Investment Rating - The report rates the industry as "Overweight" [1] Core Insights - The report highlights the upcoming "2026 Spring Festival Special Activity Plan" aimed at boosting consumption during the holiday season [3] - It emphasizes the positive outlook for travel-related sectors, including hotels, duty-free shops, and scenic spots, due to improved vacation policies and anti-monopoly measures in the OTA sector [4] - The report also notes the potential in the gold and jewelry market, recommending stocks with low valuations and improved competitive landscapes [4] - The impact of subsidies on the milk tea sector is acknowledged, with specific recommendations for brands benefiting from these subsidies [4] - AI applications and undervalued new consumer sectors are identified as areas of interest, with several companies recommended for investment [4] Summary by Sections Travel and Hospitality - The report recommends several hotel stocks, including Huazhu Group, ShouLai Hotel, and JinJiang Hotels, as well as duty-free stocks like China Duty Free Group [4] - Scenic spots such as Emei Mountain A, Jiuhua Tourism, and Huangshan Tourism are highlighted as investment opportunities [4] Gold and Jewelry - Stocks like Caibai Co., Luk Fook Holdings, and Laopuhuangjin are recommended based on short-term data exceeding expectations and improved competitive dynamics [4] New Consumer Trends - Companies such as Kangnait Optical, Huatu Shanding, and Tianli International Holdings are suggested for their potential in AI applications and new consumer trends [4] Low Valuation and High Dividend Stocks - Recommendations include Jiangsu Guotai, Yum China, and Haidilao, focusing on low valuation and high dividend yield stocks [4] Market Performance - The report notes a decline of 0.91% in the retail sector and a rise of 0.70% in consumer services, ranking them 20th and 9th respectively among 30 industries [4] - Notable stock performances include Junting Hotel (+10.38%) and Haidilao (+8.64%) [4] Industry Updates - The report discusses the issuance of a special activity plan by multiple government departments to promote various consumption sectors [4] - It also mentions the acceptance of the first commercial real estate REITs by the Shenzhen Stock Exchange [4] - Recent acquisitions, such as Meituan's purchase of Dingdong Maicai's China business for approximately $717 million, are highlighted [4]

Investment Rating - The report rates the industry as "Overweight" [1] Core Insights - The report highlights the upcoming "2026 Spring Festival Special Activity Plan" aimed at boosting consumption during the holiday season [3] - It emphasizes optimism towards tourism-related sectors, including hotels, duty-free shops, and scenic spots, due to improved vacation policies and ongoing anti-monopoly measures in the OTA sector [4] - The report also suggests a favorable outlook for the gold and jewelry sector, recommending stocks with low valuations and improved competitive landscapes [4] - The impact of subsidies on the milk tea industry is noted, with specific recommendations for brands benefiting from these initiatives [4] - AI applications and undervalued new consumer sectors are highlighted, with several companies recommended for investment [4] Summary by Sections Investment Highlights - The report suggests continued optimism for tourism-related sectors, recommending specific companies such as Huazhu Group, ShouLai Hotel, and China Duty Free Group [4] - It also recommends gold and jewelry companies like Caibai Co., Luk Fook Holdings, and Laopuhuangjin, focusing on those with short-term data exceeding expectations [4] - The milk tea sector is expected to benefit from subsidies, with recommendations for brands like Guming and Hushang Ayi [4] - AI and new consumer applications are highlighted, with recommendations for companies like Kangnait Optical and Huatu Shanding [4] - Low valuation and high dividend yield stocks are recommended, including Jiangsu Guotai and Haidilao [4] Market Review - The report notes a decline of 0.91% in the retail sector and a rise of 0.70% in consumer services, ranking them 20th and 9th respectively among 30 industries [4] - Notable stock performances include Junting Hotel (+10.38%) and Haidilao (+8.64%) [4] Industry Updates - The report mentions the issuance of a special activity plan by multiple government departments to promote various consumption sectors [4] - It also notes the acceptance of the first commercial real estate REITs by the Shenzhen Stock Exchange, expanding the scope to retail, hotels, and office buildings [4] - Recent acquisitions, such as Meituan's purchase of Dingdong Maicai's China business for approximately $717 million, are highlighted [4] Company Announcements - Key announcements include the resignation of the general manager of HeBai Group and the signing of a land compensation agreement by a subsidiary of an agricultural products company [4]

格隆汇2月4日丨江苏国泰(002091.SZ)在投资者互动平台表示，公司供应链服务以消费品进出口贸易为 主。2025年1–6月，公司境外收入占主营业务收入的82.78%，产品主要销往美国、欧盟、孟加拉、越 南、日本等国家和地区。 ...

Core Viewpoint - Jiangsu Guotai emphasizes its commitment to regulatory compliance and transparency in its operations, while acknowledging that stock price fluctuations are influenced by various external factors [2] Group 1: Company Operations - The company strictly adheres to the disclosure obligations as per the Shenzhen Stock Exchange listing rules [2] - Jiangsu Guotai plans to continue focusing on its core business and optimizing management practices [2] - The company aims to enhance its intrinsic value and provide long-term returns to shareholders [2] Group 2: Market Environment - Stock price volatility is affected by macroeconomic conditions, industry policies, and market sentiment [2] - The company encourages investors to remain aware of investment risks [2]

Core Viewpoint - The trade sector experienced a significant decline, with a drop of 4.35% on February 2, leading to a broader market downturn reflected in the Shanghai Composite Index and Shenzhen Component Index, which fell by 2.48% and 2.69% respectively [1] Group 1: Market Performance - The Shanghai Composite Index closed at 4015.75, down 2.48% [1] - The Shenzhen Component Index closed at 13824.35, down 2.69% [1] - The trade sector's leading stock, Yiatong, fell by 10.07%, closing at 5.45 [1] Group 2: Stock Performance - Major stocks in the trade sector showed significant declines, with Citic Metal down 5.69% to 14.09, and ST PA down 4.99% to 3.81 [1] - Other notable declines included BanSuo HuiHong down 4.39% to 3.27, and Wukuang Development down 3.59% to 13.17 [1] Group 3: Capital Flow - The trade sector saw a net outflow of 422 million yuan from main funds, while retail investors contributed a net inflow of 352 million yuan [1] - The table of capital flow indicates that SuMeida had a main fund net inflow of 317.53 thousand yuan, while Jiangsu Guotai experienced a net outflow of 205 million yuan [2]

Investment Rating - The report assigns an "Accumulate" rating for the industry [4]. Core Insights - The civil aviation sector is expected to see record-high passenger transport volumes during the Spring Festival [2]. - The report highlights optimism for travel-related sectors, including hotels, duty-free shops, and scenic spots, due to the upcoming holiday and improved vacation policies [4]. - The report suggests selecting short-term outperformers in the gold sector as the recent surge in gold prices may be ending [4]. - AI applications and undervalued new consumption sectors are also recommended for investment [4]. Summary by Relevant Sections Industry Overview - The report notes a significant increase in domestic flight ticket bookings, with over 7.16 million tickets reserved as of January 29, 2026, reflecting a year-on-year growth of approximately 16% [4]. - International flight bookings also show slight growth, with over 1.72 million tickets reserved [4]. Retail Sector Insights - The report cites a Bain & Company report indicating a 3% to 5% contraction in China's personal luxury goods market in 2025, although this represents a significant improvement compared to the previous year's decline [4]. Company Announcements - Cai Bai Co. expects a net profit of 1.06 billion to 1.23 billion RMB for 2025, a year-on-year increase of 47.43% to 71.07% [4]. - Lai Shen Tong Ling anticipates a turnaround with a projected net profit of 58 million RMB for 2025, compared to a loss of 184 million RMB in the previous year [4]. - Yu Garden Co. expects a net loss of approximately 4.8 billion RMB for 2025, a significant decline from a profit of 125 million RMB in the previous year [4]. - Cuihua Jewelry forecasts a net profit of 21 million to 31 million RMB for 2025, a decrease of 85.69% to 90.31% compared to the previous year [4]. Key Stock Recommendations - The report recommends several stocks across various sectors, including: - Hotels: Huazhu Group, ShouLai Hotel, JinJiang Hotels [4]. - Duty-free: China Duty Free Group [4]. - Scenic spots: Emei Mountain A, Jiuhua Tourism, Huangshan Tourism [4]. - Gold sector: Cai Bai Co., Luk Fook Holdings, Lao Pu Gold [4]. - AI and new consumption: Kangnait Optical, Huatu Shanding, Tianli International Holdings [4].

Investment Rating - The report assigns an "Accumulate" rating for the industry [4]. Core Insights - The upcoming Spring Festival is expected to see record-high passenger transport volumes in civil aviation [2]. - The report highlights optimism for travel-related sectors, including hotels, duty-free shops, and scenic spots, due to improved vacation policies and anti-monopoly measures in online travel agencies (OTAs) [4]. - The report suggests selecting short-term outperformers in the gold market, as the recent surge in gold prices may be ending [4]. - AI applications and undervalued new consumption sectors are also recommended for investment [4]. Industry Updates - The State Council issued a plan to accelerate the cultivation of new growth points in service consumption, urging local governments to enhance policy design and support measures [4]. - As of January 29, 2026, domestic flight ticket bookings for the Spring Festival exceeded 7.16 million, with a daily average increase of approximately 16% year-on-year [4]. - Retail sector insights indicate a 3% to 5% contraction in China's personal luxury goods market in 2025, showing signs of recovery compared to a significant decline in 2024 [4]. Company Performance Forecasts - Cai Bai Co. expects a net profit of 1.06 billion to 1.23 billion RMB for 2025, representing a year-on-year increase of 47.43% to 71.07% [4]. - Lai Shen Tong Ling anticipates a turnaround with a projected net profit of 58 million RMB for 2025, compared to a loss of 184 million RMB in the previous year [4]. - Yu Garden Co. forecasts a net loss of approximately 4.8 billion RMB for 2025, a significant decline from a profit of 125 million RMB in the previous year [4]. - The report includes various companies with "Accumulate" ratings, such as Zhou Dafu, Cai Bai Co., and others, with detailed profit forecasts and valuation metrics [5].

Core Viewpoint - Jiangsu Guotai (002091) demonstrated strong resilience and competitiveness, achieving steady growth and quality improvement in its operations, with revenue and net profit growth aligning with industry trends [1] Financial Performance - For the first three quarters of 2025, the company reported a revenue of 29.604 billion yuan, representing a year-on-year increase of 2.06% [1] - The net profit attributable to shareholders reached 935 million yuan, reflecting a year-on-year growth of 5.37% [1] Business Segments - The company operates primarily in two main business segments: supply chain services and chemical new energy [1] - The development of its subsidiary, Ruitai New Materials (301238), which focuses on lithium-ion battery materials and silane coupling agents, positively supports the chemical new energy segment [1]

证券日报网讯1月29日，江苏国泰（002091）在互动平台回答投资者提问时表示，根据《募集说明书》 的约定，公司本次可交债发行规模为12亿元人民币，债券期限为3年，票面利率为0.01%，在本期债券 存续期限内保持不变，本期债券票面利率采取单利按年计息，不计复利，并拟全部用于偿还银行贷款。 未来若有相关信息触及公司信息披露义务，公司将严格按照有关法律法规的规定和要求及时履行信息披 露义务。 ...

Group 1 - The company Jiangsu Guotai announced on January 29 that it plans to recognize an asset impairment provision of approximately 236 million to 292 million yuan for the year 2025 [1] - The impairment provision is primarily due to the fixed asset impairment recognized by its subsidiary, Ruitai New Materials [1] - This provision is expected to reduce the net profit attributable to the parent company's shareholders by 157 million to 190 million yuan and decrease the equity attributable to the parent company's shareholders by the same amount [1]