CHJ(SZ:002345) Guoyuan Securities·2026-01-20 10:07Investment Rating - The report maintains an "Overweight" rating for the industry, focusing on service consumption, beauty care, IP derivatives, and new consumption sectors such as gold and jewelry [6][27]. Core Insights - The report highlights a significant increase in consumer activity during the upcoming Spring Festival, with travel bookings and hotel reservations showing substantial year-on-year growth [4][25]. - Notable developments in the beauty care sector include the approval of a new medical device by Juzi Biotechnology and strategic partnerships between companies like Ruoyuchen and Meisidike [3][25]. - The retail sector is experiencing mixed results, with Chaohongji expected to report a net profit increase of 125% to 175% for 2025, while Chongqing Department Store anticipates a revenue decline [5][26]. Summary by Sections Market Performance - During the week of January 12-16, 2026, the performance of the commerce retail, social services, and beauty care sectors was -1.47%, +1.53%, and -0.21%, respectively, ranking them 23rd, 6th, and 14th among 31 primary industries [15][18]. Key Industry Events and News - The State Council, led by Premier Li Qiang, discussed measures to boost consumption and develop new growth points in service consumption [3][25]. - In the beauty care sector, Juzi Biotechnology's new product received regulatory approval, and several companies are pursuing strategic partnerships and IPOs [3][25]. - Travel bookings for the Spring Festival are significantly higher than last year, with a 70% increase in hotel reservations for popular cities [4][26]. - The retail sector is seeing varied performance, with Chaohongji projecting substantial profit growth while Chongqing Department Store reports a revenue decline [5][26]. Investment Recommendations - The report suggests focusing on companies such as Ruoyuchen, Maogeping, Shangmei, Pop Mart, Chaohongji, and Laopu Gold as potential investment opportunities within the highlighted sectors [6][27].