太平洋证券研报指出，小商品城依托义乌全球最大小商品集散中心，从"市场运营商"加速升级 为"数智外贸基础设施平台"，成长路径由单一租金资产重塑为"实体市场+数字贸易+跨境金融+进口枢 纽+全球物流"多轮驱动的综合贸易服务商。公司业务四大板块中，市场经营和商品销售构成收入底 盘。在行业层面，全球贸易增速换挡与供应链再布局使义乌式专业市场从"卖场"演化为"订单重组和制 度接口"的外贸基础设施。中期看数字化贸易与跨境支付驱动估值重构，长期增长极来自进口枢纽与国 贸综改。给予"买入"评级。 （责任编辑：刘畅 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com ...

2026 年 02 月 25 日 公司深度研究 买入/维持 小商品城(600415) 目标价: 昨收盘:15.02 小商品城深度报告：锚定数贸枢纽 贸易综合服务筑长期价值 走势比较 (10%) 8% 26% 44% 62% 80% 25/2/25 25/5/8 25/7/19 25/9/29 25/12/10 26/2/20 小商品城 沪深300 股票数据 总股本/流通(亿股) 54.84/54.84 总市值/流通(亿元) 823.63/823.63 12 个月内最高/最低价 (元) 23.4/11.71 相关研究报告 投资建议：预计 2025-2027 年小商品城将实现营业收入 203.75/ 267.99/344.55 亿元，同比增速分别为 29.47%/31.53%/28.57%;归母净利 <<小商品城 2025Q3 点评：三季度业 绩超预期 增长动能强劲>>--2025- 12-06 证券分析师：王湛 电话： E-MAIL：wangzhan@tpyzq.com 分析师登记编号：S1190517100003 报告摘要 小商品城依托义乌全球最大小商品集散中心，从"市场运营商"加速 升级为"数智外贸基础设施 ...

日前，小商品城旗下支付公司——快捷通支付服务有限公司（以下简称"快捷通支付"）因违反备付金管理规定等 三项事由接到监管百万罚单。 "旧疾"与新罚 四年内合计被罚超千万 具体来看，中国人民银行浙江省分行发布行政处罚信息显示，快捷通支付因违反备付金管理规定、违反账户管理 规定以及违反清算管理规定被警告并罚款321万元。 | 快捷通支付服务 | 浙银罚决字 | 1. + 违反备付金管理规定: | 警告,并处 | 中国人民银 | 2025 年 12月 | 五年 | | --- | --- | --- | --- | --- | --- | --- | | | (2025) 109 | 2. · 违反账户管理规定: | 321 万元 | 行浙江省分 | | | | 有限公司 | 를 | 3. · 违反清算管理规定。 | 罚款。 | 行 | 25 日 | | | 沈某(快捷通支 付服务有限公 | 浙银罚决字 | 对快捷通支付服务有限公司 | 警告,并处 | 中国人民银 | 2025 年 12月 | 五年 | | | (2025) 108 | 以下违法行为负有责任: | 8万元罚 | 行浙江省分 | | | | | | | ...

| | | 02月09日至02月23日目标价涨幅排名 | | | | | --- | --- | --- | --- | --- | --- | | 证券代码 | 证券名称 | 机构 | 最新评级 | 最高目标价 (元) | 目标涨幅 (%) | | 300207 | 欣旺达 | 东吴证券 | 买入 | 41.00 | 60.28 | | 301358 | 湖南裕能 | 国泰海通证券 | 增持 | 105.64 | 55.79 | | 688099 | 晶晨股份 | 华创证券 | 强推 | 140.23 | 48.74 | | 601390 | 中国中铁 | 中信建投证券 | 买人 | 8.15 | 48.18 | | 600415 | 小商品城 | 国金证券 | 买人 | 21.94 | 45.39 | | 688981 | 中村国际 | 华泰证券 | 买入 | 170.00 | 45.39 | | 600153 | 建发股份 | 中国国际金融 | 跑赢行业 | 13.40 | 44.40 | | 002422 | 科伦药业 | 国泰海通证券 | 增持 | 45.41 | 43.88 | | 600660 ...

Core Viewpoint - The company has successfully developed and implemented 13 AI application tools through collaboration with Alibaba Cloud, significantly enhancing merchant operational efficiency and serving over 280,000 users [1] Group 1: AI Development and Applications - The company has launched 13 AI application tools as part of the "World Yiwu" trade model in partnership with Alibaba Cloud [1] - These AI tools have cumulatively served more than 280,000 users, indicating a strong adoption rate [1] Group 2: Digital Trade Ecosystem - The company is focused on deepening its digital trade ecosystem by improving cross-border payment networks and global expansion [1] - The efforts aim to provide digital empowerment for small commodity trade [1]

Group 1 - The core viewpoint of the article is that the company, Xiaogoods City, is operating normally and is committed to enhancing its core competitiveness through effective management [2] Group 2 - The company has responded to investor inquiries on an interactive platform, indicating a focus on continuous improvement in its operations [2] - Xiaogoods City emphasizes its ongoing efforts to strengthen its management practices [2]

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 21.94 RMB, corresponding to a target valuation of 20X for 2026 [5]. Core Insights - The company is expected to accelerate the commercialization of AI + trade services, with trade service contributions anticipated to grow at a steeper curve due to the Belt and Road Initiative and the 1039 market procurement model [2]. - The company has established itself as the sole pilot for the import positive list business, which is expected to create a second growth engine [4]. - The CG platform's AI tools are projected to enhance revenue generation, with significant growth in user engagement and profitability [45][48]. Summary by Sections 1. Company Overview - The company has a strong foundation in the Yiwu market, benefiting from deep reform genes and a robust operational mechanism, leading to significant growth in gross profit [15]. - The export business has seen rapid growth, with the 1039 model driving exports from 189.3 billion RMB in 2017 to an expected 471.7 billion RMB in 2024, reflecting a 21.5% year-on-year increase [20]. - The company has established a comprehensive trade ecosystem, enhancing revenue and profit quality through market operations, trade services, and supporting services [26]. 2. New Business Development - The company is expanding its overseas presence, particularly in emerging markets, with a focus on the Belt and Road Initiative, which has led to a 26.9% increase in trade volume with these countries [40]. - The CG platform has entered a revenue-generating phase, with diverse charging models for its services, including basic and value-added service fees [45]. - The AI tools on the CG platform are expected to significantly increase revenue, with a notable rise in user engagement and profitability [48]. 3. Financial Projections - Revenue projections for 2025-2027 are 21.2 billion, 27.8 billion, and 34.4 billion RMB, respectively, with year-on-year growth rates of 34.7%, 31.0%, and 24.0% [5]. - Net profit forecasts for the same period are 4.5 billion, 6.0 billion, and 7.2 billion RMB, with growth rates of 47.4%, 32.8%, and 19.3% [5]. - The company’s gross profit margin is expected to improve, driven by the growth of trade services and market operations [29].

Core Viewpoint - The stock of Xiaogoods City (600415) has shown stable performance with a closing price of 15.28 yuan as of February 9, 2026, with a slight increase in trading volume and mixed capital flow data indicating varying investor sentiment [1][2]. Financial Performance - Xiaogoods City reported a total market capitalization of 837.89 billion yuan, significantly higher than the commercial retail industry average of 102.44 billion yuan, ranking first among 57 companies in the industry [3]. - The company achieved a net profit of 34.57 billion yuan, which is substantially higher than the industry average of 85.47 million yuan, also ranking first in the industry [3]. - For the first three quarters of 2025, the company’s main revenue reached 130.61 billion yuan, reflecting a year-on-year increase of 23.07%, while the net profit grew by 48.45% [3]. - The gross profit margin stands at 37.23%, slightly below the industry average of 37.66%, while the net profit margin is significantly higher at 26.53% compared to the industry average of 4.78% [3]. Investment Ratings - In the last 90 days, 12 institutions have rated Xiaogoods City with a "buy" recommendation, indicating strong institutional confidence in the stock [4]. - The average target price set by institutions for the stock over the past 90 days is 21.16 yuan, suggesting potential upside from the current trading price [4].

Group 1 - The stock of Xiaogoods City (600415) closed at 15.44 yuan on February 5, 2026, with an increase of 0.52% and a trading volume of 622,400 hands, resulting in a transaction amount of 958 million yuan [1] - On February 5, 2026, the net inflow of main funds was 7.22 million yuan, accounting for 0.75% of the total transaction amount, while retail investors had a net inflow of 22.65 million yuan, representing 2.36% of the total transaction amount [1][2] - Xiaogoods City has a total market value of 846.66 billion yuan, ranking first in the commercial retail industry, with a net profit of 34.57 billion yuan, also ranking first [3] Group 2 - In the first three quarters of 2025, Xiaogoods City reported a main business income of 13.06 billion yuan, a year-on-year increase of 23.07%, and a net profit attributable to shareholders of 3.46 billion yuan, up 48.45% year-on-year [3] - The company aims to build a shared trade service platform for small and medium-sized enterprises globally, focusing on becoming a "world-class comprehensive international trade service provider" [3] - The average target price set by 13 institutions in the last 90 days is 21.16 yuan, with all institutions giving a buy rating [4]

Group 1 - The core point of the article highlights the performance of the Belt and Road ETF managed by E Fund, which experienced a decline of 1.95% to 1.709 yuan as of the midday close on February 5, with a trading volume of 4.9066 million yuan [1] - The major holdings of the ETF include companies such as Xiaogoods City, which fell by 0.07%, Goldwind Technology, which dropped by 9.46%, and China Aluminum, which decreased by 6.77% [1] - The ETF's performance benchmark is the CSI State-Owned Enterprises Belt and Road Index, with a return of 74.37% since its inception on November 6, 2019, and a return of 9.89% over the past month [1] Group 2 - The fund is managed by E Fund Management Co., Ltd., with Liu Shurong as the fund manager [1] - The article provides a snapshot of the performance of various stocks within the ETF, indicating mixed results with some stocks like Dong'a Ejiao increasing by 0.20% and others like Nanjing Energy decreasing by 7.89% [1] - The article emphasizes the importance of cautious investment, noting that market risks exist [1]