智通财经网·2026-01-08 01:47Core Viewpoint - Dongwu Securities highlights four marginal changes in the tourism and retail sectors that could activate their investment value, focusing on equity, management, licenses, and new economic models, supported by top-down policies promoting consumption [1]. Group 1: Asset Characteristics - Tourism and retail companies possess unique asset characteristics, with high replacement costs and relatively lower profit performance, indicating a special asset profile that combines high asset replacement value with low profit growth [2]. - Most tourism and retail companies have state-owned backgrounds, providing a strong safety margin for their assets [2]. Group 2: Alignment with Quantitative Investment - The characteristics of tourism and retail companies align with quantitative investment aesthetics, including high replacement costs, actual asset value, low stock prices, low institutional holdings, and ongoing policy support, leading to significant stock price elasticity and substantial total profit capacity [3]. Group 3: Broader Definition of Fundamentals - The concept of "fundamentals" extends beyond profit statements; the actual revaluation of assets in tourism and retail companies is a fundamental aspect that may not be reflected in profit statements but is evident in actual equity transaction cases, such as those involving Sanjiang Shopping and Yonghui Supermarket [4]. Group 4: Policy Impact on Consumption - Since 2023, multiple top-down policies have been introduced to promote consumption, emphasizing the importance of the consumption sector. The most direct implementation of these policies occurs in tourism and retail, exemplified by new consumption models or brands, referred to as "first-launch economy," which can be seen in scenarios like supermarket adjustments and the ice and snow economy [5]. - Investment recommendations include continuous attention to the four marginal changes in tourism and retail: equity changes, management changes, license changes, and new economic model changes, with specific company recommendations such as Guilin Tourism, Hong Kong China Travel, and Changbai Mountain, while also monitoring companies like Three Gorges Tourism, Tianfu Cultural Tourism, and Yinzhu Co. [5].