东吴证券研报指出，小商品城上半年归母净利同比+16.8%近预告上限，Chinagoods平台业绩高增。市场景气度高，全球数贸中心招商情况持续推进贡献大量现金流。后续第三批涵盖无人机及无人化装备、机器人及人工智能装备、AR/VR装备行业和时尚服饰面料等行业，已于7月23日正式开启报名，计划于8月底完成全行业招商工作。2025Q2公司经营活动现金流为16.6亿元，新市场的招商推进已为公司带来现金流贡献。全球化拓展再次取得突破，东亚首个海外分市场——日本大阪义乌市场于6月26日盛大开业。小商品城作为一带一路出口枢纽，具备重要的战略地位。目前公司新市场扩建、Chinagoods、支付业务、进口正面清单等多项重要成长点均稳步推进。维持“买入”评级。
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