According to CoinMeta, a research report by CITIC Securities indicates that cross-border e-commerce is being driven by the tightening of small parcel tariffs in the US and Europe, and the fulfillment models are undergoing iteration. The cancellation of tariff exemptions for small parcels in the US is a foregone conclusion, and the EU will abolish such exemptions for parcels under 150 euros starting from July 2026. Non-EU platforms will need to assume compliance responsibilities. As a result, the industry will accelerate its shift from direct small parcel shipping to semi-managed services and overseas warehouses for fulfillment, raising the entry barriers. This trend is expected to lead to increased concentration among leading players, although there will be short-term challenges related to compliance adjustments. According to Euromonitor, the global retail e-commerce market is expected to reach approximately $4.66 trillion in 2025, representing a year-on-year growth of 10.4%. Major export destinations such as the US and Europe will continue to see moderate to high growth rates, while emerging regions will experience even faster growth, with the overall industry growth outpacing that of traditional retail sales. Looking ahead to 2027, as fulfillment models become more stable, platform players are expected to recover from the low base in 2026. It is recommended to pay attention to the period of low valuations created by the strict policy environment.