Investment Rating - The report assigns an "Increase" rating for the retail and wholesale trade industry, indicating an expected performance that exceeds the Shanghai and Shenzhen 300 Index by over 15% [5]. Core Insights - The U.S. Supreme Court ruled that the tariffs imposed under the International Emergency Economic Powers Act (IEEPA) were illegal, leading to a proposed 5% reduction in tariffs on Chinese goods through the implementation of Section 122 of the Trade Act of 1974 [2][5]. - The Section 122 tariffs will have a broad exemption list, including critical minerals, energy products, certain agricultural products, pharmaceuticals, and vehicles, ensuring limited scope for the tariffs [4]. - The new tariffs will apply a uniform global rate of up to 15%, eliminating previous country-specific differences, thus impacting most trade partners similarly [4]. Summary by Sections Legal Context - The Supreme Court's decision on February 20, 2026, overturned the previous tariffs under IEEPA, stating that the power to impose taxes lies with Congress, not the President [5]. - The new tariffs under Section 122 are set to be temporary, with a maximum duration of 150 days unless extended by Congress [5]. Tariff Structure - The current tariff structure on Chinese goods includes four categories: 301 tariffs (7.5%-25%), 232 tariffs (25-50%), the new 122 tariffs (15%), and special taxes (e.g., fentanyl and reciprocal tariffs totaling 20%) [5]. - The ruling results in a net reduction of approximately 5% in tariffs on Chinese goods, alleviating some pressure on trade [5]. Investment Recommendations - The report recommends several companies for investment, including Anker Innovations, Ugreen Technology, Saiwei Times, Sumida, Jihong Co., and Zhiou Technology, all rated for "Increase" [5][6].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report highlights a steady recovery in consumer spending during the Spring Festival, with significant increases in payment transactions and retail sales compared to the previous year [4][26] - The report emphasizes the importance of high-quality companies in high-growth sectors driven by emotional consumption themes [7][35] Summary by Sections Industry Dynamics - The Spring Festival saw a robust recovery in social consumption, with payment transactions on New Year's Eve reaching 4.931 billion, a 21.64% increase from the previous year [4][26] - Key regions like Hainan and cities such as Tianjin and Zhenjiang showed strong performance in retail and dining, with Hainan's duty-free shopping amounting to 1.03 billion yuan, up 20.9% year-on-year [4][27] - Domestic travel orders surged by 60%, and outbound travel orders increased by over 180% during the holiday period [4][26] Investment Recommendations - Investment Theme 1: Focus on high-end gold and fashion jewelry brands, recommending companies like Laopai Gold and Chaohongji for their differentiated product offerings [7][35] - Investment Theme 2: Emphasize retail companies adapting to trends and AI-enabled cross-border e-commerce leaders, with recommendations for Yonghui Supermarket and Aiyingshi [7][35] - Investment Theme 3: Highlight domestic beauty brands that cater to emotional value and innovative safe ingredients, recommending brands like Maogeping and Proya [7][35] - Investment Theme 4: Focus on differentiated medical beauty product manufacturers and leading medical beauty institutions, recommending companies like Meilitiantian Medical Health and Aimeike [7][35] Market Performance - The retail and social service indices reported declines of 1.59% and 0.78% respectively during the week from February 9 to February 13, 2026 [6][15] - The report notes that the education sector saw the highest growth among sub-sectors, while the watch and jewelry sector led the year-to-date performance with an 11.29% increase [6][18] Company Highlights - Laopai Gold reported a significant revenue increase of 250.9% in the first half of FY2025, driven by strong consumer demand and brand expansion [37] - Chaohongji is expected to achieve a net profit growth of 125% to 175% in FY2025, supported by its differentiated product strategy [37] - Maogeping and Proya are highlighted for their strong performance in the beauty sector, with Maogeping achieving a revenue increase of 31.3% in FY2025 [37]

经济观察网 2026年2月19日，跨境电商新政密集落地，包括出口退运税收优惠延续至2027年底及海关总 署推广25项贸易便利化措施，旨在降低企业成本、提升效率。吉宏股份作为供应链服务商代表，凭借 AI智能分拣系统优化退运处理，海外仓利用率达85%，直接受益于政策红利。新政对跨境电商板块形成 结构性利好，但需关注个股分化风险。 根据机构整合数据（截至2026年2月21日），吉宏股份市场关注度中性，机构给予综合目标价21.14元， 较最新价（2月13日A股收盘价18.53元）潜在上涨空间35.43%。盈利预测显示，2025年净利润预计同比 增长56.47%，2026年增速放缓至26.81%，主要受AI技术赋能跨境电商业务驱动。近期无新增研报，但 长城证券1月26日报告指出，公司AI战略已显成效，2025年业绩预增50%-60%。 以上内容基于公开资料整理，不构成投资建议。 如何抓住"黄金牛市"波段机会？升级投资账户，一键配置金+银>> 机构观点 ...

（文章来源：证券日报） 证券日报网讯 2月6日，吉宏股份发布公告称，控股股东庄浩质押411.9295万股，占其持股6.19%，一致 行动人庄澍同日解除质押700万股，占其持股21.00%。 ...

证券代码：002803 证券简称：吉宏股份 公告编号：2026-009 厦门吉宏科技股份有限公司关于 控股股东部分股份质押及其一致行动人部分股份 解除质押的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、本次股份质押基本情况 | | 是否为控股 | 本次质 | 占其所 | 占公司 | 是否为限售 股（如是， | 是否为 | 质押 | 质押 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东 名称 | 股东或第一 | 押股份 | 持股份 | 总股本 | | 补充质 | 起始日 | 到期日 | 质权人 | 质押 用途 | | | 大股东及其 | 数量 | 比例 | 比例 | 注明限售类 | 押 | | | | | | | 一致行动人 | （万股） | | | 型） | | | | | | | | | | | | 是，高管锁 | | | | 广发证券 | 其他 | | 庄浩 | 是 | 411.9295 | 6.19% | 0.91% | 定股 | 否 ...

证券日报网讯 2月4日，吉宏股份发布公告称，近日接到公司控股股东、实际控制人庄浩女士的通知， 获悉庄浩女士所持有公司部分股份办理解除质押手续。本次解除质押860万股，占其所持股份12.93%， 占公司总股本1.91%。 （文章来源：证券日报） ...

吉宏股份（002803）(02603)发布公告，公司近日接到公司控股股东、实际控制人庄浩女士的通知，获 悉庄浩女士所持有公司860万股股份办理解除质押手续。 ...

每经头条（nbdtoutiao）——特朗普的"完美人选"颠覆美联储？解码凯文·沃什的"新政构想"：左手放水 右手抽水，要靠AI驯服通胀，拒做美债"大买家" （记者 张明双） 每经AI快讯，吉宏股份2月4日晚间发布公告称，截至本公告日，庄浩累计质押股数为2200万股，占其 所持股份比例为33.08%。庄澍累计质押股数为1120万股，占其所持股份比例为33.6%。 ...

证券代码：002803 证券简称：吉宏股份 公告编号：2026-008 | 股东名称 | | | 本次质押 | 本次质押 | | 占公司 | 已质押股份情况 | | 未质押股份情况 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 持股数量 | 持股 | 前质押股 | 后质押股 | 占其所持 | 总股本 | 已质押股份 | 占已质 | 未质押股份 | 占未质 | | | （万股） | 比例 | 份数量 | 份数量 | 股份比例 | 比例 | 限售和冻结 | 押股份 | 限售和冻结 | 押股份 | | | | | （万股） | （万股） | | | 数量（万股） | 比例 | 数量（万股） | 比例 | | 庄浩 | 6,650.3082 | 14.77% | 3,060.0000 | 2,200.0000 | 33.08% | 4.88% | 990.4230 | 45.02% | 4,231.3082 | 95.08% | | 庄澍 | 3,333.1025 | 7.40% | 1,120.0000 | 1 ...

吉宏股份公告，控股股东、实际控制人庄浩将其860万股于2024-04-26质押、质权人为中国银河证券股 份有限公司的股份于2026-02-02解除质押，占其所持股份12.93%、占公司总股本1.91%。截至公告日， 庄浩持股6650.31万股，持股比例14.77%，已质押2200万股，占其所持股份33.08%、占公司总股本 4.88%。 ...