YIWU CCC(SH:600415) Dong Jian Yan Bao·2025-03-07 13:53Investment Rating - The report does not explicitly state an investment rating for the commercial retail industry or the specific company being analyzed [1]. Core Insights - In 2024, the Yiwu China Commodity City achieved a transaction volume of over 2,798 billion yuan, representing a growth of 20.02% compared to 2023, with an average daily foot traffic of 224,300 people, including 3,900 foreign visitors, marking a 10-year high [20]. - The digital payment platform "Yi Payment" recorded a cross-border payment transaction volume of 4 billion USD in 2024, a significant increase of 233% year-on-year, with no reported risk disputes or frozen accounts [21]. - The Global Digital Trade Center project, covering 562 acres with a total investment of 8.3 billion yuan, is progressing well, with plans for market section completion and official opening in October 2025 [22]. Summary by Sections 1. Research Overview - The research focused on the Yiwu China Commodity City within the commercial retail industry, conducted on February 25, 2025, with participation from various investment firms and funds [13]. 2. Participating Institutions - Notable institutions involved in the research include Chongyang Investment, Galaxy Fund, Guotai Junan Securities Research Institute, and several others [14][15]. 3. Market Performance - The Yiwu market maintained a prosperous state in 2024, with stable growth across various operational indicators [20]. 4. New Business Developments - The Yi Payment platform has been pivotal in enhancing cross-border payment services, addressing key pain points for merchants [21]. 5. Infrastructure Projects - The Global Digital Trade Center is on track for completion, with significant progress in various functional areas, including market sections and office buildings [22]. 6. Regulatory Developments - The report mentions the approval of a comprehensive reform plan for international trade in Yiwu, which includes a positive list for imports, expanding product categories for trial [23]. 7. AI Applications - The company has been actively exploring AI applications in the small commodity trade sector, enhancing various trade processes [25].