Core Viewpoint - The commercial retail sector in A-shares has underperformed significantly this year, with a need for a rebound as indicated by the low growth rates compared to other sectors [1] Industry Summary - The Shenwan Commercial Retail Index has only increased by 4.85% as of December 9, which is considerably lower than the growth rates of technology and non-ferrous metals sectors, as well as the overall market performance [1] - There is a strong demand for a rebound in the commercial retail sector due to its underperformance [1] Company Summary - Leading companies in the sector, such as Gongxiao Daji and Yonghui Supermarket, have seen declines exceeding 25% this year, while companies like Yuyuan and Juran Smart Home have dropped over 10% [1] - The median growth rate among over 40 commercial retail component stocks is less than 4% [1] - Among these component stocks, 15 have received ratings from two or more institutions, indicating a level of interest; Xiaogoods City, Yonghui Supermarket, and Chongqing Department Store have garnered attention from more than 10 institutions [1]

Core Insights - The Chinese supermarket industry is undergoing a profound structural transformation driven by changes in the macroeconomic environment and consumer behavior, leading to a crisis for traditional supermarkets [1][3] - Major supermarket brands are closing stores to optimize their layouts, with 62 brands shutting down 3,037 stores in 2024, indicating a challenging environment for traditional hypermarkets [1][3] - Some companies, like Walmart China, are experiencing growth through channel optimization and a multi-channel retail model, achieving net sales of 147.3 billion yuan in FY2025, a 3.6% increase year-on-year [2] Group 1: Current Challenges and Transformations - Traditional supermarkets are facing a "shuffling phase" characterized by store closures and operational adjustments to enhance efficiency and reduce costs [3][5] - A specific supermarket reported cumulative losses of nearly 10 billion yuan from 2021 to 2024 and plans to close an additional 200 stores while opening 200 "transformed" stores [4][5] - The dual strategy of closing unprofitable stores and optimizing potential ones has led to a cycle of revenue decline and increased losses, highlighting the need for effective transformation [5][6] Group 2: Internal Reforms and Operational Efficiency - Supermarkets are focusing on refined operations and cost reduction through store adjustments and organizational changes, with an emphasis on improving operational efficiency and profitability [6][7] - Companies like Yonghui and CR Vanguard are actively reforming their operations by concentrating on core suppliers and key products, aiming to enhance competitiveness from the supply chain [7][8] - The key to transformation lies in "cost reduction and efficiency enhancement," which involves optimizing store layouts, streamlining SKUs, and improving supply chain management [7][8] Group 3: New Growth Opportunities - Supermarkets are exploring new growth avenues through front warehouses and instant retail models, responding to the increasing demand for convenience and rapid delivery [8][9] - The front warehouse model allows supermarkets to meet immediate consumer needs efficiently, with companies like RT-Mart and Yonghui planning to expand their front warehouse operations [10][11] - Instant retail is becoming a significant trend, with traditional supermarkets leveraging digital platforms to convert offline traffic into online orders, as seen with Walmart's "Cloud Warehouse" initiative [11][12] Group 4: Benchmarking Against Global Leaders - Sam's Club serves as a critical benchmark for traditional supermarkets, with its membership model and focus on high-quality products driving significant growth [15][16] - The membership system at Sam's Club has a renewal rate of 90%, indicating the importance of establishing a robust membership framework for domestic supermarkets [16][22] - Traditional supermarkets need to adopt a "less is more" approach in product selection, focusing on core categories to enhance product quality and consumer loyalty [17][18] Group 5: Supply Chain Relationship Reconstruction - The relationship between suppliers and retailers is strained, with traditional supermarkets relying on outdated models that impose high costs on suppliers, leading to a loss of competitiveness [23][24] - Supermarkets must shift from a confrontational to a collaborative approach with suppliers, recognizing that mutual profitability is essential for long-term success [27][28] - Implementing reforms to eliminate unreasonable fees and improve payment terms can enhance supplier relationships and stabilize the supply chain [28][29] Group 6: Future Directions and Industry Outlook - The transformation of the supermarket industry is essential for survival, requiring a comprehensive overhaul of operations and a focus on customer-centric strategies [32][33] - Embracing digital transformation and innovative retail models will be crucial for traditional supermarkets to regain market share and consumer trust [33][34] - The journey of transformation may be challenging, but it is necessary for traditional supermarkets to emerge stronger and more competitive in the evolving retail landscape [34]

一、【早盘盘面回顾】 智通财经12月10日讯，市场早盘震荡调整，沪指低开低走，创业板指跌超1%。量能再度萎缩，沪深两 市半日成交额1.14万亿，较上个交易日缩量1184亿。全市场超3800只个股下跌。从板块来看，海南板块 走强，罗牛山、海南瑞泽涨停。零售概念表现活跃，永辉超市、南京商旅双双3连板。商业航天板块局 部强势，再升科技3连板，天通股份2连板。多只福建人气股下挫，海欣食品触及跌停，招标股份、红相 股份大跌。截至收盘，沪指跌0.72%，深成指跌0.56%，创业板指跌1.23%。 个股来看，今日早盘涨停数量为37家（不包括ST及未开板新股），炸板率为43%，连板股数量为15家， 厦门港务、昇兴股份、东百集团4连板，博纳影业、安妮股份、南京商旅、永辉超市、再升科技3连板， 信隆健康、跃岭股份、欣贺股份、中央商场、美凯龙2连板。 另外需注意的是，摩尔线程今日涨超19%，成功突破上市首日高点，截至午盘成交额达70.3亿。 | C摩尔-U(688795) | | --- | | 750.00 所属行业: | | | | | | 查看所属板块 > | | --- | --- | --- | --- | --- | ...

Core Viewpoint - A-shares experienced a decline in the morning session, with the Shanghai Composite Index down 0.72%, the Shenzhen Component Index down 0.56%, and the ChiNext Index down 1.23% [1] Market Performance - The Hainan sector showed resilience, with stocks like Luoniushan and Hainan Ruize hitting the daily limit, and Shennong Seed Industry rising over 10% [1] - The retail sector also performed well, with Central Plaza and Yonghui Supermarket among those reaching the daily limit [1] - Conversely, the cultivated diamond concept saw a decline, with World falling over 6% [1] - Other sectors that saw gains included duty-free shops, precious metals, engineering machinery, film and television, and non-ferrous metals [1] - Sectors that faced declines included power equipment, photovoltaic equipment, consumer electronics, wind power equipment, and AI smartphones [1] Trading Volume - The total market turnover exceeded 1.1 trillion yuan, a decrease of over 110 billion yuan compared to the previous day, with more than 3,800 stocks declining [1]

Group 1 - The A-share market retail stocks showed strong performance in the morning session, with several companies hitting the daily limit up [1] - Notable stocks include Yonghui Supermarket, Central Plaza, Maoye Commercial, Dongbai Group, Huijia Times, and Bubugao, all reaching the daily limit up, while Zhongbai Group rose over 7% and Kidswant increased by over 5% [1] Group 2 - The retail sector is being emphasized as a key focus for developing a complete domestic demand system and strengthening the domestic circulation during the 14th Five-Year Plan period, according to the Deputy Minister of Commerce, Sheng Qiuping [2] - The goal is to shift the industry towards quality-driven and service-driven growth, aiming for high-quality development [2]

今天上午，A股调整。大消费表现活跃，零售、免税店、影视院线等板块涨幅居前。海南本地股、有色 金属、工程机械等板块上涨。科技股表现分化，昨天表现活跃的算力链回调。 截至上午收盘，上证指数下跌0.72%，深证成指下跌0.56%，创业板指下跌1.23%。 科技股分化 今天上午，科技股表现分化。中科曙光跌停，海光信息下跌2.31%。胜宏科技、工业富联、寒武纪、新 易盛等龙头股也下跌。 12月9日晚，海光信息、中科曙光双双发布公告称，两家公司分别召开董事会会议，同意终止海光信息 拟换股吸收合并中科曙光的交易。12月10日15：00—16：00，双方将召开终止重大资产重组投资者说明 会。 上市第四天的摩尔线程大涨，上午上涨19.37%，盘中股价创上市以来新高，最新市值为3525.2亿元，上 午收盘价为750元，超越源杰科技，成为A股第三高价股。 12月9日，摩尔线程在微信公众号发文表示，12月19日至20日，摩尔线程首届MUSA开发者大会 （MUSA Developer Conference）将在北京中关村国际创新中心拉开帷幕。大会主论坛将聚焦驱动千行 百业数智化转型的核心引擎——智能算力。摩尔线程创始人、董事长兼CEO ...

Group 1 - A-shares saw a total of 39 stocks hitting the daily limit up and 9 stocks hitting the limit down during the first half of the trading session on December 10 [1] - The commercial retail sector showed strong performance, with Yonghui Supermarket and Nanjing Shanglv achieving three consecutive limit ups, while Meikailong recorded two consecutive limit ups and Bubugao hit the limit up [1] - Notable stocks with consecutive limit ups include Dongbai Group and Xiamen Port Authority with four consecutive limit ups, Bona Film Group and Annie Shares with three consecutive limit ups, and Xinlong Health, Yueling Shares, and Xinha Shares with two consecutive limit ups [1] Group 2 - Stocks facing consecutive limit downs include *ST Zhengping with six consecutive limit downs, *ST Fanli with five consecutive limit downs, and ST Zhongdi with two consecutive limit downs [1] - Other stocks that hit the limit down include *ST Aowei, *ST Yanshi, Zhongke Shuguang, and *ST Yazhen [1]

Group 1 - The A-share retail sector showed strong performance in the morning session, with several stocks hitting the daily limit up, including Yonghui Supermarket, Central Plaza, Maoye Commercial, Dongbai Group, Huijia Times, and Bubugao [1] - The National Retail Industry Innovation Development Conference was held in Beijing on December 9-10, where the Deputy Minister of Commerce, Sheng Qiuping, emphasized the importance of the retail industry in fostering a complete domestic demand system and strengthening the domestic circulation during the 14th Five-Year Plan period [1] - The focus will be on transitioning the industry towards quality-driven and service-driven growth to achieve high-quality development [1] Group 2 - Notable stock performances included Yonghui Supermarket with a 10.11% increase, Central Plaza at 10.10%, and Maoye Commercial at 10.03%, among others [2] - Year-to-date performance showed significant variations, with Dongbai Group up 96.33% and Zhongbai Group down 36.70% [2] - The MACD golden cross signal formation indicates a positive trend for these stocks [2]

Group 1 - The A-share market saw strong performance in retail stocks, with several companies hitting the daily limit up, including Yonghui Supermarket, Central Plaza, Maoye Commercial, Dongbai Group, Huijia Times, and Bubugao [1] - The National Retail Industry Innovation Development Conference was held in Beijing on December 9-10, where the Deputy Minister of Commerce, Sheng Qiuping, emphasized the importance of the retail sector in fostering a complete domestic demand system and strengthening the domestic circulation during the 14th Five-Year Plan period [1] Group 2 - Notable stock performances included Yonghui Supermarket with a 10.11% increase, Central Plaza at 10.10%, and Maoye Commercial at 10.03%, among others [2] - Year-to-date performance showed significant variations, with Dongbai Group up 96.33% and Maoye Commercial up 63.16%, while Zhongbai Group and Haiziwang reported declines of 36.70% and 10.98%, respectively [2]

下载财联社APP获取更多资讯 准确 快速 权威 专业 7x24h电报 头条新闻 VIP资讯 实时盯盘 今日早盘，A股市场震荡调整，沪指低开低走，创业板指跌超1%。量能再度萎缩，沪深两市半日成交额1.14万亿，较上个交易日缩量1184亿。全市场 超3800只个股下跌。 从板块来看， 海南板块走强， 罗牛山、海南瑞泽涨停。零售概念表现活跃，永辉超市、南京商旅双双3连板。商业航天板块局部强势，再 升科技3连板，天通股份2连板。多只福建人气股下挫，海欣食品触及跌停，招标股份、红相股份大跌。 板块方面， 海南、贵金属、零售、影视院线等板块涨幅居前， 培育钻石、光伏等板块跌幅居前。截至收盘，沪指跌0.72%，深成指跌 0.56%，创业板指跌1.23%。 ...