新国货的硬核内功与软叙事 << 2025新国货CoolTop100品牌榜 亿欧智库 https://www.iyiou.com/research Copyright reserved to EO Intelligence, September 2025 〖亿欧智库 千骑卷平冈 目录 CONTENTS 第一章 国货新征程 1.1国货发展新阶段的探索 1.2 内需市场的结构性变化 1.3 出海市场的风险性评估 1.4 新国货的破局关键词 第二章 国货新动向 2.1 品牌建设 2.2 技术创新 2.3 国潮文化 2.4 跨境出海 INTRO ◆ 在当下复杂多变的经济格局中，消费环境正经历深刻变革。国内消费潜力加速释放，消费需求 从追求性价比向质价比转变，场景化消费兴起，需求分化明显；对外开放水平不断提高，国货 出海浪潮涌动，但也面临文化差异、贸易壁垒等诸多考验。 ◆ "两新两重"及国产化替代政策为新国货发展注入强劲动力，全球化与消费升级的双重驱动， 促使国货品牌从产品输出迈向价值输出，技术创新与供应链智能化成为坚实支撑，国潮文化更 成为出海破圈的关键力量。 ◆ 本报告通过剖析新国货的发展新征程、新动向与新趋势，结合 ...

Group 1 - The core idea of the article emphasizes the importance of choosing a secure, transparent, and sustainably operating investment project, particularly in the rapidly changing investment market [1][5] - Dream Community combines cryptocurrency and cross-border e-commerce, providing a real, sustainable, and potentially profitable investment opportunity for investors [1][3] Group 2 - Dream Community's innovative business model seamlessly integrates cryptocurrency investment with cross-border e-commerce, creating a diversified, cross-industry investment platform [3] - The platform offers global market opportunities, allowing investors to steadily grow their wealth through a global strategy and localized tactics [3][6] - With a professional team and robust investment strategies, Dream Community helps investors capture stable returns in the volatile cryptocurrency market [3][6] Group 3 - The company adheres to industry standards, ensuring that each project undergoes careful selection and strict review, thus providing a transparent investment platform [6] - By combining cryptocurrency investment with cross-border e-commerce, Dream Community offers multiple return pathways, minimizing risks while maximizing profits [6] - The global market layout and extensive market experience of Dream Community provide investors with opportunities to leverage global market potential [6]

Core Insights - Chinese companies are entering a mature phase of overseas expansion, with the Middle East emerging as a key market due to its long-term potential and strategic importance in global industrial layout [1][2][3] - Understanding local needs and integrating into the local ecosystem are essential for Chinese enterprises to establish a long-term presence in the Middle East [1][4] Summary by Sections Investment Trends - The Middle East, particularly Saudi Arabia and the UAE, has become a favored destination for Chinese investments, attracting 84% and 79% of surveyed companies respectively [1][2] - The current phase of overseas expansion can be categorized into three stages: resource-based, asset acquisition, and the current focus on capacity output and localized operations [3][4] Market Characteristics - The Gulf Cooperation Council (GCC) countries, especially the UAE, Saudi Arabia, Kuwait, and Qatar, represent significant economic potential, with a young population and strong purchasing power driven by oil resources [4][5] - While there are signs of market saturation in some sectors, the overall long-term value of the Middle East remains intact despite minor bubbles [4][5] Changes in Business Approach - There has been a shift from large state-owned enterprises targeting massive projects to a rise in localized entrepreneurship, with companies establishing headquarters in Dubai and focusing on local operations [7][8] - Chinese enterprises are contributing positively to the local ecosystem by enhancing diversity, transferring technology, and forming effective partnerships with local teams [8][9] Key Success Factors - Successful Chinese companies in the Middle East share three common traits: reliable local partners, well-structured teams, and thorough localization efforts [10][11] - The competitive landscape is complex, with significant challenges in understanding local regulations and the need for product customization [12]

Core Insights - Chinese companies are entering a mature phase of overseas expansion, with the Middle East emerging as a key market. The phrase "if you don't go abroad, you will be eliminated" reflects the reality for many Chinese enterprises [1][3] - PwC's survey indicates that Saudi Arabia and the UAE are the top investment destinations for Chinese companies in the Middle East, attracting 84% and 79% of respondents, respectively [1][3] Stage of Overseas Expansion - The overseas expansion of Chinese companies can be divided into three stages: 1. Resource-based expansion (1990s to around 2010) focused on acquiring minerals and oil to meet domestic needs 2. Asset acquisition (represented by companies like Wanda, Alibaba, and Tencent) aimed at acquiring high-tech companies in Europe and the US, but with limited impact on global capacity layout 3. Capacity output and localized operation, driven by domestic capacity saturation and increased enterprise maturity, with Southeast Asia, the Middle East, and Central Asia as the main battlegrounds [4] Characteristics of Key Middle Eastern Markets - The Gulf Cooperation Council (GCC) countries, particularly the UAE, Saudi Arabia, Kuwait, and Qatar, account for over 95% of the Arab Peninsula's economic output. Each has unique characteristics suitable for different types of Chinese enterprises [5] - For instance, Kuwait has lagging infrastructure, making it suitable for construction and engineering firms, while the UAE is known for its high openness and favorable policies for technology and e-commerce companies [5] Changes in Chinese Companies' Approach - Post-pandemic, there has been a shift from large state-owned enterprises targeting massive projects to a rise in localized entrepreneurship, with some companies establishing headquarters in Dubai and maintaining operational teams locally [7][8] Impact on Local Ecosystem - Chinese companies are contributing positively to the local ecosystem in the UAE by diversifying and internationalizing the economy, transferring technology, and forming stable partnerships with local teams [8] Essential Traits for Success in the Middle East - Successful Chinese companies in the Middle East share three key traits: 1. Reliable local partners familiar with regulations and resource connections 2. A well-structured team combining Chinese core members, local labor, and capital 3. Thorough localization efforts, including in-depth market research and product customization [10] Market Dynamics and Competition - Many sectors in the Middle East are becoming competitive ("red ocean"), and companies are advised to explore opportunities in neighboring countries like Oman and Kuwait rather than solely focusing on the UAE [11] - The complexity of the Middle Eastern market, including hidden rules and high customization requirements, presents challenges for Chinese companies, which must rely on product strength and operational efficiency to compete [12]

Core Insights - The Australian-Chinese Business Association, led by Li Zhifeng, is investing in the China-Australia International Technology Industrial Park in Hubei, aiming to attract more entrepreneurs back to their hometowns for business development [1][3]. Group 1: Project Overview - The China-Australia International Technology Industrial Park covers an area of 275 acres and focuses on five core industries: health and biomedicine, cultural tourism and venture capital, medical services, agricultural product processing and trade, and cross-border e-commerce and smart logistics [1][3]. - The project is part of Hubei's initiative to promote the return of local entrepreneurs and capital, marking a significant achievement in the "Chuchang Return to Hometown" campaign [3]. Group 2: Investment and Collaboration - Li Zhifeng's company, Zhuo Australia Group, has also signed a cooperation agreement with the China Agricultural Valley (Qujialing) Future Food Innovation Research Institute to focus on protein, peptide raw materials, and health products, with plans for production to begin next year [3][4]. - The strategic location of Hubei, with its comprehensive transportation network and efficient logistics through Huahu International Airport, is seen as a key advantage for businesses [4]. Group 3: Industry Potential - Hubei's health industry has surpassed a trillion yuan, and there is significant potential for collaboration with Australia, especially in areas like elderly care, health management, and smart medical devices due to Australia's aging population [4]. - Plans are underway to establish a "China-Australia Technology Headquarters" in Hubei, focusing on health, artificial intelligence, low-altitude economy, cultural tourism, and agriculture [4]. Group 4: Upcoming Events - The seventh Chuchang Conference will be held in Wuhan at the end of October, where over 1,000 member companies from the Australian-Chinese Business Association will explore new development opportunities and foster cooperation [4].

Core Viewpoint - The customs authority has introduced ten measures to support the development of Sanya's outward-oriented economy, focusing on enhancing port construction, cultivating key industries, and releasing policy dividends to drive high-quality growth in Sanya's economy [1][2][3] Group 1: Port Construction and Key Industries - The measures emphasize the enhancement of Sanya Port and Sanya Phoenix Airport as "second-line ports," increasing pressure testing and supporting the expansion of Sanya Port's openness [1] - Support is provided for key parks such as Yazhou Bay Science and Technology City and the Central Business District to develop advantageous industrial clusters [1] Group 2: Duty-Free and Innovative Directions - The measures aim to innovate in the duty-free sector, allowing duty-free enterprises to expand their display range and conduct promotional activities [1] - Initiatives include consolidating the achievements of the offshore duty-free centralized review reform and implementing a new model for graded supervision of duty-free shops [1] Group 3: Agriculture and New Industries - In tropical efficient agriculture, customs will assist in exporting Sanya's specialty agricultural products and optimizing inspection channels for fresh and perishable goods [2] - Support for the cruise and yacht industry includes implementing "immediate docking and inspection" policies and establishing tax refund points for outbound goods [2] Group 4: E-commerce and Exhibition Industry - The measures support the introduction of leading cross-border e-commerce companies and the establishment of dedicated cargo lines to enhance Sanya's outward-oriented economic activities [2] - For international exhibitions like the Asia Sports and Consumer Expo, customs will set up consultation hotlines and green channels to facilitate operations [2] Group 5: Business Environment Optimization - The measures focus on optimizing the business environment at Sanya's ports, including pilot programs for tax-free processing and enhancing communication between customs and enterprises [3] - Initiatives include a "24/7" appointment customs clearance service to reduce clearance times and improve satisfaction for market participants [3]

"9610"业务的发展证明，创新是活力的源泉。我们要乘势而上，依托海南资源禀赋和自由贸易港的 政策集成优势，发挥跨境电商在货物流、资金流、数据流等方面的赋能作用，探索海南跨境电商发展新 场景、新模式。例如，支持企业依托综保区等特殊监管区域开展网购保税进口商品的展示业务，促进电 商产业线上线下业务融合。 要突出制度集成创新，大力支持"跨境电商+离岛免税"联动发展，充分发挥"保免互转"等海南自贸 港特有的政策优势，支持国际新品实现在海南首发或者与全球同步上市，大力提升企业市场竞争力。要 聚焦畅通国内国际两个市场，建立健全全省统一的跨境电商产业协调与资源共享机制，明确各市县功能 定位，充分满足企业供应链灵活性的需求，形成各具特色、错位发展的全岛协同发展格局。(曹马志) 近年来，"9610"业务为海南跨境电商业务带来了新活力。今年4月，海南全岛被国务院批复纳入跨 境电子商务综合试验区建设范围，也是全国首个省级跨境电子商务综合试验区。这为海南跨境电商发展 带来历史性新机遇。 ...

Core Viewpoint - The "9610" model, which stands for "cross-border trade e-commerce," is becoming a mainstream channel for cross-border e-commerce exports due to its short link and low cost characteristics [1] Group 1: Policy and Environment - The Hainan Free Trade Port's differentiated policies create a synergistic effect that provides an open environment and innovative space for exploring new cross-border e-commerce models [1] - The tax system, visa-free entry policy for personnel, open air traffic policy, multifunctional free trade accounts, and increasingly complete cross-border data infrastructure in Hainan contribute to the development of cross-border e-commerce [1] Group 2: Operational Advantages - The "9610" model allows domestic individuals or e-commerce enterprises to handle customs clearance through a "list release and summary declaration" method, leveraging e-commerce platforms for transactions [1] - The model's characteristics of short links and low costs are key factors driving its adoption in cross-border e-commerce exports [1]

Summary of Key Points from the Conference Call Industry or Company Involved - The conference call discusses the "Fifteen Five" planning period in China, focusing on economic growth, investment opportunities, and industry development. Core Points and Arguments 1. **Economic Growth Targets**: The "Fifteen Five" plan is expected to set clear economic growth targets between 4.6% and 4.8% to address internal and external uncertainties, following the policy directions established in the 20th National Congress and the Third Plenary Session [4][1][2]. 2. **Expansion of Domestic Demand**: The main line of the "Fifteen Five" plan is to expand domestic demand by increasing disposable income and creating consumption scenarios, with a focus on supporting service consumption and reducing consumption restrictions [5][1][2]. 3. **Investment Focus**: The plan emphasizes a combination of investments in physical assets and human capital, increasing infrastructure and livelihood investments, and identifying high-efficiency projects to address declining marginal returns [6][1][2]. 4. **Industry Development**: The development of new productive forces will be tailored to local conditions, enhancing total factor productivity across traditional, emerging, and future industries [7][1][2]. 5. **High-Level Security**: The plan will focus on high-level security in finance, supply chains, food and energy, and military sectors, promoting high-quality development through effective governance [8][1][2]. 6. **Economic Structure Shift**: The economic structure is expected to shift from manufacturing to services, with an increase in the proportion of service enterprises in the A-share market leading to a rise in overall market valuation [9][10][1][2]. 7. **Carbon Emission Control Policies**: The dual control policy on carbon emissions will transition to a focus on intensity control, complemented by total control, enhancing the national carbon trading market and establishing product carbon footprint management systems [11][1][2]. 8. **Fiscal and Tax Reforms**: Key reforms include improving the budget system, shifting consumption tax collection to local levels, and increasing local non-tax revenue management authority, which will incentivize local governments to enhance the consumption environment [12][1][2]. 9. **Land System Reforms**: The reforms aim to activate the secondary market for construction land and improve land use efficiency, addressing mismatches in land resources and promoting middle and low-end consumption through increased farmers' property income [13][14][1][2]. 10. **Anti-Competition Policies**: The plan will implement anti-involution policies to address irrational and disorderly competition, focusing on sustainable operations and optimizing industry structures [15][16][1][2]. Other Important but Possibly Overlooked Content 1. **Investment Opportunities**: Short-term investment opportunities include infrastructure projects, advanced manufacturing, defense spending, RMB internationalization, and green low-carbon sectors [19][1][2]. 2. **Long-Term Investment Lines**: The main lines of the "Fifteen Five" plan include expanding domestic demand, developing new productive forces, ensuring safety, promoting reform and opening up, and achieving green dual carbon goals [20][1][2]. 3. **Service Consumption Growth**: Service consumption is projected to grow significantly, with an expected increase of nearly 20 trillion yuan by 2030, accounting for 52% of total demand [21][20][1][2]. 4. **Photovoltaic and Energy Storage Prospects**: The photovoltaic and energy storage sectors are expected to see significant growth due to supply-demand improvements and the push for carbon peak requirements by 2030 [22][1][2].

Investment Rating - The report maintains a positive outlook on the cyclical recovery of the restaurant industry, suggesting a "Buy" rating due to expected growth exceeding the market average by over 15% in the next 3-6 months [31]. Core Insights - The restaurant industry is currently experiencing a cyclical recovery phase, driven by macroeconomic improvements and supportive consumer policies, with structural growth opportunities emerging [2]. - Key segments such as casual dining, freshly made beverages, and chain brands are performing exceptionally well [2]. - The recovery is attributed to supply-side adjustments, with inefficient capacities being phased out and leading brands enhancing operational efficiency [2]. - The report highlights the potential of AI in retail, particularly with Alibaba's advancements in AI infrastructure [2]. Industry Data Tracking - The overall GMV for Tmall and JD.com saw a year-on-year decline of 15.39% in the first week of August [4]. - The top five categories in terms of growth during the same period were home improvement, home appliances, consumer electronics, automotive, and maternal and infant products [4]. - Cross-border e-commerce exports reached approximately 1.63 trillion yuan in the first three quarters, marking a 6.6% increase [3][15]. Market Review - From October 13 to October 17, major indices such as the Shanghai Composite Index and the Shenzhen Component Index experienced declines of 1.47% and 4.99%, respectively [22]. - The retail sector showed a slight decline of 0.45%, ranking third among nine major consumption sectors [22]. - Notable stock performances included Guoguang Chain and Hebai Group, which saw significant gains, while companies like Xinghui Co. and Zhejiang Dongri faced declines [22][26]. Investment Recommendations - In the gold and jewelry sector, companies like Laopu Gold are expected to continue high growth due to strong same-store sales and expansion potential [6]. - The report suggests focusing on leading brands with strong pricing power and overseas capacity, particularly in the context of cross-border e-commerce [28]. - For online retail, Tencent is highlighted for its potential improvements through AI integration and a robust WeChat ecosystem, which is expected to enhance sales conversion [28].