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

Investment Rating - The report maintains an "Increase" rating for the industry, indicating a positive outlook for the sector in the next six months [1]. Core Insights - The report highlights the inclusion of companies such as JD Industrial, Leshush, and Xirui in the Hong Kong Stock Connect list, while companies like Beijing Capital Airport and Fenbi were removed [4]. - 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 generate revenue 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]. - Xirui, a pioneer in the global private aviation sector, anticipates delivering 731 aircraft in 2024, with projected revenue of $1.197 billion and a net profit of $121 million, showcasing a CAGR of 19.5% from 2020 to 2024 [10]. Summary by Sections Industry Overview - The report discusses the adjustment of the Hong Kong Stock Connect list, emphasizing the strategic inclusion of companies that are positioned for growth in emerging markets and sectors [4][9][10]. Company Performance - JD Industrial is positioned as the top player in China's MRO procurement service market, benefiting from the digitalization trend in industrial supply chains [11]. - Leshush's market share in Africa for baby diapers and sanitary napkins is 20.3% and 15.6%, respectively, indicating strong competitive positioning [9]. - Xirui's diverse revenue streams from aircraft sales, customization, and after-sales services enhance its market resilience and customer loyalty [10]. Market Trends - The report notes the significant growth potential in the industrial products circulation market in China, driven by the low digital penetration and increasing standardization of enterprise procurement [11]. - The expansion of the ultra-high-net-worth population globally is expected to structurally increase demand for private aviation services, benefiting companies like Xirui [10].