8月25日，第四届全球数字贸易博览会(以下简称"数贸会")新闻发布会在浙江杭州举行。从会上介绍的 情况看，展会"朋友圈"持续扩容，国际参与度再创新高。 杭州市人民政府副秘书长沈凯波表示，数贸会期间，杭州将通过组织金砖国家特殊经济区对话会、推出 金砖国家特殊经济区中国合作中心展区、开展杭州特殊经济区商务考察和对接交流活动等举措，搭建金 砖国家资源对接平台，持续促进金砖国家特殊经济区间的数字贸易合作。 为促进更多国际合作落地，本届数贸会还升级了供需对接模式。 会上，浙江省商务厅副厅长胡真舫介绍，本届数贸会已按照7大特色产业展区征集了300多份国际采购需 求，还将迭代升级"数贸在线"平台，上线商机配对、全球开店、多语言实时翻译等实用功能，实现全年 无间断展贸对接。 现场，商务部外贸发展事务局副局长曾花城还提到，本届数贸会将发布《全球数字贸易发展报告2025》 等权威报告，推动技术标准化与产业风向引领；依托杭州跨境电商综试区十周年经验，探索数据跨境流 动、数字税等国际规则，为全球数字治理提供中国方案；通过主宾国机制和"丝路电商日""数贸非洲 日"等活动，强化与发展中国家的数字合作。 (责任编辑：朱赫) 据悉，本届展会 ...

第四届数贸会将于2025年9月25日至29日举办，以"在数贸会看见创新未来"为年度主题，邀请阿联酋、印度尼西亚担任主宾国，陕西省担任主宾省。 8月25日下午，浙江省召开第四届全球数字贸易博览会新闻发布会。 今年数贸会展览总面积15.5万平方米，展商数量已达1671家，超过去年总量，其中国际展商360家，占21.5%。采用"1+5+7"架构： 与此同时，联合国统计大数据和数据科学全球中心、联合国贸发会议、联合国教科文组织、国际电信联盟四大国际组织将首次齐聚数贸会，共筑人工智能在 可持续发展、金融服务、基础科学和太空计算等领域国际规则共识。本届数贸会将联动云栖大会、网易未来大会、西湖论剑三大行业峰会，推动AI技术从 实验室走向生产线。 围绕参展企业和专业观众的需求，形成"8+34+N"活动体系：目前已预筹80多项数字贸易专业发布。8场主题活动聚焦国际合作，精品化打造"丝路电商 日""数贸非洲日""金砖国家特殊经济区合作对接会"等品牌；34场重点产业、投融资和赛事活动聚焦医疗健康、数字基建、文化娱乐等产业对接，新增数据 智能、数贸创投、时空智能、数字城市四个专委会，首次设置"数贸创投日"，全国遴选百个科创项目与百只 ...

小商品城（600415）2025 年半年报点评： 数贸中心建设提速，AI 赋能成效显著 事件描述 2025 年 H1 业绩稳健增长：公司上半年实现营业收入 77.13 亿元，同比 增长 13.99%；归属母公司净利润 16.91 亿元，同比增长 16.78%； 扣非 净利润 16.68 亿元，同比增长 17.57%。 2025 年 Q2 单季表现亮眼：公司 Q2 单季度实现营业收入 45.52 亿元， 同⽐增⻓11.41%；归母净利润 8.88 亿元，同⽐增⻓20.77%，经营业绩 持续向好。 投资建议 我们认为，公司立足实体市场基本盘，以数字贸易服务为新增长引擎， 全球数贸中心开启新一轮增长周期。短期来看，全球数贸中心招商落地 锁定未来增长，贸易服务板块持续贡献高毛利增量；长期来看，公司"实 体市场+CG 平台+义支付"的 AI 赋能贸易生态壁垒高筑，全球化布局有 望释放更高弹性。 我们预计，公司 25/26/27 年归母净利润 41/55/63 亿元，当前股价对应 PE 为 27 倍/20 倍/18 倍，维持"持有"评级。 风险提示： 1、国际外贸局势不稳定；2、公司新业务拓展不及预期。 证券研究报告 [ ...

8月18日，国务院总理李强主持召开国务院第九次全体会议，深入学习贯彻习近平总书记关于当前经济形势和经济 工作的重要讲话精神，强调要切实把思想和行动统一到党中央对形势的科学判断和决策部署上来，巩固拓展经济 回升向好势头，努力完成全年经济社会发展目标任务。新华社记者 饶爱民 摄 李强主持召开国务院第九次全体会议强调 巩固拓展经济回升向好势头 努力完成全年经济社会发展目标任务 国务院总理李强主持召开国务院第九次全体会议，深入学习贯彻习近平总书记关于当前经济形势和经济工作的重 要讲话精神，强调要切实把思想和行动统一到党中央对形势的科学判断和决策部署上来，巩固拓展经济回升向好 势头，努力完成全年经济社会发展目标任务。 李强指出，今年以来，在以习近平同志为核心的党中央坚强领导下，各方面共同奋斗、克服困难，我国经济运行 稳中有进，高质量发展取得新成效。要坚持全面、辩证地把握经济形势，既看到来之不易的发展成绩，看到我国 经济所具有的强大韧性和活力，进一步坚定信心，又看到经济运行中面临的风险挑战，看到外部环境的严峻复 杂，始终保持冷静清醒，积极应对各种不确定性，下大力气抓好确定的事，把党中央决策部署落实到位，用实实 在在的行动 ...

Group 1 - The 2025 China International Service Trade Fair will be held from September 10 to 14 at Shougang Park, featuring 129 events including 10 thematic forums and 61 specialized forums [1] - The main guest province, Anhui, will set up a 252 square meter comprehensive exhibition hall to showcase the achievements and competitive advantages of service trade [2] - Bubble Mart will participate as the exclusive trendy cultural brand partner, featuring two exhibition booths and a dessert house that combines IP images with creative desserts [2] Group 2 - The forums will cover various topics such as service trade development, digital trade trends, and e-commerce, aiming to build bridges for international service trade cooperation [1] - Anhui province will promote its business environment and service industry expansion through a dedicated promotional event [2] - The event will also include a focus on innovative service trade development from Jiangsu and Zhejiang provinces, highlighting areas like AI and cultural IP services [3] Group 3 - The fair will introduce a driverless shuttle service within Shougang Park, connecting key locations to enhance visitor experience [3] - To improve traffic efficiency, multiple holographic intersections have been constructed around Shougang Park, utilizing radar and video technology for real-time traffic management [4] - Parking arrangements include 28 parking lots with a total of 11,886 parking spaces to accommodate the expected influx of visitors during the event [4][5]

东 兴 晨 报 东兴晨报 P1 经济要闻 1. 国务院：办公厅转发财政部《关于规范政府和社会资本合作存量项目建 设和运营的指导意见》，其中提出，分类分级推进实施。地方政府要根据 经济社会发展需要、项目性质和财力状况，按照轻重缓急合理排序，优先 实施具有一定收益的项目，持续保障项目建成完工。对接近完工的项目， 要抓紧推进建设、及时验收决算、及早投入运营。对推进缓慢的项目，要 进一步论证建设内容，研究压缩实施规模、优化建设标准、调整配套建设 内容等，减少不必要建设成本，相关程序严格按照《政府投资条例》、《企 业投资项目核准和备案管理条例》等有关规定执行，原则上不得超出已核 定概算总投资。（资料来源：同花顺） 2. 重庆市政府：印发《重庆市做好金融"五篇大文章"实施方案》。其中 提到，争取国家层面出台支持重庆深化科技金融改革专项文件，开展好科 技企业并购贷款和金融资产投资公司参与股权投资两项试点。实施科技金 融"长江领航计划"，聚焦"33618"现代制造业集群体系和"416"科技 创新布局，统筹运用股权、债权、保险等手段，为科技型企业提供全链条、 全生命周期金融服务。（资料来源：同花顺） 3. 浙江省政府：印发《浙 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [4][13]. Core Views - The company has shown steady performance in the first half of 2025, with revenue reaching 7.713 billion yuan, a year-on-year increase of 13.99%, and net profit attributable to shareholders of 1.691 billion yuan, up 16.78% year-on-year. The second quarter saw revenue of 4.552 billion yuan, growing 11.41%, and net profit of 888 million yuan, increasing 20.77% [1][7]. - Emerging businesses are significantly contributing to growth, with trade service revenue increasing by 43.16% to 531 million yuan, and the Chinagoods platform showing a remarkable 110% increase in net profit [1][9]. - The company is expected to enter a new expansion phase with the opening of the global digital trade center in October, which is anticipated to contribute additional revenue [2][13]. Financial Performance - The company achieved a gross margin of 31.55% in the first half of 2025, a decrease of 1.53 percentage points year-on-year, primarily due to the increased proportion of low-margin product sales [2][9]. - Operating cash flow significantly improved, with a net cash flow of 1.383 billion yuan, a year-on-year increase of 1109.17%, largely due to the receipt of funds from the global digital trade center [2][9]. - The company forecasts net profits of 4.032 billion yuan, 6.408 billion yuan, and 7.832 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 25.9, 16.3, and 13.4 [2][13].

Core Insights - In July, China's total goods trade import and export value reached 3.91 trillion yuan, a year-on-year increase of 6.7%, marking the highest growth rate of the year, with an acceleration of 1.5 percentage points compared to June [1] - In the first seven months, China's high-tech product imports and exports amounted to 5.1 trillion yuan, growing by 8.4%, contributing 45.4% to the overall trade growth during the same period [1] - The positive trend in foreign trade is attributed to the ongoing implementation of policies such as "two重" and "two新," which have bolstered trade performance [1] Trade Development Strategies - To further enhance the quality and quantity of foreign trade, a multi-faceted collaborative effort is necessary, focusing on upgrading the industrial chain [1] - The establishment of new trade chains integrating "R&D + manufacturing + operation" is emphasized, alongside the promotion of digital trade through tools like electronic bills of lading and overseas warehouses [1] - Expanding export credit insurance coverage and establishing a foreign exchange risk subsidy mechanism are recommended to support trade [1] - The exploration of regulatory innovations is suggested to create advantages in institutional openness [1]

Group 1 - The core viewpoint of the article highlights the growth in import and export activities in Ningxia Hui Autonomous Region, with a total import and export value of 10.63 billion yuan in the first half of 2025, representing a year-on-year increase of 5.4% [1] - The export value reached 7.88 billion yuan, showing a year-on-year growth of 10.3%, while the import value was 2.752 billion yuan, reflecting a year-on-year decline of 6.6% [1] - The trade surplus for the region amounted to 5.128 billion yuan, indicating a positive balance in trade activities [1] Group 2 - Listed companies mentioned include Zhongcheng Co., Ltd. (000151), Yuanda Holdings (000626), Xiamen Xinda (000701), and others, indicating a diverse range of companies involved in the trade sector [1] - The report referenced is the "2025-2031 China Digital Trade Industry Competition Strategy Research and Future Outlook Report" published by Zhiyan Consulting, suggesting a focus on the digital trade industry [1]

Group 1 - The core viewpoint of the article highlights the performance of Liaoning Province's import and export trade in the first half of 2025, indicating a slight decline in total trade volume while showcasing a significant increase in export value [1] - The total import and export value of Liaoning Province reached 370.21 billion yuan, a decrease of 0.1% compared to the same period last year [1] - The export value was 199.256 billion yuan, reflecting a year-on-year growth of 13.4%, while the import value was 170.955 billion yuan, showing a year-on-year decline of 12.3% [1] Group 2 - The trade surplus for Liaoning Province stood at 28.301 billion yuan during the same period [1] - The article references a report by Zhiyan Consulting titled "2025-2031 China Digital Trade Industry Competition Strategy Research and Future Outlook," indicating ongoing research and analysis in the digital trade sector [1]