Core Viewpoint - Miniso Group Holding Limited (09896) announced a share buyback plan, indicating confidence in its stock value and future prospects [1] Group 1 - The company will repurchase 52,600 shares at a total cost of HKD 1.9892 million [1] - The buyback price per share ranges from HKD 37.64 to HKD 38 [1] - The buyback is scheduled for December 23, 2025, reflecting the company's strategic financial management [1]

Core Viewpoint - Miniso Group (09896) announced a share buyback plan, indicating confidence in its stock value and future prospects [1] Group 1 - The company will repurchase 52,600 shares at a total cost of HKD 1.9892 million [1] - The buyback price per share ranges from HKD 37.64 to HKD 38 [1] - The buyback is scheduled for December 23, 2025 [1]

格隆汇12月23日丨名创优品(09896.HK)公告，12月23日耗资198.9万港元回购5.26万股。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 名創優品集團控股有限公司 呈交日期： 2025年12月23日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 09896 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | | ...

Market Performance - US stock market opened higher and closed with gains, with all three major indices rising for three consecutive days. The S&P 500 index increased by 0.64%, the Nasdaq by 0.52%, and the Dow Jones by 0.47% [1] - The Dow Jones closed at 48,362.68, the Nasdaq at 23,428.83, and the S&P 500 at 6,878.49 [2] Sector Performance - Large technology stocks showed mixed results, with the Tech Giants Index rising by 0.41%. Notable gains included Tesla and Nvidia, both up over 1%, while Apple fell by more than 1% [2] - Chip stocks mostly rose, with Micron Technology up over 4% and Microchip Technology up over 2%. Intel, however, fell by over 1% [3] - Bank stocks saw a broad increase, with JPMorgan Chase rising nearly 2%, Goldman Sachs up 0.6%, and Citigroup up over 2%, reaching a 17-year high [3] Chinese Stocks - The Nasdaq China Golden Dragon Index rose by 0.58%, marking three consecutive days of gains. Notable performers included Canadian Solar up nearly 11% and iQIYI, Qifu Technology, and Trip.com all up over 2% [5] - Analysts from Goldman Sachs predict a 14% growth in Chinese corporate earnings by 2026 and a 12% growth in 2027, which may boost the performance of Chinese stocks [5] Commodity Market - International oil prices saw an increase, with light crude oil futures for February 2026 rising by 2.64% to $58.01 per barrel, and Brent crude oil futures up 2.65% to $62.07 per barrel [5] - Precious metals experienced significant gains, with spot gold reaching a historical high of $4,449.18 per ounce, and COMEX gold futures rising by 2.16% to $4,482.30 per ounce [6] - The gold market has seen a surge of over 60% this year, while silver prices have increased by over 130% [6] - Analysts from Goldman Sachs expect gold prices to rise further, with a baseline scenario of $4,900 per ounce next year, indicating a bullish outlook for the precious metals market [6]

纳斯达克中国金龙指数收涨0.58%，热门中概股中，阿特斯太阳能收涨10.7%，爱奇艺涨近3%，小马智 行、携程、亚朵、晶科能源、名创优品、汽车之家涨超1%，哔哩哔哩涨1.57%，京东、阿里巴巴涨近 1%。 格隆汇12月23日｜美股三大指数集体收涨，标普500指数涨0.64%，纳指涨0.52%，道指涨0.47%。大型 科技股涨跌不一，特斯拉、英伟达涨超1%，谷歌、亚马逊、Meta小幅上涨；英特尔、奈飞跌超1%，苹 果、微软小幅下跌。第一太阳能涨超6.6%，创2024年6月份以来收盘新高。花旗集团涨近3%，股价创17 年多新高。 ...

Investment Rating - The report rates the industry as "Outperforming the Market" [4] Core Insights - The report highlights that the cross-year consumption trend is driven by policy and expected recovery, with general retail and tourism sectors performing well [12][19] - It emphasizes the strong recovery in offline consumption during the New Year and Spring Festival, particularly in major cities [17] - The tourism sector is projected to see significant growth in consumer spending, with a daily average of 6.263 million trips during the Spring Festival, representing 126% of 2019 levels [19] Summary by Sections Cross-Year Consumption Trends - The report analyzes the market performance from 2019 to 2025, noting that general retail and tourism sectors have outperformed others during the cross-year period [12] - The upcoming Q1 consumption peak and policy catalysts are expected to drive strong performance in the retail sector [12] General Retail and Supermarkets - The report anticipates a robust recovery in offline consumption during the New Year and Spring Festival, with significant year-on-year growth in cities like Beijing, Shanghai, and Guangzhou [17] - For the Spring Festival 2025, Shanghai's offline consumption is projected to reach 46.5 billion RMB, while Beijing and Guangzhou are expected to see 8.1 billion RMB and 36.4 billion RMB, respectively [17] Tourism and Travel - The Spring Festival is expected to be the largest travel season after National Day and May Day, with daily average spending of 84.6 billion RMB, second only to National Day [19] - The average spending per person during the Spring Festival is projected to be 1,351 RMB, indicating a recovery trend, although it has not yet reached 2019 levels [19] Key Company Announcements and Industry News - The report includes significant announcements from companies such as Zhejiang China Commodity City Group, which appointed new executives [23] - It also notes that the National Bureau of Statistics reported a 1.3% year-on-year increase in retail sales for November 2025, with service retail sales growing by 5.4% from January to November [24] Investment Recommendations - The report recommends companies with strong organizational structures and management capabilities in the beauty and personal care sector, such as Mao Geping and Shangmei [25] - In the gold and jewelry sector, it suggests focusing on high-quality brands like Laopu Gold and Chaohongji [25] - For the cross-border e-commerce sector, it highlights the easing of tariff conflicts and the recovery of demand, recommending companies like Xiaoshangpin City and Jiao Dian Technology [25] - In the supermarket and retail sector, it advises monitoring companies like Miniso and Yonghui Supermarket for their reform effectiveness [25]

-19% -15% -11% -7% -3% 1% 5% 9% 13% 17% 2024-12 2025-03 2025-05 2025-07 2025-10 2025-12 商贸零售 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:李鑫鑫 SAC 登记编号:S1340525010006 Email:lixinxin@cnpsec.com 证券研究报告：商贸零售|点评报告 行业投资评级 强于大市|维持 | 行业基本情况 | | --- | | 收盘点位 | | 2458.79 | | --- | --- | --- | | 52 | 周最高 | 2458.79 | | 52 | 周最低 | 1877.67 | 行业相对指数表现（相对值） 近期研究报告 《新消费行业框架：星星之火，灿若 星辰》 - 2025.11.28 11 月社零数据如何？ ⚫ 事件 国家统计局发布最新社零数据，11 月份，社会消费品零售总额 43898 亿元，同比增长 1.3%。其中，除汽车以外的消费品零售额 39444 亿元，增长 2.5%。1—11 月份，社会消费品零售总额 456067 亿元， 增长 4.0%。其中，除汽车 ...

Core Insights - The gaming industry is evolving from being primarily an entertainment product to a flexible tool that drives digital transformation in traditional sectors such as healthcare, education, and manufacturing, creating new growth opportunities [1][2] Group 1: Technological Integration - The evolution of game engines is crucial as they transition from tools for game development to universal platforms supporting digital transformation across various industries [1] - Unity has expanded its engine capabilities to serve industries like automotive and smart cities, enhancing traditional sectors' R&D and operational efficiency while also creating new opportunities for game developers [1][2] Group 2: AI Integration - AI has transformed from a cost-reduction tool to a creative engine for game experiences, influencing the entire game lifecycle from planning to operation [2] - The integration of AI in gaming is leading to applications in education and healthcare, promoting a new model of "technological equity and enhanced experiences" [2] Group 3: Application in Healthcare - Games are being utilized in healthcare to address psychological and cognitive issues, showing effectiveness in alleviating anxiety and improving attention [2] - Approximately ten gamified digital therapy products have been approved globally for treating conditions like ADHD and depression [2] Group 4: Cultural and Social Impact - The design thinking and immersive experiences from gaming are being applied in non-entertainment fields, providing innovative solutions to social issues [3] - Tencent's "Cognitive Training" product has been clinically tested and is now being prescribed in hospitals, marking a significant step for gamified digital therapy in mainstream healthcare [3] Group 5: Cultural Consumption and Ecosystem Building - Successful game IPs are evolving into ecological nodes that deeply connect with urban spaces, the real economy, and cultural life [4] - High-quality digital IPs are becoming new types of "urban infrastructure," enhancing public services and injecting innovation into cities [4] Group 6: Long-term Cultural Value - Companies are focusing on long-term strategies to deepen cultural narratives within historical-themed IPs, creating a competitive edge through meticulous cultural research [4][5] - The integration of gaming IPs into physical spaces and cultural values reflects a shift from superficial interactions to deep integration, offering imaginative possibilities for industry and societal development [5]

Investment Rating - The report maintains a positive outlook on the retail industry, indicating a "Buy" rating due to expected growth driven by policy support and market recovery [1]. Core Insights - Multiple policies have been introduced to promote domestic demand and enhance the retail sector's recovery, positioning it as a key focus for economic growth [2][5]. - The retail sector is experiencing a steady recovery, with various formats showing stable growth, particularly benefiting from the "胖改" model which enhances operational efficiency and profitability [10][12]. - November 2025 saw a year-on-year increase of 1.3% in total retail sales, although this was below market expectations, influenced by high base effects from previous policies [12][13]. Summary by Sections Investment Analysis - The retail sector is currently under pressure from short-term performance but is expected to see a significant rebound due to systematic support for quality and service transformation during the 14th Five-Year Plan [2][5]. - The report highlights that core companies in the retail sector may exceed profit expectations due to improved operational efficiencies and market conditions [2][5]. Market Performance - During the period from December 15 to December 19, 2025, the retail index grew by 6.66%, outperforming the Shanghai and Shenzhen 300 index by 6.94 percentage points, ranking first among the Shenwan primary industries [22]. - The social service index increased by 2.66%, ranking fourth among the Shenwan primary industries [22]. Policy Developments - Recent policies focus on expanding domestic demand and integrating consumer welfare with consumption promotion, aiming to stimulate market vitality [5][6]. - The retail industry is identified as a critical area for nurturing the domestic demand system, with ongoing reforms expected to enhance the sector's resilience and growth potential [5][6]. Company Updates - Major retail companies are adopting the "胖改" model to improve their operational frameworks, with significant progress reported in store renovations and supply chain management [10][11]. - The report notes that companies like Yonghui Supermarket and Bubu Gao have successfully implemented changes that have led to increased customer traffic and sales [10][11]. Consumer Trends - The report indicates that service consumption is becoming a significant growth driver, with policies aimed at enhancing consumer spending and adapting supply to meet demand [12][16]. - Online retail sales growth has been robust, with a cumulative increase of 9.1% year-on-year for the first eleven months of 2025, surpassing overall retail growth by 5.1 percentage points [15][16].