中金公司研报指出，小商品城背靠义乌市场多维禀赋，占据全球小商品贸易核心地位。此外，公司作为 进口贸易创新发展首批唯一试点企业，认为其有望打开千亿元级市场空间。Chinagoods作为公司B2B跨 境电商平台，依托7.5 万家实体商铺资源，以贸易数据整合为核心驱动，对接供需双方各环节需求。看 好公司背靠义乌市场多维禀赋，市场经营业务量价齐增，Chinagoods、YiwuPay 推动向综合贸易服务商 转型、打开新成长曲线。首次覆盖给予"跑赢行业"评级，给予目标价22元，对应2025/26年27/21xP/E， 较当前股价有36%上行空间。 ...

Core Insights - Zhejiang China Commodity City Group Co., Ltd. reported strong growth in its third-party payment institution, YiPay, with a profit exceeding 40 million yuan, a year-on-year increase of over 50% [1] - YiPay's cross-border payment volume surpassed 2.5 billion USD in the first half of the year, reflecting a growth of over 47% [1] - YiPay operates in over 170 countries and regions, supporting more than 26 mainstream currencies [1] Group 1: Company Performance - YiPay's business performance is attributed to the global trade hub effect of Yiwu, digital upgrades, and favorable policies [1] - The company has opened cross-border accounts for over 20,000 merchants, leveraging the market procurement trade advantages [1] - YiPay is actively involved in the new round of international trade comprehensive reforms, with five tasks related to its operations efficiently progressing [1] Group 2: Global Expansion and Strategy - YiPay is accelerating its global expansion by applying for financial licenses such as MSO and TCSP in Hong Kong [2] - The company has enhanced its banking partnerships, launching USD direct collection and cross-border RMB allocation upgrades [2] - YiPay has introduced preferential policies for cross-border payments for U.S. export enterprises, indicating a strategic shift from a payment tool to a comprehensive cross-border service provider [2]