Core Insights - The retail industry is experiencing a shift from value preservation to emotional value, with a focus on high-growth segments for investment opportunities [5][28] - The report maintains a positive outlook on the retail sector, emphasizing the importance of consumer insights and differentiated product offerings [5][28] Retail Market Overview - The retail index reported a slight increase of 0.31% during the week of November 3 to November 7, 2025, underperforming the Shanghai Composite Index, which rose by 1.08% [7][16] - Year-to-date, the retail index has increased by 4.20%, lagging behind the Shanghai Composite Index's 19.27% growth [16][20] Investment Strategy for 2026 - The investment strategy highlights four main themes: 1. **Gold and Jewelry**: Focus on high-end and fashionable gold segments, with recommendations for brands like Lao Pu Gold and Chao Hong Ji [5][48] 2. **Retail E-commerce**: Emphasize the transformation of offline retail to enhance service and experience, with key players like Yonghui Supermarket and Ai Ying Shi [5][48] 3. **Cosmetics**: Target domestic brands that capture emotional value and innovate on safety ingredients, recommending brands like Juzi Biological and Pechoin [5][49] 4. **Medical Aesthetics**: Focus on differentiated product manufacturers and expanding medical institutions, with recommendations for brands like Ai Mei Ke and Ke Di-B [5][49] Sector Performance - The jewelry sector is undergoing significant changes due to rising gold prices and a decline in traditional wedding markets, leading to the emergence of brands with strong consumer insights [5][29] - The cosmetics sector is seeing a rise in domestic brands leveraging cultural roots and emotional value to capture market share [5][41] Company-Specific Insights - **Chao Hong Ji**: Reported a revenue increase of 28.4% year-on-year for the first three quarters of 2025, with a notable performance in Q3 [54] - **Yonghui Supermarket**: Experienced a revenue decline of 22.2% year-on-year for the first three quarters of 2025, but is undergoing significant transformation [50] - **Juzi Biological**: Achieved a revenue growth of 21.7% year-on-year for the first half of 2025, focusing on collagen products [50]

Core Insights - The stock price of Jiajiayue increased by 2.26% on November 6, reaching 11.30 CNY per share, with a total market capitalization of 7.213 billion CNY [1] - Year-to-date, Jiajiayue's stock price has risen by 1.35%, with notable increases of 5.12% over the last five trading days and 12.55% over the last 20 days [2] Financial Performance - For the period from January to September 2025, Jiajiayue reported a revenue of 13.588 billion CNY, a year-on-year decrease of 3.81%, while the net profit attributable to shareholders increased by 9.43% to 206 million CNY [2] - Cumulative cash dividends since the A-share listing amount to 1.587 billion CNY, with 402 million CNY distributed over the last three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders decreased by 10.62% to 21,800, with an average of 29,305 circulating shares per person, an increase of 11.89% [2] - The top ten circulating shareholders include Huaxia Large Cap Select Mixed Fund, which holds 3.7126 million shares, down by 2.1379 million shares from the previous period [3]

Group 1 - The service industry is expected to benefit from favorable policies, with a significant increase in service consumption anticipated in 2026 due to continuous policy support and demand dividends [3][7][11] - The report highlights the structural growth in emotional value and symbolic consumption, particularly in the IP toy industry, which is rapidly realizing commercial value [3][7][9] - The retail industry is undergoing a transformation towards a decentralized model, with traditional retail facing intense competition and new channels like discount stores and community supermarkets emerging [3][7][9] Group 2 - The report emphasizes the importance of optimizing holiday arrangements and integrating cultural tourism to stimulate demand, particularly for families with children [12][15] - The service consumption structure in China shows significant room for growth, with the current per capita service consumption being much lower than that of developed countries [29][30][32] - The tea and coffee beverage market in China is experiencing rapid growth, with the market size expected to increase significantly, driven by consumer demand in lower-tier cities [56][58][59] Group 3 - The online travel agency (OTA) market is projected to maintain stable profit margins, with companies like Trip.com leading in growth despite slight slowdowns in overseas markets [48][54] - The hotel industry is seeing a gradual improvement in operating data, with a narrowing decline in revenue per available room (RevPAR) expected to continue [37][40][43] - The report indicates that the demand for travel and tourism services is stable, with business travel being a significant source of fluctuations in demand [40][41]

Core Points - The controlling shareholder of the company, Jiajiayue Holdings Group Co., Ltd., holds 401,786,932 shares, accounting for 62.94% of the total share capital [2] - On November 3, 2025, the company received notification that 11,400,000 shares previously pledged to CITIC Securities Co., Ltd. have been released from pledge [2]

| 证券代码：603708 | 证券简称：家家悦 | 公告编号：2025-076 | | --- | --- | --- | | 债券代码：113584 | 债券简称：家悦转债 | | 家家悦集团股份有限公司 关于"家悦转债"变更转股股份来源的公告 本公司董事会及全体董事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个别及连带责任。 截至 2025 年 10 月 31 日，累计有 120,000 元"家悦转债"已转换为公司股 份，因转股形成的股份数量累计为 4,367 股，占可转债转股前公司已发行股份总 额的 0.00072%。尚未转股的"家悦转债"金额为人民币 644,880,000 元，占"家 悦转债"发行总量的 99.9814%。 三、关于确认公开发行可转换公司债券转股来源的情况 重要内容提示： 一、可转债发行上市概况 （一）经中国证券监督管理委员会核准《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），家家悦集团股 份有限公司（以下简称"公司"）于 2020 年 6 月公开发行了可转换公司债券 645 ...

| 证券代码：603708 | 证券简称：家家悦 | 公告编号：2025-077 | | --- | --- | --- | | 债券代码：113584 | 证券简称：家悦转债 | | 家家悦集团股份有限公司 关于控股股东部分股份解除质押的公告 公司于2025年11月3日接到控股股东家家悦控股通知，已将质押给中信证券 股份有限公司的11,400,000股公司股份办理了解除质押手续，具体情况如下： 一、股份解除质押基本情况 单位：股 | | | | 本次解质（解冻）股份 | 11,400,000 | | | | | --- | --- | --- | --- | --- | | 占其所持股份比例 | 2.84% | | | | | 占公司总股本比例 | 1.79% | | | | | 解质（解冻）时间 | 年 10 月 31 | 2025 | | 日 | | 持股数量 | 401,786,932 | | | | | 持股比例 | | | 62.94% | | | 剩余被质押（被冻结）股份数量 | | | 66,650,000 | | | 剩余被质押（被冻结）股份数量占其所持股份 比例 | | | 16.59% ...

Group 1 - The controlling shareholder, Jiajiayue Holding Group Co., Ltd., has released a pledge of 11.4 million shares on October 31, 2025, which accounts for 2.84% of its holdings and 1.79% of the company's total share capital [1] - After this release, the total pledged shares by Jiajiayue Holding amount to 66.65 million shares, representing 16.59% of its total holdings and 10.44% of the company's total share capital [1] - The controlling shareholder and its concerted parties collectively hold 449 million shares, which is 70.39% of the company's total share capital, with a total of 66.65 million shares pledged, accounting for 14.83% of their total holdings [1]

Core Points - The controlling shareholder of the company, 家家悦控股, has released a pledge on 11,400,000 shares to 中信证券股份有限公司 as of October 31, 2025 [1] - After the release of the pledge, 家家悦控股 has a total of 66,650,000 pledged shares, which represents 16.59% of its total holdings and 10.44% of the company's total share capital [1] - The controlling shareholder and its concerted parties hold a total of 449,356,089 shares, accounting for 70.39% of the company's total share capital, with pledged shares making up 14.83% of their total holdings [1] - There are currently no plans for subsequent pledges of the released shares, and future pledging will depend on financing needs [1]

Core Insights - Delisi (002330.SZ) and Jiajiayue (603708.SH) have signed a strategic cooperation agreement to enhance supply chain efficiency and market competitiveness through resource sharing and complementary advantages [1][2] Group 1: Strategic Cooperation - The partnership aims to create a high-efficiency, safe, and stable supply chain system to maximize operational efficiency and brand influence [1] - The collaboration will focus on product supply, market promotion, central kitchen coordination, joint bidding, technical exchanges, and co-development of products [1][3] Group 2: Company Profiles - Jiajiayue is a leading supermarket chain and integrated food processing group, known for its fresh food operations and extensive logistics capabilities across key cities in China [1][2] - Delisi is recognized as a national leader in meat products, with a robust supply chain and production capabilities, including five major production bases across the country [2] Group 3: Operational Synergies - Delisi will prioritize the supply of fresh pork, beef, and frozen processed products to Jiajiayue under equal conditions, while Jiajiayue will promote Delisi's products through new introductions and co-branded offerings [3] - Both companies plan to execute joint promotional activities to enhance brand visibility and sales, and explore centralized processing and unified distribution models for meal supply [3]

Investment Rating - The report maintains a "Buy" rating for the consumer services industry, emphasizing the potential for growth driven by government policies aimed at boosting consumption [1]. Core Insights - The report highlights the importance of the "14th Five-Year Plan" which aims to significantly enhance consumer spending through various measures, including increasing public service expenditure and improving consumer rights protection [4]. - It suggests that the current transformation in China's service consumption sector presents a prime investment opportunity, particularly in service consumption platforms, hotel groups with improving margins, and the tourism sector [4]. Industry Overview - The consumer services sector consists of 55 listed companies with a total market capitalization of approximately 498.8 billion yuan and a circulating market value of about 457.1 billion yuan [1]. - The sector's performance over the past month shows a decline of 7.7%, while the 12-month performance indicates a growth of 9.2% [2]. Market Performance - The consumer services industry experienced a weekly increase of 0.45%, outperforming the overall A-share market which rose by 0.39% [7]. - Notable stocks in the sector include Dalian Shengya, Chuangye Heima, and Fangzhi Technology, which showed significant gains [4]. Key Announcements - Major announcements include Meituan's issuance of $2 billion in senior bonds with a subscription rate exceeding 5.7 times, and Guangzhou Restaurant's third-quarter revenue of 2.293 billion yuan, reflecting a year-on-year growth of 4.66% [31][32]. Upcoming Events - Several companies in the sector are scheduled to hold shareholder meetings in November, including Guangzhou Restaurant and Yunnan Tourism, which may provide further insights into their operational strategies and financial performance [35][36]. Industry News - Recent developments include the collaboration between Mixue Ice City and Hainan Airlines to launch a co-branded flight, and the introduction of pet-friendly travel products by Zhongxin Tourism, indicating innovation in service offerings [37][38].