KAIYUAN SECURITIES·2026-03-08 13:35Investment Rating - The investment rating for the retail industry is "Positive" (maintained) [1] Core Insights - The report highlights the strong performance of domestic brands during the 38 promotional event, with significant sales figures and consumer demand for effective skincare products [23][25] - The report emphasizes the importance of emotional consumption themes and recommends high-quality companies in high-growth sectors [6][30][31] Summary by Sections Retail and Social Services Market Review - The retail and social services indices reported declines of 3.91% and 3.63% respectively during the week of March 2 to March 6, 2026 [5][15] - Year-to-date, the retail index has decreased by 6.82%, while the social services index has increased by 3.01% [15][16] Industry Dynamics - Domestic brands performed well during the 38 promotional event, with leading brands like Proya achieving significant sales [23] - The report notes that the skincare product category is seeing strong demand, particularly for effective and functional products [23][25] Investment Recommendations - Investment focus areas include: - Gold and Jewelry: Recommend brands with differentiated product offerings such as Laopuhuang and Chaohongji [6][30] - Offline Retail: Highlight companies adapting to trends like Yonghui Supermarket and Aiyingshi [6][30] - Cosmetics: Focus on brands that meet emotional value and safety innovation, recommending brands like Maogeping and Proya [6][31] - Medical Aesthetics: Suggest companies with differentiated products and expanding chains, such as Meilitiantian Medical Health and Aimeike [6][31] Company Performance Highlights - Shangmei Co.: Expected revenue of 9.1-9.2 billion yuan for 2025, with a year-on-year growth of 34.0%-35.4% [27] - Zhou Dafu: Achieved a retail value increase of 17.8% year-on-year in Q3 2026 [32] - Yonghui Supermarket: Anticipated revenue decline but undergoing significant operational adjustments [32]