小商品城12月22日在互动平台表示，本次参与沐曦股份战略配售的商城金控为公司全资子公司，关于未 来投资计划，公司将根据发展战略及市场情况审慎决策。 ...

格隆汇12月22日丨小商品城(600415.SH)在投资者互动平台表示，公司本次债券募集资金拟用于偿还到 期的公司债券本金。 ...

每经AI快讯，12月22日，小商品城（600415）在互动平台表示，本次沐曦股份战略配售中，公司全资 子公司商城金控获配57.3284万股。 ...

Investment Rating - The report rates the industry as "Outperforming the Market" [4] Core Insights - The report highlights that the cross-year consumption trend is driven by policy and expected recovery, with general retail and tourism sectors performing well [12][19] - It emphasizes the strong recovery in offline consumption during the New Year and Spring Festival, particularly in major cities [17] - The tourism sector is projected to see significant growth in consumer spending, with a daily average of 6.263 million trips during the Spring Festival, representing 126% of 2019 levels [19] Summary by Sections Cross-Year Consumption Trends - The report analyzes the market performance from 2019 to 2025, noting that general retail and tourism sectors have outperformed others during the cross-year period [12] - The upcoming Q1 consumption peak and policy catalysts are expected to drive strong performance in the retail sector [12] General Retail and Supermarkets - The report anticipates a robust recovery in offline consumption during the New Year and Spring Festival, with significant year-on-year growth in cities like Beijing, Shanghai, and Guangzhou [17] - For the Spring Festival 2025, Shanghai's offline consumption is projected to reach 46.5 billion RMB, while Beijing and Guangzhou are expected to see 8.1 billion RMB and 36.4 billion RMB, respectively [17] Tourism and Travel - The Spring Festival is expected to be the largest travel season after National Day and May Day, with daily average spending of 84.6 billion RMB, second only to National Day [19] - The average spending per person during the Spring Festival is projected to be 1,351 RMB, indicating a recovery trend, although it has not yet reached 2019 levels [19] Key Company Announcements and Industry News - The report includes significant announcements from companies such as Zhejiang China Commodity City Group, which appointed new executives [23] - It also notes that the National Bureau of Statistics reported a 1.3% year-on-year increase in retail sales for November 2025, with service retail sales growing by 5.4% from January to November [24] Investment Recommendations - The report recommends companies with strong organizational structures and management capabilities in the beauty and personal care sector, such as Mao Geping and Shangmei [25] - In the gold and jewelry sector, it suggests focusing on high-quality brands like Laopu Gold and Chaohongji [25] - For the cross-border e-commerce sector, it highlights the easing of tariff conflicts and the recovery of demand, recommending companies like Xiaoshangpin City and Jiao Dian Technology [25] - In the supermarket and retail sector, it advises monitoring companies like Miniso and Yonghui Supermarket for their reform effectiveness [25]

Core Viewpoint - The company Zhejiang China Commodity City Group Co., Ltd. (referred to as "Commodity City": 600415) has completed its board of directors' re-election, with key executives including Chairman Chen Dezhan and General Manager Bao Hua re-elected, indicating stability in leadership and governance [2][5]. Group 1: Leadership Changes - The 10th Board of Directors consists of 9 members, including 5 newly elected directors, with Chen Dezhan re-elected as Chairman and Bao Hua as Vice Chairman [2]. - The board appointed Bao Hua as General Manager and several others as Vice General Managers, with only Yang Liqiang being a new face among the executives [2][5]. Group 2: Executive Profiles - Chen Dezhan, born in October 1970, has a background in various leadership roles, including Chairman of the Water Affairs Construction Group and General Manager of Huading Co., Ltd. [4]. - Bao Hua, born in March 1982, is the first post-80s General Manager of Commodity City and has held multiple positions within the company since 2017 [5][7]. Group 3: Financial Performance - For the first three quarters of 2025, Commodity City reported revenues of approximately 13.1 billion yuan, a year-on-year increase of 23%, and a net profit of 3.46 billion yuan, up 48% [9]. - The company’s profit margin remains strong, although employee compensation is relatively low compared to industry standards [9][10]. Group 4: Employee Compensation - As of the end of 2024, the average salary for employees was 166,900 yuan, an increase of 11,000 yuan from the previous year, which is considered low for the affluent Zhejiang province [10]. - The company had over 3,200 employees, with a notable number of security personnel, indicating a unique employee structure [9][10]. Group 5: Market Position - As of December 21, the total market capitalization of Commodity City exceeded 90 billion yuan, making it the second-largest listed state-owned enterprise in Zhejiang province [12].

Investment Rating - The report assigns an "Accumulate" rating for the industry [4]. Core Insights - The report highlights investment opportunities in the travel industry chain, gold and jewelry, and AI+ sectors [2]. - The upcoming New Year holiday is expected to boost travel and consumption, with specific recommendations for various companies in the travel and hospitality sectors [3][4]. - The retail sector showed a 6.58% increase last week, with the consumer services sector up 4.40%, ranking first and second among 30 industries [3]. Industry Summary - **Travel and Hospitality**: - Recommendations include Ctrip Group and Tongcheng Travel for OTA, Huazhu Group-S, Jinjiang Hotels, and Shoulv Hotels for hotels, and Changbai Mountain for scenic spots [3][4]. - **Gold and Jewelry**: - Recommended stocks include Lao Pu Gold, Caibai Shares, Luk Fook Holdings, Chow Tai Fook, and Chao Hong Ji, with a focus on Emperor Jewelry [3][4]. - **Dividend Stocks**: - Recommended stocks include Sumida, Action Education, and Chongqing Department Store [3]. - **AI+ Sector**: - Recommended stocks include Conant Optical, Chalk, Tianli International Holdings, and Core International, with a focus on Kevin Education and Dou Shen Education [3]. - **Stock Price Movements**: - Notable stock price increases include Hongqi Chain (+22.79%), Jiajiayue (+15.76%), Yonghui Supermarket (+15.20%), and Tianhong Shares (+13.85%) [3]. - **Key Industry Updates**: - Hainan Free Trade Port officially launched its island-wide customs closure operation, achieving sales of over 250 million yuan on the first day, a year-on-year increase of 90% [3]. - McDonald's China announced a price increase of 0.5 to 1 yuan for some menu items [3]. - Luckin Coffee and Dazhong Capital are evaluating the acquisition of Blue Bottle Coffee from Nestlé to enhance brand image and enter the high-end coffee market [3]. - **Retail Sector Data**: - November retail sales data showed a year-on-year increase of 1.3%, with a slowdown attributed to the early "Double Eleven" promotions [3]. - New store openings include JD's discount supermarket in Beijing and Meituan's Xiaoxiang Supermarket, with significant first-day revenues reported [3].

证券日报网讯 12月19日晚间，小商品城发布公告称，公司第十届董事会第一次会议审议通过《关于选 举第十届董事会董事长、副董事长及代表公司执行公司事务的董事的议案》《关于确认第十届董事会各 专门委员会成员及召集人的议案》《关于聘任公司总经理的议案》等多项议案。 （编辑 丛可心） ...

（编辑 丛可心） 证券日报网讯 12月19日晚间，小商品城发布公告称，公司于2025年12月19日召开第十届董事会第一次 会议，审议通过《关于董事会对以董事长为首的经营班子授权的议案》，授权以董事长为首的经营班子 在董事会闭会期间有权决定公司直接或间接从事交易涉及的资产总额不超过公司最近一次经审计总资产 2.5%的购买、出售、置换资产、对外投资、对内投资、委托经营、受托经营、承包、租赁、委托理财 等事项，授权期限为本届董事会任职期间。 ...

证券日报网讯 12月19日晚间，小商品城发布公告称，公司于2025年12月19日召开第十届董事会第一次 会议，审议通过了《关于聘任公司副总经理、董事会秘书及财务负责人的议案》，同意聘任吴刚先生、 杨立强先生、寿升第先生、龚骋昊先生和黄晓英女士为公司副总经理，聘任许杭先生为公司董事会秘 书，聘任赵笛芳女士为公司财务负责人。 （文章来源：证券日报） ...

（文章来源：证券日报） 证券日报网讯 12月19日晚间，小商品城发布公告称，经职工代表大会与会职工代表表决，同意选举王 向荣先生为公司第十届董事会职工董事。 ...