商贸零售行业跟踪周报：3月港股通名单调整，乐舒适、西锐、京东工业等出海、商社相关标的入通-20260316

Investment Rating - The report maintains an "Increase" rating for the industry [1] Core Insights - The report highlights the inclusion of companies such as JD Industrial, Leshush, and Xirui in the Hong Kong Stock Connect list, indicating a positive outlook for these firms [9] - JD Industrial is recognized as a leading provider of industrial supply chain technology and services in China, with a projected revenue of 23.95 billion yuan in 2025, reflecting a year-on-year growth of 17.4% [11] - Leshush, a leading brand in Africa for sanitary products, is expected to achieve revenues of $454 million and a net profit of $95 million in 2024, with a compound annual growth rate (CAGR) of 19% for revenue from 2022 to 2024 [9][10] - Xirui, a pioneer in the global private aviation sector, anticipates delivering 731 aircraft in 2024, with revenues of approximately $1.197 billion and a net profit of $121 million, supported by a CAGR of 19.5% from 2020 to 2024 [10] Summary by Sections Weekly Industry Insights - The report discusses the adjustment of the Hong Kong Stock Connect list, with companies like Xirui, Leshush, and JD Industrial being added, while others like Beijing Capital Airport and Fenbi were removed [9] - JD Industrial is noted for its digital transformation in the industrial supply chain, ranking first in China's MRO procurement service market [11] - Leshush is highlighted for its significant market share in Africa's diaper and sanitary pad sales, with a strong growth outlook due to demographic trends [9][10] - Xirui's diverse revenue streams and strong order backlog position it well for future growth in the private aviation market [10] Market Performance Review - The report provides a performance overview of various indices, noting a decline in the Shenwan retail index by 1.69% during the week of March 9 to March 15 [12] - Year-to-date performance shows a decline of 8.40% for the Shenwan retail index, contrasting with positive growth in other indices [13] Company Valuation Table - The report includes a valuation table for various companies, indicating their market capitalization, closing prices, and projected net profits for 2025 and 2026, with several companies rated as "Buy" or "Increase" [16][19]