研报掘金丨太平洋：予小商品城“买入”评级，锚定数贸枢纽贸易综合服务筑长期价值

Group 1 - The core viewpoint of the report is that Xiaogoods City is accelerating its transformation from a "market operator" to a "smart foreign trade infrastructure platform" [1] - The growth path is being reshaped from a single rental asset to a comprehensive trade service provider driven by multiple factors including "physical market + digital trade + cross-border finance + import hub + global logistics" [1] - The company's revenue base is primarily composed of market operations and product sales within its four major business segments [1] Group 2 - On an industry level, the global trade growth rate is shifting, and the restructuring of supply chains is evolving the Yiwu-style professional market from a "marketplace" to a foreign trade infrastructure that focuses on "order restructuring and institutional interfaces" [1] - In the medium term, digital trade and cross-border payments are expected to drive a revaluation of the company, while long-term growth will stem from the import hub and national trade comprehensive reform [1] - The report assigns a "buy" rating to the company, indicating positive future prospects [1]