On September 24, the Ministry of Commerce and nine other departments released "Several Policy Measures on Promoting Service Exports" (hereinafter referred to as "the Measures"), proposing a series of initiatives in areas including taxation, finance, and facilitation to further strengthen efforts in promoting service exports and continuously optimize the policy environment.

The Measures contain 13 specific initiatives. In terms of fiscal and tax policies, the Measures clearly state that existing central and local funding channels will be utilized to strengthen support for key areas and projects in service exports. The policy aims to enhance the leveraging effect of the Service Trade Innovation Development Fund to attract more social capital investment in service trade and digital trade sectors, while optimizing the zero-tax-rate application procedures for service exports and improving export tax refund efficiency.

Regarding financial policies, the Measures further emphasize strengthening export credit insurance support, improving policy precision, increasing financial service supply for small and medium-sized enterprises, and enhancing insurance service convenience levels.

Additionally, in terms of regulatory facilitation, the Measures propose further improving relevant bonded supervision systems, facilitating personnel movement and promoting inbound consumption, enhancing service trade fund settlement convenience, encouraging intellectual property transformation and transaction, and promoting and regulating cross-border data flows while accelerating the development of international data service businesses.

In recent years, China's cross-border e-commerce trade has maintained steady growth, becoming a vital force driving high-quality development of foreign trade and a new channel for enterprise transformation and upgrading. According to reports, at the 2025 China Langfang International Economic and Trade Fair that opened on June 16, the General Administration of Customs Statistical Analysis Department introduced China's cross-border e-commerce import and export situation for 2024, stating that China's cross-border e-commerce export scale exceeded 2 trillion yuan, reaching 2.15 trillion yuan, representing a 16.9% increase compared to 2023, with cross-border e-commerce scale reaching a new historical high. Customs surveys show that over 70% of enterprises expect stable or growing cross-border e-commerce import and export in 2025.

Furthermore, it's worth noting that the e-commerce industry has entered the "Double 11" preparation phase. As competition in the domestic e-commerce market intensifies, overseas markets are becoming a new blue ocean for many merchants. On September 22, Taobao's cross-border business "Taobao Global" announced that it would invest 1 billion yuan in marketing subsidies in overseas markets during this year's "Double 11," helping 100,000 merchants achieve doubled overseas transaction volumes during "Double 11."

According to Taobao Global General Manager Ye Jianqiu, this year's "Double 11" will be launched simultaneously in 20 countries and regions worldwide for the first time, available in five different language versions for global consumers.

On September 23, AliExpress launched the "Super Brand Global Program," offering brands the opportunity to achieve higher transaction volumes at half the cost they would spend on Amazon. Some analysts believe this move represents AliExpress's direct challenge to Amazon in competing for mid-to-high-end brands.

As the only platform among the "Big Four Going Global" to establish a dedicated brand service team, AliExpress saw a 70% year-over-year increase in new brands in the first half of this year, with over 500 brands achieving doubled sales volumes and more than 2,000 brands expanding into new overseas markets through AliExpress.

Guosen Securities believes that overseas market e-commerce penetration rates still have room for growth, and consumers continue to have strong demand for high-quality Chinese products. Additionally, with strengthened expectations of phased improvement in the external trade environment, leading cross-border brands are actively adjusting by strengthening product capabilities to enhance cost transmission capacity and developing regional diversification, demonstrating strong risk resilience while benefiting from competitive landscape optimization. The firm recommends active attention to Anker Innovations and others.

Cross-border platform enterprises benefit both from increased demand for enterprise overseas services and high non-US regional buyer traffic proportions, actually benefiting from opportunities arising from export enterprises' active expansion into non-US regional exports, bringing potential customer growth. The firm recommends active attention to Yiwu China Commodity City and Focus Technology.

Cathay Pacific Haitong Securities points out the preference for companies with strong brand momentum and expected marginal performance improvement: 1) For the cross-border e-commerce sector, B2C direction recommends Anker Innovations, UGREEN, Saiwei Times, JEOU Technology, and Juhong; B2B direction recommends Yiwu China Commodity City and Focus Technology; 2) For other overseas expansion directions, recommends MINISO, Conant Optical, and SUMEC.

Cross-border e-commerce related companies:

ZIBUYU (02420): One of China's largest cross-border e-commerce B2C companies, primarily selling apparel and footwear products through third-party e-commerce platforms and self-operated websites. ZIBUYU announced its 2025 interim results with total revenue of approximately 1.961 billion yuan, representing a substantial 34.1% year-over-year increase. Net profit attributable to shareholders was approximately 106 million yuan, up 15.9% year-over-year, with basic and diluted earnings per share of approximately 0.22 yuan. The announcement attributed revenue growth mainly to the group's active brand-building efforts and vigorous expansion of non-Amazon channels, with core brands and non-Amazon channels achieving significant growth, driving company revenue increases.

EDA Group Holdings (02505): As a one-stop end-to-end supply chain solution provider for e-commerce seller customers, EDA Group empowers China's rapidly growing B2C export e-commerce industry.

JD-SW (09618): In late August, Haitong International released a research report stating that JD-SW's quarterly revenue grew 22.4% year-over-year, reaching a three-year high growth rate. During the period, gross margin increased 0.12 percentage points year-over-year to 15.88%, with retail gross margin achieving 13 consecutive quarters of year-over-year growth, reflecting continuously improving operational efficiency with expectations of further gross margin improvement. Haitong International adjusted JD's 2025-27 operating revenues to 1.332 trillion, 1.440 trillion, and 1.527 trillion yuan respectively, setting a target price of 167 Hong Kong dollars while maintaining an "Outperform" rating.

PDD Holdings (PDD.US): In the second quarter, PDD became the first in the e-commerce industry to launch a "hundred-billion-level" merchant support initiative, providing substantial financial support to merchants and industries by continuously reducing commissions and costs for millions of merchants while increasing support for small and medium-sized merchants, emerging merchants, and brand merchants, promoting multi-level high-quality development across agricultural production areas and industrial belts.

ZTO Express-W (02057): In late August, Daiwa released a research report upgrading ZTO Express-W's rating from "Outperform" to "Buy," raising the target price from 155 Hong Kong dollars to 180 Hong Kong dollars. The firm believes that ZTO's lower parcel volume growth targets combined with improving industry pricing environment will drive stock revaluation.