Core Insights - The press conference highlighted the growth of China's cross-border e-commerce, with imports and exports reaching 1.37 trillion yuan in the first half of the year, a year-on-year increase of 10.3% [1][3] - The total cross-border e-commerce import and export value for the first three quarters is estimated at approximately 2.06 trillion yuan, reflecting a growth of 6.4% [3][4] Group 1: Import and Export Data - In the first half of the year, exports amounted to 1.09 trillion yuan, growing by 11.6%, while imports were 281.18 billion yuan, increasing by 5.5% [1][3] - For the first three quarters, exports are approximately 1.63 trillion yuan, up by 6.6%, and imports are around 425.54 billion yuan, with a growth of 5.9% [3] Group 2: Key Products and Markets - Major export products include clothing, shoes, bags, jewelry, digital products, and home office appliances, while imports mainly consist of beauty and personal care products, fresh food, and medical supplies [3] - Key export regions are Guangdong, Zhejiang, Fujian, Jiangsu, and Henan, while major import destinations include Guangdong, Jiangsu, Zhejiang, Shanghai, and Shandong [3] Group 3: Policy and Regulatory Support - The customs authority has implemented innovative measures to support the high-quality development of cross-border e-commerce, including pilot programs for "inspection before shipment" and simplified export declaration procedures [3] - The introduction of electronic tax payment systems allows cross-border e-commerce companies to complete tax payments online, enhancing efficiency and reducing operational burdens [3][4] - Future plans include strengthening policy communication and business training, optimizing regulatory models, and improving the convenience and standardization of customs clearance for cross-border e-commerce [4]

Core Insights - Wuhan is experiencing a surge in consumer activity and is enhancing its role as a significant hub for domestic and international trade [6][8][12] Economic Performance - In 2024, Wuhan's total retail sales of consumer goods reached 862.93 billion, ranking among the top ten in the country, with a growth rate that placed it first among 19 sub-provincial cities [9][12] - The city's foreign trade exceeded 400 billion for the first time, with an annual growth rate of 10.5% since the 14th Five-Year Plan, ranking fourth nationally and first in Central China [9][12] - Wuhan's newly signed contracts for foreign engineering projects reached 13.493 billion USD, maintaining the top position in the country for four consecutive years [9][12] Trade and Investment - The city has introduced over 1,000 new stores in the past three years, ranking sixth nationally [10][15] - Cross-border e-commerce has seen an average annual growth of 48.3%, while service outsourcing contract execution has grown by 22% annually [11][15] Exhibition Economy - In 2024, Wuhan hosted 1,060 events, with a total exhibition area of 3.3035 million square meters, marking a significant achievement in the exhibition economy [13] Infrastructure and Logistics - Wuhan has established itself as the second-largest logistics hub in the country, with a comprehensive logistics network that includes rail, water, and air transport [17] Future Development Goals - Wuhan aims to solidify its position as a core hub in the national dual circulation strategy, enhancing its role in both domestic and international markets [18][22]

Core Viewpoint - China's foreign trade has shown resilience and growth in the first three quarters of 2023, with total imports and exports reaching 33.61 trillion yuan, a year-on-year increase of 4% [1][5][7]. Group 1: Trade Performance - Exports amounted to 19.95 trillion yuan, growing by 7.1%, while imports were 13.66 trillion yuan, slightly decreasing by 0.2% [1][5]. - In September alone, trade reached 4.04 trillion yuan, marking an 8% increase [1][5]. - The growth rate of imports and exports has accelerated each quarter, with the third quarter showing a 6% increase [5][6]. Group 2: Market Diversification - Trade with countries involved in the Belt and Road Initiative reached 17.37 trillion yuan, a 6.2% increase, accounting for 51.7% of total trade [5][31]. - Exports to ASEAN, Latin America, Africa, and Central Asia grew by 9.6%, 3.9%, 19.5%, and 16.7% respectively [5][6]. Group 3: Export Product Trends - Exports of electromechanical products reached 12.07 trillion yuan, growing by 9.6% and comprising 60.5% of total exports [6][19]. - High-tech products such as electronic information and high-end equipment saw significant growth, with increases of 8.1%, 22.4%, and 15.2% respectively [6][19]. Group 4: Import Recovery - Imports began to recover, with a 0.3% increase in the second quarter and a further 4.7% increase in the third quarter [6][28]. - Notable increases in import volumes included crude oil and metal ores, which rose by 4.9% and 10.1% respectively [6][28]. Group 5: Active Foreign Trade Entities - The number of foreign trade enterprises reached 700,000, an increase of 5.2% year-on-year, with private enterprises accounting for 613,000 of these [6][19]. - Private enterprises contributed significantly to trade growth, with a 7.8% increase in total trade value [19]. Group 6: Challenges and Future Outlook - Despite the positive performance, external challenges remain, including uncertainties in trade policies and a complex global economic environment [7][26]. - The customs authority plans to enhance regulatory efficiency and promote trade facilitation to support stable foreign trade development [7][29].

Core Viewpoint - Cross-border e-commerce has significantly facilitated domestic and international consumers, with notable growth in import and export figures for the first three quarters of the year [1] Summary by Category Import and Export Data - In the first three quarters of this year, China's cross-border e-commerce import and export reached approximately 2.06 trillion yuan, representing a growth of 6.4% [1] - Exports accounted for about 1.63 trillion yuan, with a growth rate of 6.6% [1] - Imports totaled approximately 425.54 billion yuan, showing a growth of 5.9% [1]

证券研究报告 | 2025年10月13日 商贸零售行业 10 月投资策略暨三季报前瞻 优于大市 消费整体平稳增长，把握细分板块配置机遇 4）跨境电商：三季度主要企业预计收入端仍受益于海外需求稳步增长和国 内优质产品创新助推，但利润端受外部环境扰动预计分化明显。当前外部关 贸环境虽仍有变数，但国内优质头部平台型企业通过灵活的关税应对措施， 以及坚实的产品力壁垒，长期来看已经具备了强抗风险韧性。 投资建议：维持板块"优于大市"评级。在大盘水位走高下消费板块滞涨已 久，Q4 在海内外旺季及大促的基本面带动下，存在板块轮动下的补涨机会。 1）美容护理：存量市场下，产品积极迭代升级，渠道精细化运营的国货龙 头有望持续提升市占率，推荐：上美股份、青木科技、毛戈平、上海家化、 登康口腔、若羽臣等。2）黄金珠宝：在当前金价持续高位以及工艺进步下 为黄金品类赋予了悦己和保值两大新消费特质，积极通过差异化设计布局一 口价产品的企业，有望持续受益，推荐：潮宏基、周大福、曼卡龙等。3） 线下零售：板块整体偏内需为主，受外部环境扰动影响较小，短期可关注兼 具改善主线和低估值低位置标的：名创优品、重庆百货、永辉超市等。4） 跨境电商：外 ...

Core Insights - The cross-border e-commerce industry conference held in the Daxing area aims to enhance collaboration and resource integration among nearly 20 quality enterprises, including JD International and other logistics companies [1] - The Daxing area is positioned as a strategic function zone for the Beijing-Tianjin-Hebei coordinated development, providing a comprehensive international logistics and supply chain service system [2] - JD International plans to establish an incubation center in the Daxing area to gather international supply chain and cross-border trade resources, accelerating the formation of foreign trade industry clusters [3] Group 1 - The conference gathered key players in the cross-border e-commerce sector to discuss industry integration and collaboration [1] - The Daxing area has developed a robust international logistics and supply chain service system, supporting diverse cross-border e-commerce needs [2] - The "two centers and one platform" data cross-border service system has engaged in compliance cooperation with 85 enterprises across 14 industries in 9 provinces [2] Group 2 - The Daxing area will focus on key industries such as cross-border e-commerce, air logistics, and healthcare, aiming to become a globally influential hub for high-quality development [2] - JD International's strategic cooperation includes plans for an incubation center to enhance the local foreign trade ecosystem [3]

Core Viewpoint - Cross-border e-commerce is recognized as the fastest-growing and most promising new form of foreign trade, becoming a significant trend in international trade. The Haikou Customs is committed to supporting the development of cross-border e-commerce enterprises through various innovative measures [2][3]. Group 1: Policy Advantages - The Haikou Customs emphasizes leveraging the policy advantages of the Hainan Free Trade Port to promote high-quality development in cross-border e-commerce [2]. - Support for enterprises includes utilizing special regulatory zones like comprehensive bonded zones for tax-free imports and promoting the integration of online and offline e-commerce businesses [2][3]. - The customs authority is facilitating the "cross-border e-commerce + duty-free island" model, enhancing market competitiveness by allowing international new products to debut in Hainan or launch simultaneously globally [2]. Group 2: Management Innovations - The customs is focused on improving customs clearance efficiency by implementing measures such as "first enter the zone, then inspect," catering to the flexibility needs of supply chains [2]. - To meet the high timeliness requirements of cross-border e-commerce packages, the customs has optimized processes for "one-stop" handling and provides 24/7 instant inspection services through WeChat appointments, ensuring zero wait time for customs clearance [2][3]. Group 3: Service Innovations - The customs authority is committed to reducing costs and increasing efficiency for enterprises by strictly implementing preferential policies for the comprehensive experimental zone [3]. - Simplified procedures have been introduced, such as the cancellation of registration for overseas warehouse enterprises and the elimination of the need to transmit electronic payment information during declarations, thereby reducing institutional transaction costs [3]. - Continuous attention to enterprise needs will drive further optimization of regulatory and service levels to support the high-quality development of the cross-border e-commerce industry in Hainan [3].

Core Insights - The Hangzhou Export Cross-Border E-commerce Expo and Global Selection Eco-Exhibition is being held from September 25 to 27, 2025, showcasing high-end cross-border e-commerce products and innovative selection ecosystems [3][5] - The event covers over 20,000 square meters, featuring more than 600 quality factories and attracting over 20,000 visitors [5] - The expo includes five major exhibition areas and nine cutting-edge summits aimed at helping businesses capture growth opportunities and overcome traffic challenges [5] Company Insights - YinoLink, a professional overseas marketing service provider, is participating in the event to assist cross-border e-commerce sellers with brand expansion and advertising account management [7] - YinoLink focuses on providing professional guidance for advertising on platforms like Meta, Google, and TikTok, offering actionable marketing strategies tailored to different seller needs [7][9] - The company has a strong commitment to supporting e-commerce sellers in their journey to global markets, emphasizing a service philosophy of professionalism, reliability, and deliverability [9][11]

依托"离境即退税，销售再核算"政策，九江市、共青城市商务、税务、海关、外管、贸促等部门积极协 同，推进通关、税务、外汇、数据流动等监管创新，依托共青城市政府与腾讯公司联合开发的云上跨境 智能系统，对企业商品销售、物流、报关、配送、支付、结算等全维数据进行实时采集与动态监测，实 现对跨境电商业态的"全貌数字化流动监管"，形成贸易出口销售、外汇管理、销售再核算的全环节可追 溯、全流程智能化监管闭环，为政策落地提供了有力保障。 "云上跨境平台汇聚了全程电子化信息，形成了'贸易—物流—资金'的闭环数据处理，让我们能够为企 业提供更快更优质的服务。"九江市税务局一级高级主办柯亚平介绍，以前传统一般贸易出口模式下， 企业出口贸易的真实性难以监管。现在，通过云上跨境智能系统与亚马逊等主流电商平台的数据打通， 能够及时汇集订单销售数据、海关报关数据、零售外汇回款数据等，实现了背景的可还原。 近日，共青城市云上跨境生态园内的共青城弦界科技有限公司通过跨境电商出口海外仓模式，完成全国 数字化首单9810(跨境电商出口海外仓)出口"离境即退税"业务。从提交退税申请到退税款到账耗时不到 3天，相较于传统180天退税周期，时间大幅压缩 ...

Summary of Temu Conference Call Company Overview - **Company**: Temu - **Industry**: E-commerce Key Points GMV Targets and Performance - Temu maintains its 2025 GMV target at $100 billion, with an expected actual range of $90-95 billion, and a 2026 target of $140 billion [1][4] - In Q3 2025, Temu's global GMV reached $24 billion, a 73% year-over-year increase, with contributions from the U.S. at $7.4 billion (75% growth), Europe at $9.6 billion, and Latin America at $2.8 billion [1][16] Market Segmentation and Growth Areas - Emerging markets, particularly Latin America, are expected to account for nearly half of the growth, with U.S. contributing 25-30% and Europe 40-45% [1][4] - Latin America has a six-month retention rate of approximately 35%, lower than competitors like Mercado Libre [1][8] User Retention and Acquisition Strategies - Global average retention rates are around 60% for April and 30% for six months, showing improvement from previous years [1][7] - Strategies to improve retention include increasing ad spend, maintaining competitive pricing, and expanding local merchant partnerships [1][9] Compliance and Regulatory Challenges - Temu is addressing compliance and antitrust risks in Europe by establishing a legal advisory team and adopting a proactive approach to minor fines [1][11] Operational Strategies - Temu employs a light-asset strategy with limited large warehouses in regions like Japan, South Korea, and Europe, while also having some presence in Latin America [2][26] - The company plans to diversify its acquisition channels, including offline events and new online platforms [1][6] Competitive Landscape - Temu faces challenges in emerging markets due to established competitors like Mercado Libre, which have strong market positions [1][5] - The company aims to capture a significant share of the $50 billion U.S. clearance market, targeting to secure one-third of it [21][22] Profitability Outlook - Temu's profitability varies by region, with the U.S. market's performance being uncertain for breakeven by year-end, while Europe is expected to achieve breakeven in Q4 2025 [25] Future Plans - Temu plans to continue focusing on existing markets rather than expanding into new countries, with potential growth in Africa being limited due to low purchasing power [12][27] Logistics and Supply Chain - The company is investing in third-party logistics warehouses in Europe to enhance operational efficiency [20] Product Strategy - Temu's strategy in the apparel sector includes avoiding overlap with other Chinese merchants and focusing on low-priced items [12] Black Friday Expectations - For Black Friday 2025, Temu anticipates achieving 25% of its annual GMV in the U.S. market, aiming to recover from previous quarter slowdowns [13] Additional Insights - Temu's platform is expected to see an increase in local merchant participation, with incentives for new stores and promotional discounts [10] - The company is also exploring the POP (Platform on Platform) model, although its current adoption is low [18] This summary encapsulates the key insights from the Temu conference call, highlighting the company's strategic focus, market performance, and future outlook in the e-commerce landscape.