格隆汇11月25日丨小商品城(600415.SH)在互动平台表示，公司与阿里云及其通义大模型（包括千问系 列模型）的合作是深入且紧密的。双方联合研发的"世界义乌"商贸大模型，正是这一战略合作的核心成 果，它并非一个通用模型，而是基于阿里云的技术底座，深度融合了我们对义乌小商品贸易的深度洞 察，专为义乌市场量身定制的垂直行业模型。目前，合作已取得阶段性成果：1、平台已落地：以此大 模型为数字基座，我们已将13项自研的AI应用工具整合至世界义乌APP中，实现了服务的集中与智能化 升级。截至10月底，AI系列产品累计服务用户超28万人，惠及市场商户超3万家；2、成效已显现：这 些工具正为商户实现实质性降本增效。"小商AI设计"将传统近1个月的设计周期缩短至7-10天，推动商 户综合经营成本下降约30%。"小商AI视创"帮助商户在几分钟内零成本生成多语言营销视频，显著降低 出海门槛。"小商AI名片"通过生成"数字人分身"，帮助商户实现从被动等待到主动拓客的转变。下一 步，公司将与阿里云团队继续深化合作，系统性地推进专属语料库建设，通过对模型进行持续的深度训 练和迭代，目标是将"世界义乌"商贸大模型打造为更智能、更懂小 ...

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 Viewpoint - The article highlights the adaptability and resilience of business owners in Yiwu, particularly female entrepreneurs, in response to changing international trade dynamics, including the impact of U.S. tariff policies and the introduction of AI technologies in their operations [2][10][14]. Group 1: Impact of U.S. Tariff Policies - U.S. customers have not completely stopped placing orders despite the imposition of tariffs, but there has been a reduction in order volume [2][14]. - Business owners like Yao Baojuan are cautious about accepting orders if profit margins are significantly compressed due to tariffs [14]. - The diverse customer base of Yiwu merchants mitigates the impact of U.S. tariffs, as they are not solely reliant on a few markets [10][14]. Group 2: Language and Skills Development - Yiwu merchants are increasingly learning new languages to better communicate with international clients, recognizing that English alone is insufficient [3][4]. - Training programs in various languages, including Spanish and Arabic, have been implemented to enhance trade capabilities [3][4]. - Entrepreneurs like Yao Baojuan and Fu Jiangyan have successfully transitioned from basic communication methods to fluently negotiating in multiple languages [4][5]. Group 3: Innovation and Technology Adoption - The introduction of AI tools in Yiwu has transformed how businesses operate, allowing for efficient communication and marketing through multilingual videos [8][9]. - Entrepreneurs like Sun Lijuan have leveraged AI to enhance product visibility and streamline customer interactions, resulting in a significant increase in sales [9][10]. - The launch of the sixth-generation market, which includes a digital trade center, represents a shift towards a more integrated and modern trading environment [20][21]. Group 4: Market Expansion Strategies - Yiwu merchants are actively exploring new markets to diversify their customer base and reduce dependency on any single market [10][21]. - Sun Lijuan has successfully penetrated markets in the Middle East and South America, while Fu Jiangyan is focusing on the African market due to its growing demand [10][21]. - The sixth-generation market is seen as a new opportunity for growth, with some entrepreneurs already securing positions there [20][21].

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]

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 International Trade City, known as the "world supermarket," continues to thrive amid global trade fluctuations, with a total import and export value of 554.26 billion yuan in the first eight months of this year, representing a year-on-year growth of 24.9% [2] - The integration of AI tools in the Yiwu market has significantly enhanced operational efficiency, with over 30,000 merchants adopting AI technologies, leading to an order growth of over 30% for those deeply utilizing AI [4][6] Trade Performance - In the first eight months of this year, Yiwu's exports reached 486.6 billion yuan, up 23.7% year-on-year, while imports totaled 67.66 billion yuan, marking a 34.0% increase [2] - The strong performance is attributed to the robust supply chain and continuous upgrades by the operators in the Yiwu market [2] AI Integration - AI tools have become a new driving force for customer acquisition in Yiwu, with merchants reporting order increases of over 40% due to AI assistance in product design and marketing [3] - The Chinagoods platform has launched various AI applications to support merchants in production design, content generation, and transaction facilitation, enhancing the overall trade chain [4][7] Strategic Collaborations - Yiwu Small Commodity City has partnered with Qunhe Technology to create a digital ecosystem aimed at supporting 10,000 merchants in leveraging AI for international trade [6] - The collaboration with Tencent Smart Retail aims to accelerate the digital transformation of Yiwu, positioning it as a global digital trade center [8] Market Evolution - Yiwu is transitioning to its sixth-generation market, with the Global Digital Trade Center project set to open in October 2025, featuring an investment of 8.3 billion yuan and a construction area of 1.25 million square meters [8][10] - The new market will focus on innovative services for merchants, including global brand incubation and supply chain finance, promoting a digital upgrade across the trade ecosystem [9][10]

Core Viewpoint - Yiwu's small commodity city is transforming its trade service ecosystem through globalization and digitalization, aiming to become a globally recognized international trade service provider [1][5]. Group 1: Digital Transformation and AI Integration - The company has invested heavily in AI and research since 2023, launching a series of AI products to enhance digital commerce [2]. - AI tools have penetrated the entire trade chain, significantly improving efficiency; for instance, the time to list products has been reduced from 2 hours to 12 minutes, and marketing video generation is now automated in 36 languages [2][3]. - The AI system analyzes global consumer data to provide merchants with market preference maps and predict trending products, effectively upgrading traditional stalls into "smart trade bases" [3]. Group 2: Market Development and Infrastructure - The new global digital trade center, with an investment of 8.3 billion yuan and a construction area of 1.25 million square meters, is set to open in October 2025, attracting significant interest from both individual and corporate investors [3]. - The bidding prices for retail spaces in the new market have surged, indicating a revaluation of market assets and a shift towards a new era of digital trade [3]. Group 3: Payment Solutions and Financial Services - The launch of "Yiwu Pay" has facilitated cross-border payments, with a reported transaction volume of $2.58 billion in the first half of 2023, marking a 46% year-on-year increase [4]. - The company is establishing offshore subsidiaries to enhance its financial services, aiming to leverage the financial openness of Hong Kong [4]. Group 4: Financial Performance and Shareholder Returns - The company anticipates a net profit of 1.63 to 1.7 billion yuan for the first half of 2025, reflecting a year-on-year increase of 12.57% to 17.40% [6]. - The operating cash flow for 2024 is projected at 4.49 billion yuan, a 143.43% increase, supporting strategic investments [6]. - The dividend payout has increased, with a proposed distribution of 3.3 yuan per 10 shares in 2024, totaling 1.81 billion yuan, representing a 58.87% payout ratio [6]. Group 5: Future Outlook and Strategic Goals - The company aims to enhance trade facilitation through financial technology, leveraging its extensive cross-border trade network with over 230 countries [7]. - The strategic goal is to simplify trade processes and create greater value for global customers [7].

Core Viewpoint - Yiwu Small Commodity City is transforming into a global trade comprehensive service provider by integrating digital platforms and traditional market operations, focusing on serving small and micro enterprises through innovation and reform [4][5]. Group 1: Digital Transformation and AI Integration - The company has invested heavily in AI technologies since 2023, launching various AI applications that enhance trade efficiency and customer engagement, resulting in a 72% increase in active user engagement and over 20% growth in orders for deep users [7]. - AI tools are deeply embedded in the trade process, enabling merchants to quickly digitize their products and improve operational efficiency, with some merchants reducing product listing time from 2 hours to 12 minutes [6][7]. Group 2: Market Expansion and New Projects - The Global Digital Trade Center, with an investment of 8.3 billion yuan and a construction area of 1.25 million square meters, is set to open in October 2025, attracting significant interest from both individual and corporate investors [8]. - The company has launched its own payment brand, "Yiwu Pay," facilitating cross-border transactions and achieving a 46% year-on-year increase in cross-border payment volume, reaching $2.58 billion in the first half of 2023 [9]. Group 3: Financial Performance and Shareholder Returns - The company anticipates a net profit of 1.63 to 1.7 billion yuan for the first half of 2025, reflecting a year-on-year increase of 12.57% to 17.40%, with a significant rise in operating cash flow by 143.43% to 4.49 billion yuan in 2024 [11]. - The dividend payout ratio has been increasing, with a proposed cash dividend of 3.3 yuan per 10 shares in 2024, totaling 1.81 billion yuan, marking a 17% increase from 2023 [11]. Group 4: Strategic Vision and Future Outlook - The company aims to enhance trade facilitation through financial technology, leveraging its extensive trade connections with over 230 countries, particularly those involved in the Belt and Road Initiative [12]. - The strategic goal is to simplify trade processes and extend service chains across the entire supply chain, moving beyond traditional market operations [10].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The retail industry is experiencing a recovery, with significant growth in specific segments such as beauty and jewelry, driven by consumer sentiment and innovative business models [8][30] - The launch of the AI model by Yiwu Small Commodity City is expected to enhance operational efficiency and empower merchants, indicating a shift towards technology-driven business practices [25][26] Summary by Sections Retail Market Review - The retail industry index rose by 3.28% during the week of July 21-25, outperforming the Shanghai Composite Index by 1.61 percentage points [7][14] - The brand cosmetics sector saw the highest weekly increase of 5.94%, while the jewelry sector led the year-to-date performance with a 28.93% increase [17][20] Industry Dynamics - Yiwu Small Commodity City partnered with Alibaba to initiate the AI model testing, which is expected to transform traditional trade practices and enhance global trade linkages [25][26] - Over 30,000 merchants in Yiwu are utilizing AI tools, with deep users experiencing over 30% growth in orders, showcasing the impact of AI on operational efficiency and brand enhancement [26] Investment Recommendations - Focus on high-quality companies in sectors benefiting from emotional consumption themes, including: - Gold and jewelry brands with differentiated product offerings, such as Laopuhuang and Chaohongji [8][30] - Retail enterprises adapting to trends, like Yonghui Supermarket and Aiyingshi [8][30] - Domestic beauty brands with strong growth potential, including Maogeping and Pola [8][30] - Medical beauty product manufacturers with unique pipelines, such as Aimeike and Kedi-B [8][30] Company-Specific Insights - Laopuhuang reported a revenue increase of 167.5% and a net profit increase of 253.9% in FY2024, indicating strong brand expansion [32] - Chaohongji achieved a revenue growth of 25.4% in Q1 2025, driven by its focus on fashionable jewelry targeting younger consumers [40] - Maogeping's revenue grew by 34.6% in FY2024, reflecting its position as a leading domestic high-end beauty brand [32] - Pola's revenue increased by 21.0% in FY2024, supported by a robust product lineup [32]

Core Viewpoint - The "Silk Road E-commerce" international cooperation conference held in Zhengzhou aims to explore new opportunities and paths for international cooperation in global trade under the new circumstances [1]. Group 1: Industry Trends - Cross-border e-commerce companies must not only engage in buying and selling goods but also undergo transformation and upgrading to gain greater development space [6]. - The recent cancellation of tax exemptions on low-value small packages from the U.S. has forced Chinese cross-border e-commerce companies to innovate and enhance the resilience of their industrial and supply chains [6][9]. - Experts see opportunities amid challenges, as trade protectionism and fluctuating tariff policies increase uncertainties in the global supply chain [7]. Group 2: Company Insights - Henan Integrated Supply Chain Management Co., established in 2015, is one of the first companies in the Zhengzhou Xinzheng Comprehensive Bonded Zone and processes over 100,000 international packages daily [3]. - The company has formed strategic partnerships with platforms like JD International, Douyin Global Purchase, Pinduoduo, and Xiaohongshu [3]. - The company’s general manager emphasizes the need for personalized services beyond traditional customs clearance and warehousing, expanding into logistics, sourcing, and supply chain finance [6]. Group 3: Regional Advantages - Zhengzhou's logistics advantages stem from its comprehensive transportation network, which includes air, rail, and road, providing significant reach across the country [13]. - The region's rich industrial clusters and large consumer market offer a broad base for global buying and selling [13]. - The Zhengzhou Airport Economic Comprehensive Experimental Zone is encouraged to focus on talent development through partnerships with educational institutions to cultivate skilled professionals in the cross-border e-commerce sector [6][13]. Group 4: Technological Impact - The emergence of AI language models like DeepSeek presents unprecedented opportunities for the Silk Road e-commerce sector [10]. - AI is becoming a new standard in foreign trade, enabling low-cost, large-scale application of new technologies [10]. - The integration of AI into foreign trade is expected to not only enhance efficiency but also reshape global trade rules with Chinese insights [10].