以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 证券之星消息，2月2日旅游零售板块较上一交易日下跌0.47%，中国中免领跌。当日上证指数报收于 4015.75，下跌2.48%。深证成指报收于13824.35，下跌2.69%。旅游零售板块个股涨跌见下表： 从资金流向上来看，当日旅游零售板块主力资金净流入3025.03万元，游资资金净流出2796.47万元，散户 资金净流出228.56万元。旅游零售板块个股资金流向见下表： | 代码 名称 主力净流入 (元) 主力净占比 游资净流入 (元) 游资净占比 散户净占比 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 601888 中国中免 LLL LED L LEWILLI LED LL MIN .. MILL 1 . L . MOLL 1 . 1 . MARL . 1 | 3025.03万 | 1.02% | -2796.47万 | -0.94% | -228.56万 | -0.08% | | 代码 | 名称 | 收盘价 ...

2月首个交易日，市场全天震荡调整，三大指数均跌超2%。截至收盘，沪指跌2.48%，深成指跌2.69%，创业板指跌2.46%。沪深两市成交额2.58万亿，较上 一个交易日缩量2508亿。盘面上，全市场超4600只个股下跌，其中123只个股跌停。从板块来看，白酒概念反复活跃，皇台酒业3连板，金徽酒3天2板，水井 坊触及涨停。电网设备概念逆势走强，汉缆股份、白云电器、三变科技、保变电气等多股涨停。下跌方面，有色金属、油气、化工、煤炭、半导体等板块跌 幅居前。 国联民生证券表示，市场在趋势上行后，窄幅震荡，波动率先升后降，当前或仍需要震荡消化前期涨幅。一方面，本月以沪深300为首的ETF流出较多，对 宽基指数形成压力，大盘风格明显弱于小盘，另一方面，主题轮动加速，部分主题冲高回落，短期小盘、成长占优，但后续有再均衡的需求。中期看，市场 波动率仍较低，仍处于趋势上行的过程中，春季行情仍在延续。随着ETF流出放缓，后续大盘权重股或有补涨的机会。我们认为在当前市场环境下，市场仍 缺乏盈利验证，并且流动性较为充裕，市场仍会灌输各类主题资产和宏大叙事下的投资机会，因而在市场完成调整后，主题资产仍会有新的机会。 浙商证券表示，展 ...

Core Insights - The Chinese duty-free industry is experiencing a turning point due to improved policies, rising consumer confidence, and reduced external competition pressures, marking the establishment of a bottoming out phase for the industry [1][10]. Group 1: Industry Trends - The decline in the duty-free sector post-2020 was influenced by multiple factors, including increased competition from high commission models in Japan and South Korea, reduced consumer spending due to fluctuating income expectations, and limited supply from existing duty-free stores [1]. - Since 2023, government policies aimed at stimulating consumption have been effective, leading to a gradual recovery in consumer sentiment, particularly among middle to high-income households [3]. - The expansion of China's visa-free travel and cultural influence is enhancing the attractiveness of "China Travel" among international tourists, contributing to the recovery of passenger flow in port and city duty-free shops [6]. Group 2: Market Expansion - The duty-free market is set for rapid expansion with the introduction of 41 new port duty-free stores, as announced by the Ministry of Finance and other departments, aimed at increasing market scale through reasonable competition [6][10]. - The core duty-free market in Hainan is benefiting from favorable policies, with significant increases in sales figures, such as a 34.86% year-on-year growth in shopping amounts during the first week of new regulations [8]. Group 3: Company Insights - China Duty Free Group (601888) holds over 85% market share in Hainan's duty-free market, benefiting from zero tariffs and low corporate tax rates, with projected revenue growth from 45 billion to 60-65 billion yuan by 2026 [12]. - Hainan Airlines (600515) controls over 90% of air passenger flow in Hainan, with an increase in international routes expected to drive growth in air passenger and cargo transport [13]. - Hainan Haoyao (000566), while not a traditional duty-free operator, benefits from favorable policies in the biopharmaceutical sector, with a projected peak revenue contribution of 15 billion yuan from innovative drugs by 2026 [13].

证券研究报告 | 朝闻国盛 gszqdatemark 2026 02 02 年 月 日 朝闻国盛 美联储迎来沃什，4 大关键点 今日概览 ◼ 重磅研报 【宏观】美联储迎来沃什，4 大关键点——20260201 【宏观】物价回升如何影响税收收入？—2025 年财政回顾与 2026 年展 望——20260131 【宏观】1 月 PMI 超季节性回落的背后——20260131 【策略】月度高胜率窗口的经验与应对——20260201 【海外】优选地产、大宗和科技——2026 年 2 月海外金股推荐—— 20260131 【金融工程】短期调整不足为惧——20260201 【金融工程】择时雷达六面图：本周拥挤度指标明显弱化——20260131 【固定收益】联储换帅、市场波动与债市逻辑——20260201 【固定收益】赎纯债、降久期、增信用——债基 2025Q4 季报分析—— 20260201 【固定收益】资金平稳跨月，存单偿还地方债放量——流动性和机构行 为跟踪——20260131 【固定收益】固收+继续扩张，增配科技化工——25Q4 基金转债持仓分 析——20260131 【电新】低轨星座竞赛与太空算力革命，引爆太空光 ...

增持（维持） [Table_Tag] [本Table_Summary] 周行业观点（注：文中"本周"指 1 月 26 日至 2 月 1 日） 证券研究报告·行业跟踪周报·商贸零售 商贸零售行业跟踪周报 2026 年消费-商贸零售&社会服务业的八大 预测 2026 年 02 月 01 日 证券分析师 吴劲草 相关研究 《陕西旅游主板 IPO 过会，招股书详 细拆解》 执业证书：S0600520090006 wujc@dwzq.com.cn 证券分析师 石旖瑄 执业证书：S0600522040001 shiyx@dwzq.com.cn 证券分析师 张家璇 执业证书：S0600520120002 zhangjx@dwzq.com.cn 证券分析师 阳靖 执业证书：S0600523020005 yangjing@dwzq.com.cn 证券分析师 郗越 执业证书：S0600524080008 xiy@dwzq.com.cn 证券分析师 王琳婧 执业证书：S0600525070003 wanglj@dwzq.com.cn 行业走势 -8% -5% -2% 1% 4% 7% 10% 13% 16% 19% 22% 25% ...

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 资料来源：聚源，中原证券研究所 -8% -1% 6% 14% 21% 28% 35% 42% 2025.02 2025.06 2025.10 2026.01 上证指数 深证成指 | 国内市场表现 | | | | --- | --- | --- | | 指数名称 | 昨日收盘价 | 涨跌幅(%) | | 上证指数 | 4,117.95 | -0.96 | | 深证成指 | 14,205.89 | -0.66 | | 创业板指 | 2,022.77 | -0.47 | | 沪深 300 | 4,706.34 | -1.00 | | 上证 50 | 2,443.97 | -0.52 | | 科创 50 | 891.46 | 0.14 | | 创业板 50 | 1,924.26 | -0.67 | | 中证 100 | 4,615.93 | -1.04 | | 中证 500 | 8,370.52 | -1.73 | | 中证 1000 | 6,116.76 | 0.33 | | 国证 20 ...

Investment Rating - The report assigns an "Outperform" rating to multiple companies in the discretionary consumption sector, including Nike, Li Ning, Midea Group, JD Group, Haier Smart Home, Gree Electric Appliances, Anta Sports, and many others [1]. Core Insights - The discretionary consumption sector has experienced a significant pullback due to the hawkish stance of the Federal Reserve, leading to a decline in global asset prices [4][13]. - The report highlights that the domestic sportswear sector outperformed other segments, while luxury goods and cosmetics faced notable declines [4][13]. - The report provides a detailed analysis of the performance of various sub-sectors, indicating that gold and jewelry, overseas cosmetics, and snacks have shown resilience compared to the MSCI China index [4][11]. Summary by Relevant Sections Weekly Performance Review - The domestic sportswear sector increased by 0.6%, while other sectors such as credit cards, U.S. hotels, and retail saw declines ranging from -0.4% to -5.8% [4][13]. - The report notes that the gold and jewelry sector has outperformed the MSCI China index, with a monthly increase of 14.8% [4][13]. Sector Analysis - The domestic sportswear sector's growth is attributed to increased demand for warm clothing due to colder weather and positive media coverage of brands like Bosideng [15]. - The credit card sector saw mixed results, with Mastercard rising by 2.7% while Visa and American Express declined [15]. - The retail sector's performance was driven by specific companies like China Resources Mixc Lifestyle, which saw a 10.8% increase due to favorable policies [15]. Valuation Analysis - The report indicates that the expected PE ratios for various sectors in 2025 are below their historical averages, suggesting potential investment opportunities [11][18]. - For instance, the expected PE for the domestic sportswear sector is 13.4 times, which is 70% of its past five-year average [18]. Conclusion - Overall, the report emphasizes the impact of macroeconomic factors on the discretionary consumption sector and identifies specific companies and sub-sectors that may present investment opportunities amidst the current market volatility [4][11][18].

本报记者 周尚伃 从推荐频次看，2月份，紫金矿业、万华化学、中国太保均获3家券商推荐；中际旭创、北新建材、兆易创新、中国中免等 个股获2家券商推荐。其中，推荐紫金矿业的券商有华泰证券、中国银河、光大证券，推荐万华化学的券商有中泰证券、光大 证券、太平洋证券，推荐中国太保的券商有中泰证券、太平洋证券和平安证券。 值得关注的是，浙商证券将紫金矿业选定为2026年行业年度金股。对此，浙商证券金属行业负责人沈皓俊表示，紫金矿业 是全球黄金与铜资源龙头企业。多重因素影响下，去年以来，金铜价格迎来主升浪，受益于巨龙铜矿等持续投产增量，该公司 有望实现量价齐升，叠加锂价筑底反弹，第三成长曲线有望持续贡献增量，推动业绩增长，当前估值水平处于行业低位。 对于2月份A股市场的整体走势，券商分析师普遍持审慎乐观态度。中国银河证券策略首席分析师杨超认为，春节前流动性 仍相对充裕，市场可能迎来核心做多期。预计2月上旬至春节前，市场资金仍将在科技和有色等板块加速轮动，业绩亮眼的标 的将成为焦点。 中信证券首席A股策略分析师裘翔表示，站在A股视角，从资源热到周期热，涨价线索的全面演绎可能贯穿2026年一季 度。周期板块的底层共性是利润率修 ...

Investment Rating - The report maintains an "Overweight" rating for the retail and consumer services industry for 2026 [1] Core Insights - The report anticipates a significant number of consumption-promoting policies in 2026, focusing on "supply-side" initiatives rather than traditional methods like vouchers, leading to structural investment opportunities [4][9] - Service consumption is expected to be a key area in 2026, with a focus on "quality supply" and "reform," particularly in tourism, department stores, tea drinks, and chain stores [4][9] - The gold and jewelry sector is projected to see profits reflect gold price fluctuations, with direct retail brands likely to benefit first as gold prices stabilize [10] - The bulk trade sector is expected to recover from its lowest point, with both valuation and profitability anticipated to rise in 2026 [10] - The report emphasizes the importance of "consumption going abroad" as a long-term investment direction, with opportunities arising from sustained performance growth rather than policy stimulus [10] - New consumption brands are expected to show a clear resurgence after the Lunar New Year, with low valuations and anticipated positive performance data [11] - State-owned enterprise reform is highlighted as a core driver for promoting consumption, particularly in scenario-based consumption areas like tourism and retail [12] Summary by Sections 1. Industry Outlook - The report predicts numerous consumption policies aimed at encouraging new business models, leading to rich structural investment opportunities in the consumer sector [4][9] - Service consumption will focus on quality supply and reforms, with recommendations for specific companies in tourism and retail sectors [4][9] 2. Market Review - The report notes that from January 26 to February 1, the retail index rose by 2.16%, while the overall market indices showed varied performance [13][14] - Year-to-date performance indicates a 4.92% increase in the retail index, reflecting positive market sentiment [16] 3. Company Valuation Table - The report includes a detailed valuation table for various companies, highlighting their market capitalization, closing prices, and projected earnings for 2024 to 2026, with specific buy and hold recommendations [18][19]

Investment Rating - The report maintains an "Accumulate" rating for the industry [5] Core Insights - The retail sector is expected to show varied performance in Q4 2025, with significant growth in certain segments like gold and jewelry, while others like supermarkets and department stores are projected to decline [1][2][4] - The report highlights the importance of the upcoming Spring Festival season, suggesting that sectors with performance elasticity, such as duty-free shops and certain tourist attractions, should be closely monitored [9] - The report emphasizes the potential of AI applications in enhancing e-commerce marketing, indicating a shift towards new retail strategies [9] Summary by Relevant Sections Retail Sector Outlook - Gold and Jewelry: - Lao Feng Xiang: Expected net profit growth of -15% to 5% in Q4 2025 - Zhou Da Sheng: Expected net profit growth of 15% to 30% in Q4 2025 - Chao Hong Ji: Forecasted net profit of 1.2 to 2.2 billion, with a year-on-year increase of 125% to 175% - Cai Bai Co.: Expected net profit growth of 150% to 254% in Q4 2025 - Yu Garden Co.: Forecasted loss of 4.312 billion in Q4 2025, compared to a loss of 1.03 billion in the same period last year [1] - Trendy Toys: - Miniso: Expected revenue growth of 25% to 30% in Q4 2025, with adjusted net profit growth of 10% to 20% [1] Supermarkets and Department Stores - Chongqing Department Store: Expected net profit of 1.021 billion, a decline of 22.4% year-on-year, with a projected drop of 92.5% in Q4 2025 - Wangfujing: Expected net profit loss of 0.45 to 0.23 billion, with a growth rate of -6.6% to 7.3% in Q4 2025 - Yonghui Supermarket: Expected loss of 2.14 billion, with a net profit growth rate of -3.1% in Q4 2025 - Home Home Joy: Expected net profit of 198 to 228 million, with a growth rate of 50.1% to 72.8% in Q4 2025 [2] Cross-Border and E-commerce - Small Commodity City: Expected net profit growth of 5% to 15% in Q4 2025 - Anker Innovation: Expected net profit growth of 10% to 20% in Q4 2025 - Su Mei Da: Expected net profit of 1.355 billion, with a growth rate of 70.8% in Q4 2025 [3] Social Services Sector Outlook - Duty-Free: China Duty-Free Group: Expected net profit growth of 29% to 173% in Q4 2025 - Tourism: - Songcheng Performance: Expected net profit growth of -204% to 294% in Q4 2025 - Jiuhua Tourism: Expected net profit growth of 0% to 15% in Q4 2025 [4] Investment Recommendations - The report recommends focusing on sectors with performance elasticity during the Spring Festival, including duty-free, certain tourist attractions, and gold and jewelry [9] - For 2026, the report suggests looking at service consumption and product consumption, particularly in duty-free and travel chains, as well as undervalued segments with improving fundamentals [9]