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研報掘金丨東吳證券:維持小商品城“買入”評級,關注AI工具落地以及變現潛力
格隆匯 03-04 15:17

東吳證券研報指出,小商品城(600415.SH)持續在AI工具的開發和落地上發力,賦能市場經營户,義烏老闆娘AI帶貨視頻在Facebook上獲得大量流量。小商AI視創應用,已經在開市時接入DeepSeek,面向所有經營户免費開放使用。這款應用可以自動合成帶貨視頻,支持36種語言。公司還發布了全球首個商貿領域的大語言模型,併發布“義烏老闆娘”形象。AI功能上線之後市場經營户接受度較高,2025年初已有接近3億經營户常態化使用AI做生意。建議關注小商品城的AI工具落地以及變現潛力。在AI技術落地和應用方面,小商品城有能力、有場景、有變現能力。能力方面,公司2023年就與騰訊雲、清華系合作探索AI 大模型;此外公司作為貿易樞紐,公司多年積累具備貿易領域大數據,並已完成數據確權。場景方面,義烏小商品城的大量經營户、小商品,以及大量外商需求,是AI落地的好場景。變現能力方面,公司未來或可通過AI工具收費、訂閲服務收費等方式實現變現。維持“買入”評級。

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