YONGHUI SUPERSTORES(SH:601933) SINOLINK SECURITIES·2025-07-06 13:47Investment Rating - The report maintains a "Buy" rating for the wholesale and retail trade industry, expecting significant growth in the coming months [1]. Core Insights - Offline, Yonghui Supermarket is set to launch its first "717 Good Food Festival" from July 9 to July 20, 2025, aiming to enhance product exposure and transition from a "shelf logic" to a "lifestyle logic" approach [10][11]. - Online, Meituan has achieved a record of over 120 million daily orders, indicating intense competition in the instant retail sector [14][28]. Industry Data Tracking - GMV performance shows a year-on-year decline of 9.63% for Tmall and JD.com in the second week of June [16]. - The retail sector is experiencing slight pressure, with supermarkets and department stores underperforming, while e-commerce is stabilizing at the bottom [3]. Market Review - During the week of June 30 to July 4, 2025, major indices like the Shanghai Composite Index and Shenzhen Component Index rose by 1.40% and 1.25%, respectively, while the retail sector saw a slight decline of 0.16% [20][24]. Investment Recommendations - Yonghui Supermarket is recommended for its transformative business model towards a selective retail approach, which is expected to drive long-term growth in the post-consumption era [26]. - Meituan is viewed positively for its established barriers in user perception, rider management, and merchant relationships, despite the competitive landscape [28].