Investment Rating - The report maintains an "Accumulate" rating for the industry [5] Core Views - The report emphasizes the importance of focusing on sub-sectors with performance elasticity during the upcoming Spring Festival peak season, including duty-free, certain scenic spots, supermarkets, and gold jewelry [9] - It suggests that the recent fundamentals of duty-free and travel chains have improved, warranting ongoing observation and validation [9] - For 2026, the report recommends focusing on service consumption and product consumption, particularly in the duty-free and travel chain sectors, as well as the gold jewelry sector and Miniso, which have high valuation attractiveness [9] Summary by Relevant Sections Retail Sector Outlook for Q4 2025 - Gold Jewelry: - Lao Feng Xiang: Expected net profit growth of -15% to 5% - Zhou Da Sheng: Expected net profit growth of 15% to 30% - Chao Hong Ji: Forecasted net profit of 436 million to 533 million, a year-on-year increase of 125% to 175% - Cai Bai Co.: Expected net profit of 1.06 billion to 1.23 billion, corresponding to a growth of 150% to 254% - Yu Garden Co.: Forecasted loss of 4.312 billion, primarily due to asset impairment provisions [1] - Trendy Toys: - Miniso: Expected revenue growth of 25% to 30%, with adjusted operating profit and net profit growth of 10% to 20% [1] Supermarket and Department Store Outlook for Q4 2025 - Chongqing Department Store: Expected net profit of 1.021 billion, a year-on-year decrease of 22.4% - Wangfujing: Expected net profit of -45 million to -23 million, with a growth rate of -6.6% to 7.3% - Yonghui Supermarket: Expected loss of 2.14 billion, with a growth rate of -3.1% - Jiajiayue: Expected net profit of 198 million to 228 million, growth of 50.1% to 72.8% - Hongqi Chain: Expected net profit growth of -10% to 0% [2] Cross-Border and E-commerce Outlook for Q4 2025 - Small Commodity City: Expected net profit growth of 5% to 15% - Anker Innovation: Expected net profit growth of 10% to 20% - Saiwei Times: Expected net profit of 90 million to 130 million - Huakai Yibai: Expected net profit of 80 million to 110 million, driven by improved operational efficiency [3] Social Services Sector Outlook for Q4 2025 - Duty-Free: China Duty-Free Group: Expected net profit growth of 29% to 173% - Tourism: - Songcheng Performance: Expected net profit growth of -204% to 294% - Tianmu Lake: Expected net profit growth of -10% to 5% [4] Investment Recommendations - The report recommends focusing on companies such as Small Commodity City, China Duty-Free, Huazhu Group, Shoulu Hotel, Jinjiang Hotel, Chao Hong Ji, Jiuhua Tourism, Ruoyu Chen, Qingmu Technology, and Miniso, while also keeping an eye on other companies with potential [10]

项目以奥莱品牌矩阵为核心引擎，汇集全国首家概念店、形象店、旗舰店，依托多层次首店集群构建差 异化竞争力。开业活动期间，累计客流245万人次，销售突破2亿元，单日最高客流突破26万人次，销售 突破2600万元；元旦期间客流累计62万人次，销售突破5600万元。 据悉，湾里.王府井WellTown以"全国首家跨界融合多元体验的文商旅商业体"为定位，成为区域微度假 消费的重要目的地。以"光、水、天空"元素为主题的三大中庭作为标志性景观，成为该项目最受瞩目的 打卡地，吸引大量游客在此驻足。 WellTown创新联动太空人爬行动物博物馆等为代表的主理人品牌，以策展式零售模式打造前沿消费目 的地，持续吸引高黏性年轻客群。此外，WellTown创新性地打造了WCCA湾里当代艺术中心，通过高 品质策展及多元文化活动，为商业空间注入艺术内涵与文化价值。 记者从北京城市副中心获悉，北京城市副中心全新文商旅地标——湾里王府井（600859）WellTown自 去年年底开业以来，以超预期态势掀起消费热潮，开业首月累计客流突破330万人次，累计销售突破3亿 元。 ...

Core Insights - Wangfujing Group's new commercial landmark, WellTown, located in Beijing's sub-center, achieved impressive results in its first month, with over 3.3 million visitors and sales exceeding 300 million yuan [1] Group 1: Visitor and Sales Performance - WellTown recorded a cumulative foot traffic of over 3.3 million in its opening month [1] - Cumulative sales surpassed 300 million yuan in the same period [1] Group 2: Consumer Experience and Engagement - The shopping center features a blend of fashion and art, attracting consumers with diverse offerings, including digital stores and contemporary art centers [1] - Family visitors have been a significant demographic, with weekend traffic exceeding expectations even after the initial opening surge [1] Group 3: Future Events and Positioning - WellTown is positioned as the first cross-industry, multi-experience commercial entity in the country, with a commercial space of 190,000 square meters [1] - Upcoming events include a series of unique activities such as a pop-up store and music festival, aimed at enhancing consumer engagement as the Spring Festival approaches [1]

另外，王府井持续推动业态迭代及存量业务升级，2025年新开奥特莱斯及购物中心门店3家，市内及口 岸免税店铺3家，并持续对百货店进行调改。由于公司旗下新业态和新门店尚处于培育期，新门店收入 增幅尚不足以覆盖相对固定的成本支出。此外，新租赁准则使得长租约租赁门店前期成本较高，对新开 租赁门店及续租存量门店影响较大。综合上述因素，对公司2025年度业绩产生影响。 编辑 袁秀丽 新京报贝壳财经讯（记者阎侠）1月29日，王府井发布业绩预亏公告。2025年，王府井预计归属于上市 公司股东的净利润为-4500万元到-2300万元。 "2025年，零售行业正在经历深度变革，为应对市场变化，公司继续推动业态迭代与存量业务升级，由 于新业态及转型升级投入与效益释放存在时间差，叠加部分非经常性因素影响，公司短期财务表现承受 一定压力。"王府井表示："公司仍处于结构性调整与新旧动能转换的关键阶段。" 据悉，2017年，王府井因收购形成部分商誉。2025年，公司根据相关会计政策规定，基于审慎性会计原 则，对相关资产进行年末减值测试。鉴于传统百货业务快速下行，在初步评估的基础上，公司拟对春天 贵阳资产组计提商誉减值准备，预计计提金额在0 ...

1月28日，王府井（600859）发布公告称，经财务部门初步测算，预计2025年度实现归属于上市公司股 东的净利润为-4500万元到-2300万元，与上年同期相比，将出现亏损。归属于上市公司股东的扣除非经 常性损益的净利润为-16,000万元到-11,000万元。 与上年同期相比，将出现亏损。 ...

旅游及景区 旅游及景区 2026 年 01 月 28 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -10% 0% 10% 19% 29% 38% 2025-01 2025-05 2025-09 旅游及景区 沪深300 相关研究报告 海南专题报告：风宜长物放眼量，自贸港赶海正当时 风险提示：宏观经济波动风险、政策落地不及预期、高端消费复苏不及预期。 ——行业深度报告 | 初敏（分析师） | 叶彬慧（联系人） | | --- | --- | | chumin@kysec.cn | yebinhui@kysec.cn | | 证书编号：S0790522080008 | 证书编号：S0790124070053 | yebinhui@kysec.cn 证书编号：S0790124070053 海南自贸港：双向循环战略支点，枢纽功能徐徐演进 开 源 证 券 证 券 研 海南自贸港是中央基于全球化格局深度调整、全球供应链加速重构背景，高标准 建设的中国特色自由贸易港，享有国内高规格、系统性的开放试验授权。对比全 球成熟的自贸港枢纽，依托内地超大规模统一市场的腹地优势和最大经济特区禀 赋，海南聚焦打造三大核心定位： ...

Core Insights - Wangfujing Group's new project, Wanli Wangfujing WellTown, attracted a total of 2.45 million visitors and generated over 200 million yuan in sales during its opening period from December 19, 2025, to January 3, 2026, with a single-day peak of 260,000 visitors and sales exceeding 26 million yuan [1] - The project features over 40% of dining and entertainment brands, including several first-time entries in the city, which successfully attracted a large number of trial customers and maintained high foot traffic [2] - The innovative retail model and marketing activities have enhanced consumer experience and commercial influence, confirming the strong vitality of the "non-standard outlet" concept [3] Summary by Sections Visitor and Sales Performance - During the opening month from December 19, 2025, to January 19, 2026, Wanli Wangfujing WellTown recorded over 3 million visitors and sales exceeding 300 million yuan [1] Brand and Consumer Engagement - The project includes a diverse range of first-time brands in the city, such as Heiming Xiamen Cuisine and M stand, which cater to the immediate consumption needs of younger demographics, enhancing brand loyalty and attraction [2] - The introduction of curator brands and the WCCA Wanli Contemporary Art Center aims to blend art with commerce, enriching the cultural value of the commercial space [2] Marketing and Future Plans - Continuous marketing activities have been launched to improve consumer experience and commercial impact, with plans for more comprehensive operations and richer activities in the future [3]

Core Insights - The Bayli Wangfujing WellTown is positioned as the "first cross-border integrated multi-experience cultural, commercial, and tourism complex" in the country, featuring 190,000 square meters of commercial space and over 4,000 parking spaces, effectively attracting millions of visitors from the Beijing-Tianjin-Hebei region within a one-hour travel radius [1] Group 1 - The project centers around an outlet brand matrix, complemented by over 40% of dining and entertainment brands, including unique offerings such as the first city store of Heiming Xiamen cuisine and other regional specialties [1] - In its first month of operation, WellTown recorded over 3 million visitors and sales exceeding 300 million yuan, with peak daily traffic reaching 260,000 visitors and sales surpassing 26 million yuan [3] - During the New Year period, the cumulative visitor count reached 620,000, with sales exceeding 56 million yuan [3]

据悉，湾里 王府井 WellTown 以 "全国首家跨界融合多元体验的文商旅商业体" 为定位，项目拥有 19 万 平方米的商业空间，4000 余个停车位等，1 小时交通圈轻松辐射京津冀上千万游客。该项目以奥莱品牌 矩阵为核心。同时，在奥莱品牌矩阵的基础上，WellTown 引入了超 40% 的餐饮娱乐品牌，包括城市首 店黑明厦门菜、嬷冉广西菜、柳真真云贵山岭烤肉、云潇潇抚仙湖石锅鱼等。 北京商报讯（记者 刘卓澜）北京城市副中心文商旅地标湾里 王府井（600859） WellTown 交出满月成 绩单。1 月 28 日，北京商报记者从王府井集团获悉，开业首月，湾里 王府井 WellTown 累计客流突破 330 万人次，累计销售突破 3 亿元；开业活动期间，累计客流 245 万人次，销售突破 2 亿元，单日最高 客流突破 26 万人次，销售突破 2600 万元；元旦期间客流累计 62 万人次，销售突破 5600 万元。 ...

据悉，湾里・王府井 WellTown 以 "全国首家跨界融合多元体验的文商旅商业体" 为定位，项目拥有 19 万平方米的商业空间，4000 余个停车位等，1 小时交通圈轻松辐射京津冀上千万游客。该项目以奥莱品 牌矩阵为核心。同时，在奥莱品牌矩阵的基础上，WellTown 引入了超 40% 的餐饮娱乐品牌，包括城市 首店黑明厦门菜、嬷冉广西菜、柳真真云贵山岭烤肉、云潇潇抚仙湖石锅鱼等。 北京商报讯（记者 刘卓澜）北京城市副中心文商旅地标湾里・王府井 WellTown 交出满月成绩单。1 月 28 日，北京商报记者从王府井集团获悉，开业首月，湾里・王府井 WellTown 累计客流突破 330 万人 次，累计销售突破 3 亿元；开业活动期间，累计客流 245 万人次，销售突破 2 亿元，单日最高客流突破 26 万人次，销售突破 2600 万元；元旦期间客流累计 62 万人次，销售突破 5600 万元。 ...