2026 年 01 月 30 日 双融日报 --鑫融讯 分析师：万蓉 S1050511020001 wanrong@cfsc.com.cn 市场情绪：50 分（中性） 最近一年大盘走势 资料来源：Wind，华鑫证券研究 -10 -5 0 5 10 15 20 25 30 (%) 沪深300 相关研究 | 1、《双融日报》2026-01-29 | | --- | | 2、《双融日报》2026-01-28 | | 3、《双融日报》2026-01-27 | ▌ 华鑫市场情绪温度指标：（中性） 华鑫市场情绪温度指标显示，昨日市场情绪综合评分为 50 分，市场情绪处于"中性"。历史市场情绪趋势变化可参 考图表 1 ▌ 热点主题追踪 今日热点主题：化工、银行、消费 1、化工主题："十五五"规划强调扩大内需，叠加美国降息 周期，化工品需求预期提升。行业供需双底基本确立，政策 助力产能出清，且资本开支连续两年负增长，供给端持续收 缩。市场普遍预计，2026 年化工行业将迎来周期拐点，有望 实现从估值修复到业绩增长的"戴维斯双击"，开启新一轮 上 升 周 期 。 相 关 标 的 ： 卫 星 化 学 （ 002648 ） 、 云 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [15] Core Insights - The report indicates that the company maintains its leading position in the industry during periods of volatility, undergoing deep reforms to enhance product and service capabilities, establishing a long-term competitive edge based on open and transparent supplier relationships [5][13] - As store closures and adjustments come to an end, the company has entered a phase of refined and detailed operations, which is expected to boost revenue and release profit elasticity [5][13] Industry Overview - From 2020 to 2025, the supermarket industry faces challenges due to weak demand and intensified competition, leading to declining revenues. The core issue is to boost income, with the industry currently in a loss-reduction phase [9][23] - Online retail penetration is stabilizing between 25%-30%, and rental levels for shops in major cities are expected to decrease by over 20% from 2021 to 2025 [9][32] - The average store efficiency for supermarkets is projected to be 27.77 million yuan in 2024, and the average employee efficiency is expected to be 1.25 million yuan, reflecting significant improvements in operational capabilities [9][32] Company Review - The company is a leading domestic hypermarket that has deeply participated in the rapid transformation of the retail industry over the past 20 years, with a solid foundation in management experience and brand recognition [10][39] - The company has completed its national layout, with strong brand awareness and a robust supply chain, and is now focusing on quality retail reforms to adapt to the inevitable trend of shifting from product "richness" to "value for money" [10][63] Quality Reform - The company is undergoing a quality retail reform initiated in May 2024, which includes internal promotions and external recruitment to quickly build a core management team [11][40] - The company aims to enhance its private label development, targeting a penetration rate of 30%-40% for its private brands by 2025, focusing on safety and health in ingredients and processes [12][58] Investment Recommendation - The report expresses optimism about the company's growth potential through its quality-focused transformation, expecting improvements in revenue stability and profitability from 2025 to 2027, with projected EPS of -0.24, 0.07, and 0.15 yuan respectively [13][15]

现在的馒头，越来越"花心"了。 近半年来，一种被网友称为"五谷丰登馒头"的新式馒头，开始在社交媒体上频繁出现。 在网友晒出的图片中，"五谷丰登馒头"总是一切两半示人。通过其平整的横切面，可以看到紫薯、芋头、板栗等多种粗粮，被紧实地塞在面皮之下。它们 呈现出粗粮刚蒸熟时新鲜的色泽，仿佛掀开蒸笼的瞬间，看到一锅散发着热气的五谷杂粮。 图片来源：小红书@一颗小豌豆 大量网友晒出了这种"塞满粗粮"的馒头。截至2026年1月29日下午，小红书"五谷丰登馒头"话题下累计讨论量达到4.9万。 引发大量讨论的同时，"五谷丰登馒头"也取得了不错的成绩。 2025年7月，专注早餐面点的品牌蒸笼头，推出"五谷丰登馒头"。截至2026年1月29日，该产品在抖音累计售出6.9万份。 图片来源：盒马 "五谷丰登馒头"采用的产品概念，不只应用在馒头上。欧包、三明治等品类，都有这种将粗粮内馅展示在外的产品推出。 其中，永辉超市的现制产品"丰收的喜悦"欧包最为出圈。截至2026年1月29日下午，小红书"丰收的喜悦"话题下笔记浏览量达1850.7万，讨论量达6.1万。 永辉超市"丰收的喜悦"欧包 图片来源：小红书@Wang41 图片来源：蒸笼头 ...

Core Insights - The retail industry is facing challenges from strong competitors like Sam's Club and Hema, leading to a consensus on the need for traditional supermarkets to innovate and develop private labels [1] - Walmart's private label, Woji Xian, has gained significant attention due to its high cost-performance ratio, but underlying issues such as customer retention, brand matrix imbalance, and supply chain resilience remain critical challenges [1][3] Group 1: Market Dynamics - Woji Xian has become a hot topic in the retail sector, with products frequently appearing in discussions about high cost-performance and must-buy lists on social media [3] - The pricing strategy of Woji Xian, such as 19.9 yuan for 198 grams of apple chips and 9.9 yuan per liter for fresh milk, effectively meets consumer demands for quality and affordability [3] - The retail environment is characterized by simultaneous consumer downgrade and quality upgrade, with consumers becoming more budget-conscious while demanding higher product quality and safety [3] Group 2: Business Model Challenges - The focus on extreme cost-performance may lead to long-term challenges, as maintaining low prices often requires cost-cutting measures that can compromise product quality [4] - A report indicates that 23% of suppliers have lowered food quality standards due to price pressures, raising concerns about food safety and consumer trust [5] - The reliance on low prices could trap Woji Xian in a price war, limiting its ability to upgrade the brand and increase profit margins through premium products [5] Group 3: Customer Retention Issues - Woji Xian's strategy of using popular single products to attract customers may hinder repeat purchases, as many consumers only visit to buy specific items and do not explore other offerings [6] - Competitors like Sam's Club and Hema have established effective customer loyalty through unique service offerings and membership models, which could impact Woji Xian's ability to retain customers [7] - The lack of a refined membership system and personalized product recommendations limits Woji Xian's ability to foster long-term brand loyalty [7] Group 4: Competitive Landscape - Competitors are enhancing their service offerings, with brands like Sam's Club and Hema creating closed loops of customer engagement through unique product offerings and rapid delivery services [7] - Woji Xian's similarity to Sam's Club in product offerings and branding may provide short-term market advantages but risks diminishing its unique brand identity over time [8] - The reliance on imitation could weaken Woji Xian's innovation capabilities, making it vulnerable to shifts in competitor strategies [8] Group 5: Supply Chain Considerations - The success of Woji Xian is closely tied to Walmart's robust supply chain, which ensures product freshness and cost control through partnerships with suppliers [18] - However, the current distribution of Woji Xian, which accounts for 30% of community store offerings, is limited, necessitating supply chain upgrades for broader market penetration [19] - As Walmart expands into new cities, the supply chain must adapt to regional preferences and ensure consistent product quality across different locations [19] Group 6: Consumer Behavior and Market Positioning - The core customer base for Walmart's large stores is primarily price-sensitive consumers, while Woji Xian targets urban middle-class consumers willing to pay a premium for better products [14] - The market is saturated with various retail options, making it challenging for Woji Xian to attract consumers who have already established shopping habits with competitors [15] - Consumer perceptions of retail channels are well-defined, and Woji Xian's attempt to position itself as a provider of quality products may conflict with existing consumer expectations of Walmart as a low-price retailer [16]

Core Viewpoint - Yonghui Supermarket's Beijing Hongkun Plaza store has officially resumed operations after nearly a week of closure due to a rental dispute with the property management, highlighting the importance of stable anchor tenants in community commercial projects [1][6][10]. Group 1: Store Operations - The Yonghui Supermarket at Beijing Hongkun Plaza resumed operations on January 29, 2026, with full staff and sufficient product supply [3][10]. - Prior to the reopening, the store was completely closed, with the B1 level experiencing a water supply cut and the main entrance being locked [5][6]. Group 2: Rental Dispute - The closure was linked to a rental disagreement, with Yonghui Supermarket reportedly not paying any rent or associated fees since the store's renovation completion on March 28, 2025 [6][9]. - Yonghui Supermarket claimed that the property management's statements regarding unpaid rent lacked contractual and factual basis, citing a court order that required them to suspend rent payments to protect creditor interests [9][10]. Group 3: Community Commercial Strategy - The stability of anchor stores like supermarkets and cinemas is crucial for building long-term trust with local residents, as these stores provide essential services and a sense of security [10][11]. - Community commercial projects should focus on maintaining stable anchor tenants while regularly refreshing supporting retail and dining options to keep consumer interest alive [10][11].

永辉超市（601933）工作人员："之前是双方沟通有问题，现在已经解决了，总公司的公告已经发出来了"。 近日，#永辉一胖改门店暂停营业#冲上热搜。1月29日，北京商报小编向鸿坤广场核实得知，此前暂停营业的永辉超市已经恢复营业。 另外，永辉超市工作人员表示鸿坤广场店是长期开业："已经开始正常营业了。之前是双方沟通有问题，现在已经解决了，总公司的公告已经发出来了"。 1月29日下午3时左右，北京商报小编从附近居民提供的照片中获悉，永辉超市仍在暂停营业状态。 下午5时左右，超市内商家表示，好多顾客都坐电梯下来了。该商家提供的图片显示，已有消费者在超市内选购商品。 与此同时，北京永辉超市发布公告称，永辉超市北京鸿坤广场店于2026年1月29日（星期四）正式恢复营业。公告显示，目前，门店已全面做好运营准 备，商品供应充足，全体员工均已就位。 图片来源：北京永辉超市微信公众号截图 就在几天前，永辉超市北京大兴一调改门店突然停业一事引发关注。1月26日深夜，北京永辉超市就鸿坤广场店暂停营业一事发布声明称，该店此次暂停 营业，系因物业方在未与公司进行有效沟通及达成一致的情况下，自2026年1月15日起，物业方单方面多次采取断 ...

Core Insights - The recent executive changes at RT-Mart and Yonghui Supermarket reflect a strategic shift in the retail industry, highlighting differing approaches to transformation and supply chain management [4][10][21] Group 1: Executive Changes and Strategic Implications - The departure of Li Chunde from RT-Mart and the appointment of Huang Lin, a former executive at Yonghui, signifies a strategic realignment aimed at enhancing supply chain integration and product management [1][3] - The exchange of key personnel between RT-Mart and Yonghui illustrates a competitive talent acquisition strategy, with both companies seeking to leverage each other's strengths in product sourcing and retail operations [6][21] - Huang Lin's role will focus on consolidating procurement across various product categories, aiming to improve operational efficiency and cost-effectiveness for RT-Mart [9][11] Group 2: Financial Performance and Market Position - Yonghui Supermarket has faced significant financial challenges, with a projected net loss of 2.14 billion RMB for 2025, prompting a strategic overhaul to regain market share [6][7] - The transformation efforts at Yonghui include optimizing store layouts and enhancing the fresh food supply chain, resulting in an 80% increase in customer traffic at remodeled stores [7][8] - RT-Mart's parent company, Gao Xin Retail, reported a revenue of 71.55 billion RMB and a net profit of 386 million RMB for the 2025 fiscal year, indicating a successful turnaround through cost control measures [8][17] Group 3: Supply Chain and Retail Strategy - The integration of a national procurement system at RT-Mart aims to unify product quality and pricing across its extensive store network, enhancing competitiveness against online retailers [9][10] - RT-Mart's strategy includes the development of a multi-format retail matrix, combining large hypermarkets, supermarkets, and front warehouses to meet diverse consumer needs [17][20] - The front warehouse model is positioned as a response to the rise of instant retail, with projections indicating a market size of 227.7 billion RMB by 2025, growing at a CAGR of 49.2% [12][14] Group 4: Future Challenges and Industry Dynamics - The ongoing transformation in the retail sector emphasizes the need for companies to adapt to changing consumer behaviors and competitive pressures, moving beyond traditional growth strategies [23] - The success of RT-Mart's new initiatives, including the "cloud supermarket" concept, will depend on effective execution and the ability to navigate internal and external challenges [22][23] - The retail landscape is shifting towards a comprehensive competition model that prioritizes product quality, supply chain efficiency, and digital capabilities, marking the end of an era dominated by rapid expansion without strategic depth [23]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002277 | 友阿股份 | 7.08 | -10.04% | 68.14万 | 5.07亿 | | 000007 | 全新好 | 10.72 | -4.03% | 8.57万 | 9347.89万 | | 000058 | 深塞格 | 9.16 | -3.38% | 18.66万 | 1.72亿 | | 000417 | 合百隻厅 | 8.14 | -3.21% | - 43.36万 | 3.55亿 | | 600857 | 宁波中百 | 13.71 | -2.70% | 8.23万 | 1.14亿 | | 002187 | 广百股份 | 7.99 | -2.56% | 39.06万 | 3.13亿 | | 002356 | 赫美集团 | 4.05 | -2.17% | 51.16万 | 2.09亿 | | 600828 | 茂业商业 | 5.98 | -1.48% | 34.69万 | 2.07亿 | | 000715 | 中兴商业 | 6. ...

Core Insights - The upcoming Lunar New Year has sparked a surge in consumer spending on traditional and modern goods, with a notable rise in personalized and trendy items such as smart products, cultural creations, and pet-related goods [1][5] Group 1: Online and Offline Integration - The "2026 National Online New Year Goods Festival" was launched in Lanzhou, focusing on promoting traditional culture and enhancing consumer experiences through various activities [2] - Jilin's New Year Goods Festival combines online live streaming with offline community exhibitions, providing convenient access to local products [2] - Fuzhou's "Farming Quality Products New Year Shopping Festival" features over 230 types of products and aims to create a festive atmosphere through multiple promotional activities [3] Group 2: E-commerce Promotions - Major e-commerce platforms are employing innovative promotional strategies, including AI interactions and themed shopping experiences, to enhance consumer engagement [4] - JD.com and Hema are introducing unique features such as AI in live broadcasts and pet New Year dinner packages, catering to diverse consumer needs [4] Group 3: Market Trends and Consumer Preferences - The year-end shopping season is witnessing a shift towards emotional and cultural expressions, with personalized gift boxes gaining popularity among younger consumers [5][7] - The rise of pet ownership has led to the emergence of pet-related New Year goods, reflecting changing consumer dynamics [6] - Smart home appliances and tech gadgets are becoming popular choices for New Year gifts, driven by the "lazy economy" trend [6] Group 4: Sales Performance - The year-end market is thriving, with significant sales growth reported across various categories, including a 201% increase in overall sales on Taobao's flash sale platform [9] - Specific products such as Hema's New Year meal series and premium nuts have seen explosive sales growth, with some items experiencing increases of over 400% [10]

2026 年 01 月 29 日 最近一年大盘走势 资料来源：Wind，华鑫证券研究 -10 -5 0 5 10 15 20 25 30 (%) 沪深300 相关研究 | 1、《双融日报》2026-01-28 | | --- | | 2、《双融日报》2026-01-27 | | 3、《双融日报》2026-01-26 | ▌ 华鑫市场情绪温度指标：（较热） 华鑫市场情绪温度指标显示，昨日市场情绪综合评分为 67 分，市场情绪处于"较热"。历史市场情绪趋势变化可参 考图表 1 双融日报 --鑫融讯 分析师：万蓉 S1050511020001 wanrong@cfsc.com.cn 市场情绪：67 分（较热） ▌ 热点主题追踪 今日热点主题：化工、银行、消费 1、化工主题："十五五"规划强调扩大内需，叠加美国降息 周期，化工品需求预期提升。行业供需双底基本确立，政策 助力产能出清，且资本开支连续两年负增长，供给端持续收 缩。市场普遍预计，2026 年化工行业将迎来周期拐点，有望 实现从估值修复到业绩增长的"戴维斯双击"，开启新一轮 上 升 周 期 。 相 关 标 的 ： 卫 星 化 学 （ 002648 ） 、 云 ...