Group 1 - The second China-Russia Economic and Trade Fair was held, resulting in the signing of 9 key projects with a total value of 10.3 billion yuan, covering various sectors such as equipment manufacturing and food processing [1][2] - The theme of the fair was "Deepening Connectivity and Creating a Cooperative Future," focusing on modern agriculture, cross-border logistics, and digital trade to enhance practical cooperation between Chinese and Russian enterprises [2][3] - The Mayor of Tongjiang emphasized the city's commitment to creating a favorable business environment and infrastructure to facilitate trade and investment between the two countries [2][3] Group 2 - Tongjiang serves as an important port in Heilongjiang Province, acting as a medium-sized port for water trade between China and Russia, and a transshipment hub for import and export goods [3] - The fair aims to promote the integration of industrial and supply chains, transforming the advantages of both countries into strong momentum for mutual development [2][3]

Core Insights - The Hainan International Smart Trade Cloud Port project has reached its topping-out stage, aiming to create a cross-border comprehensive trade industrial demonstration park [1] Group 1: Project Overview - The project is a key provincial initiative designed to establish a core hub for cross-border trade, integrate "digital + finance" models, and strengthen the international trade service center [1] - The project is located in Haikou's airport economic zone, covering an area of approximately 56 acres [1] Group 2: Project Features and Expectations - Planned facilities include a general smart warehouse, high-standard smart cold chain warehouse, comprehensive service center for cross-border trade, international high-end food processing center, and an exhibition center for imported consumer goods [1] - Upon completion, the project is expected to generate an annual foreign trade volume of 2 billion yuan and serve over 200 clients [1] Group 3: Future Development Plans - The next steps involve focusing on indoor secondary structure and exterior wall engineering, with a goal to complete all masonry work before the Spring Festival and ensure project completion by August 2026 [1]

Core Insights - The Zhengzhou International Land Port successfully launched a freight train carrying 35 cars (70 TEU) of goods, marking a significant operational milestone in cross-border logistics [1][3] - The train includes the first batch of China Railway special refrigerated containers, indicating a new breakthrough in cross-border cold chain logistics [3][5] - This development enhances the variety of goods transported by the China-Laos train service and expands the logistics service capabilities of the Zhengzhou International Land Port [5] Group 1 - The freight train departed on December 11, carrying a diverse range of goods including hardware tools, automobiles, packaging materials, corn starch, tires, and auto parts, effectively meeting the demands of the Southeast Asian market [1] - The train will exit through the Mohan port and reach the Vientiane station in Laos, showcasing the operational efficiency of the Zhengzhou International Land Port [3] Group 2 - The successful launch of the refrigerated container train not only enriches the transportation categories of the China-Laos train but also broadens the cross-border logistics service boundaries of the Zhengzhou International Land Port [5] - As a core hub for international logistics in Henan, the Zhengzhou International Land Port aims to optimize train operation systems and upgrade transportation capabilities, thereby enhancing the regional openness [5]

Core Insights - The efficiency of customs clearance at Hunchun Port in Jilin Province has significantly improved, facilitating the growth of foreign trade in Yanbian Prefecture, with a 3% year-on-year increase in the import of live aquatic products, totaling 21,000 tons in the first ten months of the year [1] - The establishment of a "green channel" for fresh aquatic products has reduced the time goods spend at the port, enhancing the overall logistics efficiency for cross-border trade [1] - The cross-border e-commerce sector in Yanji has also seen substantial growth, with a 32.42% increase in transaction volume at the Yanji Bonded Logistics Center in the first eleven months of the year [2] Customs Efficiency - The customs clearance process has been streamlined through the use of information technology, leading to a significant reduction in the time required for order review and release in cross-border e-commerce [2] - Traditional processing and manufacturing companies in Yanji have benefited from faster inspection speeds, with one company exporting 675.49 tons of dried cod worth 48.43 million yuan, marking increases of 16.7% and 21.85% respectively [4] Export Diversification - Hunchun's export categories have diversified beyond single product lines to include clothing, chemicals, electronics, and machinery, with the frequency of export trains increasing from once a week to twice [5] - The total export value of wooden products from Yanbian Prefecture approached 300 million yuan in the first eleven months, while the export value of specialty agricultural products from the Yanji Customs area reached 1.174 billion yuan [5]

Core Viewpoint - JD.com has chosen to lease an 18-year-old A330 aircraft, indicating a significant shift in the cross-border logistics industry, challenging the expectation that e-commerce giants would opt for the latest and most expensive aircraft [1] Group 1: Aircraft Utilization - The A330, previously used for passenger transport, has been repurposed as a cargo plane, demonstrating that older aircraft can still be valuable when converted for freight use [3] - The demand for cargo capacity rather than the latest technology makes older aircraft suitable for e-commerce, particularly for transporting lightweight but voluminous goods [3] Group 2: Financial Strategy - JD.com opted for leasing instead of purchasing the aircraft, which reduces financial risk and allows for greater flexibility in operations [5] - Leasing requires lower upfront costs compared to purchasing, which can run into billions, thus preserving cash flow amid market volatility [5] Group 3: Stakeholder Benefits - The transaction benefits not only JD.com but also aircraft leasing companies and modification firms, which can acquire used aircraft at low prices and lease them at higher rates after modifications [7] - Modification companies with technical expertise are capitalizing on the demand for converted cargo planes, generating significant profits from the conversion process [8] Group 4: Operational Challenges - Simply acquiring an aircraft does not guarantee profitability; the key challenge lies in maximizing cargo capacity to avoid losses from empty flights [10] - JD.com is investing in logistics hubs to optimize cargo consolidation, ensuring that flights are fully loaded to maintain profitability [12] Group 5: Market Dynamics - The success of JD.com's strategy hinges on the ability to effectively utilize technology and data analytics to fill every flight, as inefficiencies can lead to significant financial losses [12] - The interplay between JD.com, leasing companies, and modification firms reflects a broader gamble on their respective capabilities to turn investments into profits [14][15]

Core Viewpoint - The logistics market in Yiwu, Zhejiang is experiencing significant growth, with traditional sea freight volumes increasing steadily and the new TIR international road transport service achieving a remarkable rise from zero to over 100 trips, providing more flexible and convenient channels for "Made in China" products to go global [1][5]. Group 1: Logistics Market Dynamics - The logistics market in Yiwu is bustling as the year-end approaches, with various logistics forms developing in parallel and continuously innovating [1]. - The recent surge in shipping volume is primarily driven by the overseas "Black Friday" e-commerce promotions and the upcoming Chinese New Year, leading many merchants to ship products earlier [3]. - Currently, the warehouse in Yiwu is handling a daily shipping volume of 20 containers [3]. Group 2: TIR International Road Transport - The TIR international road transport service in Yiwu has officially surpassed 100 trips, showcasing its advantages such as simplified customs procedures, fast transportation speed, and operational flexibility [5]. - Since the successful launch of the first TIR + cross-border e-commerce export business in February, Yiwu has been promoting innovative models, including TIR + general trade and TIR + market procurement [5]. - The expansion of TIR services includes the development of TIR groupage exports to meet the needs of small and medium-sized enterprises for consolidated shipments, as well as the establishment of a cross-border e-commerce TIR return channel [5].

Core Points - The Harbin-Ou and Harbin-Russia freight trains have been operating steadily, with a total of 131,794 TEUs shipped, carrying goods valued at approximately 22 billion RMB [1][3] - The Harbin Free Trade Zone has made significant progress since its establishment in 2019, focusing on a "northward opening" strategy and achieving breakthroughs in government function transformation, investment trade facilitation, and international cooperation [3][4] - During the 14th Five-Year Plan period, the Harbin area has developed 362 independent innovation cases, including a new model for inspection and testing that significantly reduces processing time for business permits [3][4] Investment and Trade Facilitation - The Harbin area has established an investment service promotion center in Moscow, attracting 13 cooperative enterprises and implementing a "cross-border remote approval" model for business licenses [3][4] - New measures have been introduced to address financing difficulties for enterprises, including a management approach for intellectual property pledge financing and various financial incentives [4][5] - The industrial structure has shifted from primarily importing bulk products to a balanced export of machinery and electrical products, with a focus on green food, high-end equipment, and biomedicine as the leading industries [4][5] Cross-Border Logistics and Services - A comprehensive cross-border logistics network has been developed, integrating air, rail, and road transport, with the "Long Trade Pass" platform providing full visibility of cargo transport [5] - The Harbin Bonded Logistics Center has received approval from multiple government departments, enhancing the area's bonded functions and facilitating cross-border e-commerce [5] - The Harbin area has implemented a "single window" for international trade and established a multi-language arbitration network to support cross-border commercial activities [4][5]

Market Overview - The Federal Reserve lowered interest rates by 25 basis points, aligning with market expectations, and raised the U.S. economic growth forecast[5] - The Dow Jones increased by 497 points or 1.05%, closing at 48,057 points, while the S&P 500 and Nasdaq rose by 0.68% and 0.33% respectively[9] - European markets showed mixed results, with the Stoxx 600 index slightly up by 0.07%[9] Commodity and Currency Insights - Crude oil futures rebounded, with NYMEX crude oil rising by 0.36% to $58.46 per barrel, and Brent crude up by 0.4% to $62.21 per barrel[26] - Gold prices increased due to the Fed's decision to purchase Treasury bills, while silver reached new highs[4] - The U.S. dollar index fell by 0.4% to 98.79, marking an 8.9% decline year-to-date[25] Stock Performance - GE Vernova's stock surged by 15.62% after announcing a dividend increase and optimistic long-term guidance, with revenue targets raised to $52.2 billion, a 16% increase from previous guidance[8] - In the A-share market, the Shanghai Composite Index fell by 0.23% to 3,900 points, while the Shenzhen Component rose by 0.29%[15] - The Hang Seng Index increased by 0.42%, ending a two-day decline, with significant gains in large tech stocks[11] Economic Indicators - The U.S. third-quarter employment cost growth reached its lowest level in over four years, indicating potential labor market stabilization[5] - The IMF raised China's economic growth forecast for this year to 5%[5] - The market anticipates at least two more rate cuts from the Fed next year, with a target rate midpoint of 3.4% for 2026[5]

Core Viewpoint - The logistics industry in China is expected to experience a gradual "de-involution" by 2026, with the top two companies leading in volume growth due to accumulated network capabilities and higher operational efficiency [1] Group 1: Industry Trends - By 2026, the top two express delivery companies are projected to maintain a leading growth rate in shipment volume, leveraging their network capabilities and operational efficiencies to enhance cost and service quality advantages [1] - The Chinese express delivery network model is anticipated to expand internationally, leveraging competitive advantages to deeply bind with high-growth e-commerce platforms [1] Group 2: Economic Outlook - The United States is expected to enter a rate-cutting cycle by 2026, which may signal a recovery in cross-border logistics demand [1] - Limited growth in the supply of wide-body cargo aircraft is likely to support stable long-term contract prices in air freight for 2026 [1]

手机号 15769519125 2025 年 主编：雷静兰 编辑：柯文慧 商业合作： collaboration@shuoyuanconsulting.com 1 / 24 1 跨境物流行业概述 中国跨境物流行业市 场研究报告 输安全性和时效性，减少人为错误和欺诈行为。同时，智能化的仓储设备和自 动化分拣系统提高了仓储和配送的效率，降低了运营成本。 图表：跨境电商物流概念及范畴 1.1 行业定义与范围 1.1.1 跨境物流的基本概念 跨境物流是指货物在不同国家或地区之间进行运输、仓储、报关、配送等一系 列物流活动的总称。它涵盖了国际贸易中商品流动的全过程，包括货物从出口 国发出，经过多式联运的运输过程、海关清关手续、检验检疫，到达进口国港 口或机场后，再通过本地配送网络最终送达终端消费者手中的所有环节。 跨境物流不仅仅是简单的货物搬运，更是一个复杂而系统的供应链管理过程， 涉及多方协作和协调。具体来说，跨境物流包括传统的海运、空运、铁路运输、 公路运输等多种运输方式，这些方式往往需要结合使用以实现高效、经济的货 物运输。同时，跨境物流还涵盖了国际仓储服务，包括保税仓库、海外仓、分 拨中心等，这些仓储设施能够帮 ...