数据来源：聚源 -24% -12% 0% 12% 24% 36% 2025-03 2025-07 2025-11 商贸零售 沪深300 商贸零售 2026 年 03 月 22 日 投资评级：看好（维持） 行业走势图 相关研究报告 《2026 年 1-2 月社零同比+2.8%，春节 消 费 稳 健 恢 复 — 行 业 点 评 报 告 》 -2026.3.17 《逸仙电商获 1.2 亿美元投资，老铺黄 金业绩预告高增 — 行 业 周 报 》 -2026.3.15 《38 大促国货美妆表现亮眼，上美股 份发布盈喜预告 — 行 业 周 报 》 -2026.3.8 京东 Joybuy 欧洲上线，自营模式打开差异化空间 ——行业周报 | 黄泽鹏（分析师） | 李昕恬（分析师） | | --- | --- | | huangzepeng@kysec.cn | lixintian@kysec.cn | | 证书编号：S0790519110001 | 证书编号：S0790526030002 | lixintian@kysec.cn 证书编号：S0790526030002 跨境电商平台 Joybuy 上线，自营模式布局差异化竞争 ...

1 / 2 证券代码：601933 证券简称：永辉超市 公告编号： 2026-011 永辉超市股份有限公司 关于出售参股子公司永辉云金科技有限公司 剩余股权的进展公告 本公司及董事会全体成员保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、交易背景概述 永辉超市股份有限公司（以下简称"公司"）于 2025 年 12 月 29 日召开第 六届董事会第九次会议，审议通过了《关于拟公开挂牌出售参股子公司永辉云金 科技有限公司剩余股权的议案》，公司拟通过重庆联合产权交易所公开挂牌交易 方式转让参股子公司永辉云金科技有限公司（以下简称"云金科技"）28.095% 的股权。后续因通过产权交易所征集意向受让方的周期较长，经两次调价后，公 司仍未能征集到符合条件的意向受让方，继续实施将面临较大不确定性，为较快 地盘活资产，更好地聚焦主业，公司终止于重庆联合产权交易所的公开挂牌并拟 自行向上海派慧科技有限公司（以下简称"派慧科技"）出售公司持有的云金科 技 28.095%的股权，转让总价为 80,000,000 元。本次交易完成后，公司不再持 有云金科技的股权。公 ...

要闻提示 NEWS REMIND 1.宇树某程序员发帖称：宇树对外标榜弹性双休，内部却是另一套规则，非常卷 3.30万打水漂！女子订法拉利遇经销商破产：车被卖还被踢出群 4. 恩怨再起！傅盛深夜开撕周鸿祎 5.雷军：新一代小米SU7较初代成本增加约20000元，但全系仅涨价4000元 6.椰树集团招标50台人形机器人剥椰子，要求每小时处理超360个 7.前理想智驾端到端负责人夏中谱去向敲定，将加入某明星具身创业公司 8.马斯克再谈AI：西方看谷歌，地球看中国，太空看SpaceX 今日头条 HEADLINE NEWS 宇树某程序员发帖称：宇树对外标榜弹性双休，内部却是另一套规则，非常卷 2.永辉喊话山姆不要让供应商二选一，业内人士称他们在躲永辉 3月20日消息，最近，脉脉上一个关于宇树科技的帖子，标题很直接，叫"宇树加班有多狠"。作为机器人 赛道的头部玩家，宇树科技对外标榜的是弹性工作制、双休，但内部员工却用脚投出了反对票。 多位在职、离职的员工爆料，说公司长期保持着早九晚九的节奏，日均在岗12小时，到了项目期，直接通 宵干到凌晨。创始人自己就是个卷王，常年深夜在岗，无形中形成了一种氛围：领导不走，你好意思走？ ...

Core Viewpoint - The article discusses a supply chain battle in the Chinese retail industry, highlighting a public letter from Yonghui Supermarket to Sam's Club, criticizing the latter's alleged "choose one of two" practices with suppliers, which Yonghui claims undermines fair competition [4][6][30]. Group 1: Yonghui's Position - Yonghui Supermarket's public letter to Sam's Club is a bold move, marking a shift from its usual humble approach to a more aggressive stance, emphasizing the need for fair supplier practices [4][6]. - Yonghui is undergoing a transformation, shifting its focus from "traffic" to "quality," aiming to establish a strong supply chain to support its new brand identity, "Quality Yonghui" [13][28]. - The company is facing significant financial challenges, with projected losses of 2.14 billion yuan in 2025, marking its fifth consecutive year of losses [12][28]. Group 2: Sam's Club's Strengths - Sam's Club is thriving in the Chinese retail market, with projected sales exceeding 140 billion yuan by 2025, reflecting a growth rate of approximately 40% [8]. - The core competitive advantage of Sam's Club lies in its robust supply chain, which has enabled the successful development of its private label, Member's Mark, accounting for over 20% of total sales [8][9]. - Sam's Club's business model focuses on global sourcing and stringent quality control, fostering strong partnerships with suppliers to create in-demand products [9]. Group 3: Industry Dynamics - The article highlights the competitive landscape in the Chinese retail sector, where companies with superior supply chains dominate the market, while quality supply chains remain scarce [25][26]. - The ongoing struggle for suppliers between major players like Yonghui and Sam's Club illustrates the intense competition and the challenges faced by retailers in securing quality products [30][32]. - The concept of "choose one of two" is debated, with some suppliers denying any restrictions imposed by Sam's Club, indicating a complex relationship between retailers and suppliers [15][19].

3月16日下午，永辉通过旗下自有品牌官方账号"品质永辉"公开喊话山姆，不要让供应 商"二选一"。"品质永辉"称，品质永辉推出不满一年，如同蹒跚学步的幼儿，而山姆自有 品牌MM率先发展，正当壮年。品质永辉和山姆MM应当约束好团队的行事准则，专注好自 身的品质建设， 避免发生"强迫供应商二选一"的不正当竞争行为。 针对此事，3月16日，南都湾财社记者向永辉超市相关负责人了解更多情况，其表示以公开 信为准。 3月17日，对于永辉超市的喊话，尤其是针对供应商"二选一"问题，第一财经记 者联系沃尔玛，沃尔玛方面未有回应。记者多方了解到，这封看似"突如其来"的公开信背 后，是积压已久的供应商大战，零售商对于供应链的争夺日益白热化。 平、开放的市场环境,并提出如下建议: 一、不要让供应商"二选一" 品质永辉推出不满一年,如同瞒珊学步的幼儿，而山姆MM 率先发展,正当壮年。市场竞争讲究公平和公正,无论是海外巨 头,还是本土企业,守法经营是我们共同的底线。 我们应当约束好团队的行事准则,专注好自身的品质建设,避 免发生"迫使供应商二选一"的不正当竞争行为。让供应商多方合作, 是行业发展的必然选择,良性竞争是我们同台竞技中必须共 ...

Core Viewpoint - The article emphasizes the importance of fair competition and quality improvement in the retail industry, particularly in the context of private label brands like 品质永辉 and 山姆MM. It advocates for collaboration with suppliers, transparency in product ingredients, and a focus on employee welfare and innovation to enhance product quality and customer satisfaction [1][4][10]. Group 1: Fair Competition - The company calls for a fair competitive environment, urging against practices that force suppliers into exclusive partnerships, which undermines industry integrity [4]. - It stresses the need for all players, including both local and international companies, to adhere to legal and ethical business practices [4]. Group 2: Quality Improvement - The company aims to enhance product quality through better raw materials, scientific formulations, advanced processes, and aesthetically pleasing designs [5]. - It commits to transparency by annually publishing ingredient lists and the use of food additives in its products, advocating for safer and healthier options for consumers [6]. Group 3: Pricing Strategy - The company highlights the importance of value for money in private label products, suggesting that quality should be prioritized over price, and vice versa [7]. - It proposes a standardized pricing approach based on weight or volume to provide greater value to customers [7]. Group 4: Employee Development - The company recognizes employees as key partners and emphasizes the need for fair compensation, professional development, and a supportive work environment [9]. - It also stresses the importance of maintaining ethical standards and integrity within the workforce [9]. Group 5: ESG Commitment - The company expresses a commitment to environmental, social, and governance (ESG) principles, aiming to contribute positively to society and the ecosystem [10]. Group 6: Innovation Focus - The company acknowledges the need for continuous innovation, particularly in developing essential consumer products, and aims to learn from industry leaders like 山姆MM and Kirkland [10]. - It aspires to improve product quality and service to enhance the consumer experience in China [10].

Core Viewpoint - The article highlights the competitive tension between Yonghui Supermarket and Sam's Club regarding supply chain practices, particularly the "choose one" strategy imposed by Sam's Club on suppliers, which restricts competition and market access for other retailers [1][10]. Group 1: Financial Performance and Market Position - Yonghui Supermarket is projected to incur a net loss of 2.14 billion yuan for the fiscal year 2025, marking its fifth consecutive year of losses, primarily due to one-time costs associated with store adjustments and asset disposals [1]. - In contrast, Sam's Club is experiencing rapid growth, with sales expected to exceed 140 billion yuan in 2025, representing a year-on-year increase of approximately 40% [1]. Group 2: Supply Chain Practices - Yonghui Supermarket's self-owned brand, "Quality Yonghui," has called for fair competition and has criticized Sam's Club for its "choose one" policy, which they argue undermines supplier relationships and market fairness [3][10]. - The article draws parallels to past incidents in 2021 where other retailers, such as Hema and Carrefour, accused Sam's Club of similar supply chain pressures, indicating a recurring issue in the industry [10]. Group 3: Industry Standards and Collaboration - Yonghui Supermarket emphasizes the need for collaboration in developing high-quality products and maintaining transparency in ingredient usage, advocating for a collective effort with Sam's Club to enhance product quality and safety [5][8]. - The company also stresses the importance of employee welfare and ESG (Environmental, Social, and Governance) initiatives, aiming to create a sustainable and responsible business environment [7][8]. Group 4: Regulatory Environment - The article notes that regulatory scrutiny regarding the "choose one" practice is increasing, with the market regulator clarifying that such behavior by dominant market players is prohibited under antitrust laws [11]. - The potential negative impacts of supply chain exclusivity are highlighted, including reduced bargaining power for suppliers and limited options for consumers, which could ultimately lead to higher prices [11].

Core Viewpoint - Yonghui Supermarket's private brand, "Quality Yonghui," issued an open letter to Sam's Club's private brand, "Sam's MM," advocating for fair competition and collaboration in quality improvement, particularly addressing the issue of suppliers being forced into a "choose one" scenario [3][4]. Group 1: Open Letter and Initiatives - The open letter emphasizes a shared commitment to enhancing product quality and providing consumers with better options, urging Sam's MM to avoid practices that pressure suppliers into exclusive agreements [4]. - Yonghui proposed seven collaborative initiatives, including not forcing suppliers into "choose one" situations, improving product quality, ensuring clean formulations, offering fair pricing, empowering employees, promoting ESG (Environmental, Social, and Governance) practices, and fostering continuous innovation [4]. Group 2: Competitive Landscape - Sam's Club has significantly increased the share of its private brand, MM, to over 20% of total sales, which is notably higher than the typical 10% share seen in other local membership stores or supermarkets [5]. - The competition for quality suppliers is intensifying among retailers, as they seek unique and high-quality products to meet consumer demands for value rather than just low prices [5][6]. Group 3: Yonghui's Operational Challenges - Yonghui Supermarket is facing significant operational challenges, with plans to close 225 stores in 2024 and 381 stores in 2025, reducing its total store count to approximately 400 by the end of 2025, which is less than half of its peak number [6]. - The company has reported cumulative losses exceeding 11.6 billion yuan over the past five years, highlighting the pressure it faces in the competitive retail environment [6]. Group 4: Supplier Dynamics - The issue of suppliers being pressured into exclusive agreements is not new, as similar situations have been reported with other retailers like Carrefour and Hema, indicating a broader trend of competitive pressures in the retail sector [8]. - Retailers are increasingly seeking exclusive partnerships with high-performing suppliers to enhance their competitive edge, leading to potential conflicts and exclusivity disputes [9].

Group 1: Bond Investment Strategy - The report highlights a transition in bond investment strategy towards a "sell on every rise" approach, driven by asset allocation rebalancing and the current weak position of bond assets compared to equities [9][10] - The economic outlook for 2026 is characterized as a "non-typical recovery" period, with a focus on nominal growth recovery, fiscal spending structure, and inflation trends as key indicators for the bond market [9][10] - The report suggests that the 10-year government bond yield may range between 1.77% and 1.95%, with a potential upward breakout above 1.9% [9][10] Group 2: Hong Kong Stock Market Strategy - High dividend assets are expected to remain attractive in 2026, with historical performance indicating that sectors with dividend yields above 3% generally provide absolute returns during periods of RMB appreciation [12][10] - The report emphasizes the importance of consumer sectors, particularly discretionary consumption, which tends to outperform during inflationary periods, suggesting investment opportunities in these areas [12][10] - The technology sector in Hong Kong is anticipated to benefit from RMB appreciation, with a focus on companies that possess unique ecological positions and infrastructure capabilities [12][10] Group 3: U.S. Stock Market Strategy - The U.S. stock market is projected to have limited valuation upside due to geopolitical uncertainties and a shift from light to heavy asset investments, with capital expenditures expected to broaden beyond technology giants [11][13] - The report notes that the S&P 500 index is expected to see stable earnings growth of around 16%, with current valuations at approximately the 70th percentile historically [11][13] - AI investments are highlighted as having potential in upstream and midstream sectors, with opportunities for alpha generation in the value chain [11][13] Group 4: Future Industries - The report discusses significant advancements in future industries, including quantum technology, biomanufacturing, and brain-machine interfaces, indicating a strong trend towards commercialization and technological breakthroughs [15][16] - The approval of the first invasive brain-machine interface for clinical use marks a significant milestone in the industry, reflecting increased investment and interest in this area [15][16] - The report outlines the importance of hydrogen energy and nuclear fusion, with China joining the "Triple Nuclear Declaration" to enhance global nuclear energy capacity by 2050 [15][16]

Core Viewpoint - The company "Quality Yonghui" has issued an open letter to "Sam's MM," advocating for fair competition and quality co-construction in the retail industry, emphasizing the need to resist low-quality competition and promote overall industry progress [1][4]. Group 1: Seven Joint Initiatives - The first initiative is to avoid forcing suppliers into a "choose one" situation, promoting fair competition and allowing suppliers to collaborate with multiple partners [2][4]. - The second initiative focuses on enhancing product quality through superior raw materials, scientific formulations, advanced processes, and aesthetically pleasing designs and packaging [2][5]. - The third initiative emphasizes the importance of clean formulations, with the company committing to annually disclose ingredient lists and additive usage, advocating for transparency in product safety [2][6]. - The fourth initiative aims to offer excellent price-quality ratios, encouraging customers to choose based on quality at the same price point, thereby creating greater value [2][7]. - The fifth initiative is about employee empowerment, ensuring fair compensation, ample vacation, professional development, and a strong ethical foundation [2][8]. - The sixth initiative promotes Environmental, Social, and Governance (ESG) practices, focusing on systematic thinking, forward-looking strategies, and efficient innovation for societal and environmental well-being [2][8]. - The seventh initiative highlights the need for continuous innovation, with the company aspiring to learn from industry leaders like Sam's and Kirkland to enhance product offerings [2][9].