YIWU CCC(SH:600415) Soochow Securities·2025-10-16 02:03Macro Strategy - The report identifies three main policy directions: early use of debt quota, 500 billion policy financial tools, and monetary easing [1][4][5] - It predicts a moderate approach to new growth policies, focusing on stabilizing rather than stimulating the economy, with expected GDP growth of around 5% for the year [5][6] Fixed Income and REITs - The report suggests a strategic allocation in public REITs from urban investment platforms, emphasizing a "region first, type second" strategy to identify investment opportunities with economic resilience and stable cash flows [1][7] - It highlights the performance of various provincial REITs, noting that Zhejiang has five existing products with a total scale of 17.443 billion, while Guangdong has three products totaling 12.414 billion [7][8] Company Analysis: Xiaogoods City (小商品城) - Xiaogoods City reported a significant increase in net profit for Q3 2025, with a year-on-year growth of 101%, driven by market operations and trade services [2][8] - The company achieved a revenue of 130.6 billion for the first three quarters of 2025, a 23.1% increase year-on-year, and a net profit of 34.6 billion, up 48.5% [2][8] - The report raises the profit forecast for Xiaogoods City for 2025-2027, with expected net profits of 49.0 billion, 61.6 billion, and 72.8 billion respectively, reflecting a growth of 59%, 26%, and 18% [3][8]