作为我国经济社会发展的重要支柱，批发零售业的高质量发展，与我们每一个人的生活都息息相关。近 些年来，全球贸易形势复杂多变，国内消费亟待进一步释放，倒逼相关企业完成从"规模红利"向"价值 红利"的跃迁。 上海证券交易所与第一财经联合策划推出的《价值与投资》栏目，2025年第九期节目以"重塑产业链价 值 批零行业再突围"为主题，邀请小商品城董事会秘书许杭、重庆百货董事会秘书陈果、长江证券商业 零售行业首席分析师李锦，一起讨论批发零售行业怎样把流量变留量，把留量变品牌和服务，如何从低 价竞争到创新溢价。 积极调整业态，开拓新的市场空间，是应对存量竞争时代的又一积极举措。李锦表示，当前中国贸易行 业依然表现出了较强的经营韧性和增长活力，并在对外出口上取得了不错的成绩。不过从结构上来看， 我国出海商贸企业多以可选消费品类为主。对这些企业的赋能主要可以围绕三个维度：消费者洞察的能 力建设、对应国家的合作方选取以及全渠道的思考。 据介绍，在全球数贸中心，小商品城与阿里合作推出了世界义乌商贸大模型，其中设计有小商AI视 创、AI设计、AI视频翻译等13项应用。其中，AI视创通过一键式生成多语种的视频，能够直接触达全 球的消费 ...

Core Viewpoint - The wholesale and retail industry in China is undergoing a transformation from "scale dividends" to "value dividends," driven by the need to adapt to changing global trade dynamics and domestic consumption patterns [1] Group 1: Industry Challenges and Responses - The wholesale and retail industry in China is experiencing a slowdown in growth and entering a phase of stock competition, leading to intensified internal competition and significant challenges for enterprises [4] - Leading companies in the industry are actively exploring strategies to break through the current challenges, focusing on digital transformation and enhancing service quality [4][5] Group 2: Digital Transformation and AI Integration - Companies like Xiaogoods City are leveraging AI technology to drive intelligent pricing and enhance operational efficiency, with AI applications reportedly increasing order volumes by over 30% for deep users [4] - Chongqing Department Store emphasizes the importance of digital transformation and quality improvement to escape the low-price competition trap, focusing on product quality, scene creation, and operational efficiency [5] Group 3: Market Expansion and New Business Models - Xiaogoods City is expanding its overseas presence by establishing digital trade platforms and enhancing service models for small and medium-sized enterprises, with projects in 35 countries and over 100 million products showcased [7][8] - Chongqing Department Store is innovating its business model by adjusting store formats and enhancing customer engagement, with significant sales increases reported in remodeled stores [9] Group 4: Targeting New Consumer Segments - Companies are focusing on attracting the "Z generation" through immersive experiences and themed events, aiming to create a sense of belonging and community among young consumers [9] - The retail industry is witnessing strategic adjustments to enhance customer experience and regain the attention of younger demographics, with a focus on value-for-money and improved in-store experiences [9]

Core Insights - The collaboration between the company and Alibaba Cloud, particularly with its Tongyi model series, is deep and strategic, focusing on the development of a specialized trade model for Yiwu, known as the "World Yiwu" trade model [1] Summary by Sections Partnership and Model Development - The "World Yiwu" trade model is a core outcome of the partnership, designed specifically for the Yiwu market, leveraging Alibaba Cloud's technology and the company's insights into small commodity trade [1] Implementation and Results - The model has led to the integration of 13 self-developed AI application tools into the World Yiwu APP, enhancing service centralization and intelligent upgrades [1] - As of the end of October, AI products have served over 280,000 users and benefited more than 30,000 market merchants [1] Efficiency Improvements - The "Small Business AI Design" tool has reduced the traditional design cycle from nearly one month to 7-10 days, resulting in a 30% decrease in overall operating costs for merchants [1] - The "Small Business AI Vision Creation" tool enables merchants to generate multilingual marketing videos at zero cost within minutes, significantly lowering barriers for international expansion [1] - The "Small Business AI Business Card" creates digital avatars for merchants, facilitating a shift from passive customer waiting to proactive customer acquisition [1] Future Plans - The company plans to deepen its collaboration with Alibaba Cloud, focusing on building a dedicated corpus and continuously training and iterating the model to enhance its intelligence and understanding of small commodity trade [1]

Core Viewpoint - The collaboration between the company and Alibaba Cloud focuses on developing a specialized trade model tailored for the Yiwu market, enhancing digital trade capabilities and efficiency [1] Group 1: Collaboration and Model Development - The partnership with Alibaba Cloud is described as deep and close, resulting in the "World Yiwu" trade model, which is not a general model but a vertical industry model specifically designed for Yiwu's small commodity trade [1] - The collaboration has achieved significant milestones, including the integration of 13 self-developed AI application tools into the World Yiwu APP, enhancing service centralization and intelligent upgrades [1] Group 2: User Impact and Efficiency Gains - As of the end of October, AI products have served over 280,000 users and benefited more than 30,000 market merchants [1] - The "Small Business AI Design" tool has reduced the traditional design cycle from nearly one month to 7-10 days, leading to a 30% decrease in comprehensive operating costs for merchants [1] - The "Small Business AI Vision Creation" tool allows merchants to generate multilingual marketing videos at zero cost within minutes, significantly lowering the barriers for international expansion [1] - The "Small Business AI Business Card" creates digital avatars for merchants, facilitating a shift from passive waiting to proactive customer acquisition [1] Group 3: Future Plans - The company plans to deepen its collaboration with Alibaba Cloud, focusing on building a dedicated corpus and continuously training and iterating the model [1] - The goal is to enhance the "World Yiwu" trade model, making it smarter and more attuned to small commodity trade, thereby driving sustained growth in Yiwu's digital trade [1]

Core Insights - Yiwu, known as the "world supermarket," hosted the 2025 Yiwu Trade Conference, attracting over 1,000 domestic and international buyers, trade association representatives, and e-commerce platforms [1] - The city aims to establish itself as a global trade benchmark and innovation hub through its "146" development strategy, focusing on marketization, internationalization, digitalization, and integration [1] - The Yiwu Global Digital Trade Center, a key project under the listed company Yiwu Small Commodity City, has a total investment of approximately 8.3 billion yuan and aims to enhance the digital capabilities of trade [1] Trade and Logistics Development - The conference theme "New Patterns, New Opportunities, New Benchmarks" addressed global economic trends and trade rules, alongside the second China Logistics Hub Development Conference and an AI-enabled trade forum [2] - Yiwu is enhancing its logistics capabilities through four main channels: land (Zhejiang-Europe Railway), sea (integration with Ningbo-Zhoushan Port), online (digital trade), and air (global air cargo network) [2] - From January to September this year, the Zhejiang-Europe Railway (Yixinou) operated 2,427 trains, a year-on-year increase of 18.3%, while the sea-rail intermodal transport saw a 22.6% increase in heavy container shipments [2] Digital Economy and AI Integration - Yiwu is recognized as a pioneer in the digital economy, developing a comprehensive trade model that includes 13 AI applications focused on small commodity trade [3] - The model has over 30,000 registered users and has recorded over 1 billion AI product calls, with businesses utilizing AI seeing order increases of over 30% [3]

Investment Rating - The investment rating for the company is "Buy" [5] Core Insights - The company has shown impressive performance due to the opening of the new market, with revenue reaching 13.1 billion (up 23% year-on-year) and net profit attributable to shareholders at 3.46 billion (up 48%) for the first three quarters of 2025 [1] - The newly opened Global Digital Trade Center is expected to enhance revenue certainty, with 80% of the leasing completed and over 3,700 merchants already operating in various new industries [1][2] - The company is actively developing new businesses such as "Yi Payment," which has seen transaction volumes exceed 27 billion (up over 35%) [3] Summary by Sections Financial Performance - For Q3 2025, the company reported revenue of 5.35 billion (up 39%) and net profit of 1.766 billion (up 101%) [1] - The company forecasts revenues of 20.6 billion, 26.3 billion, and 30.9 billion for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 31%, 28%, and 17% [4] New Business Developments - The "Yi Payment" platform has been launched, providing cross-border payment services and achieving significant transaction volumes [3] - The company has introduced 13 AI applications aimed at reducing costs and improving efficiency for merchants in the small commodity trade sector [2] Market Expansion - The Global Digital Trade Center, which opened on October 14, 2025, is a key driver for future growth, featuring a total area of 1.25 million square meters and multiple functional areas [1][2] - The new market has attracted a significant number of new generation operators, with over 50% being "second-generation" business owners [1]

Core Insights - The Yiwu Global Digital Trade Center officially opened on October 14, 2023, with a total investment of 8.3 billion RMB and a construction area of 1.25 million square meters, featuring various sectors including markets, office buildings, commercial streets, apartments, and a digital trade port [1][2][3] Group 1: Market Dynamics - Yiwu has established itself as a global small commodity trading center, gathering over 2.1 million types of products and connecting domestic, international, and online markets [2] - The Yiwu International Trade City is a key player, with a projected transaction volume of 279.8 billion RMB in 2024, marking a 20.02% year-on-year increase [2] - Daily foot traffic in the market has reached 224,300, with an average of over 3,900 foreign merchants visiting daily, both figures hitting a 10-year high [2] Group 2: Technological Integration - The opening of the Yiwu Global Digital Trade Center is expected to further enhance these figures, with a strong emphasis on digitalization and AI technology in trade processes [3][4] - The "Small Business AI Navigation" app has been developed to streamline the traditional trade process, allowing buyers to efficiently locate products and merchants [3] - AI applications in trade have seen significant growth, with over 30,000 registered users and more than 1 billion AI product calls, indicating increasing acceptance among business operators [4] Group 3: Financial Performance - As of October 15, 2023, the total transaction amount using Yiwu Pay has reached 29.46 billion RMB, with a 40% increase in the first three quarters [5] - The "Smart Port" has recorded an outbound volume of over 123,500 standard containers in 2023, representing a 106% year-on-year growth [5] Group 4: Emerging Business Trends - The Yiwu Global Digital Trade Center has attracted various innovative companies, including leading firms in consumer technology, indicating a shift towards direct consumer engagement [6][7] - Young entrepreneurs and new business models are increasingly represented, with over 52% of new market entrants being from the "second generation" of business owners [7][8] - The market is witnessing a trend towards AI-enabled products, although many businesses are still in the early stages of product development [8][9]

Core Insights - The opening of Yiwu Global Digital Trade Center marks the beginning of a large-scale AI empowerment initiative in Yiwu, aiming to transition from "global trading" to "intelligent trading" [1] Group 1: AI Empowerment Initiatives - The "AI + Digital Trade" summit held in Yiwu introduced a three-year action plan to enhance AI skills for 10,000 merchants, promoting the use of AI in business operations [1] - Yiwu's Human Resources and Social Security Bureau aims for 100% awareness of AI tools among market operators, facilitating a shift from basic business skills to advanced AI applications [1] Group 2: Training and Certification - In 2024, Yiwu will launch four specialized vocational ability assessment projects, targeting the training of 33,000 new talents in the trade sector [2] - The training programs will focus on practical AI applications, including AI image generation, video editing, digital human live streaming, and multilingual translation, with successful participants receiving certification [2] Group 3: AI Integration in Business - Yiwu is recognized as a major hub for AI innovation, with many merchants already utilizing AI tools to enhance their business operations, evidenced by over 1 billion cumulative calls to the Chinagoods AI digital application [2] - The collaboration between Yiwu and Alibaba has led to the development of a comprehensive digital ecosystem for trade, covering the entire supply chain from design to transaction [2] Group 4: Real-World Applications - Merchants in Yiwu, such as those in the decorative painting industry, have successfully leveraged AI for design and communication, resulting in increased customer satisfaction and order volumes [3] - The "Small Business AI Vision Creation" tool allows merchants to produce high-quality promotional materials easily, while AI translation capabilities enable seamless communication with international clients [3]

Core Insights - Yiwu market has completed a new round of iteration and upgrade, transitioning from traditional trade models to a digital trade ecosystem, aiming to become a global trade benchmark characterized by digitization, internationalization, modernization, and low carbon [1][2] Group 1: Project Overview - The Yiwu Global Digital Trade Center officially opened on October 14, 2023, with a construction area of 1.25 million square meters, focusing on new trade, new markets, and new landmarks [1] - The market section of the project covers 410,000 square meters and has attracted merchants from eight new industries, with 52% of merchants being from the "second generation" and 57% operating their own brands or IP products [1] Group 2: Historical Context and Government Support - Yiwu market has evolved over 40 years, adapting to changes in trade practices, from street markets to a "world supermarket" and from offline to online transactions [2] - The local government emphasizes the importance of the Global Digital Trade Center as a key platform for building a strong digital trade province, with significant political commitment to its development [2] Group 3: Development Strategy - The center aims to create a "1+3+N" development system, focusing on optimizing digital trade services, minimizing costs, and maximizing efficiency [3] - Major tech companies like Alibaba, NetEase, Tencent, and Qunhe Technology have established a presence in the new market, enhancing the center's capabilities to connect smart products with global markets [3] Group 4: Platform Construction - Three key digital trade platforms are being strengthened: Chinagoods for comprehensive trade services, a digital supply chain platform for efficient logistics, and a payment platform for global transactions [4] - The integration of these platforms aims to provide comprehensive support for the development of digital trade [4] Group 5: Technological Integration - The center is accelerating the integration of digital technology with market trade, implementing AI applications for design, store setup, navigation, and data transactions [5][6] - The use of AI technology has improved operational efficiency, with significant reductions in time and cost for merchants [7] Group 6: Market Activities - The opening of the Global Digital Trade Center will feature a series of events, including international trade summits and competitions, to stimulate market activity and engagement [5]

Core Insights - The opening of the Global Digital Trade Center in Yiwu marks a significant transition from traditional trade models to a digital trade ecosystem, emphasizing "digital empowerment of business and data-driven trade" [1] Group 1: Market Development - Yiwu has undergone six generations of market evolution, adapting to the changing times and market demands, from street markets to the modern Global Digital Trade Center [1] - The Global Digital Trade Center features a construction area of 1.25 million square meters and includes five functional areas: market, business offices, commercial streets, apartments, and a digital trade port [1] Group 2: Merchant Engagement - Over 3,700 merchants have settled in the market section, covering eight new industries such as fashion jewelry and smart equipment, with 52% of merchants being "second-generation" or "new generation" entrepreneurs [1] - Merchants can communicate in real-time with global clients and showcase products through live streaming, enhancing the shopping experience for overseas buyers [1] Group 3: Technological Advancements - The sixth-generation market has achieved comprehensive digital and intelligent upgrades, including the Chinagoods platform for one-stop trade services and the "Yi Payment" cross-border payment account for merchants [2] - The introduction of 13 AI applications, such as "Small Merchant AI Design" and "AI Video Translation," addresses challenges faced by merchants in design, marketing, and international expansion [2] Group 4: Strategic Collaborations - Yiwu Small Commodity City Group has formed strategic partnerships with major industry players, including Alibaba and Tencent, to enhance the digital trade infrastructure and AI capabilities by 2025 [2] Group 5: Regional Economic Strategy - The opening of the Global Digital Trade Center is a key initiative in Zhejiang's digital transformation of the entire trade chain and reflects the province's commitment to high-level openness and economic resilience [3]