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商贸零售行业3月投资策略3·8大促国货美妆表现优异,黄金珠宝行业有望迎拐点
Guoxin Securities·2025-03-12 00:35

Investment Rating - The report maintains an "Outperform the Market" rating for the retail sector [2][4][40]. Core Insights - The domestic beauty and cosmetics brands performed exceptionally well during the March 8 promotional event, with a GMV exceeding 9.3 billion yuan, reflecting a 2.5% year-on-year growth [1][11]. - The gold and jewelry industry is expected to reach a turning point, with improved terminal demand anticipated in Q2 2025 after a bottoming out in Q1 2025 [2][14]. - The report highlights a shift in the gold and jewelry sector's driving factors from price and store openings to product strength and craftsmanship [2][14]. Summary by Sections Beauty and Cosmetics - The March 8 promotional event saw 380 beauty products from 141 brands, with local brands accounting for approximately 41.7% of the total GMV [1][11]. - Notable local brands like Perleya and Mao Geping have shown significant improvements in rankings compared to previous years [1][11]. Gold and Jewelry - The industry is expected to recover from previous price fluctuations, with a focus on craftsmanship and brand strength driving future growth [2][14]. - The report suggests that consumer preferences are shifting towards unique designs and personal expression rather than just investment value [14]. Investment Recommendations - High-growth new consumer stocks are expected to maintain premium valuations, with companies like Laopu Gold and Mao Geping recommended for attention [2][41]. - The gold and jewelry sector is projected to improve gradually starting Q2 2025, with companies like Chow Tai Fook and Lao Feng Xiang highlighted as potential investments [2][43]. - Retail companies are actively transforming their business models, with recommendations for companies like Bailian and Yonghui Superstores [2][43]. - The integration of AI in business operations is anticipated to enhance efficiency and open new growth avenues, with companies like Xiaoshangpin City and Anke Innovation recommended [2][43].