Core Insights - The report emphasizes two main investment directions for 2026: recovery sectors focusing on profit inflection points and growth sectors targeting high revenue increases [4][19][20] Recovery Sectors - The duty-free sector is showing signs of recovery with favorable policies enhancing consumption, including expanded product categories and improved shopping convenience [4][19] - The hotel industry is expected to see a gradual improvement in RevPAR, with business and leisure demand stabilizing, indicating a potential operational turning point in Q4 or next year [4][19] - The tourism sector remains resilient despite macroeconomic pressures, with increasing travel volumes and government initiatives aimed at boosting consumption in various travel themes [4][19] Growth Sectors - The beauty industry is experiencing intensified competition, with a focus on channel value reconstruction and brand establishment [4][20] - The gold and jewelry sector is witnessing a recovery, driven by new product launches and an increasing focus on high-end market competition [4][20] - The cross-border e-commerce sector is expected to rebound, supported by stable policies and a decrease in shipping costs, with strong demand from the U.S. market [4][20] Key Company Recommendations - For duty-free, China Duty Free Group is recommended for its long-term growth potential, with attention to Wangfujing and Zhuhai Duty Free Group [4] - In the hotel sector, companies like Jinjiang Hotels, Atour, and Huazhu are highlighted for their growth prospects [4] - In tourism, companies such as Three Gorges Tourism and Changbai Mountain are suggested for monitoring acquisition and new business developments [4] - The beauty sector includes recommendations for brands like Maogeping and Proya, focusing on channel strategies [4] - For gold and jewelry, companies like Chow Tai Fook and Lao Pu Gold are recommended for their market positioning [4] - In retail, companies like Yonghui Supermarket and Xinhua Department Store are noted for their recovery potential [4]

Group 1 - The A-share market showed a rebound on December 10, with mixed performance across the three major indices. The retail sector was particularly active, experiencing a surge in stock prices, with several companies hitting the daily limit up, including Dongbai Group with four consecutive limit-ups and Yonghui Supermarket with three limit-ups in three days [2] - The National Retail Innovation Development Conference held in Beijing on December 9-10 served as a significant catalyst for the retail sector's strength. The Deputy Minister of Commerce, Sheng Qiuping, emphasized the importance of the retail industry in fostering a complete domestic demand system and enhancing domestic circulation during the "14th Five-Year Plan" period, advocating for a shift towards quality-driven and service-driven growth for high-quality development [2] - According to Open Source Securities, offline retail enterprises are continuously advancing their transformation from selling "goods" to selling "services and experiences," leveraging their offline advantages and multi-dimensional cross-industry layouts to attract traffic back. Online cross-border e-commerce companies are expected to enter a demand improvement phase with the easing of interest rates, combined with advantages from AI integration, which may further enhance their market share. The focus is on offline retail enterprises adapting to trend changes and leading cross-border e-commerce companies empowered by AI [2]

Group 1 - The general retail sector increased by 2.79% compared to the previous trading day, with Yonghui Supermarket leading the gains [1] - On the same day, the Shanghai Composite Index closed at 3900.5, down 0.23%, while the Shenzhen Component Index closed at 13316.42, up 0.29% [1] - Notable gainers in the general retail sector included Yonghui Supermarket, which rose by 10.11% to a closing price of 5.23, and Central Plaza, which increased by 10.10% to 4.47 [1] Group 2 - The general retail sector saw a net inflow of 1.007 billion yuan from main funds, while retail funds experienced a net outflow of 699 million yuan and individual investors saw a net outflow of 308 million yuan [2] - The trading volume for Yonghui Supermarket was 2.7269 million hands, with a transaction amount of 1.426 billion yuan [1][2] - Other significant stocks in the sector included Meikailong, which rose by 10.04% to a closing price of 3.07, and Maoye Commercial, which increased by 10.03% to 7.13 [1]

Core Insights - The retail and chain sectors are leading the A-share market, with several stocks hitting the daily limit up, indicating strong market performance [1][2] - The National Retail Industry Innovation Development Conference was held in Beijing from December 9 to 10, highlighting the government's focus on the retail sector as a key driver for domestic demand and economic circulation [1][2] Industry Summary - The Ministry of Commerce's Deputy Minister, Sheng Qiuping, emphasized the importance of the retail industry during the "14th Five-Year Plan" period, aiming for a shift towards quality-driven and service-driven growth for high-quality development [1][2] - Current challenges in the retail sector include improving store layout, supply-demand matching, and balancing online and offline operations [1][2] - The government encourages learning from successful companies like Pang Donglai to accelerate transformation and enhancement within the industry [1][2] - There is a strong emphasis on tapping into lower-tier markets and developing new business models and scenarios to stimulate consumer potential [1][2] - The integration of online and offline channels is encouraged to enhance mutual benefits, data sharing, and supply chain collaboration, aiming for deep integration and win-win outcomes [1][2] - The government aims to play a better role in creating a fair competitive environment in the market while allowing market forces to play a decisive role in resource allocation [1][2]

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]

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]

Market Overview - The Shanghai Composite Index is at 3884.77 points, above the six-month moving average, with a decline of 0.63% [1] - The total trading volume of A-shares is 843.164 billion yuan [1] Stocks Breaking the Six-Month Moving Average - A total of 59 A-shares have surpassed the six-month moving average today [1] - Notable stocks with significant deviation rates include: - Yonghui Supermarket (601933) with a deviation rate of 9.65%, closing at 5.23 yuan [1] - Huijia Times (603101) with a deviation rate of 9.51%, closing at 10.59 yuan [1] - Jinchuan Group (603680) with a deviation rate of 9.01%, closing at 13.12 yuan [1] Additional Stocks with Deviation Rates - Other stocks with notable performance include: - Kaide Stone (920179) with a 13.74% increase and a deviation rate of 8.62% [1] - Wuzhou Medical (301234) with a 9.22% increase and a deviation rate of 6.99% [1] - Bubu Gao (002251) with a 9.94% increase and a deviation rate of 6.83% [1] Stocks with Smaller Deviation Rates - Stocks with smaller deviation rates that have just crossed the six-month moving average include: - Guodian Nari (601366) with a deviation rate of 1.80% [1] - Zhenhua Technology (603527) with a deviation rate of 1.69% [1] - ST Sansheng (002742) with a deviation rate of 0.92% [2]

Group 1 - The A-share retail sector continues to show strong performance, with multiple stocks hitting the daily limit up, indicating high market confidence in the retail industry's growth prospects [1][3] - Notable stocks that reached the limit up include Yonghui Supermarket, Central Plaza, Meikailong, and others, with Dongbai Group achieving a four-day limit up and Yonghui Supermarket a three-day limit up [1][2] - The National Retail Innovation Development Conference held on December 9-10 is a significant catalyst for the retail sector's strength, with the Ministry of Commerce emphasizing the importance of retail in fostering a complete domestic demand system [3][4] Group 2 - The retail industry has made substantial contributions to consumption and investment since the 14th Five-Year Plan, with a projected 3.5% year-on-year growth in national social retail sales in 2024, showcasing strong resilience [3] - Different retail formats, including convenience stores and supermarkets, have shown positive year-on-year growth rates in the first three quarters of 2025, indicating a collaborative development among various retail formats [3] - The Ministry of Commerce highlighted the need for improvements in network layout, supply-demand matching, and the balance between online and offline operations, advocating for high-quality goods and services to attract consumers [3][4] Group 3 - Analysts predict that consumer recovery will be the main theme for the retail industry by 2026, suggesting a focus on high-quality segments with both short-term recovery potential and long-term growth [4] - The successful conclusion of the National Retail Innovation Development Conference is expected to provide new development opportunities for retail enterprises and favorable investment targets for investors [4] - Investors are encouraged to focus on retail companies with core competitiveness and long-term development potential to share in the industry's growth dividends [4]

"零售企业出海的核心在于'本地化适配'与'优势输出'的结合"，业内人士分析指出，汇嘉时代的调 研路径既紧扣"一带一路"跨境贸易政策导向，又锚定了中国商品的供应链优势与新零售服务的经验优 势，这种"服务+供应链"的组合模式，或能降低区域零售品牌国际化的试错成本，也为更多中国商品进 入中亚市场拓宽通道。 据悉，汇嘉时代后续将基于此次调研成果，进一步细化海外业务方案，从品类筛选、选址落地到合 规运营逐步推进。市场期待，其"服务+供应链"出海模式的落地，能为中国零售企业拓展中亚市场提供 可参考的路径，同时推动更多高性价比中国商品进入中亚消费市场，实现服务出海的双向赋能。 编辑：牛朝阁 近日，新疆零售龙头汇嘉时代开启"商超出海"专项市场调研，以哈萨克斯坦的阿拉木图为调研核 心，通过实地走访、消费访谈与数据采集，为其"服务+供应链"出海模式铺路。此举被业内视为零售企 业服务出海，挖掘中国商品中亚市场潜力的典型开端，也为区域商贸零售服务品牌化、国际化探索提供 了新样本。 从调研披露信息看，阿拉木图商超市场呈现"场景分化、需求明确"特征，与中国商品的适配性已逐 步显现。当地商超主要分为两类：3000-10000平方米的大型综 ...