大消费行业周报（6月第1周）：黄金珠宝“以旧换新”政策推动消费转型-20250609

Investment Rating - The report does not explicitly state an investment rating for the industry, but it suggests a positive outlook for certain segments within the consumer sector, particularly in the jewelry and tourism industries. Core Insights - The "old-for-new" policy in the gold and jewelry sector is expected to drive a transformation towards "self-indulgent jewelry" consumption. This policy will lower costs for consumers and stimulate demand, especially among women aged 30-50 for fashionable gold accessories. Over the medium to long term, this will encourage companies to upgrade their product offerings and shift consumer habits from "value preservation" to "regular updates" in jewelry consumption [2][4][15]. - The tourism sector is seeing a rise in domestic travel, with 119 million domestic trips taken during the Dragon Boat Festival, reflecting a 5.7% year-on-year increase. The total spending reached 42.73 billion yuan, up 5.9% year-on-year. The report highlights a trend towards family-oriented and cultural tourism, with expectations for continued growth in travel demand due to supportive policies [4][15]. Summary by Sections Market Weekly Review - The consumer sector showed mixed performance post-Dragon Boat Festival, with sectors like social services and textiles performing well, while food and home appliances lagged. Notable gainers included Junyao Health (+24.43%) and Spring Technology (+28.79%), while major decliners included Kuaijishan (-11.95%) and Midea Group (-4.25%) [4][13][14]. Industry News and Key Company Announcements - The report mentions that the summer tourism market is expected to be robust, with a 70% increase in travelers compared to last year. The focus is on family travel and immersive experiences [15][16]. - Companies like Suning and Anta have reported significant sales increases during the holiday period, with Suning noting a 128% year-on-year growth in sales for new products [15][16].