Core Points - The CSI All Share Commercial Services and Commercial Goods Index reported a decline of 1.62% over the past month, an increase of 6.05% over the past three months, and a year-to-date increase of 4.15% [1] - The index is categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries, providing a comprehensive analysis tool for investors [1] - The index's base date is December 31, 2004, with a base point of 1000.0 [1] Index Holdings - The top ten weighted stocks in the index include: - Xiaogoods City (11.09%) - Dinglong Co., Ltd. (5.85%) - Huace Testing (5.03%) - Hainan Huatie (4.43%) - Liyuan Information (3.03%) - Chenguang Co., Ltd. (3.01%) - Shannon Chip Creation (2.23%) - Juran Smart Home (2.23%) - China Automotive Research (2.05%) - Shenzhen Huaqiang (2.04%) [1] Market Distribution - The market distribution of the index holdings shows that the Shenzhen Stock Exchange accounts for 62.53%, the Shanghai Stock Exchange for 37.14%, and the Beijing Stock Exchange for 0.33% [2] - The industry composition of the index holdings includes: - Other Commercial Services and Goods: 35.04% - Traders: 32.62% - Market Services: 18.09% - Office Services and Goods: 10.79% - Commercial Printing: 3.46% [2] Sample Adjustment - 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 temporary adjustments made in response to special events affecting sample companies [2]

截至4月23日，A股上市公司数据资产入表规模已达22亿元，其中参与的央国企数量与金额均呈快速增 长态势。在数据资产化进程中，央国企凭借资源禀赋成为数据"资源"变"资产"的重要突破口。不过，接 受证券时报记者采访的业内人士认为，数据资产入表仍面临评估方法不一、成本效益倒挂等挑战。 进一步看，2024年开展数据资源入表的38家央国企中，9家为中央企业，29家为地方国有企业。远东资 信首席宏观研究员张林表示，数据资源入表实现从"资源"到"资产"，对于地方国有企业转型将起到越来 越重要的作用。 自2024年1月1日起,财政部印发的《企业数据资源相关会计处理暂行规定》正式施行，2024年被称为数 据资源入表元年，上市公司作为中国企业的优秀群体，也成为跟踪观察数据资产价值释放的重要对象。 据证券时报记者不完全统计，截至4月23日，2024年A股上市公司开展数据资源入表的规模达到22亿 元，其中38家央国企上市公司数据资源入表的总体金额从2024年一季度1100万元左右增加到全年的 14.71亿元。中国移动（600941）、中国联通、中国电信（601728）3家企业入表金额规模过亿元，依次 为6.16亿元、3.79亿元、3 ...

证券代码：600415 证券简称：小商品城 公告编号：临2025-032 浙江中国小商品城集团股份有限公司 关于2025年度第二期中期票据发行情况的公告 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个别及连带责任。 浙江中国小商品城集团股份有限公司于2025年4月23日发行了2025年度第 二期中期票据，现将发行结果公告如下： 中期票据名称：浙江中国小商品城集团股份有限公司2025年度第二期中期票 据（简称：25浙小商MTN002） 中期票据代码：102581826 中期票据期限：3年 起息日：2025年4月24日 兑付日：2028年4月24日 计息方式：按年付息 发行金额：人民币10亿元 发行价：100元/百元面值 发行利率：2.09% 主承销商：中国农业银行股份有限公司 联席主承销商：杭州银行股份有限公司 特此公告。 浙江中国小商品城集团股份有限公司董事会 二〇二五年四月二十五日 ...

Group 1 - The A-share retail sector experienced a rebound in the afternoon, with Bubu Gao hitting the daily limit up [1] - Guofang Group saw an increase of over 4% [1] - Other companies such as Yonghui Supermarket, Xiaogoods City, and Debi Group also followed with gains [1]

Group 1 - The annual general meeting of Zhejiang China Commodity City Group Co., Ltd. was held on April 23, 2025, at the company's headquarters in Yiwu, Zhejiang Province [2][3] - The meeting was chaired by Chairman Wang Dong, and the voting method combined on-site and online voting, complying with relevant laws and regulations [2][3] - Attendance included 4 out of 9 directors and 3 out of 5 supervisors, with some members absent due to work commitments [3] Group 2 - All proposed resolutions were approved during the meeting, including the 2024 annual work reports of the board and supervisory committee, the 2024 annual report, and the 2024 financial settlement report [4][5] - The profit distribution plan for 2024 and the budget report for 2025 were also approved [5][6] - The meeting included separate voting for certain resolutions affecting minority investors, and related shareholders abstained from voting on specific matters [6][7] Group 3 - The meeting was witnessed by lawyers from Guohao Law Firm, confirming that the procedures and results of the meeting were legal and valid [6][7] - The company ensured compliance with the Company Law, Shareholders' Meeting Rules, and its own articles of association throughout the meeting process [7]

浙江中国小商品城集团股份有限公司 2024年年度股东大会决议公告 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法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 4 月 23 日 证券代码：600415 证券简称：小商品城 公告编号：临 2025-031 (二)股东大会召开的地点：浙江省义乌市银海路 567 号商城集团大厦会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 1,700 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 3,424,951,414 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股份总数的比例（%） | 62.4575 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由董事会召集，董事长王栋先生主持，采取现场投票与网络投 票相结合的表决方式。会议的召集、召开程序、出席会议人员的资格、会 ...

国浩律师(杭州)事务所 法律意见书 国浩律师(杭州)事务所 关 于 浙江中国小商品城集团股份有限公司 2024 年年度股东大会的 法律意见书 或汽信部事務所 GRANDALL LAW FIRM 杭州市老复兴路白塔公园 B 区 2 号、15 号楼(国浩律师楼) 邮编:310008 Grandall Building, No.2& No.15, Block B, Baita Park, Old Fuxing Road, Hangzhou, Zhejiang, 310008, China 电话: 0571-81676827 传真: 0571-85775643 网址/Website: http://www.grandall.com.cn 二〇二五年四月 国浩律师(杭州)事务所 法律意见书 国浩律师(杭州)事务所 关 于 浙江中国小商品城集团股份有限公司 2024 年年度股东大会的 法律意见书 致:浙江中国小商品城集团股份有限公司 国浩律师(杭州)事务所(以下简称"本所")接受浙江中国小商品城集团 股份有限公司(以下简称"公司")委托,指派律师出席公司 2024年年度股东 大会(以下简称"本次股东大会"),并依据《中华 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported a revenue of 3.16 billion yuan in Q1 2025, representing a year-on-year growth of 17.9%. The net profit attributable to shareholders reached 800 million yuan, up 12.7% year-on-year, while the net profit excluding non-recurring items also stood at 800 million yuan, reflecting a growth of 15.1% year-on-year. This indicates strong growth and stability in the company's core business despite a high base from the previous year [3][9]. Summary by Relevant Sections Financial Performance - In Q1 2025, the company achieved a revenue of 31.6 billion yuan, a year-on-year increase of 17.9%. The net profit attributable to the parent company was 8.0 billion yuan, which is an increase of approximately 900 million yuan, primarily due to a gross profit increase of 97 million yuan from market operations and new businesses. The core business profit, excluding investment income and asset disposal gains, grew by 96% year-on-year, demonstrating strong resilience in market operations [3][9]. Market Outlook - The company benefits from a high proportion of exports from Yiwu, which is characterized by essential consumer goods, indicating strong operational stability. The controlling shareholder's share buyback is expected to boost investor confidence. In 2024, Yiwu's total export value was 589 billion yuan, with exports to the U.S. accounting for only 14%. The company is expected to maintain strong operational stability due to its deep-rooted foreign trade capabilities and the essential nature of its products [9]. Investment Recommendations - The company is projected to see a resonance between new and existing businesses driving significant growth in its core operations, with a continuous increase in dividend payout ratios. For 2025, the company anticipates the opening of the global digital trade center market in October, with office buildings sold out by November 2024. The new round of national trade reform policies in Yiwu is expected to accelerate import business growth. The estimated EPS for 2025-2027 is projected to be 0.75, 0.95, and 1.14 yuan, respectively, maintaining a "Buy" rating [9].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company reported a revenue of 3.16 billion yuan in Q1 2025, representing a year-on-year growth of 17.9%. The net profit attributable to shareholders reached 800 million yuan, up 12.7% year-on-year, while the net profit excluding non-recurring items also stood at 800 million yuan, reflecting a growth of 15.1% year-on-year. This demonstrates the company's robust growth and stability in its core business despite a high base from the previous year [2][6] Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 3.16 billion yuan, a year-on-year increase of 17.9%. The net profit attributable to the parent company was 800 million yuan, which is an increase of approximately 90 million yuan, primarily due to a 97 million yuan increase in gross profit from market operations and new businesses. The profit from core operations grew by 96% year-on-year after excluding investment income and asset disposal gains [12] Business Growth - The company is expected to benefit from the optimization of the market rental mechanism and the rapid growth of new businesses such as the CG platform and Yi Payment, which are showing signs of scale effects. The company’s operations are characterized by strong resilience, supported by the high demand for daily consumer goods and the deep-rooted foreign trade ecosystem in Yiwu [12] Shareholder Confidence - The controlling shareholder announced a share buyback plan of 500 million to 1 billion yuan, reflecting confidence in the company's future development prospects and long-term investment value. This move is aimed at boosting investor confidence and supporting the company's sustainable and stable growth [12] Future Outlook - The company is projected to see continued growth in both new and existing businesses, with an expected EPS of 0.75 yuan, 0.95 yuan, and 1.14 yuan for 2025, 2026, and 2027 respectively. The upcoming global digital trade center is set to open in October 2025, and the new round of national trade reform policies in Yiwu is anticipated to accelerate import business [12]

Core Insights - Jinhua, one of China's cities with the highest dependence on foreign trade, had a total import and export volume of 879.5 billion yuan in 2024, with exports reaching 771.9 billion yuan, resulting in a foreign trade dependence exceeding 100% [2] - Yiwu, a major trading hub, accounted for over 80% of Jinhua's total exports, demonstrating its significance in the region's trade dynamics [2] - Despite the U.S. imposing a 145% tariff on Chinese goods, Yiwu's international trade market remains active, with buyers continuing to place orders due to established trust with suppliers [4][5] Trade Dynamics - Yiwu International Trade City, known as the world's supermarket, features 210 million types of products and 75,000 shops, achieving an import and export total of 668.93 billion yuan in 2024, a year-on-year increase of 18.2% [5] - The trade with countries involved in the Belt and Road Initiative accounted for 61.8% of Yiwu's total import and export value, highlighting its role as a key driver of foreign trade growth [7] - The main exports to the U.S. from Yiwu include textiles, light industrial products, and electromechanical goods, with a focus on consumer products like toys and small appliances [7] Buyer-Seller Dynamics - American buyers are reportedly more anxious than Chinese sellers, with an increase in inquiries from U.S. buyers who are often new to the Yiwu market and face challenges due to tariffs [8] - Trust built over years of cooperation allows for smoother transactions, as seen in the case of a bag factory that has established a reliable communication channel with its U.S. client [10] Customization and Competitive Advantage - Customization is emerging as a significant competitive advantage for Chinese manufacturers, allowing them to maintain profitability despite tariff challenges [11][16] - Companies that have shifted towards customized products report better resilience against market fluctuations, as seen in the experiences of various manufacturers [14][15] - The ability to offer tailored solutions not only enhances customer loyalty but also positions Chinese manufacturers favorably in the global market [16]