中金:跨境电商景气向上 头部卖家或迎经营反转

格隆汇
Aug 07
中金公司研报称,2026年跨境电商景气向上,跨境电商头部卖家或迎经营反转。2020年—2023年疫情背景下海外电商渗透率提升,叠加欧美消费补贴、国内平台出海等多重催化,跨境电商卖家加速涌入,推动行业竞争加剧;2024年起中美贸易摩擦制约海外业务拓展,加之电商平台规则收紧、流量扶持退坡、跨境税收申报及物流监管趋严等,行业经营压力持续抬升,中小卖家压力凸显。2026年起,随贸易环境趋于平稳、库存压力消化及尾部企业出清,头部跨境卖家经营或迎底部反转,头部卖家或强者愈强。

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