GUOTAI HAITONG SECURITIES·2026-03-08 07:25Investment Rating - The report assigns an "Overweight" rating for the industry [4]. Core Insights - The report continues to recommend investment in the travel and tourism sector, specifically hotels and scenic spots, highlighting companies such as Huazhu Group, ShouLai Hotel, and Emei Mountain A [4]. - Individual stock opportunities include ZhuMian Group, Jiangsu Guotai, SuMeiDa, Action Education, GuoQuan, HaiDiLao, and GuMing [4]. - The report notes adjustments in US-China tariffs and suggests focusing on cross-border expansion, recommending companies like Anker Innovation, KangNaiTe Optical, and GreenLink Technology [4]. - The retail sector saw a decline, with the trade retail sector down 3.61% and consumer services down 7.95%, ranking 22nd and 24th out of 30 industries respectively [4]. Industry Updates and Data 1. Social Services Sector: - Mixue Ice City is testing fresh coffee and will upgrade its coffee product line [4]. - Starting March 10, Ctrip will officially remove the price adjustment assistant feature from the Ebooking platform to reduce irrational pricing competition [4]. - The chairman of the CSRC announced new measures to support innovative enterprises in the new consumption and modern service sectors to list on the Growth Enterprise Market [4]. 2. Retail Sector: - Taobao launched a "Billion Spring Subsidy" campaign on March 5, covering popular categories like mobile phones and home appliances [4]. - JD.com expects to reduce its investment in food delivery in 2026 compared to 2025 [4]. - In 2025, Henan Province's cross-border e-commerce exports reached USD 3.359 billion, a year-on-year increase of 23.7% [4]. Company Announcements - Lao Feng Xiang reported a net profit of CNY 1.75496 billion for 2025, a decrease of 9.99% year-on-year [4]. - Guangzhou Restaurant achieved a net profit of CNY 487.98 million for 2025, down 1.19% year-on-year [4]. - JD.com reported a net profit of CNY 19.6 billion for 2025, a decrease of 52.66% year-on-year [4].