证券之星消息，截至2026年2月5日收盘，小商品城(600415)报收于15.44元，上涨0.52%，换手率 1.13%，成交量62.24万手，成交额9.58亿元。 该股主要指标及行业内排名如下： | 指标 | 小商品城 | 商业百货行业均值 | 行业排名 | | --- | --- | --- | --- | | 总市值 | 846.66亿元 | 103.64亿元 | 1 57 | | 净资产 | 222.61亿元 | 65.97亿元 | 2 57 | | 净利润 | 34.57亿元 | 8546.85万元 | 1 57 | | 市盈率(动) | 18.37 | 210.75 | 5 57 | | 市净率 | 3.82 | 3.28 | 45 57 | | 毛利率 | 37.23% | 37.66% | 25 57 | | 净利率 | 26.53% | 4.78% | 3 57 | | ROE | 15.96% | 0.11% | 1 57 | 小商品城2025年三季报显示，前三季度公司主营收入130.61亿元，同比上升23.07%；归母净利润34.57 亿元，同比上升48.45%；扣非净利润33.92亿元 ...

声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 2月5日，截止午间收盘，一带一路ETF易方达（515110）跌1.95%，报1.709元，成交额490.66万元。一 带一路ETF易方达（515110）重仓股方面，小商品城截止午盘跌0.07%，金风科技跌9.46%，中国铝业跌 6.77%，烽火通信跌4.38%，东阿阿胶涨0.20%，南网能源跌7.89%，广东宏大涨1.42%，云铝股份跌 5.76%，建设银行涨1.15%，中国联通跌0.41%。 一带一路ETF易方达（515110）业绩比较基准为中证国企一带一路指数收益率，管理人为易方达基金管 理有限公司，基金经理为刘树荣，成立（2019-11-06）以来回报为74.37%，近一个月回报为9.89%。 来源：新浪基金∞工作室 ...

李锦 长江证券零售首席: 好的，各位投资人，大家晚上好。我是那个长江证券的零售行业分析师李瑾。那今天也很 感谢大家这么晚拨入我们，就是今天举办的这个小商品城近期情况交流的一个电话会议。 那整个会议的话，我们也是有幸邀请到了公司的董秘许航许总和郑代，然后何志超何总， 然后就公司的近期情况跟大家进行一个交流。那么整个会议的背景还是源自于今天其实公 司整个盘中出现了一些波动，那么无论是公司还是包括我们团队可能都接受到了很多投资 人，包括股东们的一些关心，那么我们也是第一时间就邀请到公司的这个高管。 然后来就整个经营情况跟投资人关注的问题做一个就是快速而简短的一个交流。徐总您那 边收听还可以吧？ 小商品城董秘许航: 非常清晰，可以的，没问题。 李锦 长江证券零售首席: 好的，对，也是很感谢徐总的这个时间，其实现在因为咱们整个义乌也是一个比较关键的 时候，很多的这个会议的筹备呀，包括马上即将来的春晚，我觉得都是非常忙碌的时候， 所以感谢您的时间。那我们也为了提高整个交流的这种效果，我们将市场上今天大家主要 问的一些问题，然后总结成了五个方面，然后跟徐总您这边先进行一个互动。然后会后大 家如果有任何的问题的话，也可以欢迎 ...

2月3日，小商品城跌2.85%，截至发稿，报15.35元/股，成交22.05亿元，换手率2.63%，总市值841.73亿 元。小商品城股价已经连续3天下跌，区间累计跌幅9.28%。 南华中证杭州湾区ETF（512870）基金经理为康冬。 责任编辑：小浪快报 从基金十大重仓股角度 数据显示，南华基金旗下1只基金重仓小商品城。南华中证杭州湾区ETF（512870）四季度增持800股， 持有股数6.1万股，占基金净值比例为2.4%，位居第十大重仓股。根据测算，今日浮亏损失约2.75万 元。连续3天下跌期间浮亏损失9.58万元。 截至发稿，康冬累计任职时间2年159天，现任基金资产总规模2.4亿元，任职期间最佳基金回报 24.87%， 任职期间最差基金回报15.28%。 资料显示，浙江中国小商品城集团股份有限公司位于浙江省义乌市银海路567号商城集团大厦，成立日 期1993年12月28日，上市日期2002年5月9日，公司主营业务涉及从事市场开发经营及配套服务,提供网 上交易平台和服务,网上交易市场开发经营等。主营业务收入构成为：销售商品58.77%，小商品城市场 商位使用及其经营配套服务29.72%，其他服务6.09 ...

据交易所数据显示，截至2月3日收盘，主力资金流出前20的股票分别为： 中际旭创（-19.09亿元）、 蓝色光标（-11.28亿元）、 新易盛（-11.00亿元）、 工 业富联（-10.44亿元）、 西部材料（-7.27亿元）、铜陵有色（-6.49亿元）、 山东黄金（-6.35亿元）、 海光信息（-6.33亿元）、 中国黄金（-5.75亿元）、 胜宏科技（-5.62亿元）、 兴业银锡（-5.56亿元）、 豫光金铅（-4.92亿元）、 中芯国际（-4.62亿元）、 湖南黄金（-4.48亿元）、 中兴通讯（-4.24亿元）、 赤峰黄金（-3.90亿元）、 小商品城（-3.88亿元）、 华泰证券（-3.84亿元）、 比亚迪（-3.79亿元）、 中金黄金（-3.76亿元）。 | 豫光金铅 | -10.01 | -4.92亿元 | 有色金属 | | --- | --- | --- | --- | | 中芯国际 | -0.88 | -4.62亿元 | 未营体 | | 湖南黄金 | 10 | -4.48亿元 | 贵金属 | | 中兴通讯 | 0.49 | -4.24亿元 | 通信设管 | | 赤峰黄金 | 2.31 | -3 ...

证券研究报告·行业跟踪周报·商贸零售 执业证书：S0600522040001 shiyx@dwzq.com.cn 证券分析师 张家璇 执业证书：S0600520120002 zhangjx@dwzq.com.cn 商贸零售行业跟踪周报 2026 年消费-商贸零售&社会服务业的八大 预测 增持（维持） [Table_Tag] [本Table_Summary] 周行业观点（注：文中"本周"指 1 月 26 日至 2 月 1 日） 2026 年 02 月 01 日 证券分析师 吴劲草 执业证书：S0600520090006 wujc@dwzq.com.cn 证券分析师 石旖瑄 证券分析师 阳靖 执业证书：S0600523020005 yangjing@dwzq.com.cn 证券分析师 郗越 执业证书：S0600524080008 xiy@dwzq.com.cn 证券分析师 王琳婧 执业证书：S0600525070003 wanglj@dwzq.com.cn 行业走势 -8% -5% -2% 1% 4% 7% 10% 13% 16% 19% 22% 25% 2025/2/5 2025/6/4 2025/10/1 2 ...

证券研究报告 | 行业周报 gszqdatemark 2026 02 01 年 月 日 商贸零售 商社板块 2025 年四季度前瞻 1. 零售板块四季度前瞻： （1）黄金珠宝：①老凤祥：我们预计 25Q4 归母净利增速-15%至 5%。 ②周大生：我们预计 25Q4 归母净利增速 15%至 30%。③潮宏基：公司 预告 2025 年归母净利润 4.36 亿-5.33 亿元同比增 125%-175%，测算 25Q4 归母净利润 1.2-2.2 亿元；2025 年底潮宏基珠宝门店总数 1668 家， 年内净增 163 家。④菜百股份：公司预告 2025 年归母净利润 10.6 亿-12.3 亿，对应 25Q4 归母净利增速 150%-254%。⑤豫园股份：公司预告 25Q4 归母亏损 43.12 亿元，24 年同期亏损 10.3 亿元，主因公司持续瘦身健体， 对部分存在减值迹象的房地产项目及商誉等计提资产减值准备。 （2）潮玩：名创优品：我们预计 25Q4 收入增速 25%-30%，经调整 OP 同比双位数增长，经调整归母净利增速 10%至 20%。 （3）商超百货：①重庆百货：公司预告 2025 年归母净利 1 ...

Investment Rating - The report maintains an "Accumulate" rating for the industry [5] Core Views - The report emphasizes the importance of focusing on sub-sectors with performance elasticity during the upcoming Spring Festival peak season, including duty-free, certain scenic spots, supermarkets, and gold jewelry [9] - It suggests that the recent fundamentals of duty-free and travel chains have improved, warranting ongoing observation and validation [9] - For 2026, the report recommends focusing on service consumption and product consumption, particularly in the duty-free and travel chain sectors, as well as the gold jewelry sector and Miniso, which have high valuation attractiveness [9] Summary by Relevant Sections Retail Sector Outlook for Q4 2025 - Gold Jewelry: - Lao Feng Xiang: Expected net profit growth of -15% to 5% - Zhou Da Sheng: Expected net profit growth of 15% to 30% - Chao Hong Ji: Forecasted net profit of 436 million to 533 million, a year-on-year increase of 125% to 175% - Cai Bai Co.: Expected net profit of 1.06 billion to 1.23 billion, corresponding to a growth of 150% to 254% - Yu Garden Co.: Forecasted loss of 4.312 billion, primarily due to asset impairment provisions [1] - Trendy Toys: - Miniso: Expected revenue growth of 25% to 30%, with adjusted operating profit and net profit growth of 10% to 20% [1] Supermarket and Department Store Outlook for Q4 2025 - Chongqing Department Store: Expected net profit of 1.021 billion, a year-on-year decrease of 22.4% - Wangfujing: Expected net profit of -45 million to -23 million, with a growth rate of -6.6% to 7.3% - Yonghui Supermarket: Expected loss of 2.14 billion, with a growth rate of -3.1% - Jiajiayue: Expected net profit of 198 million to 228 million, growth of 50.1% to 72.8% - Hongqi Chain: Expected net profit growth of -10% to 0% [2] Cross-Border and E-commerce Outlook for Q4 2025 - Small Commodity City: Expected net profit growth of 5% to 15% - Anker Innovation: Expected net profit growth of 10% to 20% - Saiwei Times: Expected net profit of 90 million to 130 million - Huakai Yibai: Expected net profit of 80 million to 110 million, driven by improved operational efficiency [3] Social Services Sector Outlook for Q4 2025 - Duty-Free: China Duty-Free Group: Expected net profit growth of 29% to 173% - Tourism: - Songcheng Performance: Expected net profit growth of -204% to 294% - Tianmu Lake: Expected net profit growth of -10% to 5% [4] Investment Recommendations - The report recommends focusing on companies such as Small Commodity City, China Duty-Free, Huazhu Group, Shoulu Hotel, Jinjiang Hotel, Chao Hong Ji, Jiuhua Tourism, Ruoyu Chen, Qingmu Technology, and Miniso, while also keeping an eye on other companies with potential [10]

Investment Rating - The report suggests a positive outlook for the gold jewelry sector, indicating that consumer enthusiasm remains strong despite fluctuations in gold prices, particularly during the Chinese New Year [10][24]. Core Insights - On January 30, gold prices experienced significant volatility, yet consumer interest in Lao Pu gold stores remained high, showcasing the brand's growing influence [10]. - Promotional activities at Lao Pu gold stores and SKP malls are expected to sustain high-end gold brand consumption during the Spring Festival, with various discounts and gifts driving consumer demand [10]. - Lao Pu gold's fixed-price model contrasts with competitors that price by weight, leading to stronger consumer expectations for price increases, thus insulating the brand from gold price fluctuations [10]. - The report highlights that despite a drop in gold prices at the end of January 2026, certain Lao Pu stores in Shanghai and Beijing continued to see long queues, indicating strong brand appeal during price volatility [10]. Industry Data Tracking - According to Guojin Digital Future Lab, the overall GMV for Tmall and JD.com in the fourth week of December increased by 49.2% year-on-year [11]. - The top five categories in terms of growth during this period were books and audio-visual products, automotive and bicycles, watches, toys, and shoes and bags [11]. Market Review - For the week of January 26 to January 30, 2026, the Shanghai Composite Index, Shenzhen Component Index, CSI 300, Hang Seng Index, and Hang Seng Tech Index recorded changes of -0.44%, -1.62%, 0.08%, 2.38%, and -1.38% respectively, while the retail sector saw a gain of 4.18% [17]. - Notable stock performances included *ST Huike, Yiyaton, Yiwan Yichuang, Yuyuan Co., and Kaichun Co., which saw gains attributed to AI application catalysts [17]. Investment Recommendations - The report recommends focusing on cross-border e-commerce, particularly companies with strong brand power and product differentiation, which are expected to show resilience in performance [24]. - In the gold jewelry sector, the report anticipates that consumer enthusiasm will remain strong despite high baseline figures in January, with same-store growth expected to continue [24]. - The report highlights the potential for companies like Chao Hong Ji, which is expected to benefit from new product launches and an increase in self-produced products, driving profitability [24]. - The duty-free sector is also noted for its potential growth, particularly with the launch of the Hainan Free Trade Port, which is expected to significantly impact local and national duty-free businesses [24].

Group 1: Key Insights - The report highlights multiple positive catalysts for the electronics sector, particularly for Huadian Co., Ltd. (002463), including the upcoming financial disclosures from overseas cloud vendors and domestic supply chain performance forecasts, which will validate the sustainability of computing power demand and industry prosperity [4] - The defense and military industry, represented by Guoke Military Industry (688543), is transitioning from conventional ammunition to intelligent and information-based ammunition, positioning the company to benefit from high industry demand and military trade orders, which are expected to drive significant growth [4] - In the pharmaceutical and biotechnology sector, Huan Huang Pharmaceutical (0013.HK) is advancing its ATTC platform with candidates entering clinical trials, including HMPL-A251, which is a first-in-class drug, and is also expanding the indications for existing drugs, indicating strong future growth potential [5] Group 2: Company-Specific Analysis - Wan Hua Chemical (600309) is reinforcing its position as a global leader in polyurethane, with significant market shares in MDI and TDI, and is expected to enhance profitability through strategic partnerships and cost advantages in its petrochemical segment [6] - Su Kan Agricultural Development (601952) anticipates a slight decline in 2025 profits due to falling grain prices, but expects a recovery driven by rising grain prices and increased farmland area through land transfer initiatives [7] - Yingwei Technology (002837) is poised for substantial growth in the server liquid cooling market, with expectations of doubling industry growth in 2026 and 2027, supported by orders from major overseas clients [8] Group 3: Financial Performance and Projections - China Pacific Insurance (601601) demonstrated strong resilience with a 11% year-on-year increase in net profit to 27.9 billion yuan, driven by robust growth in new business value in its life insurance segment [8] - Jin Jiang Shipping (601083) reported a 64% year-on-year increase in net profit for Q3, indicating strong performance relative to peers, with expectations for continued growth [8] - Xiaoshangcheng (600415) is benefiting from increased rental income and new merchant additions, with projections for profit doubling in 2026 due to enhanced service offerings and improved gross margins [8]