KAIYUAN SECURITIES·2025-11-30 07:11Investment Rating - The investment rating for the retail industry is "Positive" (maintained) [1] Core Views - The retail industry is experiencing a shift towards quality growth and long-term strategies, moving away from reliance on traffic bonuses [25][26] - The industry is focusing on emotional consumption themes, with high-quality companies in sectors like gold jewelry, offline retail, cosmetics, and medical aesthetics being highlighted as investment opportunities [5][29][30] Summary by Sections Retail Market Review - The retail industry index rose by 3.45% during the week of November 24-28, 2025, outperforming the Shanghai Composite Index by 2.05 percentage points [4][13] - The multi-format retail sector showed the highest growth this week, with a 6.18% increase, while the jewelry sector led the year-to-date performance with a 22.11% increase [18][19] Retail Insights: Brand Building and Technological Aesthetics - The 2025 Cosmetics Annual Conference highlighted the importance of brand building and technological aesthetics for domestic beauty brands to achieve growth [25][26] - Companies like Shiseido and Shanghai Jahwa are focusing on quality and profitability, while Elysian Group is transitioning from operational to technological drivers [26][27] Investment Recommendations - Gold Jewelry: Focus on brands with differentiated product offerings and consumer insights, recommending companies like Chow Tai Fook and Lao Pu Gold [5][29] - Offline Retail: Highlighting companies adapting to trends and exploring AI-enabled cross-border e-commerce, with recommendations for Yonghui Supermarket and Aiyingshi [5][30] - Cosmetics: Emphasizing brands that meet emotional value and safety innovation, recommending companies like Maogeping and Proya [5][30] - Medical Aesthetics: Targeting differentiated product manufacturers and expanding medical chains, recommending companies like Aimeike and Kedi-B [5][30] Company-Specific Insights - Chow Tai Fook: Achieved revenue of HKD 38.986 billion in FY2026H1, with a slight decline in revenue but a stable profit margin [36][37] - 潮宏基 (Chao Hong Ji): Reported a revenue increase of 28.4% in Q1-Q3 2025, with a strong performance in Q3 [39][40] - 永辉超市 (Yonghui Supermarket): Experienced a revenue decline of 22.2% in Q1-Q3 2025, but is undergoing a transformation towards quality retail [43][44]