2025年12月23日，美国经济分析局发布延后数据，显示第三季度国内生产总值按年率计算增长4.3%，较第二季度的3.8%进一步提速，创下两年来的最快增 速。这一数据超出市场预期，主要得益于消费支出增长3.5%、企业投资扩大以及贸易政策的稳定。与此同时，核心个人消费支出通胀率升至2.9%，显示经 济在保持增长的同时面临一定的通胀压力。 此次数据因政府停摆影响推迟发布，仅进行两次估算，最终修订数据预计于2026年1月22日公布。美联储对此表示，美国经济预计在2026年实现温和反弹， 并计划仅再降息一次。在这一宏观经济背景下，中国跨境卖家如何把握美国市场的增长机遇，成为亟待探讨的议题。本文将深入分析美国经济数据背后的趋 势、对中国卖家的具体影响，并提供切实可行的策略建议。 一、美国经济现状与政策背景解读 1.1 2025年第三季度经济数据深度分析 美国2025年第三季度GDP增长达到4.3%，不仅高于前一季度的3.8%，也远超市场普遍预期的3.9%-4.0%区间。这是自2023年以来的最高增速，标志着美国经 济在经历了一段时间的温和增长后，进入了一个加速复苏阶段。增长的主要驱动力来自以下三个方面： 与此同时，核心P ...

证券代码： 001368 证券简称：通达创智 通达创智（厦门）股份有限公司投资者关系活动记录表 编号：2025-007 | | 特定对象调研 □分析师会议 | | --- | --- | | 投资者关系 | □媒体采访 □业绩说明会 | | 活动类别 | □新闻发布会 □路演活动 | | | 现场参观 | | | □其他（请文字说明其他活动内容） | | 参与单位名称及人 | 中国银河证券股份有限公司研究院： | | 员姓名 | 陈柏儒（轻工行业首席分析师） | | 时 间 | 2025 年 12 月 24 日 10:00-12:00 | | 地 点 | 厦门市海沧区东孚街道鼎山中路 89 号公司会议室 | | 上市公司 | 董事会秘书：陈雪峰 | | 接待人员姓名 | | | | 一、目前公司的客户群体介绍 | | | 公司与迪卡侬、宜家、Wagner、YETI 等全球领先跨国企业 | | | 建立长期、稳定的战略合作关系，公司形成显著的客户资源优势。 | | | 实力雄厚、经营规模大、品牌影响力强、销售渠道布局完善的优 | | | 质客户可为公司带来大量且稳定的订单和市场份额，同时也有利 | | | ...

（文章来源：证券日报） 证券日报网讯 12月16日，通达创智在互动平台回答投资者提问时表示，通达创智（厦门）股份有限公 司是一家致力于研发、生产和销售体育户外、家居生活、健康护理等行业消费品的国家级高新技术企 业，主要产品包括体育用品、户外休闲用品、家用电动工具、室内家居用品、个人护理用品等。 ...

Core Insights - The 2025 China (Zhejiang) Cross-Border E-commerce Import and Export Trade Fair has officially commenced, attracting global cross-border sellers, buyers, industry experts, and service providers to explore new opportunities in cross-border e-commerce [1][2] Group 1: Event Overview - The trade fair covers an exhibition area of 50,000 square meters, featuring over a thousand well-known domestic and international e-commerce platforms, service providers, and source factories [2] - The event includes five distinctive exhibition areas: Overseas Factory Area, Quality Industrial Belt and Supply Chain Area, Future Business Technology Ecosystem Area, Full-Chain Service Ecosystem Area, and Boutique Imported Goods Area, creating a comprehensive platform for cross-border e-commerce [2] Group 2: Exhibition Highlights - The A1 Hall showcases major international cross-border platforms like Shopee, Ozon, Walmart, and Trendyol, serving as a vital resource hub for merchants seeking to expand into overseas markets [4][6] - The B1 Hall integrates flagship platforms such as Alibaba International Station and AliExpress, providing a full-service ecosystem that includes financial payment, e-commerce training, and operational support for cross-border sellers [7][9] - The C1 Hall features cutting-edge technology applications, including generative AI and digital marketing, with innovative companies like Yushutech demonstrating significant advancements in automation [10][12] - The D1 Hall focuses on full-chain services for cross-border e-commerce, showcasing platforms like Amazon and logistics service providers, while also highlighting local industrial strengths [14][16] - The E1 Hall serves as a key display area for imported goods, featuring products like pet supplies and new energy vehicles, emphasizing the quality and appeal of imported items [16] Group 3: Conference and Discussions - The Global Cross-Border E-commerce Ecosystem Conference, held concurrently, featured discussions on the future of digital trade and cross-border e-commerce, with participation from industry leaders and experts [17][19] - The conference included thematic discussions on emerging markets and strategies for leveraging platforms like TikTok Shop to enhance sales during major promotional events [21]

Company Overview - Tongda Chuangzhi (Xiamen) Co., Ltd. is a national high-tech enterprise focused on R&D, production, and sales of consumer goods in sports outdoor, home living, and health care sectors [2][3]. - The company has established three production bases in Xiamen, Shishi, and Malaysia, and has formed long-term strategic partnerships with global leaders like Decathlon and IKEA [2][3]. Business Model and Clientele - The company operates a direct sales model, maintaining stable relationships with core clients, which include Decathlon, IKEA, Wagner, and YETI [8][16]. - Core clients contribute significantly to revenue, with Decathlon, IKEA, and Wagner being major European customers [10][16]. Financial Performance and Market Position - Since its A-share market debut in March 2023, the company has adhered to legal regulations and established a stable dividend policy to reward investors [3]. - The company has achieved a total of 246 national authorized patents, including 8 invention patents, and has received numerous quality certifications across various countries [3]. Strategic Development Goals - The company aims to become a trusted, sustainable strategic partner for clients, focusing on deepening existing client relationships and expanding into new markets [4][17]. - Plans include enhancing product offerings in three core areas: sports outdoor, home living, and health care, while also targeting new international and domestic brand clients [19][20]. Production and Technological Advantages - The company employs a multi-process production system, which is a key competitive advantage in meeting diverse client needs [12][13]. - It has implemented an intelligent manufacturing system, enhancing efficiency, quality, and cost control [13]. Risk Management and Adaptation Strategies - The company has taken proactive measures to mitigate risks associated with U.S. tariffs, focusing on expanding its production base in Malaysia to reduce dependency on single export markets [10][11]. - The company is also adjusting its investment plans to enhance production capacity in response to international client demands [11]. Industry Barriers and Competitive Landscape - The consumer goods industry is characterized by high market fragmentation, with many small to medium enterprises, while Tongda Chuangzhi stands out due to its strong R&D and production capabilities [14][20]. - Barriers to entry include customer loyalty, technological requirements, production processes, and certification standards, which pose challenges for new entrants [20][24]. Future Market Expansion Plans - The company plans to consolidate its existing customer base while exploring new product categories and expanding its reach to high-quality clients [18][19]. - It aims to leverage its core competencies to enhance market share and revenue growth in the evolving consumer goods landscape [15][19].

Core Insights - Zhejiang province is actively addressing supply chain challenges through innovation and collaboration between government and enterprises, with a focus on maintaining stability and growth in foreign trade [1] - From January to July this year, Zhejiang's foreign trade import and export reached 3.19 trillion yuan, a year-on-year increase of 5.9%, with exports alone amounting to 2.42 trillion yuan, growing by 8.4% [1] Group 1: Supply Chain Challenges - Companies in Zhejiang are facing increased competition in overseas markets, fluctuating supply chain costs, and high tariff barriers, yet they express determination to turn challenges into opportunities [1][2] - The outdoor leisure products industry in Taizhou, which has a foreign trade dependence of 44.8%, has a total output value of 30 billion yuan, with 90% of products exported to over 120 countries [2] - Exchange rate fluctuations are a hidden cost for local enterprises, impacting their profitability and operational stability [2] Group 2: Proactive Strategies - Companies are shifting from a reactive to a proactive approach in addressing supply chain issues, focusing on optimizing supply chain networks and enhancing technological barriers through R&D and innovation [3][4] - A global supply chain strategy is being implemented to adjust supply chain flows and utilize overseas production bases to mitigate tariff cost pressures [4] Group 3: Market Diversification - Zhejiang's exports to emerging markets such as ASEAN, the Middle East, Latin America, and Africa have seen significant growth, with increases of 16.1%, 12.5%, 12.7%, and 12.3% respectively from January to July [5] - Companies are actively seeking to diversify their markets and product offerings to enhance competitiveness and reduce reliance on single markets [4][5] Group 4: Financial Support and Risk Management - Financial institutions are providing essential support to companies facing tariff changes, including foreign exchange risk management and assistance with supply chain adjustments [6] - Export credit insurance is playing a crucial role in supporting companies during financial difficulties, with significant payouts aiding operational continuity [6] - From January to August, the Ningbo branch of China Export & Credit Insurance Corporation supported exports exceeding 33 billion USD, with a year-on-year growth of 8.7% [6] Group 5: Cross-Border Financial Services - The launch of the "Zhijiang Easy Exchange" WeChat mini-program aims to streamline cross-border financial services for enterprises, enhancing efficiency in foreign exchange transactions [7] - Zhejiang's financial institutions are customizing solutions to help companies manage exchange rate risks, thereby reducing financial burdens [8]

Group 1 - The core viewpoint of the articles highlights the challenges and opportunities faced by the cross-border e-commerce industry due to the changing U.S. tariff policies and international trade uncertainties [3][4][10] - The U.S. has ended the exemption on tariffs for small packages valued under $800 from China, which significantly impacts the cross-border e-commerce sector, as approximately 1.36 billion packages entered the U.S. this way in 2024 [3][4] - Experts suggest that Chinese cross-border e-commerce must adapt by restructuring logistics, increasing local warehousing in the U.S., and diversifying markets beyond North America to mitigate risks [4][10][12] Group 2 - The "External Trade Quality Products China Tour" event in Henan aims to expand domestic sales channels for foreign trade products, promoting integrated development of domestic and foreign trade [12][15] - The cross-border e-commerce sector in Henan has seen significant growth, with annual import and export volumes increasing from over 100 billion yuan in 2017 to over 260 billion yuan in 2024, reflecting institutional innovation and deepening openness [15][16] - The event attracted over 300 foreign trade enterprises and showcased nearly 10,000 export products, indicating a strong interest in cross-border e-commerce and the potential for further market expansion [15][16]

Group 1 - The core viewpoint of the article highlights the significant growth of cross-border e-commerce in Henan, with import and export volumes increasing from over 760 billion yuan in 2016 to over 2,600 billion yuan in 2024, averaging an annual growth rate of over 24% [1][2] - The 2025 Zhengzhou Cross-Border E-Commerce Conference will be held, marking the ninth year of this influential event, which has successfully promoted numerous projects and innovative institutional results [1][2] - Henan has established a comprehensive industrial ecosystem for cross-border e-commerce, with the number of national-level open platforms expanding to seven and 36 provincial-level demonstration parks supporting the development of the e-commerce industry [1][2] Group 2 - The vitality of foreign trade entities is evident, with thousands of cross-border e-commerce companies gathered in Zhengzhou E-trade core functional area and Xinzheng Comprehensive Bonded Zone, including both local leaders and major platforms like Amazon and Alibaba [2] - Since 2016, Henan has introduced several pioneering institutional innovations, such as the net purchase tax exemption service model and retail export clearance modes, which have helped reduce costs and improve efficiency for businesses [2] - Talent cultivation has become a priority, with over 30,000 cross-border e-commerce talents trained annually through recognized training and incubation platforms [2] Group 3 - As China’s cross-border e-commerce enters a new decade, Henan aims to maintain its leading position by promoting traditional manufacturing enterprises to go online and enhancing the international competitiveness of "Henan-made" products [3] - The recent release of the first batch of cross-border e-commerce industrial belt "source factories" includes 138 factories across 17 categories, facilitating precise supply-demand matching [3] - The 2025 Zhengzhou Cross-Border E-Commerce Conference aims to foster industry growth by inviting nearly a thousand industry guests and hosting multiple specialized activities to connect resources [3][4]

Group 1: Industry Overview - The steel furniture industry in Luoyang, Henan, has over a thousand enterprises, generating nearly 20 billion yuan in total output value, with products exported to over 100 countries and regions [1] - Despite the impact of tariffs on exports to the U.S., many companies report increased orders and busy production lines [1][7] Group 2: Company Strategies - Luoyang Kofeya Furniture Co., led by Wei Pengfei, has attracted international clients, including a recent visit from Indonesian buyers, due to their advanced production capabilities and competitive pricing [1][5] - The company has developed a new line of steel furniture that mimics the aesthetics and feel of wooden furniture, with a lifespan three times longer than wood, leading to significant pre-orders from distributors [5][11] - Another company, Henan Gangmei Technology Co., is pivoting to domestic markets after losing millions in canceled orders due to U.S. tariffs, utilizing short video marketing to reach younger consumers [9][11] Group 3: Market Adaptation - The outdoor leisure industry in Pingyu County, which heavily relied on exports to the U.S., is facing challenges due to high tariffs, prompting companies to explore new markets, including Africa [13][15] - Companies are adjusting their products to meet the needs of the African market, focusing on cost-effectiveness and practicality, resulting in a sales increase from under 10% to 20% in that region [15] - The shift from foreign trade to domestic sales is becoming a priority, with companies increasing their e-commerce presence and adapting products based on domestic consumer demands [15][17]

Group 1: Steel Furniture Industry in Luoyang - The steel furniture industry in Luoyang's Yibin District has over a thousand enterprises, generating nearly 20 billion yuan in total output value, with products exported to over 100 countries and regions [1] - Despite the impact of tariffs on exports to the U.S. expected by 2025, many factories are experiencing increased orders rather than a decline [1][12] - The introduction of smart production technologies, such as laser cutting and intelligent welding, has significantly improved production precision, achieving ten times the accuracy of traditional methods [3] Group 2: Market Expansion and Innovation - The visit from Indonesian clients was unexpected, highlighting the effectiveness of networking at trade shows, where the client was impressed by the quality and pricing of the products [4][9] - The company has identified a new market opportunity in Southeast Asia, where steel furniture can replace wood furniture due to the latter's susceptibility to humidity [6] - Innovations in product design, including special treatments to mimic wood's appearance and feel, have led to strong pre-orders from distributors [8] Group 3: Challenges and Adaptations in Outdoor Leisure Industry - The outdoor leisure industry in Pingyu County, heavily reliant on exports to the U.S., has faced significant order cancellations due to high tariffs, prompting a shift towards the domestic market [11][15] - Companies are adapting by enhancing their e-commerce capabilities and targeting the African market, which values cost-effectiveness and practicality over aesthetics [19][20] - The internal trade ratio has shifted from 1:9 to 4:6 as companies increase their focus on domestic sales, supported by local government initiatives to train e-commerce talent [22][26]