YONGHUI SUPERSTORES(SH:601933) SINOLINK SECURITIES·2025-04-21 00:23Investment Rating - The report rates the industry as "Buy" with an expectation of over 15% increase in the next 3-6 months [40] Core Insights - Offline Retail: Yonghui's new modified stores are performing excellently, with a significant acceleration in modification progress. The first modified store in Wuhan saw a customer flow increase of over 300% and sales growth exceeding 10 times [11][12] - Online Retail: JD's takeaway orders have surpassed 5 million, with plans to recruit at least 50,000 full-time delivery personnel. The long-term impact of this expansion remains to be observed [18][19] Summary by Sections 1. Core Insights and Company Dynamics - Yonghui's modified stores are showing outstanding performance, with a significant increase in customer traffic and sales [11][12] - JD's takeaway service has achieved over 5 million orders, indicating a strong market entry, but the long-term effects are still uncertain due to existing competitive barriers [18][19] 2. Industry Data Tracking - GMV performance for the first week of April shows a year-on-year increase of 14.4% for Tmall and JD combined [20] - The top five categories for growth include consumer electronics, home appliances, food and beverages, maternal and infant products, and outdoor sports [20] 3. Market Review - The retail sector saw a slight increase of 0.24% in the last week, ranking 6th among nine major consumption sectors [27] - Notable stock performances included Guoguang Chain and Guofang Group, while Yonghui Supermarket experienced a decline [27][34] 4. Investment Recommendations - The report suggests focusing on domestic retail giants like Yonghui Supermarket, which are expected to benefit from domestic demand and supply chain disruptions [35] - For online retail, Tencent and Meituan are highlighted as companies likely to benefit from improvements in their respective business models and market conditions [36][37]