2 • 投资建议及推荐标的：1）推荐高中扩容。推荐：天立国际控股、学大教育。情绪价值消费结构景气。推荐：老铺黄金、潮宏基，受益标的： 曼卡龙。2）AI＋主题推荐：AI眼镜（康耐特光学、博士眼镜）、AI电商（小商品城）、AI玩具（孩子王）。3）低估值个股推荐：行动教 育、重庆百货、大商股份、周大福、百胜中国等。 • 政策加码，高中教育扩容。1）高中教育行业还有7-8年人口红利期。高中段适龄人口出生日期约为2008-2010年（15-17岁）、义务教育阶段 为2014-2019年（6-14岁）、学龄前为2020-2025年（0-5岁），预计高中段教育行业仍有近7-8年的稳定人口需求。 2）政策支持高中阶段教 育扩容，从职普分流到职普融合。中国高中教育普及率显著提升，但仍落后于发达国家。中国普通高中毕业生数占适龄人口比例逐步提高， 近年来已接近发达国家水平。 • 情绪与体验消费产业发展加速，传统需求迎来新供给。1）情绪价值与体验消费切中需求痛点，正在快速兑现商业价值。以IP潮玩为代表的 产业本质消费的是符号与内容价值，核心驱动力是不同社会阶段下底层心里诉求的更迭。2）黄金品类工艺附加值提升，消费属性提升驱动 市场持 ...

证券研究报告|行业研究周报 [Table_Date] 2025 年 06 月 03 日 [Table_Title] 端午假期游客人次稳健增长，老铺黄金新品 发布 [Table_Title2] 社服零售行业周报 [Table_Summary] ►午假期游客人次稳健增长，亲子游需求大幅增加 根据交通运输部数据，2025 年 5 月 31 日至 6 月 2 日（端午节 假期期间），预计全社会跨区域人员流动量累计 6.5 7 亿人 次，日均 2.19 亿人次，同比增长 3.0%。根据交通运输部报 道，今年端午节假期与六一儿童节重叠，短途自驾游、家庭 亲子游需求将大幅增加，同时部分地区将举办龙舟赛、非遗 体验等活动，在多重因素叠加影响下，热门旅游城市及周边 区域将形成人流集聚效应，佛山、湖南汨罗、嘉兴等端午文 化氛围浓厚的城市或地区机票及酒店预定量大增。同程旅行 数据显示，今年端午节假期，同程旅行平台上的亲子跟团产 品预订热度同比增长 80%，同程旅行旗下艺龙酒店科技平台上 的亲子房预订热度同比提升超过 200%。出境游继续保持高景 气，同程旅行数据显示，今年端午节假期，同程旅行平台上 的亲子跟团产品预订热度同比增长 ...

Group 1 - Company Yum China (09987.HK) repurchased 14,000 shares at a cost of HKD 4.704 million on May 30 [1]

Group 1 - The Nasdaq Golden Dragon China Index experienced a preliminary decline of 0.2% [1] - Popular Chinese concept stocks such as Pony.ai saw a preliminary increase of 20.2%, while WeRide rose by 18.1% [1] - NetEase increased by 3.6%, and Bilibili rose by 2.5% [1] Group 2 - New Oriental and Yum China both saw gains of over 1% [1] - Xiaomi's ADR remained relatively flat, while Tencent's ADR and Alibaba's ADR both fell by over 0.7% [1] - Li Auto and JD.com dropped by over 2%, with Xpeng down approximately 3%, NIO down about 4%, and Pinduoduo declining by 13.9% [1]

Group 1 - The Nasdaq Golden Dragon China Index remained roughly flat, with a cumulative decline of approximately 2.6% for the week [1] - Popular Chinese concept stocks such as Bilibili saw an initial increase of 2.9%, while companies like Li Auto, Tencent, NetEase, and Yum China experienced gains of up to 0.7% [1] - Pinduoduo, Alibaba, and New Oriental recorded declines of up to 0.9%, with Xiaomi and NIO dropping over 1.4%, Xiaopeng down 2.5%, WeRide down 9.5%, and Pony.ai down 17.1% [1]

更多资料加入知识星球：水木调研纪要 关注公众号：水木Alpha May 19, 2025 04:37 AM GMT China/Hong Kong Consumer | Asia Pacific M Idea China Retail Sales – April 2025: Slowdown YoY China's retail sales growth in April slowed to +5.1% YoY, vs. +5.9% in Mar, below consensus at +5.5%. Growth CAGR vs. 2019 also decreased to 3.3% vs. 4.3% in Mar. We believe the softer consumer sentiment was due to tariff disruptions. YoY trend by category (reported YoY with rebasing among categories): Most categories saw worse YoY growth trends, due to unfav ...

China Equity Strategy Taking stock of 2Q25: From tariffs to potential reforms Equity Macro Research 更多资料加入知识星球：水木调研纪要 关注公众号：水木Alpha Global Markets Strategy 18 May 2025 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. Wendy Liu AC (852) 2800-1087 wendy.m.liu@j ...

Group 1 - The core index, the China Securities Hong Kong-Shenzhen Connect Leisure Index, has shown a recent increase of 1.28% over the past month, but a decline of 2.96% over the last three months, and a year-to-date increase of 0.93% [1] - The index is based on the comprehensive index samples of the Hong Kong-Shenzhen Connect and the China Securities Hong Kong-Shenzhen 500 Index, reflecting the overall performance of securities listed in the Hong Kong, Shenzhen, and Shanghai markets [1] - The top ten holdings in the index include Tencent Holdings (13.02%), Kweichow Moutai (11.14%), Meituan-W (8.38%), and Wuliangye (7.38%) [1] Group 2 - The index's holdings are primarily concentrated in the media sector (41.59%), followed by food, beverage, and tobacco (35.38%), and consumer services (21.05%) [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - In case of special circumstances, temporary adjustments to the index samples may occur, such as when a sample company is delisted or undergoes mergers or acquisitions [2]

Group 1 - The Nasdaq Golden Dragon China Index experienced a preliminary decline of 0.6% [1] - Popular Chinese concept stocks such as Xiaoma Zhixing increased by 5.7%, Xiaomi by 4.2%, and Alibaba and NetEase by up to 1.7% [1] - Stocks like XPeng, WeRide, Fangduoduo, NIO, and Yum China saw declines exceeding 1% [1]

Core Insights - The company reported total revenue of $3 billion in Q1 2025, a year-on-year increase of 1% (2% excluding foreign currency effects) [1] - Adjusted net profit reached $292 million, reflecting a 2% year-on-year growth (3% excluding foreign currency effects) [1] Store Expansion - The company added a net of 247 new stores in Q1 2025, with franchises accounting for 25% of the new openings [1] - By brand, KFC added 295 new stores (41% franchise), while Pizza Hut added 45 new stores (33% franchise) [1] - The total number of stores reached 16,642, with KFC at 11,943 and Pizza Hut at 3,769 [1] - The new brand, KFC Coffee, achieved a milestone of 1,000 stores, with potential for further expansion leveraging KFC's resources and membership system [1] Sales Performance - System sales increased by 2% year-on-year, primarily driven by a 4% contribution from net new stores [2] - Same-store sales remained flat, with KFC's same-store sales holding steady and Pizza Hut's same-store sales also unchanged [2] - KFC's same-store transaction volume grew by 4%, while average ticket price declined by 4% due to a broader price range [2] - Pizza Hut saw a 17% increase in same-store transaction volume, with a 14% decline in average ticket price, attributed to more cost-effective product offerings [2] Profitability - The cost structure improved, with raw material costs decreasing, leading to an increase in operating profit margins [3] - KFC's restaurant-level profit margin rose by 0.5 percentage points to 19.8%, driven by lower raw material prices and operational efficiencies [3] - Pizza Hut's restaurant-level profit margin increased by 1.9 percentage points to 14.4%, also benefiting from reduced raw material costs and automation [3] - Overall, the company's core operating profit margin grew by 0.8 percentage points to 13.4% [3] Future Outlook - The company is expected to add 1,600 to 1,800 new stores in 2025, maintaining a high opening pace [4] - Projected net profits for 2025-2027 are $989 million, $1.06 billion, and $1.127 billion, respectively, with corresponding PE ratios of 17, 16, and 15 [4]