平安证券晨会纪要-20250703

Group 1: Core Insights - The new generation of consumers, raised in the internet and mobile internet era, emphasizes experience, authenticity, self-focus, and personalization, driving changes in travel, retail, beauty, and pet sectors [2][6][8] - The tourism consumption potential is continuously being released, with a focus on broad beneficiaries in the OTA platform sector, particularly in domestic travel and inbound tourism [6][7] - Retail is returning to consumer demand itself, with traditional retail showing differentiated performance across categories, and recommendations include Alibaba and Yonghui Supermarket [7][8] Group 2: Industry Recommendations - In the beauty and pet sectors, domestic brands are thriving, with significant growth rates of 20-30% or more in specific segments like skincare and pet food [8] - The bond market is experiencing wide fluctuations due to policy uncertainties, with U.S. Treasury yields showing a downward trend in early months and an overall increase in May [3][9] - The credit spread in the credit bond market has slightly increased, but the overall increase is manageable due to stable hard data from the U.S. economy [9][11] Group 3: Market Trends - The commodity market shows varied performance, with crude oil prices down by 12.12% over the past week, while gold prices increased by 1.87% [4] - The U.S. labor market is showing signs of slowing down, with a surprising decrease in private sector employment in June, raising concerns about economic momentum [16][17] - The second-hand car market in China remains in a downturn, with the manager index at 42.3%, indicating a lack of demand and increased risks in transactions [19]