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核心结论： 国资控股的全球最大的小商品批发市场，兹地产剥离以来主业务经营稳定，且开拓了创新业务“Chinagoods”和"YiwuPay",目前均已盈利，市场经营板块也在不断放量，预计未来将进一步成长。 企业概述 义乌中国小商品城创建于1982年，历经40年发展，5 次升级、10 次扩建，现拥有经营面积超640 万平方米，商位 7.5万个，从业人员达21万多，日客流量 21 万人次，经营26个大类、210万个单品。作为我国专业批发市场的龙头企业，以独家经营开发、管理、服务义乌中国小商品城为主业，产品囊括工艺品、小五金、日用百货、纺织品、玩具等所有日用工业品，辐射多个国家和地区。目前已形成市场经营、商品销售、酒店及展览广告、相关配套服务等几项主要业务。围绕其市场形成的巨大商流、物流、资金流、信息流等资源优势，帮助其实现一站式采购，市场成交额也一直稳居全国综合市场前列，先发优势明显。 资料来源：公司官网、上市公告书、历年年报、对外投资和收购相关公告，义乌政府网，HTI 2.股权结构 义乌中国小商品城控股有限责任公司为公司最大股东，持股比例 55.38%，义乌国资委间接持有商城控90.56%的股份，为公司实际控制人，浙江省财务厅为公司第二大股东，持股比例2.69%。小商品城的股权结构使其能够充分利用国资委控股企业在当地政策、资源上的优势，具有得天独厚的增长潜力。 资料来源：Wind，HTI，2022年报 3.管理层 管理团队年轻化，激励充分 公司管理团队呈现年轻化特征，19名董监高及3名独立董事平均年龄47岁，年龄跨度32-57岁。 4.业务分析 原生业务： 市场经营 商位租金差异化定价模型下，公司收入增长稳健，商铺出租率保持高位。      市场经营业务收入主要来源于市场商位使用费收入，收入模式较为稳定，营收规模增长平稳，2017-2021年CA

ESG Consideration Water scarcity is a critical long-term theme in sustainability and ESG investing. As severe weather and rising demand increase pressure on water resources, efficient systems and water reuse become essential. The global water treatment market, valued at $303 billion in 2022, is expected to grow at a 7% CAGR, driven by the need for sustainable solutions. Water is crucial for public health and economic development, and its importance is recognized through strict regulation and a stable market. When stock picking Pentair, its focus on water treatment and sustainability is a key strength. Pentair’s products align with growing demand for efficient water management, positioning it well within the expanding market. This makes Pentair a strong candidate for investors prioritizing

Linkedin: Xin Fei Tan Company Overview: Move, Improve & Enjoy Water Pentair is a leading company specializing in water management technologies and solutions. Their core focus areas include water filtration, flow control, and related water management systems for various sectors including residential, commercial, and industrial markets.The company operates through three main business segments: Pool Water Solutions Industrial & Flow Technologies Pentair's Business Segments Pentair's Segment Breakdown Pentair's Revenue Breakdown With a global presence spanning 24 countries, Pentair maintains 135 locations and employs approximately 11,000 people. Their diverse product portfolio is designed to address critical water-related challenges, including: Providing access to clean, safe water Red

Thesis WSC is underappreciated by the market. Several factors are driving the company’s growth, making the stock currently undervalued. This includes the growing potential of WSC’s Value-Added Products (VAPS) line and strong free cash flow (FCF) generation. (1)  Single Point of Contact: Value-Added Products (VAPS) WSC has mastered the single point of contact approach, streamlining the process for customers. Rather than requiring clients to source furniture and appliances separately, WSC offers everything under one invoice, making the space immediately ready for use. As the first company to introduce this concept, WSC has consistently stayed ahead of customer needs. It would be difficult for smaller companies to match WSC's pricing and quality, especially with a fraction of its workfor

Most of us are familiar with Lego blocks—you can stack them to build something and dismantle them when you're done. WillScot Holdings (NASDAQ: WSC) operates similarly but in the context of temporary space solutions. Unlike traditional construction methods, which build structures on-site, the company assembles pre-fabricated sections, or modules, in a factory setting before transporting them to the construction site. Today, WSC is the market leader in North American modular workplace solutions (with ~50% market share) and portable storage solutions (around 25% market share). WSC is the result of a merger between two companies, WillScot and Mobile Mini. Prior to their 2020 merger, WillScot Corp was the largest U.S. supplier of mobile office trailers, while Mobile Mini Inc was the leading U.S

6.Risks and Mitigation • Intensifying Competition in the Streaming Market The streaming industry has become increasingly saturated, with formidable competitors such as Disney+, Amazon Prime Video, HBO Max, and Apple TV+ rapidly expanding their content libraries and global reach. These players not only provide alternative streaming options but also have access to vast resources, enabling them to produce high-budget original content and secure exclusive licensing deals. The rise of free, ad-supported streaming services (FAST) is also adding pressure on subscription-based models like Netflix. Netflix maintains its competitive edge through continued investments in original programming and personalization technology. It spent over $17 billion in 2023 on content production, ensuring a stead

1. Company Overview Netflix, Inc. (NASDAQ: NFLX) is a global streaming entertainment service offering a wide variety of TV series, documentaries, and feature films across a range of genres and languages. Founded in 1997 and headquartered in Los Gatos, California, Netflix has grown from a DVD rental service to a dominant player in the streaming industry, serving over 230 million subscribers worldwide. The company's mission is to entertain the world by providing on-demand, commercial-free streaming experiences.   2.Business Segments In 2023, Netflix's total revenue was $33.7 billion. The company's revenue is primarily derived from two business segments: streaming and DVD rentals. The streaming segment, which includes both domestic and international streaming, accounted for 99% of t

Management and Capital Allocation and Culture Stacked. That’s the word to describe Sprout Social’s management team. Despite the small market cap, it is filled with seasoned executives from enterprise companies who were previously holding key executive roles in Salesforce, Google, Atlassian and ZenDesk. The alignment of skill sets toward the next chapter of enterprise focus is particularly noteworthy, especially with the recent addition of new Chief Product Officer Erika Trautman, who previously served as Product Director for Google Drive and Editors (Docs, Sheets, Slides, Forms) and more recently at Atlassian (Trello, Jira, Confluence). Additionally, Mike Wolf, who most recently served as the Chief Revenue Officer for Salesforce, has joined as the new Chief Revenue Officer. These seasoned

Edge Sprout Social has several advantages over other players, including Sprinklr, in this space. First, Sprout Social holds a significant technical edge over Sprinklr because its platform is built on a single-code base, whereas competitors typically use an acquisition bolt-on solution. This difference impacts users in subtle but important ways, particularly in terms of the seamless UX/UI experience. It is also the single-code base architecture that allows it to be natively integrated and embedded into Salesforce products, providing the same look and feel for the customer as well as the functionality that one would expect from a native product. In 2020, Salesforce announced it would retire its own product, Social Studio, and recommended Sprout Social as the preferred partner for Salesforce

Investment Summary Sprout Social is a social media management solution that enables enterprises to leverage social media for research, analytics, crisis management, customer support, and marketing. There is a transformation that is happening in Sprout Social, leading to a creation of a moat that I think is underappreciated by investors today. Sprout Social, originally a small and medium enterprises (SME) solution, has transitioned into an enterprise marketing solution. This transition was ignited by an exclusive Salesforce partnership which allows Sprout Social to be natively integrated and embedded inside Salesforce platforms and products. This is crucial because it provides a seamless experience for users, while allowing users to obtain fully connected data pipes between Sprout Social an