| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 601116 | 三江购物 | 20.88 | 10.01% | 6.18万 | | 1.29亿 | | 600785 | 新华自贸 | 15.55 | 9.97% | 13.62万 | | 2.09亿 | | 600113 | 浙江东日 | 63.72 | 5.32% | 9.77万 | | 6.16亿 | | 603123 | 翠微股份 | 14.90 | 3.69% | 94.93万 | | 14.31亿 | | 600790 | 轻纺城 | 4.03 | 3.33% | 40.80万 | | 1.65亿 | | 002356 | 赫美集团 | 4.25 | 2.91% | 112.54万 | | 4.79亿 | | 600415 | 小商品城 | 17.98 | 2.57% | 288.92万 | | 52.84 Z | | 600857 | 宁波中百 | 13.95 | 1.90% | 8.22万 | | 1.14亿 | ...

2026 年 01 月 12 日 晨会纪要 研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn [Table_Title] 晨会纪要 ——2026 年第 5 期 观点精粹: 最新报告摘要 2025 年圆满收官，2026 年销量目标 345 万辆--吉利汽车/乘用车(00175/212805) 点评报告（港股美股） Banxa 并购圆满落子，合纵聚力筑牢全球合规支付壁垒--OSL 集团/多元金融(00863/214903) 点评报告（港 股美股） 员工持股计划彰显信心，国产替代打造稳定增长点--皇马科技/化学制品(603181/212203) 公司点评 新疆零售龙头"胖改"成效逐步显现，低空经济有望成为第二增长曲线--汇嘉时代/一般零售(603101/214503) 公司深度研究 特斯拉 Optimus V3 推进有望加速，征和工业正式发布全球首创链式灵巧手--行业周报 太空光伏催化不断落地，国内 AIDC 建设有望加速--行业周报 英伟达 AI 超级计算平台 Vera Rubin 全面投产，AS700 取得国产载人飞艇生产许可证--行业周报 多晶硅、丁二烯价格上涨， ...

Core Viewpoint - Nanning Department Store (600712) has shown a positive stock performance with a closing price of 6.94 yuan, reflecting a 1.76% increase from the previous week, alongside significant government subsidies that are expected to positively impact the company's financial results [1] Company Announcements - The company has received a total of approximately 14.28 million yuan in government subsidies from January 2025 to the announcement date, which is expected to have a positive effect on its financial performance [1] - Of the total subsidies, approximately 7.25 million yuan is related to income, accounting for 22.92% of the company's most recent audited net profit, while 7.03 million yuan is related to assets, representing 0.88% of the company's most recent audited net assets [1] - Income-related subsidies will be recognized in the current profit and loss, while asset-related subsidies will be recorded as deferred income and amortized over the asset's useful life [1]

证券之星消息，1月8日一般零售板块较上一交易日上涨0.62%，上海九百领涨。当日上证指数报收于 4082.98，下跌0.07%。深证成指报收于13959.48，下跌0.51%。一般零售板块个股涨跌见下表： 从资金流向上来看，当日一般零售板块主力资金净流出8.63亿元，游资资金净流入1.01亿元，散户资金净 流入7.62亿元。一般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 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 601116 | 三江购物 | - 2514.11万 | 4.64% | -1558.18万 | -2.88% | -955.93万 | -1.76% | | 601933 | 永辉超市 | 2267.73万 | 0.61% | -1622.00万 | -0.44% | -645.72万 | -0.17% | | 600828 茂业商业 | | 1359.77万 | 2.22% | -1211.47万 | -1.98 ...

Market Overview - The general retail sector experienced a decline of 0.36% on January 7, with Cuiwei Co. leading the drop [1] - The Shanghai Composite Index closed at 4085.77, up 0.05%, while the Shenzhen Component Index closed at 14030.56, up 0.06% [1] Stock Performance - Notable gainers in the general retail sector included: - Youa Co. (002277) with a closing price of 7.85, up 9.94% and a trading volume of 899,900 shares, totaling 6.91 billion yuan [1] - Shanghai Jiubai (600838) closed at 12.60, up 7.05% with a trading volume of 1,061,900 shares, totaling 13.37 billion yuan [1] - New World (600628) closed at 8.45, up 5.23% with a trading volume of 546,400 shares, totaling 4.55 billion yuan [1] Fund Flow Analysis - The general retail sector saw a net outflow of 346 million yuan from institutional investors, while retail investors contributed a net inflow of 145 million yuan [2] - The top stocks by net inflow from retail investors included: - Youa Co. with a net outflow of 91.06 million yuan from retail investors [3] - Shanghai Jiubai with a net outflow of 5.84 million yuan from retail investors [3] - New World with a net outflow of 3.12 million yuan from retail investors [3]

Group 1 - The general retail sector increased by 0.29% compared to the previous trading day, with Guoguang Chain leading the gains [1] - The Shanghai Composite Index closed at 4023.42, up 1.38%, while the Shenzhen Component Index closed at 13828.63, up 2.24% [1] - Key stocks in the general retail sector showed various performance, with Guoguang Chain closing at 20.05, up 3.40%, and Dongbai Group at 18.39, up 3.20% [1] Group 2 - The general retail sector experienced a net outflow of 615 million yuan from institutional funds, while retail investors saw a net inflow of 488 million yuan [2] - Major stocks like Dongbai Group and Wushang Group had significant net outflows from institutional investors, with Dongbai Group seeing a net outflow of 270.19 million yuan [3] - Guoguang Chain had a net inflow of 181.14 million yuan from institutional investors, indicating strong interest despite overall sector outflows [3]

Core Business and Strategic Implementation - The company focuses on its core business and cultural globalization as dual drivers for growth, with significant improvements in profitability and cost efficiency [2][3] - The overall operating gross margin reached 11.45%, an increase of 1.03 percentage points year-on-year, while the jewelry fashion segment saw a gross margin rise of 0.66 percentage points to 7.73% [2] - Cost control measures led to a 21% reduction in management expenses year-on-year, with a notable 28% decrease in the third quarter, allowing more funds for core business development [2] Cultural Globalization Breakthrough - 2025 is marked as a breakthrough year for the company's global expansion, with multiple cultural IPs successfully entering international markets [3] - The company's lantern festival showcased in Vietnam, Thailand, and Singapore, receiving extensive media coverage and recognition [3] - The opening of the first overseas store for Songhe Lou in London became a popular destination, while the company accelerated its duty-free and overseas channel expansion [3] Investor Relations and Shareholder Returns - The company upgraded its investor relations with over 1,000 communications with domestic and international investors, significantly enhancing market recognition [4] - The annual performance briefing included innovative formats, attracting over 90,000 views, a 30% increase year-on-year [4] - Shareholder returns are supported by a stable dividend policy, share buybacks, and an employee stock ownership plan, ensuring long-term alignment of interests [6][7] ESG and Corporate Governance - The company has maintained an MSCI ESG rating of A for three consecutive years, becoming an industry benchmark [8] - Environmental management practices have been enhanced, with four subsidiaries receiving six third-party certifications [8] - Governance structure improvements include the proposed cancellation of the supervisory board to enhance decision-making efficiency [9] Risk Management - The company is actively addressing challenges in the consumer and real estate sectors, with a focus on improving cash flow and reducing debt ratios [10] - The strategic emphasis on cultural leadership, financial stability, and reasonable valuation aims to enhance market capitalization [10]

Group 1 - The core viewpoint of the article highlights the target price increases for listed companies, with notable gains for Stone Technology and LiuGong, showing increases of 47.62% and 38.08% respectively, indicating strong market confidence in these companies [1][2] - On December 30, a total of 29 listed companies received broker recommendations, with GuiGuan Electric and LiuGong each receiving two recommendations, reflecting their strong market positions in the electric power and engineering machinery sectors [3] Group 2 - On the downgrade side, only one company, Sanxia Tourism, had its rating lowered by CITIC Securities from "Buy" to "Hold," indicating a cautious outlook for this company in the tourism and scenic area [4][5] - A total of 11 companies received initial coverage from brokers on December 30, with notable mentions including Wanwei High-tech receiving a "Recommended" rating from China Galaxy Securities and LiuGong receiving a "Strong Buy" rating from Huachuang Securities, showcasing the interest in these sectors [6]

Group 1 - The core viewpoint of the news is that on December 25, several brokerage firms provided target price increases for listed companies, with notable increases for Sanlian Hongpu, Wangfujing, and Nanjing Securities, showing target price increases of 24.53%, 19.05%, and 18.13% respectively [1][2]. Group 2 - On December 25, a total of 20 listed companies received recommendations from brokerage firms, with Lingyi Technology receiving 2 recommendations, while Guoji Heavy Industry and Nanjing Securities each received 1 recommendation [2][3]. - The brokerage firms raised the rating for one company on December 25, with Zhongyou Securities upgrading Beijing Junzheng from "Hold" to "Buy" [4]. - On the same day, 7 companies received initial coverage from brokerage firms, including Guoji Heavy Industry, Dongfang Precision, and Dongwei Technology, all rated "Buy" by Aijian Securities, while Nanjing Securities received a "Recommended" rating from Huachuang Securities [5].

Group 1 - The core viewpoint of the article highlights the target price increases for several listed companies as recommended by brokerage firms on December 25, with notable increases for Sanlian Hongpu, Wangfujing, and Nanjing Securities [1][2] - Sanlian Hongpu (300384) received a target price increase of 24.53% to 20.00 CNY, while Wangfujing (600859) saw a 19.05% increase to 18.00 CNY, and Nanjing Securities (601990) had an 18.13% increase to 9.45 CNY [2] - A total of 20 listed companies received recommendations from brokerage firms on December 25, with Lingyi Technology receiving recommendations from 2 firms, and Guoji Heavy Industry and Nanjing Securities each receiving 1 recommendation [2] Group 2 - On December 25, only one company had its rating upgraded, with Zhongyou Securities raising Beijing Junzheng's rating from "Hold" to "Buy" [4][5] - A total of 7 companies received initial coverage from brokerage firms on December 25, including Guoji Heavy Industry, Dongfang Precision, and Dongwei Technology, all rated "Buy" by Aijian Securities, while Nanjing Securities received a "Recommended" rating from Huachuang Securities [5][6] - Other companies receiving initial coverage include Jin Guo Co. rated "Buy" by Kaiyuan Securities, and Huayin Technology rated "Buy" by Guohai Securities [6]