Investment Rating - The report maintains an "Overweight" rating for the retail industry [1] Core Insights - In May 2025, China's exports showed resilience with a year-on-year increase of 4.8%, while imports decreased by 3.4% [3][9] - Non-US exports demonstrated strong performance, supporting overall export growth despite a significant decline in exports to the US, which fell by 9.7% year-on-year [10][11] - Yiwu Small Commodity City is highlighted as a crucial hub for non-US exports, with a total import and export volume of 668.9 billion yuan in 2024, reflecting an 18.2% year-on-year increase [11][12] - The strategic importance of Yiwu is emphasized, particularly in the context of the Belt and Road Initiative, where it serves as a key trade hub for developing countries [11] Summary by Sections Weekly Industry Perspective - The report discusses the May 2025 import and export data released by the General Administration of Customs, noting a 4.8% increase in exports and a 3.4% decrease in imports [9] - It highlights the significant decline in US exports and the robust performance of non-US exports, which includes increases of 6.4% to the EU, 12.2% to ASEAN, and 18.9% to Africa [10] Market Review - For the week of June 9 to June 15, the Shenwan retail index decreased by 1.49%, while the overall market indices showed mixed results [13][16] - Year-to-date performance indicates a 7.67% increase in the Shenwan retail index [17] Company Valuation Table - The report includes a valuation table for various companies within the retail sector, with several companies rated as "Buy" based on their projected earnings and market performance [19][21]