批零社服行业2025年投资策略：底部复苏，焕新求变

Investment Rating - The industry rating is "Buy" for the retail sector [2]. Core Insights - The report highlights a recovery at the bottom and a need for transformation in the retail sector, with specific recommendations across various sub-sectors such as beauty, jewelry, cross-border e-commerce, retail, tourism, hotels, duty-free, dining, and education [2][8]. Summary by Sections Beauty - The report recommends focusing on four main lines for 2025: building a large product system, excellent organizational structure, cost-effectiveness and domestic substitution, and brands at valuation and market cap bottoms [2][8]. - Specific companies to watch include Runben Co., Juzhibio, Marubi, Proya, and others [2]. Jewelry - The rapid rise in gold prices has suppressed consumer demand, leading to weaker sales [2]. - The report suggests focusing on lightweight and fixed-price gold products, as well as the high-end trend in gold jewelry, with recommendations for leading companies like Lao Feng Xiang and Chow Tai Fook [2][8]. Cross-Border E-Commerce - The e-commerce platforms have shifted from a "low-price king" strategy to focusing on GMV, enhancing overall consumer experience [2]. - The report suggests monitoring Alibaba as consumer sentiment improves and e-commerce performance exceeds expectations [2]. Retail - Retail leaders are initiating self-reforms to reshape their supply chains and brand images, with examples like Yonghui Supermarket learning from competitors [2]. - Companies such as Miniso and Chongqing Department Store are recommended for their stable domestic operations and overseas growth strategies [2]. Tourism - The tourism sector is supported by various policies, showing strong demand resilience, particularly in long-distance and inbound tourism [2]. - Companies like Changbai Mountain and Zhongxin Tourism are highlighted for their growth potential [2]. Hotels - The hotel industry is expected to stabilize as it enters a low base period, with recommendations for Jinjiang Hotels and Huazhu Group [2]. Duty-Free - The report anticipates a recovery in duty-free sales as consumer demand rebounds, with a focus on companies like China Duty Free Group [2]. Dining - The dining sector remains under pressure, but strong brands are performing relatively well, with recommendations for Haidilao and Yum China [2]. Education - The report emphasizes the long-term value in the education sector, particularly in vocational education, with recommendations for Xueda Education and other leading companies [2].