Group 1: Cross-Border E-Commerce - Lazada, a cross-border e-commerce platform under Alibaba, has achieved its first system-level integration with Tmall, facilitating easier access for Tmall merchants to Southeast Asian markets [1] - The continuous "increase in personnel" within Chinese cross-border e-commerce platforms is aiding Chinese products in entering global markets more conveniently, thus expanding market reach and providing overseas consumers with a richer product selection [1] Group 2: A-Share Market Performance - As of October 12, 2023, 51 A-share listed companies have disclosed their Q3 performance forecasts, with 42 companies reporting positive expectations, resulting in a pre-joy ratio of 82.35% [2] - Following the release of performance forecasts, some companies have seen significant stock price increases, indicating positive market sentiment [2] Group 3: Low Altitude Economy - The second China (Xi'an) International Low Altitude Economic Development Conference showcased various new products and technologies in the low-altitude intelligent manufacturing sector, including drones and eVTOLs [3] - The Civil Aviation Administration of China predicts that the low-altitude economy market will reach 1.5 trillion yuan by 2025 and is expected to exceed 3.5 trillion yuan by 2035 [3] Group 4: Customized Index Funds - Customized index funds are experiencing new opportunities for growth, with a significant increase in scale due to unique compilation and market trends [4] - Industry insiders believe that the differentiated positioning of customized index funds represents a blue ocean market, but true breakthroughs require the discovery of unique features and the ability to adapt to market trends [4] Group 5: Hong Kong Stock Market - The global liquidity easing cycle has officially begun following the Federal Reserve's interest rate cut in September, leading to a consensus among institutions to increase allocations in Hong Kong stocks [5] - Hong Kong stocks are viewed as being in an "valuation trough" and are expected to benefit from a weaker dollar and the revaluation of RMB assets, making them attractive for investment [5] - Data shows that several Hong Kong stock-related ETFs have seen significant inflows, with the Fuguo Hong Kong Stock Connect Internet ETF gaining 11.042 billion yuan in net inflows since September [5] Group 6: Didi's Entry into Low Altitude Economy - Didi has established a new company focused on low-altitude technology, signaling a significant move into the low-altitude economy by a major transportation player [6] - The large-scale application of eVTOLs is expected to follow a "to G/to B, then to C" path, with platform companies initially procuring aircraft to provide services to the public [6] Group 7: Public Fund Market - The number of newly launched public funds has significantly increased in October, with 86 products confirmed as of October 11, 2023, indicating a potential post-holiday issuance peak [8] - Equity products dominate the new fund issuance, accounting for 76.7% of the total, reflecting a renewed interest in equity assets [8] - The focus on technology innovation and high-end manufacturing sectors is evident in the new product launches, with public fund managers showing optimism towards the equity market [8] Group 8: Livestock Market Trends - The domestic pig market has not seen the expected demand surge during the recent holiday season, with prices continuing to decline [10] - As of October 10, 2023, the futures market for live pigs has dropped to 11,320 yuan per ton, down over 40% from the high of 19,010 yuan per ton in August 2022 [10] Group 9: Lithium Battery Market in Low Altitude Economy - Numerous lithium battery manufacturers are competing in the low-altitude economy battery market, recognizing the potential of the eVTOL market [11] - The collaboration between lithium battery companies and eVTOL manufacturers is entering a new phase, which may help address the power supply challenges faced by eVTOLs [11] Group 10: Universal Insurance Products - As of October 12, 2023, 269 universal insurance products have disclosed their September settlement rates, with an average rate of 2.68%, down approximately 18 basis points year-on-year [12] - The continuous decline in settlement rates is attributed to pressures on investment returns, efforts by insurance companies to reduce liability costs, and regulatory measures to mitigate risks [12] Group 11: Convertible Bond Market - The convertible bond market has seen active trading this year, with transaction volumes increasing by over 37% year-on-year, although the overall market size has contracted [13] - Experts believe that changes in supply and demand dynamics may drive further valuation increases in convertible bonds, presenting investment opportunities [13]

Core Insights - Wuhan is accelerating its development as a crucial hub for the dual circulation economy, enhancing its business dynamics and open hub advantages to contribute to the national development framework [7][9]. 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 [10][13]. - The city's foreign trade import and export volume exceeded 400 billion for the first time, averaging a growth of 10.5% since the 14th Five-Year Plan, ranking fourth nationally and first in Central China [10][14]. - Wuhan's new signed contracts for foreign engineering projects reached 13.493 billion USD, maintaining the top position in the country for four consecutive years [10][14]. Trade and Investment - The city has seen a significant increase in cross-border e-commerce, averaging a growth of 48.3% annually, and service outsourcing contract execution has grown by 22% annually, with knowledge-intensive services accounting for 45% [12][17]. - Wuhan has successfully established six national pilot projects in service industry expansion and has implemented nearly 30 innovative measures in various sectors, promoting them nationwide [18] . Infrastructure and Logistics - Wuhan has developed a comprehensive logistics network, becoming the second-largest logistics hub in the country, supported by a robust road, water, and air transport system [19][20]. - The city has completed the layout of a "five-type" national logistics hub, enhancing its port and regulatory systems [19]. Future Development Goals - Looking ahead to the 15th Five-Year Plan, Wuhan aims to solidify its position as a core hub in the national framework, enhancing its role in both domestic and international markets [20][21]. - The city plans to establish a modern retail system, diversify service consumption, and promote new consumption models, including digital and green consumption [21][22]. Collaborative Networks - Wuhan is focused on building a global trade network, enhancing cooperation with regional cities, and developing a comprehensive transportation network to facilitate trade and logistics [23][24].

Group 1: Core Insights - Alibaba's Lazada has achieved a system-level integration with Tmall, allowing Tmall merchants to easily access the Southeast Asian market with no additional operational costs [1] - The cross-border e-commerce sector is experiencing significant growth, with platforms like AliExpress reporting a 70% year-on-year increase in brand registrations and over 500 brands doubling their sales [2] - China's cross-border e-commerce imports and exports reached a record high of 1.3 trillion yuan in the first half of the year, indicating robust market demand [3] Group 2: Industry Developments - The "One-Click Easy Export" initiative by Tmall and Lazada simplifies the process for merchants, as logistics, overseas customer service, and advertising are managed by the platform [1] - AliExpress is launching a "Super Brand Going Global Plan" to provide a systematic strategy for brands to enter international markets, shifting from a reliance on promotional events to a more integrated brand-building approach [2] - Various local governments are implementing favorable policies to support the development of cross-border e-commerce, including the establishment of comprehensive pilot zones and specific action plans to enhance trade facilitation [3][4] Group 3: Market Trends - The trend of "branding" is becoming irreversible, with many domestic brands looking to expand internationally [3] - The dual-driven effect of supportive policies and corporate innovation is expected to propel Chinese brands towards high-quality development in the global market [4]

供稿人：蔡积善 艾多美（中国）有限公司成立于2017年2月，为韩国艾多美株式会社在中国境内设立的全资控股的子公司，自主开 发了网上购物平台"艾多美艾购商城"并于2020年7月10日正式上线运营，平台具备线上产品展示、交易、结算、物 流、售后服务等服务于一体的综合性销售平台。平台正式运营以来，跨境订单约580万个。 审核人：杨林 近年来，高新区高度重视跨境电商发展，认真贯彻落实《山东省人民政府办公厅关于印发山东省跨境电商跃升发 展行动计划（2023—2025年）的通知》精神，紧抓跨境电商新业态发展机遇，持续强化跨境电商政策支持、主体 培育、平台建设等，立足做大做强跨境电商全业务模式，提升跨境电商发展质效。此次按照《山东省重点培育的 跨境电商交易平台评选认定实施细则》文件要求，积极帮助企业准备申报材料，通过区市推荐、专家评审等成功 获批。 近日，省商务厅发布《关于认定2024年山东省重点培育的跨境电商主体的通知》，其中全省共认定10个山东省重 点培育的跨境电商交易服务平台企业，我区艾多美（中国）有限公司获批认定，是我市唯一认定的跨境电商交易 服务平台企业。 下一步，高新区将进一步整合资源，重点围绕艾多美等龙头企业 ...

Group 1 - Debon Logistics has launched a logistics line connecting China to six Middle Eastern countries, including the UAE and Saudi Arabia, with tailored customs and delivery solutions for various product categories [5][6] - Temu has partnered with e-commerce platform Base.com to enhance operational efficiency for cross-border sellers in markets like the UK and the US, offering streamlined order fulfillment and inventory management [5][6] - SHEIN plans to open its first physical stores in France in November, marking its first foray into brick-and-mortar retail after focusing primarily on online sales [6] Group 2 - TikTok is testing a self-operated e-commerce feature called "Trendy Beat" in the UK, aiming to sell products directly sourced by TikTok, enhancing its e-commerce strategy [6] - Xiaomi is accelerating its European expansion by opening flagship stores in Germany and Spain, with plans to sell electric vehicles by 2027 [7] - BYD has officially rolled out its 14 millionth new energy vehicle in Brazil, with the Brazilian president becoming a car owner, highlighting BYD's dominance in the Brazilian market [8] Group 3 - Hesai Technology has become the first company globally to produce over one million lidar units annually, maintaining a leading market share in the ADAS sector [8] - Natural堂 has completed a new financing round, raising 300 million RMB, with a valuation exceeding 7 billion RMB, and plans for an IPO in Hong Kong [9] - Anlan Power has secured angel funding to develop electric smart jet skis, targeting markets in North America, Europe, and emerging regions [9] Group 4 - Dap Bio has completed a Series B financing round to accelerate the global commercialization of its high-end life science instruments, focusing on drug discovery and synthetic biology [9] - Saudi Arabia will implement new freight regulations requiring advance declaration of cargo through the FASAH platform, effective October 29, 2025, to enhance logistics efficiency [11] - The trend of Chinese innovative drugs going global continues, with notable partnerships and licensing agreements, reflecting the global recognition of China's R&D capabilities [12]

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The report emphasizes the importance of Q3 performance, indicating a potential valuation shift in the new consumption sector [2] - The report highlights various sectors including paper manufacturing, exports, new tobacco, smart glasses, home furnishings, gold and jewelry, two-wheelers, pets, cross-border e-commerce, IP retail, and maternal and child products, each with specific insights and recommendations [2][3][4][5] Summary by Relevant Sections Paper Manufacturing - Overseas pulp mills continue to suspend operations, maintaining strong pulp prices. The report suggests monitoring companies like Sun Paper, Xianhe Co., and Nine Dragons Paper for potential recovery in cultural paper prices [2][3] Exports - The report notes renewed tariff disputes and emphasizes the importance of export leaders with sufficient overseas capacity. Companies like Craft Home and Yongyi Holdings are highlighted for their global layout [2][3] New Tobacco - HILO's entry into the European market is noted, with expectations for significant growth in Italy. The report suggests monitoring companies like Smoore International and China Tobacco Hong Kong [2][3] Smart Glasses - Meta's new product is experiencing high demand, indicating a potential breakthrough for the smart glasses industry. Companies like KANAT and Mingyue Optical are recommended for investment [2][3] Home Furnishings - The report indicates a weakening market in October, with expectations for further deterioration in the housing market. Companies like Gujia and Midea are suggested for their stable cash flow [2][3] Gold and Jewelry - The report notes strong sales during the National Day holiday, with brands like Chow Tai Fook expected to raise prices. Companies like Lao Pu Gold and Chow Sang Sang are highlighted for their growth potential [2][3] Two-Wheelers - Taotao Industry is projected to see significant profit growth, driven by electric low-speed vehicles. Companies like Yadea and Aima Technology are recommended for their market share potential [2][3] Pets - The report highlights strong sales performance during the National Day holiday, with brands like Desire and Frigat showing significant growth. Companies like Petty and Zhongchong are suggested for their competitive advantages [2][3] Cross-Border E-commerce - The report discusses the Amazon fall promotion and the increasing dominance of top sellers. Companies like Anker Innovations and Jihong Holdings are recommended for their global strategies [2][3] IP Retail - MINISO's new store format and Pop Mart's successful Halloween blind box sales are noted as trends in the retail sector. Both companies are suggested for their innovative approaches [2][3] Maternal and Child Products - The report emphasizes the deepening channel transformation in the maternal and child industry, with companies like Kidswant and Aiyingshi leading the way [2][3]

Company Developments - Deppon Express has launched a logistics line connecting China to six Middle Eastern countries, including the UAE and Saudi Arabia, with Dubai as the hub, offering tailored customs and delivery solutions for various product categories [2] - TEMU has partnered with Base.com to enhance operational efficiency for cross-border sellers in markets like the UK and the US, providing support for product listing, order processing, and inventory management [2] - TikTok is testing a new shopping feature called "Trendy Beat" in the UK, allowing the platform to directly sell products it procures, marking a shift from relying on third-party sellers [3] - SHEIN plans to open its first physical stores in France in November, collaborating with a major department store, marking its first foray into physical retail [3] - Didi Chuxing reported a 14% year-on-year increase in daily ride-hailing demand during the recent holiday, with overseas travel demand more than doubling compared to the summer [3] Investment and Financing - Naturando has completed a new financing round with an investment of 300 million RMB, achieving a valuation of over 7 billion RMB, and plans to go public in Hong Kong [6] - Anlan Power has secured several million RMB in angel funding to develop electric smart jet skis, targeting markets in North America, Europe, and emerging markets [6] - Dapu Bio has completed a Series B2 financing round to accelerate the global commercialization of its high-end life science instruments [6] Policy and Market Trends - Saudi Arabia will implement new freight regulations requiring cargo data to be submitted via the FASAH platform ahead of arrival, effective October 29, 2025, to enhance logistics efficiency [7] - The trend of Chinese innovative drugs entering global markets continues, with notable partnerships and licensing agreements, reflecting the recognition of China's R&D capabilities [7] - The Hong Kong government has launched initiatives to support mainland enterprises in expanding overseas, including tax incentives and promoting regional banking headquarters [8]

Core Insights - The forum on "Taxation and Free Zones: Challenges and Opportunities" highlighted the importance of tax policy in the development of free zones, with a focus on the competitive tax system of Hainan Free Trade Port [3]. Group 1: Tax Policy and Competitiveness - Hainan's tax system is characterized by zero tariffs, low tax rates, and a reduction system, aligning with international tax reform trends [3]. - The tax policy of Hainan Free Trade Port is designed to be flexible and systematic, catering to different categories of goods and industries [3]. - The tax system is a core component of Hainan's institutional framework, closely tracking international trade rules and continuously optimizing based on local economic conditions [3]. Group 2: Investment Attraction Strategies - The CEO of the Uruguay Americas Free Trade Zone emphasized the need for substantial tax adjustments to attract investors, ensuring that local companies maintain a competitive effective tax rate [3]. - The President of the China Service Trade Association noted that Hainan has significant opportunities for tax reform, particularly in service trade export tax rebates and zero tax rates in certain sectors [5]. - Hainan's geographical advantage allows for faster cross-border e-commerce delivery to Southeast Asia, enhancing its attractiveness for investment [5]. Group 3: Support for Enterprises - The CEO of the Georgia Poti Free Industrial Zone highlighted the importance of providing substantial support and diverse tax incentives to new enterprises, especially in smaller economies [4]. - Early-stage support for businesses is crucial to mitigate potential financial risks, which can include various forms of fiscal subsidies [4].

Core Insights - Weihai City has established a clear economic development direction, enhancing the quality and efficiency of the service industry through planning, policy support, and cultivation of service platforms [1][2][3] Planning and Development - The city has implemented the "14th Five-Year" planning framework, focusing on consumption enhancement, openness, and optimization of the business environment, leading to a steady growth in service industry value added, averaging a 5.5% annual increase since the start of the plan [1] - In the first half of this year, the service industry value added grew by 7.4%, ranking first in the province [1] Enterprise Support - A comprehensive service network has been established to support enterprises, addressing challenges faced by key businesses in retail, accommodation, and service sectors [2] - Over 300 enterprises have received funding support from the development and reform sector, stimulating business vitality [2] Industry Integration - The city promotes the integration of advanced manufacturing and modern services, encouraging manufacturing firms to extend into service-oriented manufacturing, achieving differentiated competition [2] - Weihai has created 15 provincial-level integration pilot units, maintaining the top position in the province for six consecutive years [2] Industrial Clusters - The city focuses on spatial concentration and resource integration to develop clusters in modern commerce, cross-border e-commerce, and cultural tourism, resulting in the establishment of nine provincial modern service industry clusters [3] - A total of 14,000 enterprises have settled in these clusters, creating 262,000 jobs and becoming significant growth drivers for the regional service industry [3] Project Development - The city prioritizes project development, with over 271 service industry projects planned, totaling an investment of 152.41 billion yuan, aimed at enhancing industrial growth [3] - Key projects include the Hai Port City Complex and the digital platform for Disang Textile and Apparel, which are expected to inject strong momentum into the industry [3] Future Directions - The Weihai Development and Reform Commission plans to continue enhancing collaboration among departments and districts, focusing on policy implementation, project construction, and maintaining the leading position of the service industry in the province [3]

Core Insights - The China-Singapore Connectivity Project has signed 347 government and commercial cooperation projects with a total value of $26 billion since its inception, along with cross-border financing of $21.7 billion [1][2] Group 1: Project Overview - The China-Singapore Connectivity Project is the third intergovernmental cooperation project between China and Singapore, following the Suzhou Industrial Park and Tianjin Eco-City, officially launched in November 2015 [1] - The project aims to enhance international trade routes, covering 577 ports across 127 countries and regions [2] Group 2: Economic Impact - The project has significantly boosted trade, with the total import and export volume between China's western region and ASEAN exceeding 1 trillion yuan, marking a 56.1% increase [2] - Singapore remains the largest source of foreign investment in Chongqing, while ASEAN has become the largest international trade partner for the region [2] Group 3: Innovations and Collaborations - The project has facilitated the establishment of cross-border e-commerce and digital financial service platforms, enhancing trade with Africa [2] - A new customs supervision model for bonded aviation materials has been introduced, reducing operational costs by over 20% [2] - The collaboration has led to the introduction of high-quality educational and medical resources from Singapore to Chongqing [3] Group 4: Trade Developments - In March, two Chongqing food production companies were approved to export five types of animal products to Singapore, marking a breakthrough for meat exports from Central and Western China [3] - The frequency of flights between Chongqing and Singapore has reached 24 per week, making it the most densely connected international route for the city [3]