晚上八点十分，刚下班的李女士提着公文包走进社区超市。熟食区的灯光格外明亮，她熟练地拿起两盒贴有"8折"标签的寿司卷，又转向面包区挑选了几 款半价的面包。收银员小张已经熟悉了这位每周三固定时间出现的顾客，微笑着打招呼："李姐，今天三文鱼寿司也打折，要不要带一盒？" 当指针滑过晚上八点，一场无声的折扣狂欢在中国各大城市的超市接连上演。在这里，许多人一边拿手机记录，拍下自己满购物筐的"战利品"，还在社交 媒体上心满意足地感叹"晚上的盒马/永辉/沃尔玛简直就是穷鬼天堂！" "专门赶在晚上捡超市打折食品"——这话似乎并不那么动听。从前，人们脑海中浮现的可能是发蔫的菜叶、皱皮的苹果，或是被挑剩的边角肉排。但只要 点开如今网友们的购物分享帖，你就会发现：能被装进购物筐的，样样都是香喷喷、诱人可口的好物。 "不是白天买不起，而是晚上更有性价比" 超市夜间打折促销并非新鲜事，像鸡蛋、蔬菜、鲜肉等商品的晚间折扣早已是许多人的购物日常。然而，随着七鲜、永辉、盒马、物美等精品连锁超市的 加入，"赶晚集"这件事开始变得不一样了——更丰富的品类、更明确的时段、更活跃的氛围，共同掀起了一场充满生活气息的折扣热潮。 在北京，多家连锁超市通常 ...

2026 年 02 月 03 日 双融日报 市场情绪：28 分（较冷） 最近一年大盘走势 资料来源：Wind，华鑫证券研究 -10 -5 0 5 10 15 20 25 30 (%) 沪深300 相关研究 ▌ 华鑫市场情绪温度指标：（较冷） 华鑫市场情绪温度指标显示，昨日市场情绪综合评分为 28 分，市场情绪处于"较冷"。历史市场情绪趋势变化可参 考图表 1 ▌ 热点主题追踪 今日热点主题：电网设备、银行、消费 1、电网设备主题：全球 AI 数据中心（AIDC）耗电量巨大， 催生了对高功率、高稳定性变压器等核心电力设备的刚性需 求。目前全球供需严重失衡，美国市场交货周期已长达 127 周。与此同时，国内"十五五"期间，国家电网 4 万亿元的 巨额投资将重点投向特高压、智能化配电网等新型电力系 统，为行业带来了明确的长期订单支撑。相关标的：中国西 电（601179）、特变电工（600089） --鑫融讯 分析师：万蓉 S1050511020001 wanrong@cfsc.com.cn 2、银行主题：银行股具有高股息特性，如中证银行指数的股 息率高达 6.02%，显著高于 10 年期国债收益率。在经济增 速放缓 ...

2026年开年，零售市场以蓬勃活力拉开序幕，消费升级的浪潮在核心城市不断激荡出新火花。1月 30日，永辉超市在广州城市中轴线上再落关键一子——位于天河核心商圈的永辉超市广州正佳广场店正 式试营业。至此，"胖永辉"在穗已成功布局八店，标志着永辉超市在华南市场的深耕进入提速扩容新阶 段，以更密集的网络、更年轻的姿态，深度融入并引领羊城消费者的品质生活。 永辉超市两广大区负责人表示："正佳广场店是广州市区的第五家'胖永辉'，我们希望通过年轻化 的商品、沉浸式的体验，让其不仅成为新世代家庭置办年货的首选地，更成为他们日常品质生活中值得 信赖的'好街坊'。" 全新亮相的正佳广场店，围绕"年轻、好玩、好逛"进行全方位革新，精准触达追求品质与潮流的中 国主流家庭及年轻客群，旨在打造一站式采购潮流年货、探索全球风味的品质生活新场景，为2026年广 州春节消费版图注入强劲的"永辉动力"。 商品结构年轻化，为中国家庭严选好品质 正佳广场店坐落于广州天河商圈核心地带，作为国家AAAA级旅游景区与文商旅综合体，2024年全 年客流超5000万人次，今年元旦假期首日，单日客流更超28万人次，商业活力可见一斑。同时，凭借着 丰富多元的业 ...

行业走势图 数据来源：聚源 -19% -10% 0% 10% 19% 29% 2025-02 2025-06 2025-10 商贸零售 沪深300 相关研究报告 《老铺黄金 SKP 活动开启，关注春节 销售超预期催化 — 行 业 周 报 》 -2026.1.25 《2025 年社零同比+3.7%，海南封关 首 月 表 现 亮 眼 — 行 业 点 评 报 告 》 -2026.1.19 《钱大妈递表港交所，"折扣日清" 打造模式特色—行业周报》-2026.1.18 商贸零售 2026 年 02 月 01 日 投资评级：看好（维持） 功效护肤品牌 HBN 母公司护家科技递表港交所 ——行业周报 黄泽鹏（分析师） 李昕恬（联系人） huangzepeng@kysec.cn 证书编号：S0790519110001 lixintian@kysec.cn 证书编号：S0790125100021 功效护肤品牌 HBN 母公司护家科技递表港交所，"早 C 晚 A"打造功效心智 1 月 19 日，护家科技（功效护肤品牌 HBN 母公司）正式向港交所递交招股书。 HBN 品牌成立于 2019 年，为国内"功效护肤"赛道领跑者。据公 ...

证券研究报告 | 行业周报 gszqdatemark 2026 02 01 年 月 日 商贸零售 商社板块 2025 年四季度前瞻 1. 零售板块四季度前瞻： （1）黄金珠宝：①老凤祥：我们预计 25Q4 归母净利增速-15%至 5%。 ②周大生：我们预计 25Q4 归母净利增速 15%至 30%。③潮宏基：公司 预告 2025 年归母净利润 4.36 亿-5.33 亿元同比增 125%-175%，测算 25Q4 归母净利润 1.2-2.2 亿元；2025 年底潮宏基珠宝门店总数 1668 家， 年内净增 163 家。④菜百股份：公司预告 2025 年归母净利润 10.6 亿-12.3 亿，对应 25Q4 归母净利增速 150%-254%。⑤豫园股份：公司预告 25Q4 归母亏损 43.12 亿元，24 年同期亏损 10.3 亿元，主因公司持续瘦身健体， 对部分存在减值迹象的房地产项目及商誉等计提资产减值准备。 （2）潮玩：名创优品：我们预计 25Q4 收入增速 25%-30%，经调整 OP 同比双位数增长，经调整归母净利增速 10%至 20%。 （3）商超百货：①重庆百货：公司预告 2025 年归母净利 1 ...

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]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights the emergence of HBN, a leading domestic skincare brand, which has submitted its prospectus to the Hong Kong Stock Exchange, indicating strong growth potential in the efficacy skincare market [3][24] - The report emphasizes the importance of emotional consumption themes and suggests focusing on high-quality companies in high-growth sectors [6][49] Summary by Sections Industry Performance Overview - The commercial retail and social services indices reported declines of 4.18% and 3.45% respectively during the week of January 26 to January 30, 2026, ranking 26th and 23rd among 31 primary industries [5][14] - The jewelry sector showed the highest growth, with a weekly increase of 7.07% and a year-to-date increase of 19.39% [15][18] Key Industry Developments - HBN, established in 2019, is recognized as the largest domestic skincare brand in the efficacy skincare segment, with a market share of 0.8% in the Chinese improvement skincare market as of 2024 [24][25] - HBN's revenue for the first three quarters of 2025 reached 1.51 billion yuan, a year-on-year increase of 10.2%, with high-efficacy skincare products accounting for 78.6% of total revenue [29] Investment Recommendations - Investment Theme 1: Focus on high-end gold and fashion jewelry brands, recommending companies like Laopuhuangjin and Chaohongji [6][49] - Investment Theme 2: Highlighting retail companies that adapt to emotional value and intelligent trends, with recommendations for Yonghui Supermarket and Aiyingshi [6][49] - Investment Theme 3: Emphasizing beauty and personal care brands that innovate with emotional value and safe ingredients, recommending brands like Maogeping and Pola [6][50] - Investment Theme 4: Targeting differentiated medical beauty product manufacturers and leading medical beauty institutions, recommending companies like Aimeike and Meilitiantian [6][51]

Investment Rating - The report suggests a positive outlook for the gold jewelry sector, indicating that consumer enthusiasm remains strong despite fluctuations in gold prices, particularly during the Chinese New Year [10][24]. Core Insights - On January 30, gold prices experienced significant volatility, yet consumer interest in Lao Pu gold stores remained high, showcasing the brand's growing influence [10]. - Promotional activities at Lao Pu gold stores and SKP malls are expected to sustain high-end gold brand consumption during the Spring Festival, with various discounts and gifts driving consumer demand [10]. - Lao Pu gold's fixed-price model contrasts with competitors that price by weight, leading to stronger consumer expectations for price increases, thus insulating the brand from gold price fluctuations [10]. - The report highlights that despite a drop in gold prices at the end of January 2026, certain Lao Pu stores in Shanghai and Beijing continued to see long queues, indicating strong brand appeal during price volatility [10]. Industry Data Tracking - According to Guojin Digital Future Lab, the overall GMV for Tmall and JD.com in the fourth week of December increased by 49.2% year-on-year [11]. - The top five categories in terms of growth during this period were books and audio-visual products, automotive and bicycles, watches, toys, and shoes and bags [11]. Market Review - For the week of January 26 to January 30, 2026, the Shanghai Composite Index, Shenzhen Component Index, CSI 300, Hang Seng Index, and Hang Seng Tech Index recorded changes of -0.44%, -1.62%, 0.08%, 2.38%, and -1.38% respectively, while the retail sector saw a gain of 4.18% [17]. - Notable stock performances included *ST Huike, Yiyaton, Yiwan Yichuang, Yuyuan Co., and Kaichun Co., which saw gains attributed to AI application catalysts [17]. Investment Recommendations - The report recommends focusing on cross-border e-commerce, particularly companies with strong brand power and product differentiation, which are expected to show resilience in performance [24]. - In the gold jewelry sector, the report anticipates that consumer enthusiasm will remain strong despite high baseline figures in January, with same-store growth expected to continue [24]. - The report highlights the potential for companies like Chao Hong Ji, which is expected to benefit from new product launches and an increase in self-produced products, driving profitability [24]. - The duty-free sector is also noted for its potential growth, particularly with the launch of the Hainan Free Trade Port, which is expected to significantly impact local and national duty-free businesses [24].

【永辉北京龙湖长楹天街店焕新开业，20店调改收官】1月31日，永辉超市北京龙湖长楹天街店新年氛 围浓郁。历经一个多月的闭店调改，这家位于朝阳区核心商圈的门店正式焕新开业。它的亮相，不仅为 周边社区增添了新的年味采购目的地，更标志着永辉在北京及环京区域历时一年多的门店自主调改全面 收官。至此，永辉已完成20家门店的升级，覆盖北京七区，规模化调改效应显现。（北京青年报记者 李佳 摄像 王雯雯 编辑 王雯雯） ...

Core Viewpoint - Yonghui Supermarket has officially reopened its Beijing Longhu Changying Tianjie store after over a month of renovation, with 20 stores upgraded in the Beijing area, achieving both increased foot traffic and sales in the first 19 stores that reopened [1][2]. Group 1: Store Renovation and Performance - The overall product replacement rate at the Yonghui Longhu Changying Tianjie store exceeds 70%, with a 76% replacement rate for fresh products [1]. - The product structure of the renovated store aligns 80% with that of the brand Pang Donglai, incorporating local Beijing characteristics [1]. - Yonghui's private label "Quality Yonghui" has launched nearly 60 products, with plans to introduce 200 products by 2026 [1]. Group 2: Future Plans and Financial Outlook - Yonghui's Vice President and General Manager of Beijing Region, Gan Wangheng, stated that the company will enter a second phase of renovation focused on optimizing details and responding to diverse local market demands [1]. - The company plans to enhance operations centered around "product scene" and will continue to optimize dimensions such as products, services, and experiences [1]. - As of the end of 2025, Yonghui is expected to have a total of 403 stores, with 315 stores having completed renovations, while facing a projected loss of 2.14 billion yuan for 2025, marking the fifth consecutive year of losses [2]. - Analysts suggest that as store closures and renovations conclude, Yonghui is entering a phase of refined operations, which may improve single-store efficiency and stabilize revenue, enhancing profitability [2].