研报掘金丨国盛证券：首予豫园股份“增持”评级，坚持产业运营与产业投资双轮驱动

Core Viewpoint - Yuyuan Group is focusing on the concept of "Eastern Lifestyle Aesthetics" and is advancing its global layout while integrating industrial operations and investments [1] Group 1: Business Strategy - The company owns 19 time-honored Chinese brands and several leading brands, aiming to become a top-tier family happiness consumption industry group globally [1] - The company is undergoing upgrades in its jewelry fashion business, focusing on product, channel, supply chain, and marketing reforms [1] Group 2: Performance and Recovery - The company has experienced a decline in performance in recent years due to the real estate sector but is now showing signs of recovery [1] - The company is driving its main business recovery through product innovation, channel optimization, and international expansion [1] Group 3: Future Outlook - The integration of Yuyuan Commercial Real Estate Group aims to enhance asset operation efficiency by combining commercial and property sectors [1] - As the disposal of non-core assets nears completion and with the commencement of income recognition from the large Yuyuan segment, the company's performance is expected to improve [1] - The company has initiated an "overweight" rating for its first coverage [1]