在快消品竞争日益激烈的当下，武汉烟草硚口营销部始终心系卷烟零售户，致力于提升他们的经营能 力。客户经理充分发挥主观能动性，多维度发力，通过"让市场说话""让数据说话""以指导说话"三项务 实举措，为零售户经营发展注入强劲动力。 让市场说话，洞察先机强信心 客户经理小吴深知市场信息对于零售户经营的重要性。他经常穿梭于大街小巷，密切关注着市场动态。 有一次，小吴在走访客户王老板的店铺时，发现周边新开设了一家大型商业街，人流量明显增加。他意 识到，这可能会对王老板的生意产生影响，立刻展开了细致的市场调研。 调查后，小吴一边观察王老板店铺的动销情况，一边与王老板交流："王老板，最近周边变化可不小 啊，您有没有注意到商业街那边的人流量对咱们店的影响？"王老板皱着眉头说："唉，小吴啊，我也发 现了，感觉最近店里的生意有点受影响呢，这可咋办啊？"小吴安慰道："别着急，王老板。我这几天做 了些调研，发现虽然商业街带来了竞争，但也带来了新的消费群体。咱们只要把握好他们的消费偏好， 调整一下商品结构，生意肯定能好起来。" 随后，小吴将收集到的市场价格波动、消费偏好变化等信息及时反馈给王老板，并详细讲解了当前经营 形势。王老板听后 ...

因同一地段店铺密集度施策，实施差异化经营策略 在同一地段卷烟店铺扎堆区域，客户经理们挑选重点客户，进行全方位指导。"李老板，您看，咱们这 条街上卷烟店铺密密麻麻，竞争相当激烈。我建议您从商品陈列、服务规范、店内布局，还有人员管理 等方面入手，进行规范化提升，全力打造一个形象店。这样一来，不仅能提升自家店铺竞争力，还能起 到示范作用，带动整条街的生意。同时，咱们得大力宣传规范经营、适度竞争理念，大家齐心协力，把 生意都做起来。"客户经理小何满怀期待地对李老板说道。李老板信心十足，斩钉截铁地说："小何，你 说得太对了！我一定好好干，争取把我的店打造成这条街的标杆！" 在当今市场竞争白热化、店铺同质化现象极为突出的环境下，武汉烟草硚口营销部的客户经理们主动出 击，深入市场一线，以敏锐的洞察力和创新思维，推行"一店一策"精准服务策略，为卷烟零售户精心打 造专属经营方案，成功激活店铺经营新动力，显著提升了零售户店铺盈利水平。 因周边环境施策，精准对接消费需求 "张老板，您瞧，您店铺旁边就是棋牌室。我琢磨着，要是咱们推出电话上门送货服务，准能行！"客户 经理小李站在张老板店门口，目光扫向不远处的棋牌室，认真地给出建议。张 ...

Group 1: Core Insights - The external trade environment is highly uncertain, and traditional domestic consumption is relatively weak, making it difficult to show an overall upward trend [1] - The investment logic suggests a bottom-up approach to select leading companies with differentiated competitive advantages and strong earnings certainty [1] Group 2: New Consumption Sectors - The overall consumption is under pressure, but some sub-sectors show high growth potential; companies are adapting to channel changes and industry opportunities [2] - In the personal care sector, domestic brands are leveraging e-commerce and product upgrades to gain market share, with recommendations for companies like Baiya Co. and Haoyue Care [2] - The AI glasses sector is expected to see accelerated product launches by 2025, with Mingyue Lens recommended for its unique advantages [2] - The emotional consumption sector is gaining traction, with recommendations for companies like Chenguang Co. that are investing in IP resources [2] Group 3: Traditional Consumption Sectors - The home and paper industries face pressure from the overall consumption environment; investment points include the ability of quality stocks to leverage policy support and operational advantages [4] - In the home sector, the expansion of subsidy categories and amounts in 2025 presents opportunities for leading companies like Oppein and Sophia [4] - The paper industry is closely tied to economic cycles, with recommendations for Sun Paper due to its cost control capabilities and upcoming production [4] Group 4: Export Sector - Due to high uncertainty regarding tariffs, companies with established overseas production capabilities are at an advantage; some export sectors are highly dependent on U.S. and Vietnamese production [5] - Companies with lower exposure to U.S. exports are considered safer, while certain sub-sectors still show high growth potential due to rigid demand and changing consumption habits [5] - Recommended companies in the export sector include Jiayi Co., Gongchuang Turf, and Deou Technology [5]

Group 1: Consumption Strategy and Investment Recommendations - The report recommends focusing on high-growth new consumption sectors, dividend defensive stocks, and traditional companies transitioning to new consumption [3][13] - High-growth new consumption opportunities include new tobacco products, beauty care, trendy toys, pet products, and tea beverages [3][13] - Dividend defensive stocks are prioritized due to unclear policy signals and ongoing domestic demand impacts, with a focus on white goods [3][13] Group 2: Macroeconomic and Midstream Consumption Tracking - In April, the domestic CPI remained stable with a slight decrease of 0.1% year-on-year, while core CPI increased by 0.5% [4][14] - April's export growth reached 8.1% year-on-year, marking the highest since 2022, although it showed signs of slowing due to a decrease in home appliance exports [4][16] Group 3: Home Appliances - In April, the overall retail sales of home appliances increased by 21.8% online and 18.6% offline, with the national subsidy for 11 major categories growing by 18.2% [7][28] - Specific categories showed varied performance: air conditioners up 34.8%, refrigerators up 1.0%, and washing machines up 10.8% online [7][28][29] Group 4: Light Industry Manufacturing - The new tobacco sector is experiencing upward momentum, with clear growth trends in the HNB industry and potential market share gains for companies like Smoore International [7][30] - The trendy toy market remains robust, with GMV growth of 109% in April year-on-year, driven by new company entries and innovative operational strategies [7][30] Group 5: Textile and Apparel - The easing of US tariffs is expected to boost export and domestic demand, with a focus on new consumption and brands with unique advantages [7][33][37] - The textile manufacturing sector is seeing a recovery in client confidence following tariff reductions, which may lead to increased orders and improved domestic factory utilization [7][37] Group 6: Social Services - The tea beverage sector is benefiting from improved same-store sales and competitive dynamics in the takeaway market, with expectations for further growth [7][35] - Hotel performance showed strong leisure demand during the May holiday, although business travel remains weak [7][35] Group 7: Retail and E-commerce - The competitive landscape in the takeaway market is evolving, with regulatory pressures on major platforms like Meituan and JD, although the overall competition remains intense [7][36] - Meituan's initiatives in instant retail and national subsidies are expected to impact JD's core categories significantly [7][38]

证券研究报告·行业深度报告·商贸零售 商贸零售行业深度报告 烟草行业专题报告：新型烟草继续增长，巨 头加码无烟产品 增持（维持） [Table_Tag] [Table_Summary] 投资要点 ◼ 风险提示：监管政策不确定，新产品推广不及预期，市场竞争加剧等。 2025 年 05 月 18 日 证券分析师 吴劲草 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 研究助理 王琳婧 执业证书：S0600123070017 wanglj@dwzq.com.cn 行业走势 -19% -13% -7% -1% 5% 11% 17% 23% 29% 35% 2024/5/20 2024/9/17 2025/1/15 2025/5/15 商贸零售 沪深300 相关研究 《4 月我国出口额超预期，关注非美 出口核心标的小商品城》 2025-05-12 《关注五一旅游出行高峰，景区公司 天气全梳理》 2025-04-28 东吴证券研究所 1 / 18 请务必阅读正文之后的免责声明部分 ◼ 全球烟草：传统卷 ...

证券分析师：王学恒 证券分析师：张熙，CFA 010-88005382 0755-81982090 wangxueh@guosen.com.cn zhangxi4@guosen.com.cn S0980514030002 S0980522040001 数据速览 行业研究·海外市场专题 美股 中性·维持 请务必阅读正文之后的免责声明及其项下所有内容 2025年05月18日 证券研究报告 | 美股市场速览 资金大量回流，科技板块领先 价格走势：科技巨头带动市场稳步回升 本周，美股处于稳步回升状态中，标普500涨5.3%，纳斯达克涨7.2%。 风格：大盘成长（罗素1000成长+7%%）>小盘成长（罗素2000成长5.2%）>小盘价值（罗素2000价值+3.6%）>大盘价值（罗素1000价值+3.2%）。 22个行业上涨，1个行业下跌，1个基本持平。涨幅居前的行业：汽车与汽车零部件（+16.2%）、半导体产品与设备（+13.3%）、运输（+8%）、媒体与娱乐 （+7.4%）、技术硬件与设备（+6.9%）；跌幅居前的行业：医疗保健设备与服务（-0.7%）。 资金流向：资金大量回流，科技板块领先 本周，美股资金流入速率大 ...

新消费估值中枢提升，新型烟草&智能眼镜产业迎催 化 [Table_Industry] 轻工制造 [Table_ReportDate] 2025 年 05 月 18 日 [Table_Title] 新消费估值中枢提升，新型烟草&智能眼镜产 业迎催化 [Table_ReportDate] 2025 年 05 月 18 日 本期内容提要: 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 2 证券研究报告 行业研究 [Table_ReportType] 行业周报 | [Table_StockAndRank] 轻工制造 | | | --- | --- | | 投资评级 | 看好 | | 上次评级 | 看好 | | [Table_Author] 姜文镪 | 新消费行业首席分析师 | 执业编号：S1500524120004 邮箱：jiangwenqiang@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_S [➢Table_Summary 造纸：ummar浆价企 ...

Group 1: Central-Local Cooperation - The emphasis on strengthening central-local collaboration to promote high-quality development in Guangdong, aligning with the directives from the central government [1][4] - The call for continuous deepening of all-round cooperation to support the implementation of China's modernization practices in Guangdong [1] Group 2: Tobacco Industry - The provincial tobacco system is urged to focus on national and provincial work dynamics, enhance governance, and maintain a strong stance against counterfeiting and smuggling [1] - The importance of participating in the "Hundred Counties, Thousand Towns, and Ten Thousand Villages High-Quality Development Project" to contribute to Guangdong's economic and social development [1] Group 3: Taxation and Financial Support - The provincial tax authorities are encouraged to organize tax revenue scientifically and provide efficient tax services to support businesses [1][3] - The need for financial institutions to increase support for production enterprises, especially foreign trade companies, and major projects to stabilize foreign trade and promote consumption [3] Group 4: Foreign Trade and Customs - Guangdong's role as a major foreign trade province is highlighted, with a focus on improving customs efficiency and supporting foreign trade enterprises [2] - The call for enhancing data research and application to better support the development of new open platforms [2] Group 5: Financial Regulation and Risk Management - The central financial regulatory bodies are encouraged to enhance guidance and support for Guangdong's economic recovery and growth [3] - The importance of preventing systemic financial risks through improved regulatory effectiveness and collaboration between central and local authorities [3]

大型企业的税收 中石油、中石化、国家电网、工商银行等大型央企，每年都为国家财政贡献数以万亿计的税收。 这些数字不仅是单纯的财务数据，更代表了国企作为国家经济发展的"主力军"所承担的责任与使命。 国有企业的税收贡献远超其他企业类型，其重要性无可忽视。 在中国的税收体系中，国企为国家提供了强大的财力支持，助力国家在基础设施建设、民生保障和社会福利等多个领 域的投入。 税收是国家重要财政收入之一，它是国家实现公共服务的重要来源。 纳税是企业和个人的义务，尤其是国有企业，在经济中扮演着至关重要的角色，特别是在税收贡献方面。 作为国家经济的"支柱"，这些企业不仅在推动经济发展中发挥着核心作用，更承担着沉甸甸的社会责任。 其中有一个纳税大户，给国家上1.4万亿，相当于22个茅台，20个华为，这个企业究竟是谁呢？ 而这些企业背后的巨大资源和产业链，也使得它们在国家经济结构中占据举足轻重的位置。 无论是大型能源企业，还是交通、通信等领域的国企，它们的税收支撑着整个国家的财政平稳运行。 国企的税收贡献不仅仅是财力上的支持，它们还承担着推动社会和谐、促进就业和创新发展的任务。 从提供大量就业岗位，到为社会保障体系提供资金，国企的 ...

Core Insights - The article discusses a recent initiative by the Central South Market Department to enhance the efficiency of cigarette retail operations through a "Utilization Improvement Special Action" aimed at optimizing supply structure and improving retail profitability [1][2] Group 1: Precision Guidance - Customer managers are conducting "one-on-one" operational diagnostics based on historical sales data and local consumption characteristics to address issues like "hesitant ordering" and "lack of knowledge in ordering" [1] - A "Cigarette Scientific Ordering Guide" has been developed to help customers understand methods for "demand-based ordering and dynamic adjustments," effectively reducing instances of unsold stock and stockouts [1] Group 2: Precision Analysis - Utilizing a big data platform, customer managers monitor key indicators such as ordering behavior, sales rates, and inventory turnover to identify low-utilization customer groups [1] - Tailored brand cultivation strategies are being implemented based on the differing needs of various business districts and customer types, such as promoting high-end cigarette brands in specific commercial areas and recommending mid-range and pocket cigarettes in community convenience stores [1] Group 3: Precision Service - A "regular follow-up + dynamic support" mechanism has been established to reinforce the effectiveness of the utilization improvement efforts, including daily communications with customers experiencing significant utilization fluctuations [2] - Monthly "benchmark customer experience sharing sessions" are held to promote successful ordering models, and digital tools like WeChat and store management systems are used to provide real-time supply information and market trends [2] - Since the launch of the initiative, the cigarette utilization rate in the Central South Market Department's jurisdiction has increased by 8% year-on-year, with improved inventory turnover efficiency and steady profit growth [2]