Investment Impact Analysis of the Expansion of the 'White List' for Imported Consumer Goods in Shanghai's First-Store Economy

Based on the information obtained, I analyze the investment impact of the expansion policy of the ‘White List’ for imported consumer goods in Shanghai’s first-store economy on the consumer retail and cross-border e-commerce industries:

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Shanghai’s 2026 Business Environment Action Plan clearly states [1][2]:

• Expand the ‘White List’ for imported consumer goods in the first-store economy
  : Include more enterprises and new products in the white list
• Expand inspection facilitation measures
  : Continuously expand the scale of applying inspection facilitation measures for first-launch imported consumer goods
• Optimize business environment
  : Shanghai has reached the global optimal level in 22 business environment assessment points, surpassing Singapore, New York, London, and Hong Kong

• First-store economy concept
  : Shanghai took the lead in proposing the ‘first-store economy’ nationwide in 2018; from January to October 2025, the number of new first stores reached 848, continuing to lead the country [3]
• Consumer market potential
  : In the first half of 2025, China’s total digital consumption reached
  9.37 trillion yuan
  , accounting for
  46.5%
  of total household consumption expenditure, and the number of digital consumption users exceeded
  958 million
  [4][5]
• Expand domestic demand strategy
  : The policy aligns with the special chapter deployment of the national ‘15th Five-Year Plan’ for building a strong domestic market and expanding high-level opening up [6]

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• High-end retailers
  : Shanghai has become the ‘first choice for global brands to launch first stores’; landmark projects such as Louis Vuitton’s global-only ‘Louis Ship’ project have been implemented [3]
• Department stores
  : Benefit from the continuous growth of first-store scale, with increased foot traffic and sales
• Duty-free shopping
  : Inspection facilitation measures will accelerate the listing of imported consumer goods and enhance the richness of duty-free products

• Guzi economy
  : The peripheral product consumption form centered on two-dimensional IP is booming; the number of users of online blind boxes, IP peripherals, and two-dimensional products exceeds
  90 million
  [5]
• AI+ consumption
  : In the first half of 2025, 45% of online shopping users purchased smart products such as smart home appliances, digital products, and wearable devices [5]

Company Name	Stock Code	Market Cap	Current Price	P/E	Key Financial Indicators	Investment Highlights
Bailian Co.	600827.SS	14.42 billion USD	$8.99	66.07x	ROE:1.22%, Net Profit Margin:0.97%	Shanghai’s largest comprehensive commercial retail enterprise, benefiting from the first-store economy
Jinjiang Hotels	600754.SS	23 billion USD	$25.27	48.71x	ROE:3.55%, Net Profit Margin:4.08%	Benefits from the recovery of inbound tourism; leading local hotel in Shanghai
Suning.com	002024.SZ	1.575 billion USD	$1.70	170.00x	-	Cross-border e-commerce and home appliance retail; benefits from the facilitation of imported consumer goods

[7]:

• Advantages
  : As the largest comprehensive commercial retail enterprise in Shanghai, it has abundant offline store resources and can directly undertake the entry of international brand first stores
• Challenges
  : ROE is only 1.22%, net profit margin is 0.97%, and profitability needs to be improved
• Opportunities
  : The dividend of the first-store economy policy is expected to increase same-store growth and rental income

[8]:

• Advantages
  : Benefits from the strong recovery of inbound tourism and leads in market share
• Financial Performance
  : Latest quarterly EPS: $0.35, Revenue: $3.71 billion
• Valuation Level
  : P/E ratio of 48.71x, which is in a reasonable range

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• Inspection facilitation
  : The inspection time for imported consumer goods is significantly shortened, customs clearance efficiency is improved, and inventory costs are reduced
• Cost reduction
  : Reduce warehousing and logistics costs and improve capital turnover efficiency

• Accelerated introduction of new products
  : The expansion of the white list means more international brands and products can enter the Chinese market through convenient channels
• Differentiated competition
  : Cross-border e-commerce platforms can introduce more exclusive and first-launch products

• Imported maternal and infant products, beauty and personal care, luxury goods and other categories will benefit significantly
• Fresh food, health products and other high-timeliness products have obvious advantages

• Demand for related services such as warehousing and logistics, customs declaration and inspection, and supply chain finance will grow

• Demand for technical support such as cross-border payment, foreign exchange settlement, and digital marketing will increase

According to Deloitte research [6][9]:

• Significant effect of ‘two new’ policies
  : From April 2024 to July 2025, sales of daily household appliances and audio-visual equipment increased by
  44.5%
  and
  22.8%
  year-on-year respectively
• Cross-border e-commerce growth
  : There are 249 million rural digital consumption users, accounting for 26.0%, and e-commerce and logistics distribution networks release the consumption potential of county residents

---

:

• Shanghai local retail leaders
  : Bailian Co., New World, Shanghai Jiubai, etc.
• Cross-border e-commerce platforms
  : Alibaba Health, JD Health, etc.
• Inbound tourism concept
  : Jinjiang Hotels, BTG Hotels, etc.

:

• 2026 Spring consumption peak season
• Detailed implementation of the first-store economy policy
• Accelerated opening of first stores by international brands in Shanghai

:

• Unchanged consumption upgrading trend
  : Generation Z digital consumption users reach 261 million, accounting for 27.2%, and are the main force of smart products, digital content and emotional consumption [5]
• Shanghai’s positioning as an international consumption center city
  : Growth opportunities in emerging consumption areas such as first-store economy, silver economy, night economy, performance market, and sports events [9]
• Continuous increase in digital consumption proportion
  : In the first half of 2025, digital consumption accounted for 46.5% of household consumption expenditure; the ‘15th Five-Year Plan’ period will enter a critical stage of growth [5]

:

• Retail enterprises with omni-channel layout
• Supply chain enterprises with international brand resources
• E-commerce service platforms with strong digital capabilities

:

• Macroeconomic fluctuations
  : Consumption demand recovery is less than expected
• Policy implementation effect
  : The implementation intensity of inspection facilitation measures remains to be observed
• Changes in international relations
  : May affect the supply chain of imported consumer goods
• Increased industry competition
  : The retail industry faces online-offline integration competition pressure

:

• Some companies have high valuations (e.g., Suning.com’s P/E ratio of 170x)
• The overall valuation level of the retail industry is in the historical median

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The expansion policy of the ‘White List’ for imported consumer goods in Shanghai’s first-store economy is a

, which will have a impact on the consumer retail and cross-border e-commerce industries:

1. Short-term
   : The policy catalyst effect is obvious; Shanghai local retail stocks and cross-border e-commerce concept stocks are expected to usher in a valuation repair market
2. Medium to long-term
   : Promote structural upgrading of the consumer industry; enterprises with omni-channel capabilities, international brand resources and digital advantages will stand out
3. Investment Themes
   : Layout around the three themes of ‘first-store economy + digital consumption + cross-border import’

:

• Priority allocation
  : Shanghai local retail leaders (Bailian Co., Jinjiang Hotels)
• Key attention
  : High-quality enterprises in cross-border e-commerce and supply chain services
• Strategic layout
  : Targets related to digital consumption and experience economy

The policy wind has arrived; the consumer retail and cross-border e-commerce industries are ushering in a new round of development opportunities. It is recommended to actively grasp the investment opportunities brought by the policy dividends.

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[0] Jinling API Data (Stock prices, financial indicators, market data)

[1] General Office of Shanghai Municipal People’s Government - “Shanghai Action Plan for Accelerating the Creation of a World-class Business Environment (2026)”
https://www.shanghai.gov.cn/nw12344/20260104/0b80134b5fa944eea6c12e586bfec06e.html

[2] 36氪 - “Shanghai: Include more enterprises and new products in the ‘White List’ for imported consumer goods in the first-store economy”
https://www.36kr.com/newsflashes/3624745191638018

[3] East Money - “Not just the elegance of old dreams: Shanghai wants to be the ‘definer’ of global cultural creativity”
https://finance.eastmoney.com/a/202512293604785062.html

[4] People.cn - “Accounting for nearly half of total household consumption expenditure - Digital consumption shows strong momentum”
http://finance.people.com.cn/n1/2026/0102/c1004-40637388.html

[5] Xinhuanet - “Accounting for nearly half of total household consumption expenditure - Digital consumption shows strong momentum”
http://www.news.cn/politics/20260102/d67465bb592a4b57a276caeff7cef7e6/c.html

[6] Ministry of Commerce - “Expand high-level opening up and vigorously boost consumption (authoritative interview)”
https://www.mofcom.gov.cn/syxwfb/art/2025/art_f65d604651fd43b8853aa27090a28d2b.html

[7] Jinling API Data - Company Overview of Bailian Co. (600827.SS)

[8] Jinling API Data - Company Overview of Jinjiang Hotels (600754.SS)

[9] Deloitte China Research - “2026 Economic and Industry Outlook”
https://www.deloitte.com/cn/zh/our-thinking/research//issue101.html