济实现平稳起步的若干举措》提出，加强跨境电商综 合试验区建设；1月12日，《云南省商务厅关于拟支持跨境电商项目企业名单（第三批）的公示》对外公布；1月9日，河南省 商务厅发布了《河南省跨境电商产业带"源头工厂"名录（第二批）》；1月7日，山西省商务厅发布了《关于跨境电商数据归集 及治理项目第三方服务机构评选结果的公示》。 巨丰投顾高级投资顾问丁臻宇在接受《证券日报》记者采访时表示，当前，跨境电商已成为外贸发展新引擎，是激活产业 动能的重要抓手。多地积极谋划布局，将更好地推动跨境电商产业升级 ...

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Insights - The report emphasizes the growing importance of smart glasses as a key application for edge AI, particularly highlighted by developments at CES and Meta's plans to increase production capacity [3][8] - The global shipment of smart glasses is projected to grow from 9.93 million units in 2025 to 86.9 million units by 2030, with the market size expected to expand from 19.7 billion yuan to 161.2 billion yuan, reflecting a CAGR of 50% [8] - The report identifies key players in the smart glasses and cross-border e-commerce sectors, recommending specific companies for investment based on their innovative product offerings and market positioning [3][8] Summary by Sections Industry Overview - The report discusses the significant presence of Chinese brands at CES 2026, with over 90% representation in the smart glasses sector [8] - Major innovations include the launch of the world's first dual-lens AR glasses with eSIM functionality and lightweight AI glasses aimed at overseas markets [8] Investment Recommendations - The report suggests continued optimism for the smart glasses supply chain and highlights leading cross-border e-commerce companies that are expected to benefit from AI applications [3][8] - Specific investment targets include companies like Mingyue Optical (301101, Buy) and others in the smart glasses and cross-border e-commerce sectors [3]

Core Viewpoint - In response to changes in the international trade environment, China plans to implement 29 facilitation measures by 2025 to support import and export enterprises, aiming to stabilize and improve foreign trade quality [1] Group 1: Cross-Border Logistics Facilitation - Seven measures will be introduced to enhance cross-border logistics efficiency, including the integration of various transport modes and the development of key logistics channels [2] - Support for the construction of cross-border train assembly centers and the development of international road transport will be prioritized [2] - The "Air Silk Road" initiative will be expanded to include multimodal transport services, optimizing air cargo operations and enhancing efficiency [2] Group 2: Support for New Business Models - Five measures will support the development of new business models, including the promotion of cross-border e-commerce and green trade [3] - Simplification of air transport requirements for lithium battery-containing goods will be implemented to ensure safety [3] - Initiatives will be taken to enhance electronic information processes in cross-border trade, facilitating smoother operations [3] Group 3: Special Goods Regulation Optimization - Four measures will optimize the regulatory framework for special goods, including the inspection of exported lithium batteries and the establishment of a "white list" for trial enterprises [3] - The application of the "two certificates in one" pilot for imported vehicles will be expanded to simplify procedures [3] Group 4: Smart Regulation and Service Enhancement - Four measures will enhance smart regulatory services, including the development of a global "Smart Customs" online cooperation platform [4] - Efforts will be made to streamline customs declaration processes and improve inter-departmental cooperation for agricultural resources [4] Group 5: Benefits for Enterprises and Public - Five measures will enhance the effectiveness of benefits for enterprises, including incentives for high-credit enterprises and optimization of port logistics services [4] - Support for the rapid customs clearance of agricultural products and the simplification of visa policies for business personnel will be prioritized [4] Group 6: Achievements and Feedback - The cross-border trade facilitation initiative has improved market confidence, reduced costs for enterprises, and enhanced the business environment, with 98% of surveyed enterprises expressing satisfaction [5] - Significant efficiency improvements have been reported, such as an 80% increase in processing efficiency for the "two certificates in one" pilot and a 30% increase in overall export efficiency [5]