Investment Rating - The report maintains an "Overweight" rating for the retail industry [1] Core Insights - In May 2025, China's exports showed resilience with a year-on-year increase of 4.8%, while imports decreased by 3.4% [3][9] - Non-US exports demonstrated strong performance, supporting overall export growth despite a significant decline in exports to the US, which fell by 9.7% year-on-year [10][11] - Yiwu Small Commodity City is highlighted as a crucial hub for non-US exports, with a total import and export volume of 668.9 billion yuan in 2024, reflecting an 18.2% year-on-year increase [11][12] - The strategic importance of Yiwu is emphasized, particularly in the context of the Belt and Road Initiative, where it serves as a key trade hub for developing countries [11] Summary by Sections Weekly Industry Perspective - The report discusses the May 2025 import and export data released by the General Administration of Customs, noting a 4.8% increase in exports and a 3.4% decrease in imports [9] - It highlights the significant decline in US exports and the robust performance of non-US exports, which includes increases of 6.4% to the EU, 12.2% to ASEAN, and 18.9% to Africa [10] Market Review - For the week of June 9 to June 15, the Shenwan retail index decreased by 1.49%, while the overall market indices showed mixed results [13][16] - Year-to-date performance indicates a 7.67% increase in the Shenwan retail index [17] Company Valuation Table - The report includes a valuation table for various companies within the retail sector, with several companies rated as "Buy" based on their projected earnings and market performance [19][21]

小商品城 20250612 摘要 小商品城被长江零售组选为金股，反映其核心竞争力和创新模式获得认 可。义乌市作为外贸市场，人口持续净流入，人均 GDP 较高，显示城市 活力。2024 年底承担国家新一轮综合外贸改革试点，将增强其国际贸 易地位。 中国进口业务经历了跨境电商保税进口模式的试点和推广，如天猫海外 旗舰店等受益于政策红利。目前进口复合增速低于出口，但消费品进口 占比提升，与发达国家相比仍有增长空间。 中国消费品进口主要通过一般贸易、跨境电商和灰色通道完成，但存在 境外主体限制、个人使用限制以及监管难度等局限性。跨境电商自 2015 年以来快速发展，但 2020 年后增长放缓，受流通范围、消费金 额和监管体系制约。 义乌深化国际贸易改革试点聚焦进口贸易创新，旨在实现贸易数字化和 支付结算。小商品城作为试点企业，其模式允许更流畅的物流和创新监 管，并允许线下商品流通和二次贸易，适用于中国线下分销体系。 Q&A 小商品城在进出口贸易中的发展态势如何？其商业模式的深化对全年业绩和成 长性有何影响？ 小商品城在进出口贸易中的发展态势表现出显著的增长潜力。尽管市场对内需 的新消费给予了高度关注，但进出口贸易所叠 ...

Group 1 - The A-share market's three major indices closed mixed, with the Shanghai Leading Enterprises Index down 0.01% at 3180.99 points and a trading volume of 79.626 billion yuan [1] - The Shanghai Leading Enterprises Index has increased by 0.25% over the past month, decreased by 1.96% over the past three months, and has fallen by 3.37% year-to-date [1] - The index selects leading companies from various secondary industries in the Shanghai market based on their size and market share, reflecting the overall performance of leading listed companies [1] Group 2 - The top ten weights in the Shanghai Leading Enterprises Index are: Guotai Junan (2.49%), Xiaoshangpin City (1.42%), Hailan Home (1.3%), China Merchants Bank (1.27%), Zijin Mining (1.24%), China Telecom (1.22%), Morning Light Co. (1.2%), COSCO Shipping (1.2%), Industrial and Commercial Bank of China (1.19%), and Agricultural Bank of China (1.19%) [1] - The index's holdings are entirely composed of companies listed on the Shanghai Stock Exchange, with a 100% representation [1] Group 3 - The industry composition of the index includes: Industrial (19.28%), Consumer Discretionary (14.74%), Materials (12.28%), Financials (12.05%), Communication Services (9.36%), Information Technology (8.76%), Consumer Staples (8.27%), Healthcare (6.39%), Energy (3.06%), Utilities (3.03%), and Real Estate (2.78%) [2] - The index samples are adjusted biannually, with adjustments implemented on the next trading day following the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2]

Group 1: Events and Summits - The BRICS summit is scheduled to take place from July 6 to 7, 2025, in Rio de Janeiro, Brazil, as announced by the BRICS countries' news department [1] - The second China-Central Asia Summit will be held in June 2025 in Astana, Kazakhstan, following the first summit in Xi'an in May 2023, which marked a significant milestone in China-Central Asia relations [1] - The cooperation between China and Central Asian countries focuses on enhancing trade, transportation connectivity, and various sectors including agriculture and emergency management [1] Group 2: Payment Systems - BRICS countries are developing a digital payment platform named BRICS Pay, aimed at facilitating local currency settlements and financial transactions [2] - The BRICS Pay system is a decentralized multilateral cross-border payment system initiated by the BRICS Business Council in 2018, expected to be launched at the BRICS summit in October 2024 [2] - The introduction of BRICS Pay could deepen financial cooperation among member countries and accelerate the internationalization of the Chinese yuan [2] Group 3: Historical Performance - The People's Bank of China has issued a plan to enhance cross-border financial services, encouraging more banks to join the Cross-Border Interbank Payment System (CIPS) to support global trade and investment [3] Group 4: Related Stocks - A list of stocks potentially benefiting from the internationalization of the yuan has been compiled, including companies in cross-border trade and payment sectors [6]

日前，小商品城、昭衍新药等多家上市公司发布公告披露参与设立产业基金的进展。 小商品城在公告中指出：近日，公司与招商局资本管理（北京）有限公司及参与本基金的其他合伙 人共同签署了《合伙协议》，协议主要内容如下： 1、合伙目的 围绕创新服务贸易发展机制、发展数字贸易，加强与社会资本的协同配合，有效发挥 财政资金的政策引导和杠杆放大效应，带动社会资本支持服务贸易创新发展，推动数字贸易改革创 新发展，培育外贸新业态新模式，激发服务贸易发展新动能，推进贸易强国建设。 2、合伙期限 本合伙企业工商登记的合伙期限最长为十五（15）年，自《营业执照》载明的成立日 期起算。虽有前述约定，普通合伙人可根据全体合伙人的一致意见，报请商务部、财政部按程序研 究确定延长或提前终止本合伙企业的合伙期限。 3、出资方式 （1）所有合伙人之出资方式均为以人民币现金出资。 （2）全体合伙人同意，本合伙企业的各合伙人应于普通合伙人根据本合伙企业项目投资的具体资 金需求情况签发的各期缴付出资通知书分期进行缴付，每期的缴付出资由全体合伙人按实际认缴出 资比例缴付。为各期出资缴付之目的，普通合伙人将提前向各合伙人发出该期缴付出资通知书，列 明该合伙人 ...

Investment Overview - Zhejiang China Commodity City Group Co., Ltd. has approved a capital contribution of 300 million RMB to participate as a limited partner in the establishment of the second phase of the Service Trade Innovation Development Guidance Fund [2][3] Partnership Agreement Details - The partnership aims to enhance the development of innovative service trade mechanisms and digital trade, leveraging fiscal funds to attract social capital for supporting service trade innovation [3] - The partnership has a maximum duration of 15 years, starting from the date of registration [4][15] - All partners will contribute in cash, with contributions made in installments as per the investment needs outlined by the general partner [5] - The general partner, China Merchants Capital Management (Beijing) Co., Ltd., will manage the partnership and execute partnership affairs [6] Investment Objectives and Strategies - The fund's investment targets include increasing capital or establishing investments in private equity funds related to service trade and digital trade, as well as direct investments in relevant enterprises [8] - Investments will be made through equity or equity-related debt instruments [9] Financial Management and Distribution - The partnership will distribute profits and losses based on the actual contributions of each partner, excluding management fees [10] - An investment decision-making committee will be established to oversee investment and exit decisions [11] Fund Basic Information - The fund is named the Service Trade Innovation Development Guidance Fund Phase II (Limited Partnership) and will operate in Hangzhou [14] - The fund will engage in private equity investments, investment management, asset management, and investment consulting activities [14]

证券代码：600415 证券简称：小商品城 公告编号：临 2025-037 浙江中国小商品城集团股份有限公司 关于参与设立产业基金的进展公告 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、对外投资概况 浙江中国小商品城集团股份有限公司（以下简称"公司"）于 2024 年 12 月 31 日召开第九届董事会第二十四次会议，审议通过了《关于参与设立产业基 金的议案》，同意公司作为有限合伙人出资 3 亿元参与设立服务贸易创新发展引 导基金二期（有限合伙）（以下简称"服贸基金二期" 、"本基金"），具体内容 详见公司于 2025 年 1 月 2 日在上海证券交易所网站（www.sse.com.cn）披露 的《关于参与设立产业基金的公告》（公告编号：临 2025-001）。 二、对外投资进展情况 （一）《合伙协议》主要内容 近日，公司与招商局资本管理（北京）有限公司及参与本基金的其他合伙 人共同签署了《合伙协议》，协议主要内容如下： 1、合伙目的 围绕创新服务贸易发展机制、发展数字贸易，加强与社会资本的协同配合， 有效发挥财 ...

Investment Rating - The report maintains an "Overweight" rating for the education sector and highlights potential opportunities in the new consumption market [1]. Core Insights - The report emphasizes the importance of high school education reform and recommends specific companies such as Tianli International Holdings and Xueda Education, while also suggesting attention to Kevin Education [5]. - It identifies key trends in AI and consumption, recommending companies like Connet Optical, Small Commodity City, and Core International [5]. - The report notes a strong performance in the retail sector during the 618 sales event, with significant growth in categories like apparel and beauty products [5]. - The report highlights the increasing trend of family-oriented travel during the Dragon Boat Festival, with nearly 90% of the top 50 scenic spots being family-friendly [5][6]. Industry Updates - The social service industry saw a 2.5% year-on-year increase in cross-regional personnel flow during the Dragon Boat Festival, with a total of 65.37 million people traveling [5]. - E-commerce platforms like Alibaba and JD.com reported over 30% growth in apparel and beauty categories during the 618 sales event [5]. - The report mentions the opening of the 100th store under the "Fat Donglai" model by Yonghui Supermarket, indicating a significant expansion in the retail sector [5]. Company Announcements - Three Gorges Tourism Group appointed a new general manager on June 3, 2025 [5]. - Guangzhou Restaurant announced a share buyback of 500,000 shares, representing 0.088% of its total share capital [5]. - China Youth Travel Service transferred 17.37% of its shares to its parent company, Everbright Group, without compensation [5].

Core Viewpoint - The company Zhejiang China Commodity City Group Co., Ltd. has announced its annual profit distribution plan for 2024, which includes a cash dividend of 0.33 RMB per share, approved at the shareholders' meeting on April 23, 2025 [2][4]. Distribution Details - The cash dividend of 0.33 RMB per share (including tax) will be distributed to all shareholders registered with China Securities Depository and Clearing Corporation Limited, Shanghai Branch, after the market closes on the registration date [3][4]. - The total cash dividend distribution amounts to approximately 1.81 billion RMB (1,809,603,155.58 RMB) based on the total share capital of 5,483,645,926 shares [4]. Implementation Method - For shareholders who have not designated a trading account, the dividends will be held by China Securities Depository and Clearing Corporation Limited until they complete the designated trading process [5]. - Certain entities, such as Yiwu China Commodity City Holdings Co., Ltd. and Yiwu Market Development Service Center Co., Ltd., will receive their cash dividends directly from the company [6]. Taxation Information - For individual shareholders holding unrestricted circulating shares, the tax treatment varies based on the holding period, with a maximum tax rate of 20% for shares held for one month or less, and a 10% tax rate for shares held between one month and one year [8]. - For qualified foreign institutional investors (QFII), a 10% withholding tax will apply, resulting in a net cash dividend of 0.297 RMB per share after tax [9][10]. - Other A-share shareholders will also receive a net cash dividend of 0.297 RMB per share after tax deductions [10]. Contact Information - For inquiries regarding the equity distribution, shareholders can contact the company's securities department at 0579-85182812 [11].

证券代码：600415 证券简称：小商品城 公告编号：临 2025-036 浙江中国小商品城集团股份有限公司2024年年度权益 分派实施公告 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。 重要内容提示： | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/11 | － | 2025/6/12 | 2025/6/12 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025年 4月 23 日的2024年年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本5,483,645,926股为基数，每股派发 现金红利0.33元（含税），共计派发现金红利1,809,603,155.58元（含 ...