烟草作为高敏感品类，Shopee、Lazada、TikTok Shop 等主流电商平台早就列入严格管控清单，其严管态势只是冰山一角，各国持续加码的执法行 动，正让所有高敏感品类的出海风险陡增。 与此同时，2026年东南亚市场迎来多重挑战：春节旺季导致的空运拥堵、价格跳涨、曼谷与新加坡等枢纽机场持续延误常态化、加上各国纷纷收紧税 收政策，这一切都在宣告：依赖 "低价免税" 的粗放增长时代彻底终结。 2026 年的东南亚电商，合规化、本地化成为生存与增长的核心关键词。对于正备战春节旺季的卖家而言，如何应对税务飙升、物流波动等难题，直接 决定了旺季战役的胜负。 全球合规浪潮正推动着东南亚各国税收体系加速向透明化、规范化转型。对跨境商家而言，这是必须遵循的规则，也是重塑竞争格局的契机。 中国出口端：监管升级，违规无路可走 2026年1月1日起，中国实施出口货物已补税/未退税证明电子联网核查，"买单出口"等违规操作将无处遁形，跨境卖家必须走向业务合规化、单据完整 化。 东南亚各国：税制收紧，免税时代落幕 2026年伊始，东南亚电商市场就释放出强烈的合规信号 —— 菲律宾警方一日内破获两起特大香烟走私案，查扣32个集装箱 ...

2025 年，中国的消费市场：数据在涨，但体感偏冷。 前 11 个月，全国社会消费品零售总额同比增长约 4.0%；人均可支配收入在涨，人均消费也在涨。从统计口径上看，消费在恢复。 但与此同时，居民的消费意愿并未同步释放。前11个月，住户存款增加 12.06 万亿元，储蓄增量依旧高企。央行2025前三个季度的调查显示，六成的人更 倾向于多存钱，只有两成明确表示愿意多消费。 钱不是没了，而是被按住了。 这种"钱在变多，但不太愿意花"的状态，与消费者信心的长期低位高度一致。2025 年以来，消费者信心指数始终在 89 点左右波动，显著低于 108.77 的长 期平均水平（经合组织数据）。 埃森哲在《中国消费者洞察》中，从心理层面给出了一个解释：与 2021 年相比，2025 年人们明显更看重"健康"和"财富"，而对事业、爱情、个人成长等 长期目标的关注度整体下降。消费的重心，正在从"向上够"，转向"先稳住"，从改善式消费，转向防御型消费。 在这样的背景下，单看总量数据已难以解释真实的消费变化。哪些增长是真实的？哪些回暖是被提前透支的？哪些变化反映了消费者心态和行为的长期迁 移？ 延续去年的方式，我们依然尝试用 10 ...

这实质上打破了传统零售按品类固化的价格体系。在常规渠道,品牌服饰因季节更替、营销溢价等因素, 定价远高于高频消费的快消品。而好特卖超级仓依托其仓店一体的模式,通过大规模集采、极短流通链 路和仓储式的高效呈现,大幅压缩了综合成本。这使得部分品牌服饰的终端售价,得以趋近于快消品的价 格区间,形成了独特的跨品类性价比。 结账时扫一眼购物车:国际大牌羽绒服,价格竟然和平时在快时尚店里买一件同类产品的价格相差无几。 这种消费场景,正出现在好特卖超级仓的大型折扣店内。当人们习惯性地来这里囤积日用品时,悬挂在货 架上的,不再是清一色的快消品,而是密集陈列的羽绒服、冲锋衣、品牌衬衫等,它们与一旁的日用百货,共 享着一套相似的低价逻辑。 对于消费者而言,这带来了一种复合型的购物体验。原本计划购买日用消耗品的行程,可能因为遇见一件 折扣力度很大的知名品牌外套,而转变为一次意外的购物体验。服饰品类所具有的挑选、比价和发现属 性,显著延长了顾客在店内的停留时间,也自然增加了关联购买其他高周转商品的机会。从品牌方视角看, 这提供了一个集中、高效且不影响主渠道定位的库存去化路径,实现了商品在生命周期末端的价值回 收。 当然,这种模式对应 ...

近期深入一线，走访了公司的标杆市场。在密集的汇报、客户访谈、市场走访及与业务交流后，一系列关键问题在我脑中愈发清晰： 在当下的市场环境中，究竟何为真正的"标杆市场"？我们是否还有机会系统性地打造出这样能扛压、能引领的市场？它们又面临哪些新的困局？有没有破 局之道？ 时值岁末，正是收官与开门红的关键战役期，也正是这些优秀市场展现其稳健性与爆发力的时刻。每一个品牌厂商，无不渴望复刻这样的健康样本。 笔者结合此次市场走访所见，对"标杆市场"相关话题做一探讨，希望能对厂商朋友有所启发。 何为标杆市场？ 在快消行业，一个真正的"标杆市场"，不仅是企业内部的业绩标杆，更是外部竞争中难以撼动的堡垒。一般有以下一些可量化、可感知的硬指标来衡量， 这其实也构成了标杆市场的成功画像。 1. 市场份额。品牌在该区域内的铺货率与终端可见度，直接反映消费者"买不买得到"的便利性。这次所走访的市场，其产品铺货率高达95%，意味着几乎 所有目标终端门店都能看到该品牌，形成了"十米见红、三米见罐"的强势氛围，从根本上压制了竞品的上架机会。 2. 销售体量。品牌在当地的销售规模与财政贡献，通常以"高于主要竞品2–3倍"为基准线。不仅体现品牌的 ...

Core Insights - The Asian luxury goods market is experiencing a significant shift in consumer travel patterns, particularly among Chinese tourists, as geopolitical tensions affect travel preferences and spending habits [6][11][21] Group 1: Changes in Travel Preferences - Chinese tourists are increasingly opting for destinations like South Korea and Singapore instead of Japan, driven by recent geopolitical tensions and safety concerns [8][12] - Data from China Trading Desk indicates that approximately 30% of planned trips to Japan have been canceled following travel safety warnings, leading to significant losses for the Japanese tourism sector [10][11] Group 2: Economic Impact on Japan - The cancellation of flights and reduced travel to Japan could result in a loss of up to $1.2 billion in consumer spending from Chinese tourists, with estimates suggesting a potential decrease of over 2 trillion yen in annual spending if tensions persist [10][21] - Japan's luxury goods market, which previously benefited from Chinese tourist spending, is now facing a downturn as consumer sentiment shifts [10][21] Group 3: Emerging Beneficiaries - South Korea and Singapore are emerging as the primary beneficiaries of this shift, with a reported 15% increase in new flight bookings to these destinations [13][14] - The Korean government has implemented a temporary visa waiver for Chinese group tourists, further boosting travel interest [16] Group 4: Domestic Consumption Trends - Domestic tourism in Hong Kong is recovering, with a notable increase in retail sales driven by mainland Chinese tourists, indicating a potential shift in consumer spending back to local markets [18] - Hainan is also seeing growth in its duty-free shopping sector, with sales reaching 944 million yuan during the recent holiday period, reflecting a strong domestic consumption trend [20] Group 5: Long-term Market Adjustments - The geopolitical situation may catalyze a rebalancing of consumer spending within Asia, prompting luxury brands to adapt their strategies and focus on emerging markets [21] - The rise of local brands in China is influencing consumer preferences, as shoppers increasingly seek products that resonate with their cultural identity [20]

Core Insights - Malaysia is leveraging the China International Import Expo (CIIE) to promote its largest trade initiative in China, the Malaysia International Halal Showcase (MIHAS) [1][2] - The event aims to connect Malaysian companies, especially SMEs, with high-quality consumers and partners in China and East Asia, with a target trade volume of 2.5 billion MYR [2][4] - The bilateral trade between China and Malaysia reached 212.03 billion USD in 2024, marking an 11.4% year-on-year increase, with China being Malaysia's largest trading partner for 16 consecutive years [4] Group 1: Trade Promotion and Participation - MIHAS features over 250 companies and institutions, with 800 representatives attending, showcasing more than 200 booths in a 2,000 square meter exhibition area [2] - The event serves as a platform for Malaysian fast-moving consumer goods companies to engage with Chinese distributors, leading to local product adaptations and nationwide distribution agreements [2][3] Group 2: Future Cooperation and Economic Growth - The signing of the upgraded China-ASEAN Free Trade Area 3.0 agreement in Kuala Lumpur is expected to enhance Malaysia-China cooperation beyond traditional trade, focusing on digital economy, green economy, and supply chain connectivity [4][5] - Malaysia aims to deepen collaboration with China in high-value products and services, particularly in high-end manufacturing sectors like electronics and semiconductors [5][6] Group 3: Strategic Frameworks - The Malaysia External Trade Development Corporation (MATRADE) emphasizes the importance of the Belt and Road Initiative and the 3.0 upgrade as frameworks supporting balanced and resilient trade growth between Malaysia and China [6]

Core Insights - The 2025 National Day and Mid-Autumn Festival holiday saw record high travel numbers, with emerging consumption growth in new first-tier cities and county tourism, indicating a shift from traditional first-tier cities [1] - Domestic consumption is showing a "multi-polar" trend, with significant growth in county markets, which outpaced national averages, highlighting the economic potential outside major cities [1] - The travel structure is evolving, with self-driving and long-distance travel gaining popularity, reflecting consumer preferences for efficiency and cost balance [2] Group 1: Travel and Tourism Trends - Self-driving and inter-provincial travel are experiencing rapid growth, with a total of 2.432 billion people expected to travel during the holiday, marking a historical high [2] - The proportion of self-driving trips reached 80%, with significant increases in inter-city ride-hailing orders and cross-province travel bookings [2] - Cross-border tourism is witnessing a comprehensive recovery, with a 24% increase in entry and exit numbers at Pudong International Airport compared to the previous year [3] Group 2: Consumer Spending and Market Dynamics - The holiday period is a critical time for consumer spending, with retail and dining sales increasing by 2.7% year-on-year, and foot traffic in monitored shopping districts rising by 8.8% [4] - Experience-based consumption is becoming mainstream, with significant growth in orders for cultural and heritage experiences, as well as museum visits [4] - The domestic hotel market showed a 65% increase in booking heat, with a notable rise in multi-city bookings and high-quality accommodations outside first-tier cities [4] Group 3: Economic Indicators and Challenges - The film market is underperforming due to competition from short videos and a lack of diverse film offerings, while real estate sales show a clear divide between first and second-tier cities [5] - Despite strong export data and port activity, the global economic environment is facing challenges, with a slowdown in growth observed in the Eurozone [5] - There is a need for fiscal and monetary support to stimulate domestic demand, as the holiday consumption data shows significant disparities across sectors [6]

Core Insights - The core consumer trend is shifting towards a focus on "quality-price ratio" rather than just "cost-performance ratio," indicating a more rational and health-conscious consumer base [3][5]. Group 1: Consumer Behavior - Consumers are increasingly prioritizing health and quality in their purchasing decisions, moving away from merely seeking low prices [3][5]. - The upcoming "Golden Week" holiday is expected to see a rise in travel and dining experiences that emphasize high "quality-price ratios" [6][8]. Group 2: Retail Landscape - Retail channels that can balance both cost-performance and quality-price ratios are experiencing significant growth, with warehouse membership stores and hard discount stores leading the way [3][4]. - Major retailers like RT-Mart, Hema, and Aldi have been recognized for their strong performance in the fast-moving consumer goods sector [5]. Group 3: Market Trends - The fast-moving consumer goods market is undergoing a reshuffle, with traditional supermarkets facing challenges while innovative retailers thrive [5]. - Emerging travel trends show a preference for high-value destinations and experiences, with a notable increase in hotel bookings for lesser-known locations [8][9].

Core Viewpoint - Suning.com is undergoing significant asset liquidation, specifically targeting its Carrefour subsidiaries, to alleviate financial burdens and focus on its core business of home appliances and 3C products [1][4][5]. Group 1: Asset Sale Details - Suning.com plans to sell 100% equity of 12 Carrefour China subsidiaries for a nominal price of 1 yuan each, totaling 12 yuan, effectively removing these loss-making entities from its consolidated financial statements [4][6]. - The subsidiaries being sold are located in cities including Changsha, Jinan, Zhuhai, Hohhot, Tianjin, Beijing, and Shijiazhuang, and have ceased operations with negative net assets valued between -655 million yuan and -17,100 yuan [4]. - This transaction is part of a broader strategy to restructure assets and debts, as the traditional hypermarket business has been adversely affected by external market conditions and changing consumer behaviors [4][5]. Group 2: Financial Implications - The sale is expected to increase the net profit attributable to the parent company by approximately 383 million yuan [6]. - In a previous transaction in June, Suning.com sold four Carrefour projects for a similar price structure, which resulted in an increase of about 572 million yuan in net profit [7]. - Despite these asset sales leading to apparent profitability, the underlying operational performance remains weak, with a projected non-recurring loss of 1.03 billion yuan for 2024, and a significant loss of 860 million yuan already recorded in the first half of the year [16][18]. Group 3: Strategic Focus - The company is committed to concentrating on its core business of home appliances and 3C products, aiming to streamline operations and reduce debt levels [5][17]. - The restructuring efforts are seen as critical for the company's turnaround, as it seeks to navigate through its financial challenges and improve overall performance [17].

Group 1 - Recent leadership change at RT-Mart with the retirement of General Manager of Fast-Moving Consumer Goods (FMCG) Department, Lv Guoming, and the appointment of former Deputy Li Chunde [1] - This change follows the acquisition of Gao Xin Retail by Dehong Capital, indicating a significant organizational adjustment for RT-Mart [1] - Lv Guoming's extensive experience at RT-Mart has been pivotal in the company's growth, particularly in the FMCG sector, which has been crucial for its competitive advantage in the supermarket industry [3] Group 2 - The FMCG business has been a key driver for RT-Mart, allowing it to attract foot traffic and support rental income from its stores, with 35% of its outlets being self-owned properties [3] - RT-Mart's strategy to penetrate lower-tier markets has been successful, with 75.6% of its 505 stores located in third to fifth-tier cities as of mid-2025 [3] - The retirement of Lv Guoming may lead to further adjustments in RT-Mart's FMCG operations and overall product system, following recent organizational changes including the closure of the Central China regional headquarters [4] Group 3 - The supermarket industry has seen shifts in its driving forces, with FMCG leading early growth, followed by fresh produce, and now ready-to-eat food categories gaining traction among younger consumers [4][5] - RT-Mart has adapted to these changes, focusing on upgrading its fresh produce offerings while facing challenges in the ready-to-eat segment, where competitors like Hema and Sam's Club are excelling [5] - The company must balance maintaining its FMCG strengths while enhancing its fresh and ready-to-eat food categories to appeal to younger consumers and remain competitive in the evolving market [5]