智通财经APP获悉，财通证券发布研报称，达势股份(01405)在一线城市同店销售保持稳健增长，同时加 快非一线城市拓店节奏。公司品牌势能持续提升，规模扩张有望带动业绩进一步释放。认为二三线城市 仍有较大扩张空间，有望贡献公司后续增长。维持"增持"评级。 财通证券主要观点如下： 上半年公司营收利润双高增，非一线城市成增长主引擎 1H2025公司实现营业收入25.93亿元/yoy+27.04%，归母净利润0.66亿元/yoy+504.42%，经调整净利润 0.91亿元/+79.6%。分地区，1H2025一线城市北上广深销售额10.84亿元/yoy+7.2%，占营收比重 41.8%/yoy7.8pcts，其中北上销售额8.44亿元/yoy+6.0%;非一线城市销售额15.09亿元/yoy+46.6%，占营收 比重58.2%/yoy+7.8pcts。从上半年财报来看，非一线城市正在成为公司收入增长主要动力，该行认为二 三线城市仍有较大扩张空间，有望贡献公司后续增长。 投资建议：该行预计2025-2027年公司归母净利润分别为1.60/2.25/3.01亿元，对应PE分别为 59X/42X/32X，维持"增持"评级。 ...

Group 1 - The core viewpoint of the report is that Dashi Co., Ltd. (01405) maintains steady same-store sales growth in first-tier cities while accelerating store expansion in non-first-tier cities, with brand strength continuing to improve and scale expansion expected to further drive performance [1] - The company has completed its annual store expansion plan ahead of schedule, with 275 new stores added by the end of Q3, achieving approximately 100% of its goal of 300 new stores for the year [1] - The company is opening its first stores in multiple locations, primarily in second and third-tier cities, with notable openings including the first store in Hohhot, Inner Mongolia, and plans for stores in Putian and Kunming [1] Group 2 - In the first half of 2025, the company achieved revenue of 2.593 billion yuan, a year-on-year increase of 27.04%, and a net profit attributable to shareholders of 66 million yuan, a year-on-year increase of 504.42% [2] - Revenue from first-tier cities (Beijing, Shanghai, Guangzhou, Shenzhen) was 1.084 billion yuan, a year-on-year increase of 7.2%, accounting for 41.8% of total revenue, while revenue from non-first-tier cities was 1.509 billion yuan, a year-on-year increase of 46.6%, accounting for 58.2% of total revenue [2] - The company is expected to see net profits of 160 million yuan, 225 million yuan, and 301 million yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 59X, 42X, and 32X, maintaining a "buy" rating [2]

Group 1 - The "Annual Outstanding Consumer Brand Enterprises" award recognizes companies that have accelerated growth during the consumer recovery year, highlighting the importance of the consumer sector as a key driver of economic growth [4] - The award selection process evaluates companies based on brand awareness, influence, growth potential, and their ability to innovate and develop sustainably within the consumer industry [4] - The "Golden Grid Award" aims to create a valuable reference list of publicly listed companies and unicorns, covering all listed companies on major exchanges including the Hong Kong Stock Exchange, Shanghai Stock Exchange, Shenzhen Stock Exchange, New York Stock Exchange, and NASDAQ [4] Group 2 - Ten companies were awarded the "Annual Outstanding Consumer Brand Enterprises" title, including Dashih Holdings (01405.HK), Geely (603808.SH), Bright Dairy (600597.SH), Quantum Song (QSG.US), Luyuan Group Holdings (02451.HK), Mingming Hen Mang, Nayuki Tea (02150.HK), Shanxi Fenjiu (600809.SH), Yanzhi House (01497.HK), and Zhou Black Duck (01458.HK) [1][4]

Core Viewpoint - The "Golden Award" for annual outstanding consumer brands was awarded to Dashih Holdings (1405.HK) during the "Technology Empowerment · Capital Breakthrough" online sharing session, highlighting the importance of consumer companies in driving economic growth and recovery [1] Group 1: Award Significance - The "Annual Outstanding Consumer Brand Enterprise" award recognizes companies that have accelerated growth during the consumer recovery year [1] - The award emphasizes the role of consumer enterprises as a fundamental part of the national economy and a key engine for economic growth [1] Group 2: Selection Criteria - The award selection process considered multiple factors including brand awareness, influence, and growth potential [1] - The focus was on identifying companies within the consumer sector that demonstrate high-quality development, resilience, and continuous innovation [1]

DPC Dash Ltd 達勢股份有限公司 （於英屬維爾京群島註冊成立的有限公司） （股份代號：1405） 提名委員會的職權範圍 達勢股份有限公司（「本公司」）根據本公司董事會（「董事會」）於2022年11月23日 通過的一項決議案成立提名委員會（「委員會」）。下文所載為委員會的職權範圍 （「職權範圍」）。職權範圍可供以中英文版本閱覽。職權範圍的中英版本如有任何 歧義，概以英文版本為準。所有對上市規則（定義見下文）的提述均指現行版本， 包括於適用範圍內不時作出的修訂。 1. 目的 1.1 委員會旨在物色、考慮適當候選人擔任本公司董事，並向董事會作出推薦建 議，監察評估董事會表現的程序，以及制訂提名指引及向董事會作出推薦建 議，有關指引須與任何適用法律、法規及上市準則一致。 2. 組成 3. 會議 3.1 除非下文另有說明，否則本公司組織章程細則（「細則」）（經不時修訂）當中有 關協調董事會議及議事程序的條文應適用於委員會的會議及議事程序。 3.2 委員會成員可親身或透過其他電子通訊方式或以各成員同意的其他方式出席 委員會會議。 3.3 委員會每年應至少會面一次或一次以上（如情況所需）。 4. 接觸權 4.1 ...

Investment Rating - The report maintains a "Recommendation" rating for the consumer services industry, anticipating that the industry index will outperform the benchmark index by more than 5% in the next 3-6 months [42]. Core Insights - The official launch of the Hainan Free Trade Port's full island closure policy is expected to significantly boost the tourism and hotel sectors, leading to a surge in market expectations for Hainan tourism. There has been a substantial year-on-year increase in flight and hotel bookings for the New Year and Spring Festival holidays, particularly in Sanya, where the demand for cross-year travel is notably high. The hotel and tourism sectors have shown strong performance, leading the consumer services industry, reflecting positive market expectations for the long-term benefits of the closure policy [4][34]. - The report identifies several key investment opportunities, including hotels with balanced supply and demand, human resource services with clear industry trends, the duty-free sector benefiting from new policies, and internet platforms integrating online and offline operations [4]. Industry Basic Data - The consumer services industry consists of 55 listed companies with a total market capitalization of 498.804 billion yuan and a circulating market capitalization of 457.081 billion yuan [1]. Market Performance - The consumer services industry experienced a weekly increase of 2.66%, outperforming the overall A-share market, which saw a decline of 0.15%. The CSI 300 index also fell by 0.28%, while the consumer services index rose by 3.76% [7][24]. - The report highlights that the hotel sector saw a weekly increase of 2.70%, while the tourism and scenic areas sector increased by 3.42% [18]. Notable Announcements - Key announcements include a report from Beijing Human Resources showing a shareholding reduction by a major shareholder and a significant increase in revenue and net profit for China Education Holdings [30][32].

Market Overview - The Hong Kong stock market indices experienced a collective decline, with the Hang Seng Index falling by 0.44% to 25,357.69 points, the Hang Seng Tech Index dropping by 1.26%, and the State-Owned Enterprises Index decreasing by 0.6% [1][8]. Sector Performance Technology Sector - Technology stocks saw widespread declines, with Xiaomi dropping over 3%, Lenovo down more than 2%, and both Baidu and Alibaba falling over 1% [1][9]. Aviation Sector - Aviation stocks continued their upward trend, highlighted by Beijing Capital International Airport's shares rising over 7%. The new round of duty-free tenders at major airports, including Shanghai Pudong and Hongqiao, as well as Beijing Capital, will introduce foreign participants [2][11]. Lithium Battery Sector - Lithium battery stocks faced significant declines, with CATL (Contemporary Amperex Technology Co., Limited) falling over 3%. Morgan Stanley has raised its global lithium demand forecast for 2030 to 3.5 million tons, indicating a potential supply-demand gap of 4-7% in the medium term, which could push lithium carbonate prices to $18,000 by the end of next year, a 33% increase from current spot prices [3][12]. New Consumption Sector - New consumption concept stocks weakened, with Pop Mart dropping over 2%. The Ministry of Commerce and other departments issued a notice to strengthen the collaboration between commerce and finance to boost consumption, emphasizing the cultivation of new consumption models [5][13].

Core Viewpoint - The report highlights the top short-selling stocks in the Hong Kong market, indicating significant investor sentiment and potential market movements for these companies [1][2]. Group 1: Top Short-Selling Ratios - Sun Hung Kai Properties (80016), BYD Company (81211), and JD Health (86618) have the highest short-selling ratios at 100.00% [1][2]. - SenseTime (80020) follows with a short-selling ratio of 87.67%, while Xiaomi Group (81810) has a ratio of 84.37% [2]. Group 2: Top Short-Selling Amounts - Xiaomi Group leads in short-selling amount with HKD 1.43 billion, followed by Alibaba (09988) at HKD 1.368 billion and Tencent Holdings (00700) at HKD 1.251 billion [1][2]. - China Ping An (02318) and Meituan (03690) also feature prominently with short-selling amounts of HKD 1.115 billion and HKD 956 million, respectively [2]. Group 3: Top Short-Selling Deviation Values - Xiaomi Group (81810) has the highest deviation value at 41.14%, indicating a significant difference from its average short-selling ratio [1][2]. - BYD Company (81211) follows closely with a deviation value of 40.41%, while Far East Consortium (00035) has a deviation of 33.08% [2].

Core Insights - The report emphasizes two main investment directions for 2026: recovery sectors focusing on profit inflection points and growth sectors targeting high revenue increases [4][19][20] Recovery Sectors - The duty-free sector is showing signs of recovery with favorable policies enhancing consumption, including expanded product categories and improved shopping convenience [4][19] - The hotel industry is expected to see a gradual improvement in RevPAR, with business and leisure demand stabilizing, indicating a potential operational turning point in Q4 or next year [4][19] - The tourism sector remains resilient despite macroeconomic pressures, with increasing travel volumes and government initiatives aimed at boosting consumption in various travel themes [4][19] Growth Sectors - The beauty industry is experiencing intensified competition, with a focus on channel value reconstruction and brand establishment [4][20] - The gold and jewelry sector is witnessing a recovery, driven by new product launches and an increasing focus on high-end market competition [4][20] - The cross-border e-commerce sector is expected to rebound, supported by stable policies and a decrease in shipping costs, with strong demand from the U.S. market [4][20] Key Company Recommendations - For duty-free, China Duty Free Group is recommended for its long-term growth potential, with attention to Wangfujing and Zhuhai Duty Free Group [4] - In the hotel sector, companies like Jinjiang Hotels, Atour, and Huazhu are highlighted for their growth prospects [4] - In tourism, companies such as Three Gorges Tourism and Changbai Mountain are suggested for monitoring acquisition and new business developments [4] - The beauty sector includes recommendations for brands like Maogeping and Proya, focusing on channel strategies [4] - For gold and jewelry, companies like Chow Tai Fook and Lao Pu Gold are recommended for their market positioning [4] - In retail, companies like Yonghui Supermarket and Xinhua Department Store are noted for their recovery potential [4]

Investment Rating - The report does not provide a specific industry rating but emphasizes a positive outlook for the food and beverage sector based on the central economic work conference's focus on domestic demand and consumption opportunities [5][6]. Core Insights - The central economic work conference highlighted the importance of domestic demand, aiming to boost consumption through various initiatives, including income distribution reforms and the removal of unreasonable consumption restrictions, which is expected to benefit the food and beverage sector [6][7]. - The report suggests that the food and beverage industry could see structural opportunities in 2026, driven by high-growth companies and favorable policy directions [7]. Sub-industry Ratings - No specific ratings are provided for sub-industries such as liquor, beverages, and food [3]. - Recommended companies include: - Guizhou Moutai: Buy - Shanxi Fenjiu: Hold - Guming: Buy - Mixue Group: Hold - Ximai Food: Buy - Dongpeng Beverage: Buy - Wancheng Group: Buy - Pop Mart: Buy - Yanjing Beer: Hold - Dashihua: Buy [3][11]. Recommended Companies and Earnings Forecast - The report includes earnings forecasts for recommended companies, indicating expected growth in EPS from 2024 to 2027 for each company, with Guizhou Moutai projected to have an EPS of 80.79 in 2027 [11].