Investment Rating - The report maintains an "Outperform the Market" rating for the retail sector [2][4][40]. Core Insights - The domestic beauty and cosmetics brands performed exceptionally well during the March 8 promotional event, with a GMV exceeding 9.3 billion yuan, reflecting a 2.5% year-on-year growth [1][11]. - The gold and jewelry industry is expected to reach a turning point, with improved terminal demand anticipated in Q2 2025 after a bottoming out in Q1 2025 [2][14]. - The report highlights a shift in the gold and jewelry sector's driving factors from price and store openings to product strength and craftsmanship [2][14]. Summary by Sections Beauty and Cosmetics - The March 8 promotional event saw 380 beauty products from 141 brands, with local brands accounting for approximately 41.7% of the total GMV [1][11]. - Notable local brands like Perleya and Mao Geping have shown significant improvements in rankings compared to previous years [1][11]. Gold and Jewelry - The industry is expected to recover from previous price fluctuations, with a focus on craftsmanship and brand strength driving future growth [2][14]. - The report suggests that consumer preferences are shifting towards unique designs and personal expression rather than just investment value [14]. Investment Recommendations - High-growth new consumer stocks are expected to maintain premium valuations, with companies like Laopu Gold and Mao Geping recommended for attention [2][41]. - The gold and jewelry sector is projected to improve gradually starting Q2 2025, with companies like Chow Tai Fook and Lao Feng Xiang highlighted as potential investments [2][43]. - Retail companies are actively transforming their business models, with recommendations for companies like Bailian and Yonghui Superstores [2][43]. - The integration of AI in business operations is anticipated to enhance efficiency and open new growth avenues, with companies like Xiaoshangpin City and Anke Innovation recommended [2][43].

水皮杂谈 一家之言 兼听则明 偏听则暗 趋势的力量 每日看盘 今日A股三大指数向下调整，两市共成交11 4 8 3亿，较前个交易日放量3 6 3亿。其中沪指下跌 1 . 3 3%，收报3 1 6 8 . 5 2点；深成指下跌1 . 8 0%，收报9 7 9 5 . 9 4点；创业板指下跌1 . 7 6%，收报 1 9 7 5 . 3 0点。 昨天最后讲大概率再盘一下向下结果盘一下都没有，直接就选择了方向，虽然我们一直讲休 息、轻仓、观望，但当市场真的走出了很差的走势的时候，并没有因为预测对而有一点点开 心，基本只有浓浓的失望，以及对市场越来越多的怀疑。 盘面上，全天两市5 2 8家上涨，4 6 2 1家下跌，仅仅比1月3日好那么一点点，上海2 6 0家上涨， 深圳2 6 8家上涨，又是一个泥沙俱下的走势。中位数跌幅又2 . 8 0%，微盘股下跌3 . 1 8%，中证 2 0 0 0下跌3 . 0 5%，不得不承认的是，或许你还没感受到反弹，反弹就已经结束了。 板块上，全军覆没，东财的行业板块分类8 6个板块全部下跌，商业百货、文化传媒、通信服 务、光伏设备、家电行业、互联网、计算机等跌幅居前。题材热点上，也只 ...

体面退出。 作者 I 杨继云 报道 I 投资界PEdaily IPO失败后，一家创业公司选择卖身。 12月11日，湖南友谊阿波罗商业股份有限公司（即友阿股份）披露公告：拟通过发行股份及支付现金的方式购买深 圳尚阳通科技股份有限公司100%股权，并募集配套资金。 这是一场典型的跨界并购。细看交易双方，友阿股份是长沙及湖南规模最大的百货零售企业之一；而被收购方尚阳通 则是一家半导体公司，身后站着一位在半导体圈打拼多年的女掌门蒋容，在经历科创板上市折戟后，公司选择用另一 种方式圆上市梦。 来自尚阳通科技公号 如此一幕，也是眼下A股并购热闹的写照。 一笔跨界并购诞生 更多交易细节流出—— 根据相关公告，本次交易的整体方案将由"发行股份及支付现金购买资产"和"募集配套资金"两部分构成。 第一个部分除了友阿股份外，涉及了蒋容、姜峰、肖胜安、深圳市子鼠管理咨询合伙企业（有限合伙）、深圳青鼠投 资合伙企业（有限合伙）等37名交易对方；后者则将向不超过35名符合条件的特定投资者进行募资。 值得一提的是，新近公布的预案中，友阿股份由收购目标公司82. 37%的股份调整为100%的股份。 资料显示，尚阳通专注高端半导体功率器件芯片 ...