新浪科技讯 1月23日上午消息，2026年春节前夕，高鑫零售旗下核心品牌大润发与国民级游戏IP《蛋仔 派对》正式达成深度跨界合作，共同推出年货大街寻宝活动。 据悉，此次联动是大润发在加速品牌年轻化、推动消费体验升级进程中的一次创新实践，旨在通过游戏 化的方式，为春节前的家庭年货采购注入全新活力。 据悉，此次联动是大润发在加速品牌年轻化、推动消费体验升级进程中的一次创新实践，旨在通过游戏 化的方式，为春节前的家庭年货采购注入全新活力。 责任编辑：杨赐 新浪科技讯 1月23日上午消息，2026年春节前夕，高鑫零售旗下核心品牌大润发与国民级游戏IP《蛋仔 派对》正式达成深度跨界合作，共同推出年货大街寻宝活动。 责任编辑：杨赐 ...

每经AI快讯，高鑫零售(06808.HK)跌超3%，截至发稿跌3.13%，报1.55港元，成交额1402.05万港元。 ...

智通财经APP获悉，高鑫零售(06808)跌超3%，截至发稿，跌3.13%，报1.55港元，成交额1402.05万港 元。 管理层透露，受平均销售价格(ASP)下降及每笔订单商品数量减少的影响，集团门店渠道客单价面临巨 大压力，跌幅达两位数。11月客流量总体与去年同期持平，其中门店渠道下降2%-3%，线上渠道增长 3%-5%，抵销部分跌幅。 消息面上，瑞银近日研报指出，维持高鑫零售目标价2.15港元及"买入"评级，高鑫零售管理层表示，尽 管短期内盈利能力仍面临压力，但凭借审慎的资本支出，自由现金流将保持健康，因此对可持续的股息 派发充满信心。展望2027财年，管理层拟派发与2026财年扣除特别股息后水平相当的股息，即全年派息 15亿元人民币，股息率达10%。 ...

管理层透露，受平均销售价格(ASP)下降及每笔订单商品数量减少的影响，集团门店渠道客单价面临巨 大压力，跌幅达两位数。11月客流量总体与去年同期持平，其中门店渠道下降2%-3%，线上渠道增长 3%-5%，抵销部分跌幅。 高鑫零售(06808)跌超3%，截至发稿，跌3.13%，报1.55港元，成交额1402.05万港元。 消息面上，瑞银近日研报指出，维持高鑫零售目标价2.15港元及"买入"评级，高鑫零售管理层表示，尽 管短期内盈利能力仍面临压力，但凭借审慎的资本支出，自由现金流将保持健康，因此对可持续的股息 派发充满信心。展望2027财年，管理层拟派发与2026财年扣除特别股息后水平相当的股息，即全年派息 15亿元人民币，股息率达10%。 ...

作为商超领域不能忽视的存在，大润发母公司高鑫零售在截至2025年9月的6个月中实现营业收入305.02 亿元，并加速门店调改，预计3年内完成500家店调改。此外，大润发以现有大超为核心，积极发展中超 和前置仓，通过多业态的组合，契合顾客的不同消费场景。 李卫平在2025年11月获任为高鑫零售的首席执行官，在她的领导下，大润发聚焦商品力、差异化能力提 升，展开全渠道协同运营，并通过自有品牌"1+1双品牌战略"，进一步夯实商品差异化的壁垒。 运营商财经网讯 运营商财经网食品快消部主任刘慧敏表示，大润发正在积极进行调改，优化空间布局，通过精细化的耐 心经营，让新的商品与服务，获得消费者的青睐与信任。 近日，由国内知名财经媒体运营商财经网独家编制的"2025年度食品超市品牌十大杰出总裁"榜单正式公 布，大润发首席执行官李卫平成功入选！ 运营商财经（官方微信公众号yyscjrd）—— 主流财经网站，一家全面覆盖科技、金融、证券、汽车、 房产、食品、医药、日化、酒业及其他各种消费品网站。 ...

Summary of the Conference Call Transcript Industry Overview - **Industry**: China Consumer Sector - **Outlook**: The sector is believed to be in the early stage of a multi-year recovery cycle that began in Q3 2024, with expectations for gradual improvement in consumer sentiment and spending through 2026E [2][11][12] Key Insights - **Valuation**: MSCI China Consumer Discretionary and Staples are trading at 17x and 15x 12-month forward PE, approximately one standard deviation below the 10-year averages, indicating that current valuations do not reflect a potential consumption recovery [2][9] - **Consumer Confidence**: The China Consumer Confidence Index has been trending upwards since September 2024, suggesting a gradual restoration of consumer confidence despite ongoing challenges in the property market [12][19] - **K-shaped Recovery**: The recovery is characterized by a K-shaped trend, where mid- to high-income consumers in tier-1 cities are expected to lead spending, while lower-tier city consumers remain focused on value for money [3][48] Consumer Behavior Trends - **Shifting Preferences**: A UBS Evidence Lab survey indicates a divergence in consumer behavior, with over 50% of mid- to high-income consumers reporting investment gains and showing strong spending intentions, particularly in premium and experiential categories [3][37] - **Spending Intentions**: The strongest spending intentions are noted in beauty and skincare (41%) and tourism (37%), reflecting a shift towards experiential and premium spending [51] - **Investment Gains**: 64-74% of mid- to high-income consumers reported increased investment returns, with many planning to reinvest or spend on travel, health services, and consumer electronics [40][41] Stock Implications - **Company Ratings**: - Upgrades to Neutral for Fenjiu due to expected benefits from non-business baijiu consumption - Buy ratings maintained for companies like MIXUE, Guming, China Foods, CR Beer, and YUM China, among others [4] - **Dividend Payouts**: Premium baijiu companies are noted for their >75% dividend payout, which is expected to protect share prices from downside risks [4] Structural Growth Opportunities - **Emerging Themes**: Key investment themes for 2026E include changing consumer preferences, corporate restructuring, and industry consolidation, particularly in sectors like home appliances and mass-market consumption [14][50] - **Corporate Restructuring**: Companies are expected to adapt their business models to align with changing consumer behaviors, which may lead to sustainable long-term earnings growth [4][50] Risks and Challenges - **Property Market Downturn**: The ongoing downturn in the property market is anticipated to weigh on household balance sheets, potentially impacting consumer spending [13][48] - **Policy Support**: The pace of recovery is contingent on stabilizing the property market and effective policy implementation to boost consumption [13][48] Conclusion - The China consumer sector is poised for a recovery, driven by improving consumer confidence and shifting spending patterns. However, the recovery will be uneven across different income groups and city tiers, necessitating a nuanced investment approach to capture emerging opportunities while being mindful of potential risks associated with the property market downturn.

Core Viewpoint - UBS maintains a target price of HKD 2.15 and a "Buy" rating for Gao Xin Retail (06808), indicating confidence in sustainable dividend distribution despite short-term profitability pressures [1] Group 1: Financial Performance and Projections - Management expects to distribute a total dividend of RMB 1.5 billion for the fiscal year 2027, maintaining a dividend yield of 10% after excluding special dividends for fiscal year 2026 [1] - The average selling price (ASP) has decreased, leading to a significant decline in the average transaction value in store channels, with a drop of double digits [1] - Overall foot traffic in November remained flat compared to the same period last year, with a 2%-3% decline in store channels and a 3%-5% increase in online channels, partially offsetting the decline [1] Group 2: Management Changes and Strategic Initiatives - Li Weiping was appointed as Executive Director and CEO on December 1, 2025, and has postponed the national store renovation plan while reassessing the product supply chain [1] - The company anticipates achieving annual cost savings of RMB 300 million through various measures by fiscal year 2027 [1] - Further details on the new CEO's business restructuring initiatives are expected to be announced around May [1]

Core Viewpoint - UBS maintains a target price of HKD 2.15 and a "Buy" rating for Gao Xin Retail (06808), indicating confidence in sustainable dividend distribution despite short-term profitability pressures [1] Group 1: Financial Performance and Projections - Management expects to distribute a total dividend of RMB 1.5 billion for the fiscal year 2027, maintaining a dividend yield of 10% compared to the adjusted level for fiscal year 2026 [1] - The average selling price (ASP) has decreased, leading to a significant decline in customer spending per transaction, with a drop of double digits [1] Group 2: Operational Insights - Overall foot traffic in November remained flat compared to the same period last year, with a 2%-3% decline in store channels and a 3%-5% increase in online channels, partially offsetting the decline [1] - Following the appointment of Li Weiping as Executive Director and CEO on December 1, 2025, the management has postponed the national store renovation plan and is reassessing the product supply chain [1] Group 3: Cost Management and Future Plans - The company anticipates achieving annual cost savings of RMB 300 million through various measures by fiscal year 2027 [1] - More details regarding the new CEO's business restructuring initiatives are expected to be announced around May [1]

转自：中国商报 （来源：中国商报） 【旧效期标签上覆盖新日期！大润发超市被指篡改鸡蛋保质期，最新回应：顾客获赔300元，鸡蛋不存 在质量问题】1月7日，有网友爆料称，自己花费18元在江苏南通大润发任港店购买了一盒新鲜草鸡蛋， 该鸡蛋标注保质期为"1月6日至9日"，然而撕开标签后，却发现下层残留的旧标签显示原保质期为"1月2 日至5日"。因此，该网友质疑门店通过更换标签的方式变相延长售卖时间。事发后，网友与超市进行交 涉。门店方面仅表示鸡蛋不存在质量问题，却未解释为何更换标签。经协商，该网友最终获赔300元。1 月8日，涉事门店客服人员表示，此事已与该网友协商解决，但对于重复张贴保质期标签的具体原因， 其本人并不清楚，并承诺向领导反映后回复。目前，该情况已反馈至南通市市场监督管理局12315热 线，工作人员表示已登记，将展开调查。对此，你怎么看？#大润发被指撕鸡蛋标签改保质期##大润发 门店回应被指改鸡蛋保质期# ...

Group 1 - The top three stocks with net inflows are Yingfu Fund (02800) with 6.826 billion, Hang Seng China Enterprises (02828) with 2.151 billion, and Kuaishou-W (01024) with 1.553 billion [1] - The top three stocks with net outflows are Tencent Holdings (00700) with -0.920 billion, China Mobile (00941) with -0.365 billion, and China Hongqiao (01378) with -0.257 billion [1] - In terms of net inflow ratio, Jiangsu Ninghu Expressway (00177) leads with 68.66%, followed by COSCO Shipping Ports (01199) with 62.64%, and Beijing Enterprises Water Group (00371) with 62.27% [1] Group 2 - The top ten stocks by net inflow include Xiaomi Group-W (01810) with 1.020 billion and Southern Hang Seng Technology (03033) with 0.944 billion [2] - The top ten stocks by net outflow also include China People's Insurance Group (01339) with -0.255 billion and GCL-Poly Energy (03800) with -0.213 billion [2] - The net outflow ratio for China National Building Material (03323) is -48.46%, followed by Gao Xin Retail (06808) at -48.27% and Swire Properties (01972) at -47.79% [3]