Core Insights - During the three-day New Year holiday, Chongqing Department Store (600729) achieved total sales of 635 million yuan, representing a year-on-year growth of 3.8% [1] - The department store and supermarket segments experienced significant growth, with year-on-year increases of 43.2% and 14.6% respectively [1] - On New Year's Day alone, the department store segment reached sales of 192 million yuan, setting a new historical record [1] Sales Performance - The overall sales during the holiday period amounted to 635 million yuan, with a 3.8% increase compared to the previous year [1] - The department store segment's sales growth of 43.2% indicates strong consumer demand and effective marketing strategies [1] - The supermarket segment also performed well, with a year-on-year growth of 14.6%, reflecting positive trends in retail consumption [1] Marketing Initiatives - Chongqing New Century Supermarket launched a series of marketing activities tailored to New Year and seasonal consumer demands, resulting in total sales of 195 million yuan across all channels [1]

Group 1 - The core viewpoint of the article is that the central government will continue to allocate funds to support the replacement of consumer goods in 2026, focusing on various sectors including automobiles, home appliances, digital and smart products, and consumer facility upgrades [2] Group 2 - The financial support from the central government aims to stimulate consumer spending and promote the upgrading of consumer goods [2]

| | 国泰海通证券 | | --- | --- | | 2 | GUOTAI HAITONG SECURITIES | 目 录 | | 每日报告精选（2025-12-31 09:00——2026-01-05 15:00） 3 | | | --- | --- | --- | |  | 宏观周报：《地缘风险再起，国际油价或迎剧烈波动》2026-01-04 | 3 | |  | 宏观周报：《元旦"微度假"热度高》2026-01-04 | 3 | |  | 宏观快报点评：《PMI 逆季节性回升，预期改善》2025-12-31 | 4 | |  | 策略专题报告：《1 月金股策略：决胜"开门红"》2026-01-05 | 5 | |  | 资产配置周报：《地缘政治突变，建议超配黄金》2026-01-05 | 6 | |  | 策略专题报告：《AI 应用与机器人主题有望接力》2026-01-04 | 6 | |  | 海外策略研究：《长线外资积极增配港股软件服务》2026-01-04 | 7 | |  | 策略周报：《一年之计在于春》2026-01-04 | 8 | |  | 行业月报：房地产《TOP ...

二、本次权益变动完成情况 2025年12月31日，公司收到渝欣创商管发来的中国证券登记结算有限责任公司出具的《证券过户登记确 认书》，获悉本次国有股权无偿划转事项已完成证券过户登记手续，股份性质为限售流通股。 证券代码：600729 证券简称：重庆百货 公告编号：临2026-001 重庆百货大楼股份有限公司 关于公司股东权益变动完成过户登记的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 一、本次权益变动基本情况 2025年10月27日，重庆百货大楼股份有限公司（以下简称"公司"或"重庆百货"）收到股东重庆渝富资本 运营集团有限公司（以下简称"渝富资本"）《关于权益变动的告知函》。为明晰国企功能定位、完善主 责主业管理，进一步深化重庆渝富控股集团有限公司（以下简称"渝富控股"）改革，渝富控股全资子公 司渝富资本拟将其持有的111,540,705股重庆百货股份无偿划转至渝富控股全资子公司重庆渝欣创商业管 理有限公司（以下简称"渝欣创商管"）。 具体内容详见公司于2025年10月29日披露的《重庆百货大楼股份有限公司关于公司 ...

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The report highlights a significant recovery in domestic tourism during the 2026 New Year holiday, with 142 million domestic trips, a 5.2% increase compared to the 2024 New Year holiday, and reaching 115% of the 2019 level [6][14] - Total domestic travel expenditure reached 84.789 billion yuan, up 6.3% from the 2024 New Year holiday, recovering to 112% of the 2019 level [6][14] - The average spending per person was 597 yuan, a 1.1% increase from the 2024 New Year holiday, recovering to 97% of the 2019 level [6][14] - There was a notable increase in passenger transport volume, with significant growth in waterway and highway transport [14] - Scenic spots such as Huangshan, Changbai Mountain, and Danxia Mountain saw substantial visitor increases, with ticket bookings for domestic scenic spots increasing over four times year-on-year [16] - Duty-free sales in Hainan experienced rapid growth, with 442,000 items sold, a 52.4% increase, and shopping revenue reaching 712 million yuan, up 128.9% [22] - Cross-border travel demand surged, with 6.615 million people entering and exiting the country, a 28.6% increase [26] - Retail sales in key business districts showed strong consumer vitality, with total sales reaching 4.04 billion yuan, a 16.3% year-on-year increase [34] Summary by Sections Domestic Tourism - Domestic travel during the 2026 New Year holiday reached 142 million trips, a 5.2% increase from 2024, and 115% of the 2019 level [6] - Total expenditure was 84.789 billion yuan, a 6.3% increase from 2024, recovering to 112% of the 2019 level [6] Scenic Spots - Significant visitor growth at scenic spots, with Huangshan, Changbai Mountain, and Danxia Mountain seeing increases of 76%, 66%, and 81% respectively compared to 2024 [16][18] Duty-Free - Hainan's duty-free sales reached 712 million yuan, a 128.9% increase, with 442,000 items sold, reflecting a 52.4% growth [22] Cross-Border Travel - Cross-border travel reached 6.615 million people, a 28.6% increase compared to the previous year [26] Retail - Retail sales in Beijing's key business districts totaled 4.04 billion yuan, with a 16.3% year-on-year increase [34] Investment Recommendations - The report suggests focusing on the travel chain, including hotels (e.g., Shoulv Hotel, Jinjiang Hotel), scenic spots (e.g., Three Gorges Tourism, Huangshan Tourism), and OTA (e.g., Ctrip Group) [35] - In the retail sector, it recommends focusing on duty-free (e.g., China Duty Free Group, Wangfujing) and retail department stores (e.g., Chongqing Department Store, He Bai Group) [35]

Investment Rating - The industry investment rating is "Positive" (maintained) [6] Core Viewpoints - The implementation of national subsidies is expected to benefit the smart glasses and department store sectors. The development of smart glasses is anticipated to accelerate, with the optical industry chain and certain specialized retail companies poised to gain [3][9] - The retail market in China has transitioned from a rapidly growing incremental market to a high-quality development stage, with significant renovations in traditional department stores and supermarkets expected to drive customer traffic and sales improvements [9] Summary by Relevant Sections Smart Glasses Sector - The inclusion of smart glasses in national subsidies signals strong government support for AI and consumer products, which is likely to lower consumer barriers and accelerate market education, leading to increased adoption [9] - The market for AI smart glasses is projected to exceed 150 billion yuan by 2030, with a compound annual growth rate (CAGR) of over 50% from 2025 to 2030 [9] - Key beneficiaries in the smart glasses sector include companies like 康耐特光学, 博士眼镜, 明月镜片, and others [3] Department Store and Supermarket Sector - The renovation of department stores and supermarkets is expected to accelerate, driven by equipment updates and innovative business models, which will enhance customer experience and sales [9] - Major retail companies such as 重庆百货, 步步高, and 永辉超市 are likely to benefit from these changes [3] - The government's focus on domestic demand and the upcoming long Spring Festival are expected to boost consumption in the first quarter of 2026 [9]

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、本次权益变动基本情况 2025 年 10 月 27 日，重庆百货大楼股份有限公司（以下简称"公司"或"重 庆百货"）收到股东重庆渝富资本运营集团有限公司（以下简称"渝富资本"）《关 于权益变动的告知函》。为明晰国企功能定位、完善主责主业管理，进一步深化 重庆渝富控股集团有限公司（以下简称"渝富控股"）改革，渝富控股全资子公 司渝富资本拟将其持有的 111,540,705 股重庆百货股份无偿划转至渝富控股全 资子公司重庆渝欣创商业管理有限公司（以下简称"渝欣创商管"）。 具体内容详见公司于 2025 年 10 月 29 日披露的《重庆百货大楼股份有限公 司关于公司股东权益变动的提示性公告》（公告编号：临 2025-045）。 二、本次权益变动完成情况 证券代码：600729 证券简称：重庆百货 公告编号：临 2026-001 重庆百货大楼股份有限公司 关于公司股东权益变动完成过户登记的公告 重庆百货大楼股份有限公司 2026 年 1 月 1 日 1 / 1 2025 年 12 ...

Core Viewpoint - The Liberation Monument business district in Chongqing is evolving into a vibrant cultural and commercial hub, blending historical significance with modern consumer experiences, thereby driving new vitality in the consumption market [3][5][6]. Group 1: Historical Significance and Development - The Liberation Monument area has a rich history, with significant commercial milestones such as the opening of Chongqing's first department store in 1950 and the establishment of the first foreign enterprise in 1989 [4]. - The area has been recognized as a national demonstration pedestrian street and a national-level night cultural and tourism consumption gathering area, highlighting its importance in Chongqing's economic landscape [5]. Group 2: Cultural and Commercial Integration - Recent developments have transformed historical sites into modern attractions, such as the Chongqing Financial History Museum and cultural exchange venues, integrating history into contemporary commercial life [6]. - The area features over 30 cultural relics and more than 20 popular tourist attractions, making it a rich cultural resource and a key area for historical preservation [5]. Group 3: New Consumption Trends - The business district is diversifying its offerings with new consumption formats, including unique bars, entertainment venues, and flagship stores of international brands, enhancing the consumer experience [7][8]. - The introduction of over 200 flagship stores and hosting of numerous international events have positioned the area as a key player in the "first release economy" and night economy [8]. Group 4: Internationalization and Economic Growth - The Liberation Monument area serves as a vital trade window for Chongqing, leveraging its status as a free trade zone and aiming to create a world-class business environment [9][10]. - The district has attracted over 700 foreign enterprises and is recognized for its consumer-friendly environment, with significant international engagement through various economic activities [10]. Group 5: Future Development Plans - Future initiatives aim to enhance the area's commercial upgrade and international appeal, establishing it as a leading destination for global commerce and cultural exchange [10].

Core Viewpoint - The "Qihang·2025 Financial Summit" recently concluded in Beijing, focusing on themes of "new beginnings, new momentum, and new journeys," highlighting the importance of high-quality development in the financial sector [1][3]. Group 1: Financial Summit and Awards - The summit was organized by Financial界 and gathered hundreds of key figures from regulatory bodies, industry associations, financial institutions, listed companies, and media [1]. - The 14th "Jinzhi Award" results were announced, with Chongqing Department Store winning the "Outstanding Brand Award" due to its strong brand power [1][3]. Group 2: Jinzhi Award Criteria - The "Jinzhi Award" aims to set benchmarks for high-quality development, guiding listed companies to focus on their core business, innovate, and fulfill social responsibilities [3]. - The evaluation covered over 8,000 companies across A-shares, Hong Kong stocks, and Chinese concept stocks, ultimately recognizing nearly 200 award-winning companies based on six dimensions, including social responsibility and innovation efficiency [3]. Group 3: Chongqing Department Store's Achievements - Established in 1920, Chongqing Department Store has become a leading retail player in Southwest China, with well-known brands like "Zhongbai" and "New Century Department Store" [4]. - The company has continuously innovated beyond traditional retail boundaries, developing proprietary brands and offering refined services such as home delivery and smart shopping experiences [4]. - Chongqing Department Store has been recognized as a top service industry enterprise and has led initiatives to upgrade regional commercial formats and services [4]. Group 4: Social Responsibility and Community Engagement - The company emphasizes social responsibility by creating "Zhongbai Villages," directly sourcing over 2 billion yuan in agricultural products to support rural revitalization [4]. - It has also established community canteens to ensure consumer welfare and practices green operations to reduce energy consumption and plastic use [4]. - The company maintains a commitment to shareholder returns through continuous cash dividends and employee care, reflecting its dedication to balancing corporate growth with social value [4].

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [4][31]. Core Insights - Xinhua Department Store is recognized as a leading retail company in the Ningxia region, with a significant market presence. The company has initiated a transformation of its supermarket operations since September 2025, which is expected to accelerate its fundamental performance [4][7]. - The company has maintained stable revenue and profit in the first three quarters of 2025, achieving a revenue of 4.707 billion yuan, a year-on-year decrease of 1.1%, and a net profit attributable to shareholders of 108 million yuan, a year-on-year decrease of 1.3% [6][30]. - The supermarket business is the core revenue source for the company, and the ongoing transformation is anticipated to enhance future revenue and profit [6][25]. Summary by Sections Company Overview - As of Q3 2025, Xinhua Department Store operates 342 stores, including 14 department stores and 240 supermarkets, primarily located in Ningxia [7][10]. Financial Performance - The company forecasts revenues of 6.065 billion yuan for 2023, with a growth rate of 3%, and expects a net profit of 136 million yuan, reflecting a significant year-on-year increase of 46% [4][30]. - The report projects net profits of 142 million yuan, 165 million yuan, and 213 million yuan for 2025, 2026, and 2027, respectively, indicating growth rates of 5%, 16%, and 29% [30][31]. Business Transformation - The company has begun a significant transformation of its supermarket operations, which is expected to improve its competitive position in the underdeveloped market segments [17][21]. - The introduction of high-quality products and optimization of the supply chain are key components of this transformation, which aims to enhance customer experience and drive sales [17][27]. Expansion Plans - Xinhua Department Store is set to expand into Beijing with a new project named "Xinhua Department Store CCmall," which is strategically located in a prime area of the city [20][22]. - The project is expected to contribute to the company's growth and is seen as a significant milestone in its expansion strategy [22][31].