21世纪经济报道记者 董静怡 上海报道 过去一周（5.12-5.18），出海领域发生哪些动态？ 行业一览 美国调整对华加征关税 从商务部获悉，根据美国白宫5月12日发布的《修改对等关税税率以反映与中华人民共和国会谈情况的 行政令》，美方已于美东时间5月14日凌晨00:01撤销根据2025年4月8日第14259号行政令和2025年4月9 日第14266号行政令对中国商品（包括香港特别行政区和澳门特别行政区商品）加征的共计91%的关 税，修改2025年4月2日第14257号行政令对中国商品(包括香港特别行政区和澳门特别行政区商品)加征 的34%的对等关税措施，其中24%的关税暂停加征90天，保留剩余10%的关税。 同时，美方还下调或撤销对中国小额包裹（包括香港特别行政区小额包裹）加征的关税，将国际邮件从 价税率由120%下调至54%，撤销原定于2025年6月1日起将从量税由每件100美元调增为200美元的措 施。鉴于美方根据中美经贸高层会谈共识撤销、暂停或调整有关对华加征关税，中方相应调整有关关税 和非关税对美反制措施。 中拉去年贸易额超5184亿美元，创历史新高 中国与拉美和加勒比国家经贸合作持续拓展，取得一系 ...

Investment Rating - Industry rating: Recommended [4] Core Views - The recent US-China Geneva talks have led to a positive consensus, with expectations for the export chain to recover as both sides agree to reduce tariffs significantly [1][19] - The 2025 "618" mid-year shopping festival has commenced, with major e-commerce platforms implementing strategies to stimulate consumer spending through simplified rules and increased subsidies [2][19] Summary by Sections Industry & Company Dynamics - The US has committed to canceling 91% of tariffs on Chinese goods and modifying 34% of reciprocal tariffs, while China will suspend or cancel corresponding tariffs on US goods [1][19] - The 618 shopping festival has seen platforms like Tmall and JD.com launching pre-sales and promotional strategies, with domestic brands showing strong growth [2][19] - Key investment themes include the return of offline traffic, AI technology upgrades, and the increasing willingness of consumers to pay for emotional value [3][58] Investment Recommendations - Focus on five investment themes: 1. Offline traffic recovery with beneficiaries including Yonghui Supermarket and Kidswant [3][58] 2. Continuous upgrades in AI technology with beneficiaries like Focus Technology and Aosheng Technology [3][58] 3. High-performing new retail sectors with beneficiaries such as Miniso and Pop Mart [3][58] 4. Recovery of cyclical sectors under domestic demand stimulation with beneficiaries like Mixue Group and Haidilao [3][58] 5. Expanding overseas consumption opportunities with beneficiaries including Miaow Exhibition and Anker Innovations [3][58] Macro & Industry Data - In March, the total retail sales of consumer goods increased by 5.9% year-on-year, indicating a stable and improving consumption market [35][36] - The online retail penetration rate increased by 0.7 percentage points year-on-year, with online retail sales of physical goods growing by 14.9% [36][40]

Group 1: Company Performance - Alibaba's entertainment segment reported a revenue of 22.267 billion yuan for the fiscal year ending March 31, 2025, representing a 5% year-on-year increase, driven by growth in Alibaba Pictures and Youku [1] - In Q1 2025, Alibaba's entertainment segment achieved a revenue of 5.554 billion yuan, a 12% increase year-on-year, with adjusted EBITA turning profitable at 36 million yuan compared to a loss of 884 million yuan in the same period of 2024, primarily due to Youku's profitability [2] - Youku's profitability is attributed to effective cost control across its entire industry chain, despite the challenges in the long video market [4] Group 2: Industry Challenges - The long video market is facing significant growth pressure, with iQIYI reporting a revenue decline of 14% year-on-year in Q4 2024, and Mango TV also experiencing revenue drops of 3.75% and 12.76% in 2024 and Q1 2025, respectively [3] - Advertising revenue has notably decreased across the industry, with iQIYI's brand advertising revenue shrinking from over 10 billion yuan in 2018 to around 4 billion yuan last year [4] - Despite Youku's recent profitability, the company still faces challenges in sustaining growth within a contracting long video market [5]

Group 1 - Meituan's Keeta is expanding into Brazil, indicating a shift in the outbound strategy of Chinese companies towards global competition and industry division [2] - The drop in tariffs has encouraged companies to confidently enter the U.S. market, with no European e-bike companies willing to forgo this opportunity [3] - Yiwu's small commodity market is adapting well to unprecedented tariff wars due to its strong market adaptability and product advantages [4] Group 2 - Following the reduction of tariffs, U.S. importers and retailers have expressed relief, with companies like Shark Ninja and Basic Fun planning immediate shipments to U.S. ports [9] - Container shipping bookings from China to the U.S. surged nearly 300% after the mutual tariff reductions, with average bookings increasing from 5,709 to 21,530 standard containers [9] - Alibaba International Station launched a U.S. promotional event to capitalize on the tariff reduction, anticipating a surge in Chinese exports over the next 90 days [9] Group 3 - Temu is gradually restoring its previously suspended full-service business in the U.S. [10] - TikTok Shop has officially launched its cross-border store in Japan, supporting direct shipping from China [10] - JD Logistics has opened its first self-operated overseas warehouse in Mexico, enhancing logistics services for a well-known fast fashion e-commerce company [10] Group 4 - The global in-app purchase revenue for short video applications reached nearly $700 million in Q1 2025, a fourfold increase from Q1 2024 [11] - The U.S. remains the highest revenue market for short video applications, contributing 49% of the total revenue in Q1 2025 [11] - Trump announced a $1.2 trillion economic commitment from Qatar, including significant agreements with U.S. companies [11] Group 5 - Waymo is recalling nearly 1,200 autonomous taxis to update software after minor collision incidents [12] - OpenAI has made the GPT-4.1 model available to ChatGPT users, focusing on coding tasks and instruction adherence [12]

Core Insights - Taobao has launched a Russian version in Kazakhstan, allowing local consumers to browse products and prices in Russian and settle payments in local currency [1] - This marks Taobao's first multi-language version aimed at a non-English speaking country [1] - After one week of the Russian version's launch, over 70% of new users' first orders on Taobao Kazakhstan came from Russian-speaking users, with new user order conversion rates increasing by 47% compared to previous figures [1] - In addition to the Russian version, Taobao has introduced "free shipping for orders over 99 yuan" and "local return services" in Kazakhstan [1]