[Table_Title] 业绩增长稳健，提升股东回报 [Table_StockName] ——广州酒家（603043）2025Q3 业绩点评报告 [Table_ReportDate] [Table_Summary] 报告关键要素: 10 月 30 日，公司发布 2025 年三季报。2025 年前三季度，公司实现营 业收入 42.85 亿元（YoY+4.43%），实现归母净利润 4.49 亿元 （YoY+0.31%），实现扣非归母净利润 4.42 亿元（YoY+1.73%）。Q3 单季， 公司实现营收 22.93 亿元（YoY+4.66%），归母净利润 4.23 亿元 （YoY+5.26%），扣非归母净利润 4.07 亿元（YoY+5.95%）。 投资要点: ⚫ 月饼主力稳健，餐饮需求承压。分产品：2025 前三季度月饼产品实现 营收 14.58 亿元（YoY+1.15%），截至 10 月 6 日（中秋节）累计销量 1,398 万盒，按农历日期同比增长 1.75%，量增价稳，作为公司主力产 品保持稳健增长；速冻食品实现收入 7.86 亿元（YoY+1.78%），Q3 营收 回暖；其他产品受益于渠道拓展销售高增 ...

Core Insights - The A-share market experienced a contraction, with the Shanghai Composite Index closing down 0.41% at 3960.19 points, and the Shenzhen Component Index down 1.71% [2][8] - The textile manufacturing sector showed stable revenue performance, while the apparel and home textile sectors are still awaiting recovery [4][11] Market Review - On Tuesday, the A-share market saw a decrease in trading volume, with a total turnover of approximately 1.92 trillion RMB and over 3400 stocks declining [2][8] - The banking sector led the gains among industries, while the non-ferrous metals sector faced the largest declines [2][8] - In the Hong Kong market, the Hang Seng Index fell by 0.79% to 25952.4 points, and the Hang Seng Tech Index dropped by 1.76% [2][8] - The U.S. stock indices all closed lower, with the Dow Jones down 0.53%, S&P 500 down 1.17%, and Nasdaq down 2.04% [2][8] Industry Analysis Textile Manufacturing Sector - The textile manufacturing sector achieved revenue of 922.56 billion RMB in the first three quarters of 2025, a year-on-year decrease of 0.17%, with a net profit of 73.41 billion RMB, down 5.65% [12][14] - The sector's overall gross margin and net margin decreased to 18.77% and 8.51%, respectively [12][14] Apparel and Home Textile Sector - The apparel and home textile sector reported revenue of 1112.18 billion RMB, down 4.19% year-on-year, with a net profit of 81.28 billion RMB, down 12.01% [14] - The sector's gross margin increased to 45.57%, but the net margin decreased to 7.28% due to a significant rise in expense ratios [14] Jewelry Sector - The jewelry sector's revenue was 1435.02 billion RMB, a decline of 2.01% year-on-year, with a net profit of 41.04 billion RMB, down 12.28% [14] - The sector's gross margin and net margin were 10.20% and 3.18%, respectively, reflecting a decrease in profitability due to high gold prices affecting demand [14] Investment Recommendations - For the textile manufacturing sector, it is suggested to focus on companies with cost and scale advantages as demand gradually recovers [15] - In the apparel and home textile sector, brands with strong market presence are expected to see performance improvements as demand rebounds [15] - In the jewelry sector, attention should be given to leading companies with strong brand power and innovative product designs, despite short-term pressures from high gold prices [15] Tax Policy Impact on Gold Jewelry Industry - A new tax policy effective from November 1, 2025, exempts certain gold transactions from VAT, which may impact the gold jewelry market [16][17] - The policy differentiates between investment and non-investment uses of gold, potentially increasing costs for downstream retailers [17][18] - The new regulations are expected to enhance market transparency and may lead to increased prices for consumers as retailers adjust to higher tax burdens [18][19]

黄金税收新政落地，分类实施不同方案 本次新政的出台有助于规范化黄金交易市场秩序。对于交易所而言，由 于场内交易标准黄金免交增值税，新政有助于黄金交易向场内集中化发 展，减少场外非法交易和投机行为，提升市场透明度。对于产业链中下游 的黄金饰品零售商而言，进项税额扣除率从以往的 13%降低至 6%，将会 提升税务成本，如通过价格带传递给消费者，将会进一步影响黄金饰品的 终端销量，但同时也将倒逼商家深耕产品设计创新，以此换取更多的产品 溢价和客户青睐。对于普通投资者而言，由于税收带来的价格差异，非交 易所实物黄金的投资吸引力将下降，银行积存金、黄金 ETF 等产品的吸 引力将会提升。 [Table_ReportType] ——黄金珠宝行业快评[Table_ReportDate] [事件Table_Summary] ： 近日，财政部、税务总局发布关于黄金有关税收政策的公告，自 2025 年 11 月 1 日起实施，执行至 2027 年 12 月 31 日。 投资要点： ⚫ 新政对部分黄金交易免收增值税，延续优惠政策。会员单位或客户通过 上海黄金交易所、上海期货交易所交易标准黄金，卖出方会员单位或客户 销售标准黄金时， ...

Core Viewpoints - The A-share market showed a rebound on Monday, with the Shanghai Composite Index rising by 0.55% to 3976.52 points, and the Shenzhen Component Index increasing by 0.19% [2][8] - The media industry led the gains among sectors, while the non-ferrous metals sector lagged behind [2][8] - The total trading volume in the A-share market was approximately 2.11 trillion RMB, with over 3400 stocks rising [2][8] Industry Analysis Food and Beverage Industry - The food and beverage sector continues to experience a downward trend in performance, with a year-on-year revenue growth of 0.15% for the first three quarters of 2025, totaling 831.395 billion RMB, while net profit attributable to shareholders decreased by 4.57% to 171.059 billion RMB [11] - Only soft drinks, beer, and fermented seasoning products showed positive growth in both revenue and net profit, with revenue growth rates of 30.97%, 10.93%, and 3.92% respectively [11] - The white wine sector is facing significant challenges, with revenue and net profit growth rates turning negative at -5.83% and -6.93% respectively for the first three quarters of 2025 [14] - The beer sector showed signs of recovery, with revenue and net profit increasing by 2.02% and 11.82% respectively, indicating improved profitability [15] - The snack and soft drink segments performed well, with notable growth from brands like Dongpeng Beverage, which achieved over 34% growth in both revenue and net profit [16] Social Services Industry - The social services sector reported stable revenue growth of 4.94% year-on-year, totaling 150.954 billion RMB, but net profit decreased by 2.86% to 8.697 billion RMB [19] - The tourism and scenic area segment saw revenue growth of 5.09%, but net profit fell by 17.79%, indicating a disparity in performance across different attractions [19] - The hotel and restaurant sector experienced a revenue decline of 4.05% and a significant net profit drop of 25.46%, reflecting ongoing pressure on consumer spending [19] Investment Recommendations - In the food and beverage sector, there are structural investment opportunities, particularly in the beverage, snack, and health supplement industries, with a focus on quality leaders in energy drinks and innovative snack brands [17] - The white wine industry is expected to stabilize, with low valuations and high dividends providing support, suggesting potential investment opportunities as inventory levels decrease [17] - The social services sector is anticipated to benefit from policy support aimed at boosting service consumption, particularly in tourism and education [20]

[Table_Title] 万联晨会 [Table_MeetReportDate] 2025 年 11 月 03 日 星期一 [Table_Summary] 概览 核心观点 市 场 研 究 【市场回顾】 上周五，A 股震荡走低，截至收盘，上证指数跌 0.81%，报 3954.79 点，深证成指跌 1.14%，创业板指跌 2.31%。沪深两市 A 股成交额约 2.32 万亿元人民币，超 3500 股上涨。申万行业方面，生物医药、传 媒、商贸零售行业领涨，通信行业领跌；概念板块方面，重组蛋白、 细胞免疫治疗、Sora 概念（文生视频）涨幅居前。港股方面，香港恒 生指数收盘跌 1.43%，恒生科技指数跌 2.37%。美国三大股指小幅收 涨，道指涨 0.09%，标普 500 指数涨 0.26%，纳指涨 0.61%。欧洲股 市全线下跌，亚太股市涨跌不一。 【重要新闻】 【提高资本市场制度包容性、适应性——吴清主席在《<中共中央关 于制定国民经济和社会发展第十五个五年规划的建议>辅导读本》上 的署名文章】吴清表示，要深刻认识提高资本市场制度包容性、适应 性的重大意义，准确把握提高资本市场制度包容性、适应性的内涵和 主要原 ...

[Table_Title] 证券研究报告|商贸零售 [Table_StockRank] 珠宝业务增长亮眼，加盟渠道持续发力 [Table_StockName] ——潮宏基（002345）点评报告 [Table_ReportDate] [Table_Summary] 投资要点: 剔除商誉减值影响，前三季度业绩高增。2025Q1-Q3，公司实现营收 62.37 亿元（同比+28.35%），归母净利润 3.17 亿元（同比+0.33%），若 剔除菲安妮计提商誉减值的影响，则前三季度归母净利润为 4.88 亿元 （同比+54.52%），单 Q3 归母净利润 1.57 亿元（同比+81.54%），业绩增 长主要源于核心业务"潮宏基"珠宝的贡献。2025Q1-Q3 经营活动产生 现金流净额 6.02 亿元（同比+35.30%）。 产品迭代+IP 联名扩充，Q3 珠宝业务增长亮眼。公司持续创新和迭代 "非遗花丝"品牌印记系列，Q3 推出新一代"花丝风雨桥"、"花丝福 禄"、"臻金芳华"等系列新品；同时进一步拓展 IP 联名版图，Q3 推出 黄油小熊、猫福珊迪 IP 授权系列。2025Q3，珠宝业务收入/归母净利润 分别大幅 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% in the next six months [4][15]. Core Insights - The company, Songcheng Performance (300144), reported a revenue of 1.833 billion yuan for the first three quarters of 2025, a year-on-year decrease of 8.98%, and a net profit attributable to shareholders of 754 million yuan, down 25.22% year-on-year [2]. - The decline in revenue is attributed to the pressure on tourism market consumption and a slowdown in revenue recognition from light-asset projects [2][3]. - The company is increasing its marketing investments through various promotional strategies, which has led to a rise in advertising and service costs, impacting short-term profitability [3]. - The company is exploring new models of celebrity interaction to enhance the attractiveness of its scenic spots, aiming to deepen visitor immersion and expand audience reach [3]. Financial Performance Summary - For Q3 2025, the company achieved a revenue of 753 million yuan, a year-on-year decline of 9.94%, with a net profit of 354 million yuan, down 22.60% year-on-year [2]. - The gross profit margin for the first three quarters of 2025 was 68.36%, a decrease of 3.52 percentage points year-on-year, while the net profit margin fell by 8.40 percentage points to 43.26% [3]. - The company’s projected net profits for 2025-2027 are adjusted to 905 million, 978 million, and 1.084 billion yuan, respectively, with corresponding earnings per share of 0.34, 0.37, and 0.41 yuan [4][5]. Market Outlook - The company is positioned as a leader in the performance industry, with expectations of long-term benefits from structural consumption adjustments and favorable service consumption policies [4]. - The report highlights that despite short-term performance pressures, there is potential for marginal improvement in new projects and continued development in cultural tourism complexes [4].

Investment Rating - The industry investment rating is "outperform the market," indicating an expected relative increase of over 10% in the industry index compared to the broader market within the next six months [9]. Core Insights - The recent introduction of tax-free policies is expected to significantly boost consumption and facilitate the return of overseas spending. The adjustments cover three main tax-free shopping systems: offshore, port, and in-city tax-free shopping, with a general trend towards relaxation of regulations [3][4]. - The policies include expanding the categories of tax-free goods, allowing for a wider selection for consumers, and supporting the sale of domestic products in tax-free stores, which is treated as exports for tax purposes [3][4]. - The adjustments aim to enhance the flexibility and diversity of tax-free operations, with specific measures for offshore, port, and in-city tax-free shopping to optimize consumer experience and increase foot traffic [4][8]. Summary by Sections Tax-Free Policy Adjustments - The new policies will expand the categories of tax-free goods, increasing from 45 to 47 categories for offshore shopping, and adding various products for port and in-city tax-free stores [3]. - Domestic products sold in tax-free stores will be treated as exports, allowing for VAT and consumption tax exemptions, with a minimum area requirement for domestic products in port and in-city stores [3][4]. Market Impact - The policies are expected to enhance the attractiveness of tax-free shopping channels, benefiting existing retailers and encouraging the establishment of new small and medium-sized tax-free stores [8]. - The focus on domestic products is anticipated to strengthen the market position of local brands, particularly in the rapidly expanding domestic trend market [8].

Core Insights - The A-share market experienced a collective decline on Thursday, with the Shanghai Composite Index down 0.73%, the Shenzhen Component down 1.16%, and the ChiNext Index down 1.84% [2][8] - The total trading volume in the Shanghai and Shenzhen markets was 24,213.95 billion yuan [2][8] - In terms of industry performance, steel, non-ferrous metals, and public utilities led the gains, while communication, electronics, and defense industries saw declines [2][8] Important News - The results of the China-US economic and trade consultations in Kuala Lumpur were announced, with the US agreeing to cancel the 10% "fentanyl tariff" on Chinese goods and to suspend the 24% reciprocal tariff for one year [3][9] - The US will also pause the implementation of export controls and investigations related to maritime, logistics, and shipbuilding industries for one year, while China will adjust or suspend related countermeasures [3][9] Industry Analysis - The "14th Five-Year Plan" emphasizes the acceleration of the new energy system construction, which is expected to boost market confidence and improve investor sentiment [4][10] - In September, sales of excavators and loaders saw significant growth, with excavator sales increasing by 25.4% year-on-year and loader sales increasing by 30.5% year-on-year [18][19] - The report on Kweichow Moutai indicates steady growth in the third quarter, with total revenue reaching 130.9 billion yuan, a year-on-year increase of 6.32% [22][23] Investment Recommendations - The report suggests focusing on the new energy sector, particularly hydrogen energy and solid-state batteries, as key development directions for the industry [16][15] - The construction of a new power system is expected to continue, with an emphasis on smart grids and new energy storage solutions [16][15] - The engineering machinery industry is entering a new growth phase, driven by both domestic and international demand, with recommendations to pay attention to companies with strong market positions and overseas expansion strategies [21][20]

Investment Rating - The industry investment rating is "Outperform the Market" [3][10] Core Insights - In September, both excavator and loader sales experienced significant growth, indicating a transition to a higher quality growth phase in the construction machinery industry. Domestic and foreign demand are creating a strong growth synergy, with excavator and loader domestic sales growth rates reaching 21.5% and 25.6% respectively. This reflects the acceleration of domestic equipment renewal policies and infrastructure project workloads, boosting market confidence [5][6] - The overseas market performance is particularly impressive, with excavator exports growing at 29% and loader exports at 35.3%, showcasing the competitive strength of Chinese brands in the global market. This external demand is becoming an essential pillar for driving growth and smoothing domestic cycles [5][6] - The industry is shifting from traditional competition based on scale and price to a focus on global operational capabilities and technological foresight. Leading companies are leveraging their extensive overseas channels and service networks to convert global infrastructure demand into substantial market share [5][6] Summary by Sections - **Sales Performance**: In September, 19,858 excavators were sold, a year-on-year increase of 25.4%, while 10,530 loaders were sold, marking a 30.5% increase. For the first nine months of 2025, a total of 174,039 excavators were sold, up 18.1%, and 93,739 loaders, up 14.6% [7][4] - **Electric Machinery Sales**: In September, 2,586 electric loaders and 31 electric excavators were sold, indicating a growing trend towards electrification in the industry [4][7] - **Future Outlook**: The domestic market is expected to accelerate recovery driven by equipment renewal and local government debt management policies. The competitive edge of domestic manufacturers in overseas markets continues to strengthen, suggesting ongoing improvement in industry demand [6][5]