拉美跨境电商物流的核心难点，在于货物类型与当地监管体系的精准适配——巴西、墨西哥、智利等核心市场清关政策差异显著（如巴西INMETRO认证、 墨西哥NOM标准），且对货物属性的判定严格，若错配类型，易导致扣关、罚款甚至货物销毁。 一、普货：拉美物流"基础品类"，清关便捷且需求稳定 普货是拉美跨境物流中操作门槛最低、流通最广的货物类型，核心特征是"无特殊属性、无监管禁忌"，无需额外认证即可完成清关，是多数卖家切入拉美市 场的"敲门砖"。 常见品类分为三类：一是带电类，如手机充电宝（单块电池≤100Wh）、无线耳机、智能手表（需标注电池参数，避免被判定为"不明带电品"）；二是液体/ 膏状类，如平价洗发水、保湿面霜、防晒霜（需密封包装，成分不含酒精或违禁添加剂，巴西要求提供成分检测报告）；三是带磁类，如小型蓝牙音箱、磁 疗手环（需做消磁检测，确保符合航空运输安全标准）。 拉美对特货的监管核心是"认证齐全"：巴西要求带电、美妆类货物提供INMETRO认证，墨西哥需NOM认证，智利需SEC认证。 三、特敏货：触碰拉美"监管红线"，需精准把控禁忌 特敏货是拉美物流中"高风险但高价值"的品类，不仅含特殊属性，还涉及宗教禁忌 ...

据招股书，该公司是资深的跨境电商物流服务提供商，通过该公司在中国内地的根基及跨境物流网络赋能跨境电商平台及跨境电商卖家。该公司成立于2008 年，致力于提供一站式跨境物流服务，拥有庞大的物流网络、阶梯式定价、多种配送时间选项及广泛的可运输物品覆盖面。该公司扎根于珠江三角洲地区 (中国内地最具活力的跨境电商地区之一)，并已于中国内地广东省深圳市、广州市及东莞市，浙江省义乌市及宁波市，及江苏省苏州市，以及中国香港及美 国开展业务。 深圳市顺友跨境物流股份有限公司(以下简称为：顺友物流)于4月15日所递交的港股招股书满6个月，于10月15日失效，递表时中信建投（601066）国际为其 独家保荐人。 ...

政策法规：退港回收的基石与准则 政策法规是决定海外仓滞销品能否退港回收处理的关键前提。近年来，为了促进跨境电子商务健康发展，各国海关针对跨境电商商品的退运监管不断完善， 出台了一系列相关政策。 以中国海关为例，对于符合条件的跨境电商出口商品退运给予了明确规定。若商品是因为滞销、退货等原因，在出口之日起6个月内原状退运进境的，可以 免征进口关税和进口环节增值税、消费税 ，出口时已征收的出口关税也会予以退还。这无疑为跨境电商卖家提供了政策层面的支持，使得部分滞销品退港 回收处理具备了可行性。 但并非所有商品都能毫无阻碍地退港。海关对于退运商品的审核较为严格，要求卖家提供原出口报关单、退运已补税或未退税证明、退运原因说明、退运申 请以及退运货物箱单和发票等一系列资料。若商品存在质量问题、涉及知识产权纠纷或不符合国内相关标准等情况，退港申请很可能会被驳回。 跨境电商卖家的破局之思：海外仓滞销品能否退港回收处理 在跨境电商蓬勃发展的浪潮下，海外仓作为提升物流时效、增强客户体验的关键环节，发挥着举足轻重的作用。然而，随之而来的滞销品问题，却如同一把 高悬的达摩克利斯之剑，困扰着众多卖家。这些滞销品不仅占用大量仓储空间，导 ...

Group 1 - China's total import and export value reached 29.57 trillion yuan in the first eight months of the year, with a year-on-year growth of 3.5% [1] - ASEAN remains China's largest trading partner with a trade value of 4.93 trillion yuan, growing by 9.7%, while the EU is the second largest with a trade value of 3.88 trillion yuan, growing by 4.3% [1][3] - Exports to emerging markets such as ASEAN, Africa, South Asia, and Central Asia have seen significant growth, with increases of 15.8%, 25.9%, 10.8%, and 13.9% respectively [3] Group 2 - Companies are diversifying their trade partners, with a notable recovery in confidence among exporters to the US following a 90-day suspension of tariffs [2] - The logistics sector is experiencing increased activity, with major ports like Yantian operating at near full capacity, indicating a rise in export volumes [2] - A cross-border e-commerce company in Shenzhen reported a 70% year-on-year increase in sales in July after adjusting its product offerings and market strategy [2] Group 3 - The vitality of business entities is being released as companies leverage new technologies like artificial intelligence to explore new growth avenues [4] - A Shenzhen-based foreign trade company has successfully entered the pool cleaning robot market, capitalizing on the growing global demand for such products [4] - The pet economy is emerging as a new growth point, with exports of pet-related products exceeding 1 billion yuan in the first eight months, reaching over 180 countries and regions [4][5] Group 4 - Shandong province has leveraged its agricultural advantages to export pet food to over 80 countries, accounting for more than 46% of the national total [5] - China's export value of 17.61 trillion yuan in the first eight months reflects a continuous growth trend, with exports increasing for six consecutive months [5]

Core Viewpoint - Despite increasing uncertainties in the global trade environment, China's foreign trade has shown a positive trend, with a total import and export value of 29.57 trillion yuan in the first eight months of the year, reflecting a year-on-year growth of 3.5% [1]. Group 1: Trade Partners and Market Dynamics - ASEAN has become China's largest trading partner, with a trade value of 4.93 trillion yuan, growing by 9.7% [1]. - The EU ranks as the second-largest trading partner, with a trade value of 3.88 trillion yuan, increasing by 4.3% [1]. - The diversification of trade partners has contributed to the resilience of China's foreign trade, with exports to emerging markets such as ASEAN, Africa, South Asia, and Central Asia growing by 15.8%, 25.9%, 10.8%, and 13.9% respectively [3]. Group 2: Business Adaptation and Growth - Companies are increasingly adapting their product offerings and market strategies to capture new growth opportunities, such as shifting from low-value 3C accessories to higher-value products like energy storage and outdoor vehicle categories [3]. - A cross-border e-commerce company in Shenzhen reported a historical sales peak in July, with a year-on-year increase of 70% [3]. - A petroleum and natural gas engineering company in Shandong has seen its sales to Central Asia grow nearly fourfold by innovating its products to meet regional environmental conditions [3]. Group 3: New Growth Points in Foreign Trade - The export of pet economy products has emerged as a new growth point, with exports exceeding 1 billion yuan in the first eight months, reaching over 180 countries and regions [7]. - A food company in Qingdao has developed a range of pet food products that cater to international market demands, achieving a 30% year-on-year growth in exports [7]. - Shandong province has leveraged its agricultural advantages to export pet food to over 80 countries, accounting for more than 46% of the national total [9].

Core Points - The article highlights the advancements in customs operations at the Gongbei Customs, emphasizing the "Smart Customs Strong Nation" initiative that enhances the efficiency of cross-border trade and logistics [1][4][5] Group 1: Customs Innovations - Gongbei Customs has implemented the "Smart Customs Strong Nation" initiative, which includes measures like database creation and risk analysis to support new enterprises in the aviation industry, achieving a 95% success rate in tax exemption applications [4] - The introduction of a "classification and grading management" policy has simplified the customs declaration process for goods entering the Zhuhai Comprehensive Bonded Zone, significantly reducing the administrative burden on companies [5] Group 2: Food Safety and Quality Control - The "Three Links and Three Consistencies" regulatory model has been adopted for the supply of fresh aquatic products to Macau, allowing for faster customs clearance and reducing inspection times [7][8] - This model has been successfully extended to processed food, decreasing average inspection waiting times by 3 working days and enabling instant clearance for certain food products [8] Group 3: Cross-Border E-commerce Growth - The cross-border e-commerce export inspection platform at the Hong Kong-Zhuhai-Macao Bridge has seen a dramatic increase in package volume, with over 100 billion yuan worth of goods exported this year [9] - The "Silk Road E-commerce" initiative aims to enhance the efficiency of cross-border e-commerce operations, with daily exports exceeding 150,000 packages valued at over 6 billion yuan [9]

Core Insights - In 2025, new policies from Amazon in the U.S. present systemic challenges for cross-border sellers, including tighter FBA inventory capacity limits, implementation of automatic removal of aged inventory, and upgraded delivery efficiency standards, prompting a reevaluation of logistics supply chain strategies [1] - The value of third-party overseas warehouses is shifting from being a cost center to a strategic asset, particularly in inventory management, delivery network construction, and compliance risk management [1][2] Inventory Management - Third-party overseas warehouses can effectively alleviate FBA capacity pressure, serving as a buffer for seasonal stock and preventing sales losses due to insufficient capacity [1] - Professional overseas warehouses offer reverse logistics services such as quality inspection and refurbishment, significantly reducing product disposal costs in response to Amazon's automatic removal policy for aged inventory [1] Delivery Network Construction - Third-party overseas warehouses are enhancing fulfillment efficiency through technology, including API integration with multiple e-commerce platforms and automated order processing systems, which reduce manual intervention [1] - Some service providers have achieved delivery of large items across the U.S. within 72 hours, effectively meeting diverse e-commerce fulfillment needs [1] Compliance Risk Management - Compliance risk management is becoming a crucial value point for overseas warehouses, especially with increasing regulatory scrutiny in areas like product labeling and hazardous materials storage [1] - Certified overseas warehouses can help sellers mitigate compliance risks, particularly for large items like furniture and fitness equipment, as well as specialized categories such as energy storage batteries [1] Future Trends - Data indicates that overseas warehouses equipped with intelligent sorting systems and reverse logistics capabilities can increase return conversion rates to over 70%, significantly reducing seller losses [2] - As cross-border e-commerce enters a more refined operational phase, overseas warehouses are evolving into supply chain hubs that integrate inventory optimization, data management, and compliance consulting [2] - Sellers need to reassess their criteria for selecting overseas warehouses from a strategic perspective, focusing on technology integration capabilities and compliance qualification network density to build a more resilient cross-border supply chain [2]

Core Insights - Shenzhen's foreign trade has shown strong resilience and steady growth despite external uncertainties and challenges in 2023 [1] Group 1: Industry Performance - Shenzhen's cross-border e-commerce logistics companies are adapting to market fluctuations, with a focus on maintaining service quality and reducing costs during challenging times [3] - The total cargo volume for Shenzhen's logistics sector was approximately 80,000 truckloads last year, with expectations to recover to this level in the second half of 2023 [3] - The total import and export value of goods in the Qianhai Shekou Free Trade Zone reached 260.86 billion yuan in the first half of 2023, representing a year-on-year increase of 11.5% [8] Group 2: Company Innovations - Shenzhen Shenchuang Holding Group has developed the "Yuegang Cross-Border Transport" platform, which has processed 260 million package export declarations from January to June 2023, enhancing the efficiency of cross-border e-commerce operations [4] - Siemens Medical's establishment of a bonded maintenance center in Qianhai has allowed for significant cost savings and operational efficiency, completing nearly 2,000 repairs with a declared bonded maintenance import and export value of approximately 9.3 million USD [6] - The first bonded financing lease of a civil aviation engine in Shenzhen was successfully cleared in Qianhai, demonstrating the effectiveness of the region's logistics and customs processes [6][7] Group 3: Market Trends - The demand for Shenzhen's consumer electronics and 3C small appliances remains strong in Europe and the United States, while clothing and beauty products are gaining traction in Southeast Asia [3] - The Qianhai region's strategic location near Hong Kong facilitates efficient flow of resources and enhances the overall supply chain capabilities [3]

Group 1 - The scale of cross-border e-commerce trade in China has grown over tenfold in the past five years, reaching 2.71 trillion yuan last year, with a year-on-year growth of 14%, accounting for 6.2% of China's total goods trade import and export value [1] - The import scale was approximately 555.25 billion yuan, with a year-on-year increase of 4.1%, while the export scale exceeded 2 trillion yuan, growing by 16.9% to 2.15 trillion yuan, setting a new historical record [1] - Major export destinations include the United States (36.2%), the United Kingdom (11.7%), and Germany (5.7%), with key products being apparel, footwear, jewelry, digital products, home textiles, and household appliances [1] Group 2 - The growth in order volume and market size of cross-border e-commerce directly drives the development of the logistics industry, with service providers including third-party logistics companies and self-built logistics platforms [3] - The main export channels consist of postal small packages, dedicated line logistics, overseas warehousing, and international express delivery [3] - According to the "2025 China Cross-Border E-Commerce Logistics TOP 50" report, four companies have entered the "billion club" based on their 2024 cross-border e-commerce logistics business revenue [3] Group 3 - Zongteng Group ranks first with a revenue of 27.1 billion yuan, with its subsidiary YunTu Logistics leading in direct mail small packages and overseas warehousing [7] - Cainiao International ranks second with a revenue of 25.71 billion yuan, having established a global smart logistics network and handling an average of 5 million cross-border packages daily [5][7] - DExpress ranks third with a revenue of 11.5 billion yuan, providing global express, overseas warehousing, and first-mile services [5][8] Group 4 - China Foreign Transport ranks fourth with a revenue of 10.5 billion yuan, being the largest international freight forwarding company in China [5] - The logistics capabilities of Zongteng Group include over 2.4 million square meters of overseas warehouse space and a daily package processing capacity exceeding 2 million [7] - The report highlights the competitive landscape of the logistics industry, with various companies specializing in different aspects of cross-border logistics services [10]

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the **express delivery and logistics industry** in China, with a focus on the impact of recent regulatory changes and market dynamics on various companies within the sector [1][2][3]. Core Insights and Arguments - **Price Increases in Express Delivery**: The express delivery industry is witnessing initial success in reversing the trend of price undercutting, with multiple regions experiencing price hikes due to severe losses among franchisees and regulatory pressure for market stability. This price increase is expected to be more sustainable compared to the isolated price hikes in Yiwu in 2021, benefiting from the upcoming peak demand season [1][6][7]. - **Recommendations for E-commerce Delivery Companies**: Companies with strong service quality and cash flow, such as **ZTO Express** and **YTO Express**, are recommended. Additionally, **J&T Express** is highlighted for its competitive position in Southeast Asia, while **SF Express** is noted for its stable high-end service business [1][8]. - **Cross-border E-commerce Logistics**: The volume of air cargo to the U.S. has recovered to 70% of pre-tariff levels, which is better than expected. Eastern Airlines Logistics is performing well with high load factors, and despite a decrease in freight rates, the situation remains favorable. A dividend yield of 4.7% suggests a potential investment opportunity if tariffs improve or volumes increase [1][9]. - **Airline Sector Performance**: The airline sector is experiencing weak ticket prices but good passenger volumes. The fundamentals are well-reflected, and factors like oil prices and exchange rates may provide benefits. **Huaxia Airlines** is recommended due to its leading position in regional aviation and improved subsidy standards, which enhance profit certainty [1][23]. - **Rail Freight Outlook**: **Tielong Logistics** is favored due to its special container business benefiting from equipment upgrades and strong synergy with upstream steel companies. The potential for profit elasticity exists due to the ongoing reversal of price undercutting [1][21][22]. Additional Important Insights - **July Performance of the Transportation Sector**: The overall transportation sector saw a decline of 0.2%, underperforming the CSI 800 index by 4.2 percentage points. Sub-sectors like airports, shipping, and logistics performed relatively well, with increases of 4.3%, 2.4%, and 1.2%, respectively [2]. - **Market Sentiment and Future Recommendations**: The call suggests a continued focus on companies benefiting from the reversal of price undercutting in express delivery, core assets in aviation and express sectors, and stocks in cross-border logistics with potential catalysts from mid-year earnings reports [3]. - **Logistics Sector Performance**: The logistics sector saw a 1.2% increase, with road freight leading at 5.9%. Cross-border logistics rose by 3.3%, while express delivery only increased by 0.6%, reflecting market skepticism about the sustainability of the recovery [5]. - **Future Trends in Container Shipping**: Container shipping rates have shown a downward trend in July, with expectations of continued pressure in August due to high base effects and tariff impacts. The overall volume is expected to stabilize, but rates may continue to decline [12]. - **Air Cargo Market Dynamics**: The air cargo market is expected to maintain low supply levels, particularly for long-haul routes, while domestic airlines are enhancing their logistics capabilities. Positive outcomes from U.S.-China negotiations could serve as a catalyst for growth [30]. - **Investment Recommendations for Airport Stocks**: The airport sector is advised to focus on companies with stable earnings and high dividend yields, especially in light of recent performance and potential geopolitical events that could impact market conditions [15][31]. This summary encapsulates the key points discussed in the conference call, providing insights into the current state and future outlook of the express delivery and logistics industry.