YONGHUI SUPERSTORES(SH:601933) SINOLINK SECURITIES·2025-06-09 00:30Investment Rating - The industry investment rating is "Buy" (maintained) [1] Core Insights - Offline retail: Yonghui's employee training system is continuously upgraded, and the "Craftsman Plan" is steadily progressing. The training center and operations center have developed national skill standards covering seven core projects, with over 3,000 technician certifications expected to be completed by mid-June [1][12] - Online retail: AI empowerment is gradually strengthening, with Kuaishou's Keling achieving an annualized revenue run rate exceeding 100 million USD, and Meituan launching the first AI tool for hotel merchants in China [2][15] Industry Data Tracking - GMV performance: In the second week of May, the overall GMV of Tmall and JD.com decreased by 6.23% year-on-year. The top five categories in terms of growth were automotive and bicycles, consumer electronics, services, home appliances, and toys [3][17] Market Review - From June 2 to June 6, 2025, the Shanghai Composite Index, Shenzhen Component Index, CSI 300, Hang Seng Index, and Hang Seng Tech Index increased by 1.13%, 1.42%, 0.88%, 2.16%, and 2.25% respectively. The retail trade sector rose by 1.29%, ranking sixth among nine major consumption sectors [4][22] Investment Recommendations - Yonghui Supermarket: The business model has undergone fundamental changes, moving towards a selective retail route with long-term growth potential in the post-consumption era. Yonghui has unique competitive advantages, including a strong focus on fresh produce, scale advantages, and financing benefits from its listed status [5][30] - Meituan: The takeaway service is entering a new competitive landscape, with long-term confidence in the barriers built in user mindset, rider, and merchant sides. User loyalty is expected to remain strong despite competition from JD.com [6][32]