YIWU CCC(SH:600415) Soochow Securities·2025-05-12 00:23Investment Rating - The report maintains an "Overweight" rating for the retail trade industry [1] Core Insights - In April, China's export value exceeded expectations, with a year-on-year increase of 8.1% in dollar terms, significantly higher than the 1.9% predicted by economists [4][9] - The growth in exports was primarily driven by increases in exports to ASEAN (+20.8%), Africa (+25.3%), and Latin America (+17.3%), despite a 21% decline in exports to the U.S. [4][9] - Yiwu, where the small commodity city is located, reported a total import and export value of 167.4 billion yuan in March, a year-on-year increase of 13.0%, with exports growing by 14.5% [4][9] - The report highlights the low dependency of Yiwu's exports on the U.S., with only 15% of its exports directed to the U.S. in the first quarter [4][9] - The Central Committee and State Council issued guidelines to enhance the Free Trade Zone, which is expected to benefit Yiwu [4][10] - The report is optimistic about the "Yiwu Deepening Reform Plan," which aims to promote further development in the market, especially in cross-border imports [4][10] - The small commodity city is recommended as a core investment target due to its low exposure to U.S. tariffs and ongoing business development [4][10] Summary by Sections Industry Trends - In April, China's exports showed a remarkable increase despite tariff impacts, with significant growth in non-U.S. markets [4][9] - Yiwu's performance in the first quarter indicates a robust export environment, less affected by U.S. tariffs [4][9] Market Review - The report notes the performance of various indices, with the retail trade index increasing by 0.88% from May 6 to May 11, 2025 [11] - Year-to-date, the retail trade index has risen by 7.08% [11][15] Company Valuation Table - The report includes a valuation table for various companies, indicating their market capitalization, closing prices, and profit forecasts [17] - Notable companies such as "Xiaoshangpin City" are highlighted with a buy rating, reflecting strong growth potential [18]