Investment Rating - The report maintains a positive investment rating for the service consumption sector, highlighting various opportunities across different segments [4]. Core Insights - The service consumption sector is experiencing a policy-driven upswing, with traditional consumption patterns improving and new consumption trends maintaining high levels of activity [3]. - The report emphasizes the importance of government policies in stimulating demand, particularly in areas such as travel, education, and healthcare, which are expected to enhance disposable income and reduce precautionary savings [4][6]. - The tourism market in China is poised for growth, with significant potential for increasing per capita spending and length of stay, indicating a shift towards higher-value consumption [11][12]. Summary by Sections Service Consumption - The report notes that service consumption is being catalyzed by favorable policies, leading to an upward trend in economic activity [3]. - Key areas of focus include travel, education, and healthcare, with policies aimed at expanding service offerings and enhancing consumer experiences [4][6]. Traditional Consumption - Some traditional consumption sectors are seeing improvements in market dynamics, particularly in gold investment and duty-free shopping, which are benefiting from new tax regulations and expanded product offerings [4][58]. - Companies like Cai Bai and China Duty Free are highlighted for their strategic advantages in the evolving market landscape [4]. New Consumption Trends - New consumption continues to thrive, with sectors like consumer technology and retail undergoing rapid transformation, driven by changing consumer preferences and technological advancements [4]. - The report identifies opportunities in companies that are adapting to these trends, such as Ugreen Technology and KANAT Optical [4]. Tourism Sector - The domestic tourism market is projected to grow significantly, with 2024 estimates indicating 56.2 billion domestic tourist trips and a total consumption of 57,500 billion yuan [11]. - The report highlights that China's per capita tourism spending remains low compared to developed countries, suggesting substantial room for growth in this area [12][17]. Policy Developments - The report outlines a timeline for policy evolution in service consumption, emphasizing the government's commitment to enhancing service quality and expanding consumer access [8]. - Key initiatives include promoting leisure travel, improving consumer rights protection, and expanding service sector investments [9]. Company-Specific Opportunities - The report recommends specific companies for investment based on their strategic positioning and growth potential, including Huazhu Group, Jin Jiang Hotels, and various educational and retail firms [4]. - It also notes the importance of adapting to changing consumer behaviors and preferences, particularly in the context of new consumption trends [4].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights the launch of JD's cross-border e-commerce platform Joybuy in six European countries, marking a shift to comprehensive retail operations and emphasizing a self-operated model to enhance competitive differentiation [25][27] - The report suggests focusing on high-quality companies in sectors benefiting from emotional consumption themes, including gold jewelry, offline retail, cosmetics, and medical aesthetics [7][30][31] Industry Overview - The retail and social service indices reported a decline of 4.55% and 4.00% respectively during the week of March 16-20, 2026, with the retail index down 12.57% year-to-date [6][15] - The hotel and restaurant sector showed the smallest decline this week, while it has the highest growth year-to-date at 3.19% [18][20] Company-Specific Insights - Joybuy's self-operated model is expected to create a competitive edge through quality control and service reliability, with over 60 logistics warehouses established in Europe [27][28] - The report recommends several companies based on their growth potential: - **Old Puhuang**: Expected net profit growth of 226%-233% in 2025, driven by channel expansion and brand enhancement [32][41] - **Chao Hong Ji**: Anticipated net profit growth of 125%-175% in 2025, supported by differentiated product strength and multi-channel marketing [35] - **Mao Ge Ping**: Expected revenue growth of 31.3% in H1 2025, benefiting from its position as a high-end domestic cosmetics brand [35] - **Meili Tianyuan Medical Health**: Projected net profit growth of 34% in 2025, leveraging strong market positioning in high-end beauty [35] Market Dynamics - The report emphasizes the importance of adapting to consumer trends, with a focus on emotional value and innovative product safety in cosmetics and personal care [30][31] - Companies are encouraged to explore opportunities in the evolving landscape of cross-border e-commerce, particularly those with strong brand and supply chain capabilities [27][30]

东兴证券股份有限公司 关于家家悦集团股份有限公司继续使用 部分闲置募集资金进行现金管理的核查意见 东兴证券股份有限公司(以下简称"东兴证券"或"保荐机构")作为家家 悦集团股份有限公司(以下简称"家家悦"或"公司")2020年公开发行可转换 公司债券和2023年向特定对象发行股票的保荐机构,根据《证券发行上市保荐业 务管理办法》《上海证券交易所股票上市规则》《上市公司募集资金监管规则》《上 海证券交易所上市公司自律监管指引第1号 -- 规范运作》《上海证券交易所上市 公司自律监管指引第11号 -- 持续督导》等相关法律法规的规定,对家家悦继续 使用部分闲置募集资金进行现金管理的相关事项进行了审慎核查,具体情况如 下: 一、募集资金基本情况 经中国证券监督管理委员会《关于核准家家悦集团股份有限公司公开发行可 转换公司债券的批复》(证监许可【2020】316 号)核准,公司于 2020年 6 月向 社会公开发行可转换公司债券 645万张,每张面值 100元,募集资金总额为人民 币 64.500.00 万元,扣除发行费用 1,146.03 万元(不含增值税),实际募集资金净 额为 63.353.97 万元。上述资金 ...

| 证券代码：603708 | 证券简称：家家悦 | 公告编号：2026-004 | | --- | --- | --- | | 债券代码：113584 | 债券简称：家悦转债 | | 经中国证券监督管理委员会《关于核准家家悦集团股份有限公司非公开发行 股票的批复》（证监许可【2023】49 号文）同意，公司向家家悦控股集团股份 有限公司发行人民币普通股 38,934,223 股，每股面值 1 元，每股发行价为人民币 10.49 元。募集资金总额为人民币 40,842.00 万元，扣除各项发行费用合计人民币 616.07 万元（不含税），实际募集资金净额为人民币 40,225.93 万元。上述资金 到位情况业经容诚会计师事务所（特殊普通合伙）容诚验字【2023】100Z0011 号《验资报告》验证。 二、募集资金存放及管理情况 为规范公司募集资金管理，保护投资者利益，提高募集资金使用效率，根据 《上海证券交易所上市公司自律监管指引第 1 号—规范运作》《上市公司募集资 金监管规则》等有关法律法规、规范性文件及《公司章程》、公司募集资金管理 制度等相关规定，公司在中信银行股份有限公司威海分行、中国民生银行股份有 ...

证券代码：603708 证券简称：家家悦 公告编号：2026-003 家家悦集团股份有限公司 关于继续使用部分闲置募集资金进行现金管理的公 告 重要内容提示： 投资种类：安全性高、流动性好、单项产品期限最长不超过 12 个月的保 本型产品（包括但不限于结构性存款、定期存款、大额存单等）。 投资金额：不超过人民币 10,000 万元 已履行及拟履行的审议程序：公司于 2026 年 3 月 20 日召开第五届董事 会第七次会议，审议通过了《关于继续使用部分闲置募集资金进行现金管理的议 案》，同意公司使用不超过人民币 10,000 万元（含本数）的闲置募集资金投资具 有合法经营资格的金融机构销售的理财产品或存款类产品，在上述额度范围内资 金可以滚动使用，使用期限不超过董事会审议通过之日起一年。 特别风险提示：尽管公司选择安全性高、流动性好的理财产品，但金融 市场受宏观经济的影响较大，公司将根据经济形势以及金融市场的变化适时适量 地介入，不排除该项投资受到市场波动的影响。 一、投资情况概述 （一）投资目的 为提高资金使用效率，在确保不影响公司募投项目正常实施和公司正常经营 的情况下，对部分闲置募集资金进行现金管理，以 ...

Macro and Strategy - The 2026 government work report emphasizes the priority of "high-quality development" over "stability" with a GDP growth target adjusted to 4.5%-5.0%, aiming to balance growth and quality during a transitional period [7][8] - Fiscal policy remains "more proactive," with a total broad deficit of 11.89 trillion yuan and a deficit rate of approximately 8.1%, reflecting a slight decrease from the previous year [8] - Monetary policy is expected to remain "moderately loose," with anticipated adjustments including one rate cut and one reserve requirement ratio reduction in 2026 [8] Petrochemical Industry - The petrochemical industry investment strategy for March 2026 recommends focusing on rising crude oil and natural gas prices driven by geopolitical factors, particularly following military actions in the Middle East that disrupted energy supplies [9][10] - The conflict has led to significant price increases in European natural gas, with prices surging over 50% due to supply disruptions from Iran and Qatar [9] - The supply side is experiencing a downturn in fixed asset investment, indicating the end of the expansion cycle, while policies are aimed at eliminating low-priced, disordered competition [10] - Demand is expected to recover moderately due to global central banks entering a rate-cutting cycle, alongside growth in new energy and AI sectors driving demand for key chemicals [11] - The report forecasts Brent crude oil prices stabilizing between $70-$75 per barrel and WTI prices between $65-$70 per barrel in 2026, with specific investment recommendations for companies like China National Offshore Oil Corporation and China Petroleum [12] Retail Industry - The retail investment strategy for March 2026 highlights the proactive positioning of leading beauty brands for the upcoming International Women's Day promotions, with expectations for improved performance due to new product launches [17] - Gold prices have seen significant fluctuations, with a year-to-date increase of 22.34%, impacting consumer sentiment and sales in the jewelry sector [18] - The report maintains an "outperform" rating for the retail sector, suggesting that leading companies in gold and beauty will continue to grow despite short-term market volatility [19] Ctrip Group - Ctrip's Q4 2025 revenue grew by 20.8% year-on-year, outperforming expectations, with a total revenue of 15.4 billion yuan [20][21] - The company is focusing on enhancing user experience and optimizing traffic monetization, with significant growth in overseas bookings through its Trip.com platform [21] - Regulatory scrutiny regarding antitrust issues is a key concern, but the company's strong operational capabilities and supply chain integration are expected to support steady growth [22][23]

Core Viewpoint - The company is focused on enhancing its offline and online omnichannel construction to provide convenient life services for consumers [1] Group 1: Omnichannel Strategy - The company is actively working on improving its omnichannel capabilities to better serve consumers [1] - The Zibo Mining Bureau store offers home delivery services through three major platforms: Meituan, JD.com, and Flash Purchase [1] Group 2: Delivery Coverage - JD.com and Flash Purchase provide full coverage for normal delivery within a 1KM radius of the Zibo Mining Bureau store, with no restrictions [1] - Meituan has some delivery limitations within the 1KM range due to railway segment impacts on platform capacity, which the company hopes to address [1]

Core Viewpoint - The quality supervision and inspection of key industrial products in Guangyuan City will be conducted during the New Year and Spring Festival periods starting January 2026, focusing on 34 types of products, with 100 batches sampled for testing [1]. Group 1: Inspection Results - A total of 95 batches of products have been tested, with 86 batches passing and 9 batches failing the quality standards [1]. - There are 5 batches of building insulation materials that are still pending inspection due to longer testing cycles [1]. Group 2: Product Categories - The inspected products include household gas stoves, electric blankets, commercial gas stoves, and lithium batteries for electric bicycles among others [1]. - The inspection results will be publicly announced after the objection period for the 9 non-compliant products and the completion of testing for the 5 pending batches [1].

Group 1 - The company Jiajiayue (603708) has a variety of fresh southern seasonal products in its stores, including fruits, vegetables, seafood, and food items, to meet consumer needs during the holiday season [1]

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]