KAIYUAN SECURITIES·2025-12-28 02:41Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The retail industry is experiencing a transformation with a focus on emotional consumption and innovative product offerings, particularly in the jewelry and cosmetics sectors [6][33] - Companies like潮宏基 and毛戈平 are leveraging multi-channel strategies to enhance brand visibility and product sales, indicating a strong market presence [26][31] Summary by Sections Retail Market Overview - The retail index closed at 2462.73 points, with a weekly increase of 0.16%, underperforming the Shanghai Composite Index, which rose by 1.88% [5][15] - The retail sector has seen a year-to-date increase of 10.00%, lagging behind the Shanghai Composite Index's 18.26% rise [15][19] Company Highlights - 潮宏基: Achieved a revenue of 62.37 billion yuan in the first three quarters of 2025, up 28.4% year-on-year, with a net profit of 3.17 billion yuan, reflecting a 0.3% increase [42] - 毛戈平: Launched the "琉光赋活" skincare series, set to debut on January 1, 2026, focusing on high-end skincare needs [31] - 周大福: Reported a revenue of 389.86 billion HKD for FY2026H1, a slight decrease of 1.1%, but with a net profit increase of 0.1% [39] Investment Themes - Gold and Jewelry: Focus on brands with differentiated product offerings and consumer insights, recommending潮宏基 and老铺黄金 as key players [6][33] - Offline Retail: Emphasis on companies adapting to market changes, with recommendations for永辉超市 and爱婴室 [6][33] - Cosmetics: Highlighting brands that innovate with emotional value and safe ingredients, recommending毛戈平 and珀莱雅 [6][34] - Medical Aesthetics: Targeting differentiated product manufacturers and expanding medical aesthetic chains, with recommendations for爱美客 and科笛-B [6][34]