Core Insights - The 138th Canton Fair's third phase focuses on the theme of "Better Life," attracting various fashion-related businesses, including SHEIN, which is leveraging its dual-engine model of "self-owned brands + platform" to promote domestic small and medium enterprises' quality products abroad [1][2] - SHEIN's significant investment exceeding 10 billion yuan in infrastructure and continuous supplier empowerment is driving the digital and green transformation of the industry [1][9] Group 1: SHEIN's Business Model and Market Position - SHEIN is integrating "cross-border e-commerce + industrial belts," enhancing the quality and competitiveness of traditional industries, particularly in textiles, through technological upgrades and digital transformation [2][6] - The company has achieved remarkable global market performance, projected to surpass ZARA, H&M, and Uniqlo to become the third-largest fashion retailer by 2024, with a significant increase in brand recognition and user engagement [4][6] Group 2: Supply Chain and Operational Efficiency - SHEIN's innovative supply chain model reduces inventory rates to single digits by implementing "small orders and quick responses," addressing traditional pain points of high inventory and slow payment cycles [3][5] - The company has invested over 15 billion yuan in building a smart supply chain system centered in Guangzhou, which includes modern logistics and warehousing facilities to support global sales [7][9] Group 3: Sustainability and Talent Development - SHEIN is actively promoting green initiatives among suppliers, implementing over 650 energy-saving measures to reduce resource consumption and enhance operational efficiency [8][9] - The company is also focused on talent development, establishing training programs to bridge employment gaps in the garment industry and fostering a comprehensive talent cultivation system [8][9]

Core Viewpoint - Cross-border e-commerce is no longer a simple online foreign trade but an important engine for transforming and upgrading industrial belts and cultivating new foreign trade momentum, with Kunshan as a significant participant in this transformation [1][3]. Group 1: Industry Overview - Kunshan Development Zone, located in the core area of the Yangtze River Delta, has a robust industrial foundation with 400 billion-level electronic information and 100 billion-level equipment manufacturing industries, promoting deep integration of cross-border e-commerce with local industrial belts [1][6]. - In 2024, Kunshan Development Zone achieved an import and export volume of 72.39 billion USD, accounting for 63.2% of the city's total [1]. Group 2: Infrastructure and Ecosystem - The establishment of the China-Singapore Suzhou Industrial Park Rui Cross-border E-commerce Characteristic Industrial Park, with an investment of approximately 3 billion CNY over five years, aims to create a total area of about 320,000 square meters [1][14]. - The park has already attracted major platforms like Alibaba International Station and Amazon, with over 20 cross-border related enterprises signed up [1][14]. Group 3: Strategic Choices and Challenges - Kunshan Development Zone is strategically focused on transforming its strong industrial base into new advantages in the global value chain, helping local enterprises transition from "OEM manufacturing" to "brand going global" [3][12]. - Despite its industrial advantages, cross-border e-commerce enterprises face challenges such as financing difficulties, high logistics costs, low operational efficiency, and brand building issues [12]. Group 4: Policy Support and Financial Solutions - The park offers comprehensive policy support, including special revenue subsidies and rental discounts, to assist enterprises in overcoming financial pressures [12][13]. - The "Kun Cross Loan" financial product is designed specifically for cross-border e-commerce enterprises, allowing them to use online store operating cash flow as credit collateral, significantly reducing financing difficulties [12][13]. Group 5: Future Prospects - The park aims to create a sustainable cross-border e-commerce innovation ecosystem, with plans to invite global mainstream platform officials to provide regular consultations for enterprises [15][17]. - The project is expected to attract over 100 enterprises, generating an output value of approximately 5 billion CNY and an annual tax contribution of about 130 million CNY once fully operational [15].

Group 1 - The cross-border e-commerce sector is experiencing a downturn, with significant declines in stock prices [1] - Xidamen has hit the daily limit down, indicating a severe drop in its stock value [1] - Other companies such as Jihong Co., Ruoyuchen, Meizhigao, Jiuqi Software, Taipeng Intelligent, and Guolian Co. are also following the downward trend [1]

Core Viewpoint - Jihong Co., Ltd. experienced a 5.26% decline in stock price, closing at 17.10 yuan per share, with a total market capitalization of 7.702 billion yuan [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 [1] - The company primarily engages in cross-border social e-commerce and paper packaging for fast-moving consumer goods (FMCG) [1] - Business segments include: - Cross-border social e-commerce, which accounts for 65.45% of revenue, focusing on advertising on social media to attract customers for various products [1] - Paper packaging, contributing 34.49% of revenue, providing one-stop packaging solutions for FMCG clients [1] - Other businesses, including marketing, advertising, and trade, account for 0.06% of revenue [1] Fund Holdings - One fund, the China Europe Data Mining Mixed A (001990), holds a significant position in Jihong Co., Ltd., with 313,100 shares, representing 0.62% of the fund's net value [2] - The fund has reported a floating loss of approximately 297,400 yuan due to the stock's decline [2] Fund Manager Information - The fund manager of China Europe Data Mining Mixed A is Qu Jing, who has been in the position for 10 years and 174 days [3] - The fund's total asset size is 3.359 billion yuan, with a best return of 194.48% and a worst return of -24.21% during the manager's tenure [3]

11月3日，为期3天的第十六届深圳国际跨境电商交易博览会（简称"深圳跨交会"）在深圳会展中心启幕。展 会以"建中国智造柔性供应链，拓五洲电商市场新商机"为核心方向，围绕跨境电商全产业链需求，搭建"供需 对接、资源整合、转型赋能"一站式服务平台。各方通过主题展览、高峰论坛、选品对接会等多种形式，积极 拓展全球市场。 深圳特区报记者 何龙 摄 编辑：黄春才 ...

Core Points - China's door to openness is widening, benefiting its people through various policies and trade initiatives [1][4] - The "14th Five-Year Plan" emphasizes expanding high-level openness, enhancing international cooperation, and sharing opportunities with the world [1][4] - The implementation of institutional openness includes aligning with international standards in areas like intellectual property and environmental regulations [3][5] Trade and Investment - In the first three quarters of this year, China's trade with Belt and Road countries reached 17.37 trillion yuan, a 6.2% increase, accounting for 51.7% of total trade [1] - The proposal includes expanding unilateral and regional openness, optimizing regional trade layouts, and enhancing free trade zones [4][5] - China's foreign direct investment flow in 2024 is projected to be $192.2 billion, an 8.4% increase from 2023, maintaining a global share of 11.9% [10] Service and Digital Trade - Service trade imports and exports totaled 38.87 billion yuan in the first half of 2025, with exports growing by 15% [7] - The focus on green trade is evident, with significant growth in exports of wind power and solar products, and electric vehicle exports surpassing 2 million units last year [7][8] - Cross-border e-commerce is also thriving, with imports and exports reaching 2.63 trillion yuan in 2024, a 10.8% increase [9] Overseas Investment Support - The government is enhancing the overseas comprehensive service system to support Chinese enterprises in global investments [10][11] - Local initiatives in regions like Zhejiang and Shanghai are providing platforms and services to facilitate overseas investments [11] - The complexity of the global investment environment necessitates improved risk management and resource allocation capabilities for Chinese companies [10][11]

Core Viewpoint - The cross-border payment and settlement scale in China has significantly increased during the "14th Five-Year Plan" period, with a projected total of $14 trillion in 2024, marking a 64% growth compared to 2020, and a 10.5% year-on-year increase in the first three quarters of this year [3][5][6]. Group 1: Cross-Border Trade - The scale of cross-border trade has expanded, with the average annual growth rate during the "14th Five-Year Plan" period being 8 percentage points higher than that of the "13th Five-Year Plan" [3]. - The total value of imports and exports in Gansu Province is expected to exceed 60 billion yuan for the first time in nearly a decade, with an average annual growth rate of 13.9% since 2021 [5]. - The average annual scale of service trade imports and exports has exceeded $860 billion, representing a 26% increase compared to the "13th Five-Year Plan" period [6]. Group 2: Financial Stability - As of June 2025, China's foreign financial assets exceeded $11 trillion, while foreign liabilities surpassed $7.2 trillion, resulting in a net foreign asset of $3.8 trillion, ranking third globally [7]. - The foreign exchange market has been enhanced with a dual management framework, which has effectively responded to external shocks and maintained a stable environment for cross-border payments [7]. Group 3: Service Trade Facilitation - The efficiency of cross-border fund settlement has significantly improved due to the implementation of facilitation policies, allowing companies to complete transactions much faster than before [8][9]. - The introduction of direct settlement for cross-border e-commerce transactions has streamlined processes, reducing the time required for fund settlement to one working day [10]. Group 4: Open Market Developments - The issuance of Panda bonds by foreign entities in China's interbank bond market has continued to grow, with cumulative issuance surpassing 1 trillion yuan [11]. - Reforms in the Qualified Foreign Institutional Investor (QFII) and Renminbi Qualified Foreign Institutional Investor (RQFII) systems have simplified approval processes and enhanced cross-border capital management [12]. - The overall scale of foreign investment in domestic securities has increased by 6% since the beginning of the "14th Five-Year Plan" [13].

Core Insights - The China International Cross-Border E-Commerce Trade Expo, the largest of its kind in Asia, has commenced in Shenzhen, showcasing global e-commerce leaders and platforms [1] - ECER, a leading mobile foreign trade B2B platform, introduced a new AI solution for foreign trade B2B, attracting significant attention from trade exhibitors [1] Group 1: AI Solutions in Cross-Border Trade - ECER's "AI Procurement" system integrates efficient processes, precise matching, and breakthrough multilingual real-time interaction, enhancing matching and communication efficiency in cross-border business [3] - The system allows for immersive experiences, demonstrating its capabilities in intelligent product selection, supplier matching, and real-time interaction [3] Group 2: Multilingual Interaction - The "AI Procurement" system addresses cross-border communication challenges with its robust multilingual real-time interaction capabilities, enabling seamless communication and precise interpretation of product details [5] - Feedback from exhibitors highlighted the system's effectiveness in resolving long-standing issues related to language, time zones, and labor costs in foreign trade [5] Group 3: Strategic Development - The "AI Procurement" system represents a significant achievement in ECER's long-term strategy for intelligence, complementing a series of AI applications that cover the entire foreign trade process [7] - ECER aims to create an intelligent foreign trade ecosystem driven by AI and data, continuously enhancing tools and insights to empower foreign trade enterprises [8]

21世纪经济报道记者董静怡 在全球贸易格局经历深刻重构的今天，跨境电商已不再是简单的线上外贸，而是推动产业带转型升级、培育外贸新动能的重要 引擎。作为中国制造业重镇，昆山是其中的重要参与者。 位于长三角核心地带的昆山开发区，依托4000亿级电子信息、1000亿级装备制造等产业集群，推动跨境电商与本土产业带深度 融合，让制造优势转化为出海胜势。凭借其雄厚的产业基础、优越的区位条件和前瞻的政策布局，昆山开发区正全力打造跨境 电商发展新高地。2024年，昆山开发区完成进出口723.9亿美元，占全市比重63.2%。 一个充满活力的跨境电商产业生态圈正在构建。由中新苏州工业园区开发集团旗下企业共同投资设立的中新园瑞跨境电商特色 产业园，计划以五年周期投入约30亿元，打造总规模约32万平方米的产业空间。目前，园区一期约11万平方米空间于12月正式 开园，已有阿里巴巴国际站、亚马逊等平台型企业和20余家跨境相关企业签约入驻。 昆山开发区中新园瑞跨境电商特色产业园 这一项目的推进，折射出昆山开发区在制造业转型升级关键时期的战略选择：如何将雄厚的产业基础转化为在全球价值链中的 新优势？如何帮助本地企业从"代工制造"走向"品牌出 ...

Core Points - The U.S. Senate has passed a resolution to terminate the global tariff policy implemented during Trump's presidency, marking a significant challenge to presidential power in trade matters [3][5][7] - The vote was strictly along party lines, with all 51 votes in favor coming from Democrats and all 47 votes against from Republicans, highlighting deep divisions within U.S. trade policy [7][9] - The resolution faces significant hurdles, including the need for approval from the Republican-controlled House of Representatives and potential presidential veto [9][19] Economic Implications - The inflation data released by the Federal Reserve indicates that the cost of living for ordinary Americans has increased significantly, with imported goods prices rising by 18.7% since the implementation of tariffs in 2021 [13][17] - The steel tariffs, which imposed a 25% tax on imported steel, have led to job losses in downstream manufacturing sectors, with an estimated 500,000 jobs affected [17][18] - The Federal Reserve's interest rate hikes, currently at historical highs of 5.25% to 5.5%, are exacerbating the government's debt burden, with interest payments projected to exceed $1.2 trillion in the 2025 fiscal year [19][21] Global Trade Dynamics - The global trade landscape is shifting, with the Regional Comprehensive Economic Partnership (RCEP) increasing its trade share to 38.7% in the Asia-Pacific region [21][22] - The U.S. share in the Trans-Pacific Partnership has decreased from 35% in 2016 to 28% currently, as global trade increasingly bypasses the U.S. due to its tariff barriers [26][28] - The dollar's dominance in international payments is declining, with its share falling to 46.8% and the yuan's share rising to 6.2% by September 2025 [28][29] Political and Social Factors - Political donations from manufacturing groups have reached a historic high of $180 million during the 2024 election cycle, influencing trade policy decisions [19][21] - The potential repeal of tariffs could save middle-class families approximately $1,347 annually, but concerns about job losses in traditional manufacturing sectors complicate the political landscape [21][33] - The ongoing political struggle over tariffs reflects a broader global trend towards cooperation rather than confrontation, as countries seek to adapt to changing economic realities [33][34]