Investment Rating - The report maintains an "Accumulate" rating for the industry [5] Core Insights - The retail sector is expected to show varied performance in Q4 2025, with significant growth in certain segments like gold and jewelry, while others like supermarkets and department stores are projected to decline [1][2][4] - The report highlights the importance of the upcoming Spring Festival season, suggesting that sectors with performance elasticity, such as duty-free shops and certain tourist attractions, should be closely monitored [9] - The report emphasizes the potential of AI applications in enhancing e-commerce marketing, indicating a shift towards new retail strategies [9] Summary by Relevant Sections Retail Sector Outlook - Gold and Jewelry: - Lao Feng Xiang: Expected net profit growth of -15% to 5% in Q4 2025 - Zhou Da Sheng: Expected net profit growth of 15% to 30% in Q4 2025 - Chao Hong Ji: Forecasted net profit of 1.2 to 2.2 billion, with a year-on-year increase of 125% to 175% - Cai Bai Co.: Expected net profit growth of 150% to 254% in Q4 2025 - Yu Garden Co.: Forecasted loss of 4.312 billion in Q4 2025, compared to a loss of 1.03 billion in the same period last year [1] - Trendy Toys: - Miniso: Expected revenue growth of 25% to 30% in Q4 2025, with adjusted net profit growth of 10% to 20% [1] Supermarkets and Department Stores - Chongqing Department Store: Expected net profit of 1.021 billion, a decline of 22.4% year-on-year, with a projected drop of 92.5% in Q4 2025 - Wangfujing: Expected net profit loss of 0.45 to 0.23 billion, with a growth rate of -6.6% to 7.3% in Q4 2025 - Yonghui Supermarket: Expected loss of 2.14 billion, with a net profit growth rate of -3.1% in Q4 2025 - Home Home Joy: Expected net profit of 198 to 228 million, with a growth rate of 50.1% to 72.8% in Q4 2025 [2] Cross-Border and E-commerce - Small Commodity City: Expected net profit growth of 5% to 15% in Q4 2025 - Anker Innovation: Expected net profit growth of 10% to 20% in Q4 2025 - Su Mei Da: Expected net profit of 1.355 billion, with a growth rate of 70.8% in Q4 2025 [3] Social Services Sector Outlook - Duty-Free: China Duty-Free Group: Expected net profit growth of 29% to 173% in Q4 2025 - Tourism: - Songcheng Performance: Expected net profit growth of -204% to 294% in Q4 2025 - Jiuhua Tourism: Expected net profit growth of 0% to 15% in Q4 2025 [4] Investment Recommendations - The report recommends focusing on sectors with performance elasticity during the Spring Festival, including duty-free, certain tourist attractions, and gold and jewelry [9] - For 2026, the report suggests looking at service consumption and product consumption, particularly in duty-free and travel chains, as well as undervalued segments with improving fundamentals [9]

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。 ...