Core Insights - The report maintains an "outperform" rating for the retail sector, anticipating that easing international conditions and domestic policy stimulus will positively influence the sector's performance [3][42]. - The overall retail sales in May 2025 reached 4.13 trillion, growing by 6.4% year-on-year, with goods retail sales increasing by 6.5% [11][14]. Beauty and Personal Care - In May 2025, the cosmetics retail sales grew by 4.4%, with high online penetration leading to diminishing promotional effects. However, leading domestic brands are expected to outperform the market due to the trend of domestic product substitution [11][12]. - The competitive landscape is intensifying, with rising sales expense ratios expected to pressure profit margins for some brands, although top players with strong product innovation may still achieve robust growth [11][12]. Gold and Jewelry - The gold and jewelry sector saw a significant year-on-year growth of 21.8% in May 2025, benefiting from a low base effect from the previous year. Products that appeal to younger consumers are expected to drive higher growth rates [11][12]. Supermarkets and Department Stores - From January to May 2025, department store sales slightly increased by 1.3%, while supermarket sales grew by 5.7%. Companies that adapt to the current value-for-money consumption trend through supply chain upgrades are expected to perform better [12][14]. Cross-Border E-commerce - The second quarter is expected to face short-term performance pressures due to external environmental challenges. However, leading platform companies are anticipated to demonstrate strong resilience in the medium to long term due to flexible tariff responses and solid product capabilities [12][14]. Investment Recommendations - The report recommends several companies across different sectors, including: - Beauty and Personal Care: Recommended companies include 毛戈平, 丸美生物, and 登康口腔, which are expected to benefit from domestic product substitution and channel optimization [3][42]. - Gold and Jewelry: Companies like 老铺黄金 and 潮宏基 are highlighted for their potential to achieve accelerated growth due to favorable market conditions [3][42]. - Cross-Border E-commerce: Recommended companies include 小商品城 and 安克创新, which are positioned to capitalize on improving trade conditions [3][42]. - Retail: Companies such as 名创优品 and 重庆百货 are suggested for their low valuation and potential for improvement [3][42].

Group 1 - The core viewpoint of the news is the significant interest in the Yiwu Global Digital Trade Center, with over 19,000 companies registering for participation in the second round of recruitment for the baby and skincare industries, indicating a competitive environment for the approximately 900 available stalls [1][2] - The Yiwu Global Digital Trade Center is seen as an accelerator for digital trade, providing a platform for brands to enhance their global recognition and influence, as highlighted by the founder of Senziwu Crafts [1][2] - The center is positioned as a strategic response to the restructuring of global commercial logic through digital trade, serving as a super hub linking global supply chains and consumer ends, as stated by the CEO of Guangzhou Xuelai Cosmetics [2] Group 2 - The Yiwu Global Digital Trade Center is part of the sixth generation of markets in Yiwu, with a planned investment of 8.321 billion yuan to develop a digital economy ecosystem and infrastructure within the small commodity trade [3] - The market segment of the Yiwu Global Digital Trade Center is expected to open in October 2023, with future recruitment planned for various industries including baby products, travel goods, health care products, drones, and AI equipment [3]

Core Insights - A well-known private equity firm, Dunhe Asset Management, recently conducted research on a listed company, Xiaogoods City, indicating a focus on the company's strategic direction and market potential [1] Group 1: Company Developments - The chairman of Xiaogoods City, Wang Dong, has been appointed to the Yiwu Municipal Bureau of Commerce to promote high-quality international trade, while the new chairman, Chen Dezhan, has extensive experience in capital operations [1] - The second batch of the Global Digital Trade Center's core industries, including infant and child growth products, skincare, and medical beauty products, officially launched招商 on June 29, with over 3,200 enterprises successfully registering on the first day, indicating a strong market interest [1] - The Yiwu Global Digital Trade Center is emerging as a new global trade hub, attracting numerous enterprises aiming to leverage it as a strategic point for global market access and digital transformation [1] Group 2: Institutional Overview - Dunhe Asset Management, established in March 2011, is a domestic macro private equity fund company focused on investments in domestic and international capital markets [2] - The firm has developed a multi-asset allocation strategy driven by fundamentals, utilizing various tools such as spot, futures, options, and OTC derivatives [2] - With an asset management scale exceeding 40 billion RMB, Dunhe Asset Management ranks among the top in the private equity securities investment fund industry [2]

Group 1 - Foreign institutions conducted a total of 4,766 research visits to A-share companies in the first half of 2025, with over 1,000 visits to companies on the Shenzhen Main Board, ChiNext, and STAR Market [2][3] - Huichuan Technology was the most favored A-share company, receiving 485 visits from foreign institutions, followed by Mindray Medical with 299 visits [3] - Point72, a prominent hedge fund, led the research visits with 116 in the first half of 2025, focusing on 84 companies including Huichuan Technology, Xiaogoods City, and Aopute [3] Group 2 - Multiple foreign institutions hold an optimistic view on the performance of A-shares in the second half of 2025, citing strong market resilience and increased confidence in Chinese assets [3][4] - Morgan Stanley Fund believes that the current external environment does not pose substantial pressure on A-shares, viewing short-term disturbances as manageable [4] - Invesco's CIO for mainland China and Hong Kong anticipates the continuation and expansion of the "old for new" consumption policy, which is expected to drive economic growth in the coming months [4]

Investment Rating - Industry rating: Recommended [3] Core Insights - The demand ratio for commercial spaces in the global trade center for baby and beauty products has exceeded 14:1, highlighting the strong appeal of Yiwu as a trading hub [1] - The company expects a net profit of 1.63 to 1.7 billion yuan for the first half of 2025, representing a year-on-year growth of 12.57% to 17.40% [1][39] - The first batch of 389 jewelry industry shops in the global trade center has seen a bidding demand ratio of 4.25:1, indicating significant market interest [1] Summary by Sections Industry & Company Dynamics - The report highlights the strong performance of companies like Kid King, Small Commodity City, and Jihong Co., with expected profit increases of 50% to 100% for Kid King and 13% to 17% for Small Commodity City [4][35][39] - Jihong Co. anticipates a net profit of 130.16 to 137.4 million yuan, reflecting a year-on-year increase of 97% to 108% [5][31] Investment Recommendations - Five investment themes are suggested: 1. Recovery of offline traffic benefiting traditional retail [6] 2. Continuous upgrades in AI technology benefiting related companies [6] 3. Increased consumer willingness to pay for emotional value benefiting new retail [6] 4. Recovery of cyclical sectors under domestic demand policies [6] 5. Expanding overseas consumption opportunities for domestic brands [6]

证券研究报告|投资策略周报 ► 即时零售旺季订单快速增长：美团日订单突破 1.2 亿单，淘宝闪购启动 500 亿补贴 截至 7 月 5 日 22 时 54 分，美团即时零售当日订单已突破 1.2 亿单，其中，餐饮订单超过 1 亿单。而截至当日 20 时 45 分，美团内网显示平台即时零售日订单突破了 1 亿单。 参考去年夏天的情况，2024 年 8 月 7 日，美团在"秋天 的第一杯奶茶"活动助推下，单日即时零售订单突破了 9000 万单。 [Table_Date] 2025 年 07 月 06 日 [Table_Title] 美团日订单突破 1.2 亿单，小商品城婴童美护行业招商报名超 1.3 万家 [Table_Title2] 海外周报 [Table_Summary] 核心结论: 夏季为即时零售的旺季，近日多地连续高温叠加各大平台 的补贴措施加码更是推动即时零售订单的快速增长。7月2 日，淘宝闪购宣布启动 500 亿元补贴计划，在未来 12 个月 直补消费者及商家，通过发放大额红包、免单卡、官方补 贴一口价商品等方式给消费者带来优惠，同时上线店铺、 商品、配送补贴及免佣减佣等措施，促进商家生意增长。 补贴 ...

证券代码：600415 证券简称：小商品城 公告编号：临2025-043 浙江中国小商品城集团股份有限公司 第九届董事会第三十一次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担个别及连带责任。 一、董事会会议召开情况 （一）本次董事会的召开方式、程序均符合相关法律、法规、规章和《公司章程》的要求。 （二）本次董事会的会议通知及材料于2025年6月30日以电子邮件、书面材料等方式送达全体董事。 表决结果：6票同意，0票反对，0票弃权。 具体内容详见公司同日于上海证券交易所网站披露的《关于召开2025年第二次临时股东大会的通知》 （公告编号：临2025-045）。 三、上网公告附件 （三）本次董事会于2025年7月4日下午在浙江省义乌市银海路567号商城集团大厦会议室以通讯表决方 式召开。 （四）本次董事会应出席董事6人，实际出席董事6人。 （五）本次董事会由副董事长包华先生主持，公司高管与监事列席了会议。 二、董事会会议审议情况 （一）审议通过了《关于补选公司董事候选人的议案》 表决结果：6票同意，0票反对，0票弃权。 同意 ...

Core Insights - "义支付" has achieved a cross-border payment amount of 2.58 billion USD by the end of June 2023, representing a year-on-year growth of 47% [1] - The platform supports 26 mainstream currencies and operates in over 170 countries and regions, facilitating the transition of Yiwu from "buying globally" to "paying globally" [1] - The acquisition of the internet payment license has significantly benefited small commodity businesses in Yiwu, enhancing their operational efficiency and reducing costs [2] Group 1 - "义支付" has opened over 20,000 cross-border RMB accounts and processed over 8.5 billion RMB in cross-border RMB payment transactions in its first complete accounting year under the management of 小商品城 [3] - In 2024, "义支付" achieved a total cross-border collection of over 4 billion USD, a year-on-year increase of 233%, with a net profit of 61.04 million RMB, up 274.67% [3] - The platform has launched several product upgrades and convenience services based on user demand and is actively collaborating with banks to support local collection accounts in Africa [3] Group 2 - "义支付" has established partnerships with multiple foreign banks and domestic banks like Bank of China and Minsheng Bank to enhance its cross-border settlement capabilities [1] - The platform allows businesses to receive payments in their local currencies, such as Japanese Yen, and choose the optimal timing for currency exchange, thus reducing operational complexity and exchange costs [2] - The development of "义支付" is part of a broader strategy to create a financial service ecosystem that includes internet payment, credit, and factoring licenses [2]

Core Viewpoint - In the digital economy era, data is transforming from an intangible resource into a measurable, tradable, and manageable asset, becoming a new member of corporate balance sheets [1] Group 1: Data Asset Integration - Over 90 listed companies have integrated data assets into their 2024 annual reports, with a total scale of 2.495 billion yuan, compared to only 0.079 billion yuan from 17 companies in the first quarter of 2024 [1] - The integration of data assets into financial statements is reshaping the balance sheets of listed companies, with significant representation from the industrial and information technology sectors [2] - The first companies to integrate data assets include major telecom operators like China Mobile, China Telecom, and China Unicom, along with industrial firms such as Xiaoshangpin City, YTO Express, and Yunda Holdings [3] Group 2: Steps for Data Asset Integration - The process for a company to integrate data assets into its financial statements typically involves four steps: inventory of data assets, governance of data for integration, confirmation of data ownership, and measurement for accounting [4][5] - Companies must meet specific conditions for data asset integration, including legal control, predictable economic benefits exceeding 50%, and measurable costs [5][6] Group 3: Challenges and Considerations - Not all companies can smoothly integrate data assets due to policy restrictions, corporate concerns, and the current lack of a valuation system [1][10] - Common challenges include legal risks in data ownership, unclear data management processes, and discrepancies between expected and actual valuations [10][11] - The integration of data assets is not the end point but a starting point for value reconstruction, requiring clear data ownership and valuation systems to gain recognition from financial institutions [14] Group 4: Financial Implications - Integrating data assets can enhance a company's financial statements by capitalizing expenses, which may lead to increased short-term profits but could result in profit fluctuations in the long term due to amortization [12][13] - The potential for data asset depreciation and the subjective nature of data valuation can introduce uncertainties in financial reporting [17][18]

证券代码：600415 证券简称：小商品城 公告编号：临 2025-044 浙江中国小商品城集团股份有限公司 关于公司董事辞职暨补选董事候选人的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 浙江中国小商品城集团股份有限公司（以下简称"公司"）董事会于近日收 到张浪先生提交的书面辞职报告。因组织上工作安排的原因，张浪先生辞去公司 董事、董事会审计委员会委员职务，辞职后，张浪先生将不担任公司任何职务。 公司于 2025 年 7 月 4 日召开第九届董事会第三十一次会议，审议通过了《关于 补选公司董事候选人的议案》，会议决定提名陈德占先生和吴秀斌先生为公司第 九届董事会董事候选人，该议案尚需提交公司股东大会审议。 一、董事/高级管理人员离任情况 | 姓名 | 离任职务 | 离任时间 | 原定任期 | 离任原因 | 是否继续在上 市公司及其控 | 具体职务 | 是否存在 未履行完 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 到期日 | | 股子公司任职 ...