| 40.0 | | --- | | 朱吉翔 C0050@capital.com.tw 目标价(元) | 公司基本资讯 | 产业别 | | 电子 | | --- | --- | --- | | A 股价(2025/10/24) | | 33.28 | | 深证成指(2025/10/24) | | 13289.18 | | 股价 12 个月高/低 | | 40.68/16.99 | | 总发行股数(百万) | | 3538.87 | | A 股数(百万) | | 3131.69 | | A 市值(亿元) | | 1042.23 | | 主要股东 | | 歌尔集团有限 | | | | 公司(15.69%) | | 每股净值(元) | | 10.29 | | 股价/账面净值 | | 3.23 | | | 一个月 三个月 | 一年 | | 股价涨跌(%) | 1.4 41.2 | 42.6 | 阿 2025 年 10 月 27 日 C o m p a n y U p d a t e C h i n a R e s e a r c h D e p t . 歌尔股份(002241.SZ) BUY 买入 3Q25 业绩增速 ...

实地考察了解后，侨商们开始主动对接河南企业，对合作充满期待。王琳达说："侨商要发挥融通中外的优 势，不仅要'走进来'在河南投资，更要帮助河南企业'走出去'。"她鼓励侨商伙伴们，机会属于行动派，唯有 亲身调查、务实对接，才能与河南的发展同频共振，共享新时代的开放红利。 金秋的中原，硕果盈枝。9月26日，第十五届河南投洽会在郑州开幕。作为本届投洽会高水平对外开放的专题 活动之一，"知名侨商中原行"暨侨助千企万品出海活动也在郑州举办。来自马来西亚、泰国、加拿大、新加 坡、肯尼亚、越南、阿联酋等14个国家和地区的海外知名侨商40余人与河南企业家代表会聚一堂，以侨为 桥、以会为媒，开启了一场助力"豫品出海"的双向奔赴。 海外侨胞心怀祖（籍）国、情系桑梓。"河南是中华民族的重要发祥地，也是我们客家人根脉所系的精神家 园。"马来西亚客家公会联合会前任总会长张润安的发言，道出了海外侨商与河南深厚的情感纽带。 河南以"空中丝绸之路"为翼，依托郑州—卢森堡、郑州—吉隆坡"双枢纽"通道，正从内陆腹地稳步迈向开放 前沿。侨商们敏锐捕捉到河南的变化：高端装备制造、新能源汽车、生物医药等新兴产业加速崛起。马来西 亚作为东盟成员国，正成为 ...

Core Insights - The article highlights the significant transformation and challenges faced by the e-commerce industry, particularly on platforms like Taobao, as many sellers are shifting away from online sales to explore alternative business models [1][12][17] Group 1: Decline of Taobao Sellers - A report indicates that the number of e-commerce practitioners in China is expected to decrease by 12.5% year-on-year by mid-2025, with active sellers on Taobao dropping by 18.3% [1] - Former successful sellers, like Zhang Qiang, have left Taobao due to the platform's changing dynamics, which are no longer favorable for small businesses [1][12] Group 2: Rising Costs and Competition - The cost of acquiring new customers on Taobao has surged by 47% in 2025, averaging 78 yuan per new customer, making it financially unviable for many sellers [2] - The quality of traffic has declined, with conversion rates dropping from 10% to 3-4% [2] - Intense price competition has led to a significant reduction in profit margins, forcing many sellers to engage in price wars to attract customers [5][6] Group 3: Unpredictable Platform Rules - Frequent changes in platform rules create uncertainty for sellers, making it difficult for them to adapt and maintain profitability [3][4] - New policies, such as the introduction of a product quality scoring system, disproportionately benefit larger brands, increasing operational challenges for small sellers [3][4] Group 4: Emergence of New Platforms - New e-commerce platforms like Douyin, Pinduoduo, and Xiaohongshu are rapidly gaining market share, with Douyin's GMV reaching 3.43 trillion yuan in 2024, indicating a shift in consumer preferences [7][9] - Sellers are increasingly adopting multi-platform strategies to mitigate risks, but this approach can dilute their focus and resources [9] Group 5: Industry Evolution - The e-commerce sector is undergoing a maturation process, moving from rapid growth to a phase of adjustment and optimization, where only those with unique competitive advantages will thrive [12][14] - Taobao is implementing measures to improve the business environment, including financial incentives and AI tools to assist sellers [12][13]

Core Viewpoint - The city of Pingxiang in Guangxi is enhancing its port capabilities through infrastructure upgrades, smart transformations, and innovative service models to stabilize and streamline the China-ASEAN industrial and supply chains [1][3]. Group 1: Infrastructure and Smart Port Development - The scope of the Youyi Pass port has expanded to include the Puzhai-Xinqing and Nongyao-Gunan channels, which are now officially operational [1]. - The construction of smart ports at Youyi Pass and Puzhai-Xinqing is accelerating, with the Chinese section set for trial operation, marking a significant breakthrough in port intelligence transformation [3]. - The establishment of a public-rail international logistics port is progressing steadily, laying the foundation for multimodal transport development [3]. Group 2: Trade and Regulatory Enhancements - Pingxiang has optimized regulatory processes, allowing for immediate sample collection and delivery, significantly reducing testing times [3]. - The Puzhai channel has successfully exported new cars using general trade for the first time, while the Nongyao channel achieved a "zero breakthrough" in general trade imports of durians [3]. - The Youyi Pass has been recognized as one of the first national "International Health Land Ports," and the first cross-border vehicle inspection fast track has been launched [3]. Group 3: Economic Impact and Trade Growth - Pingxiang is the largest port city for fruit imports and exports between China and ASEAN, with an annual import volume exceeding 2 million tons [5]. - The establishment of the China-ASEAN (Chongzuo) Fruit Trading Center has facilitated the entry of Vietnamese fresh coconuts via rail and the first sea import of durians [5]. - The cross-border e-commerce trade volume in Pingxiang is projected to reach 21.4 billion yuan in 2024, marking a year-on-year increase of 441.77%, positioning it as a new growth engine for regional foreign trade [5].

Core Insights - Small and medium-sized enterprises (SMEs) face competitive pressure to expand internationally, with risks such as trademark squatting and infringement hindering their efforts [1] - Effective international trademark strategy is essential for SMEs to navigate these challenges and achieve cost-efficient global expansion [1] Group 1: Market Prioritization - SMEs should prioritize "core markets" to avoid trademark squatting, focusing on regions with existing orders or clear expansion plans [3] - For example, a home goods company with 30% of orders from Europe and the US should prioritize trademark registration in those areas [3] - Each market has different trademark classifications and rules, necessitating targeted category selection [3] Group 2: Cost-Effective Strategies - SMEs can adopt a "foundational first, then expand" strategy to balance protection and financial investment [4] - The first step is to register core categories directly related to the main products to secure basic rights [5] - For instance, a cosmetics company should first register Class 3 (cosmetics) as a foundational step [5] Group 3: Defensive Registration - Companies with established brands should consider registering similar trademarks or related categories to prevent others from exploiting their brand [8] - For example, a brand like "Little Daisy" could register variations like "Daisy Little" to protect against similar trademarks [9] Group 4: Avoiding Pitfalls - Attention to detail is crucial in international trademark registration to avoid wasting initial investments [10] - Trademark names should be localized to avoid negative connotations in different cultures [11] - For instance, a snack brand faced delays due to a name that had an unfortunate meaning in certain markets [12] Group 5: Registration Process Management - The trademark registration process can take 1-2 years in some regions, requiring careful planning [13] - Companies should initiate registration at least 18 months before entering a peak season market to ensure compliance [15] - Regular tracking of registration progress is essential to respond to examination opinions promptly [16] Group 6: Ongoing Maintenance - After successful registration, companies must adhere to local renewal rules to avoid trademark expiration [17] - A case study highlighted an electronics company that lost its trademark due to failure to renew, costing five times the original registration fee to reclaim [18] - Establishing a trademark management system to track renewal dates and evidence of use is recommended [19]