早盘，A股大消费（核心股）板块走强，美容护理、旅游、食品、零售、影视（核心股）等方向纷纷拉 升。拉芳家化、安记食品、海欣食品、红棉股份、杭州解百、浙文影业、横店影视等多股涨停。 | 美部 行业 | 概念 风格 地域 | 30 | | | --- | --- | --- | --- | | 名称 | | 涨幅� 1分钟涨速 涨停数 | 领涨股 | | 美容护理 | +3.50% | -0.03% | - 拉芳家化 | | 影视院线 | +2.68% | +0.03% | - 横店影视 | | 旅游及酒店 | +2.20% | +0.02% | 0 黄山旅游 | | 食品加工制造 | +2.15% | -0.02% | 2 海欣食品 | | 饮料制造 | +2.04% | +0.00% | 2 红棉股份 | | 银行 | +1.25% | +0.00% | E 厦门银行 | | 纺织制造 | +1.25% | +0.10% | 2 浙文影业 | | 白酒 | +1.20% | -0.03% | 0 皇台酒业 | | 零售 | +0.98% | +0.04% | 1 杭州解百 | 消息面上，国务院新闻办公室将于20 ...

T a [ 行业研究|可选消费 证券研究报告 可选消费行业周报、月报 2026 年 02 月 04 日 b l [Table_Title] 国务院印发《加快培育服务消费新增长点工 e _ M 作方案》，HBN 母公司港交所递表 ——商社美护行业周报 [Table_Summary] 报告要点： 市场表现 ] 本周（2026.01.26-2026.01.30），商贸零售/社会服务/美容护理分别- 4.18%/-3.45%/-3.76%，在 31 个一级行业中排名第 26/23/25，同期上 证综指-0.44%，深证成指-1.62%，沪深 300+0.08%。 本周行业重点事件及资讯 国务院办公厅印发《加快培育服务消费新增长点工作方案》。提出 3 方面支持政策，包括聚焦交通服务、家政服务、网络视听服务、旅居 服务、汽车后市场服务、入境消费等重点领域激发发展活力；聚焦演 出服务、体育赛事服务、情绪式体验式服务等潜力领域培育发展动能。 1 月 29 日，文化和旅游部在福建省泉州市正式启动 2026 年全国春节 文化和旅游消费月。消费月将从 1 月底持续至 3 月初，其间各地将推 出丰富多彩的应季文旅产品和活动，举办约 ...

Group 1 - The report highlights that the new consumption sector performed well, with service consumption policies expected to continue catalyzing growth in 2026 [2][27] - In 2025, the overall performance of the optional consumption sector was weak, but sub-sectors like new consumption showed significant gains, particularly in the first half of the year [16][21] - The retail sales of consumer goods grew moderately, with service retail growth outpacing that of goods retail, indicating a shift towards service consumption [21][27] Group 2 - The tourism sector is expected to benefit from extended holiday periods and improved vacation policies, with companies like Trip.com and Tongcheng Travel being key focuses [3] - The hotel market is showing signs of recovery, with a narrowing decline in RevPAR and increasing leisure demand, highlighting companies like Jin Jiang Hotels and Huazhu Group [3] - The duty-free sector is experiencing a boost from new policies, particularly in Hainan, with a focus on high-end consumption recovery [3] Group 3 - The cosmetics industry saw a slight growth of 6.18% in 2025, with domestic brands continuing to gain market share [4][30] - The medical beauty market is projected to reach approximately 366.6 billion in 2025, with a K-shaped consumption differentiation emerging [4][30] - Innovations in core ingredients and the integration of biotechnology are driving brand growth in the cosmetics sector [4][36] Group 4 - The IP derivative market is expanding due to a flourishing supply of IP and commercial operations, with domestic policies expected to further mature the industry ecosystem [5] - Key players in the IP space include Shanghai Film, Light Media, and Pop Mart, with a focus on both domestic and international market expansion [5] Group 5 - The gold and jewelry sector saw a cumulative growth of 12.78% in retail sales from January to December, with a focus on brand premium capabilities and international expansion [6][9] - The rise of "self-wearing" scenarios is driving gold jewelry sales, with brands like Chao Hong Ji and Lao Pu Gold being highlighted for their international strategies [9]

证券研究报告 | 2026年02月04日 | 晨会纪要 | | --- | | 数据日期:2026-02-03 | 上证综指 | 深证成指沪深 | 300 指数 | 中小板综指 | 创业板综指 | 科创 50 | | --- | --- | --- | --- | --- | --- | --- | | 收盘指数（点） | 4067.73 | 14127.10 | 4660.10 | 15290.00 | 4148.91 | 1471.06 | | 涨跌幅度（%） | 1.29 | 2.19 | 1.17 | 2.30 | 2.66 | 1.39 | | 成交金额（亿元） | 11107.20 | 14335.11 | 6666.26 | 4888.38 | 6773.19 | 988.26 | $$\overline{{{\mathbb{M}}}}\cong\pm\overline{{{\mathbb{M}}}}$$ (4) [ (4) 36 $\mu$H$\mu$H$\mu$H$\mu$] 宏观与策略 宏观深度:宏观经济深度报告-有形之手（1）：财政 ABC 之"四本账" 固定收益深度:固收+系列报告之十 ...

Core Viewpoint - The ChiNext Medical Index (970082) closed at 3876.07 points on February 3, with a gain of 2.37% and a trading volume of 13.236 billion yuan, indicating positive market sentiment in the medical sector [1]. Group 1: Index Performance - The ChiNext Medical Index saw 49 constituent stocks rise, with NuoSiGe leading the gains at 8.76% [1]. - The index's turnover rate was 1.71%, reflecting moderate trading activity [1]. Group 2: Top Constituents - The top ten constituents of the ChiNext Medical Index include: - YuanEr Eye Hospital (sz300015) with a weight of 9.18% and a latest price of 11.04 yuan, up 1.28% [1]. - MaiRui Medical (sz300760) with a weight of 8.95% and a latest price of 188.15 yuan, up 0.56% [1]. - TaiGe Medical (sz300347) with a weight of 8.52% and a latest price of 63.20 yuan, up 4.97% [1]. - KangLong HuaCheng (sz300759) with a weight of 7.18% and a latest price of 29.61 yuan, up 2.10% [1]. - LePu Medical (sz300003) with a weight of 4.96% and a latest price of 17.83 yuan, up 1.89% [1]. - New Industry (sz300832) with a weight of 4.73% and a latest price of 54.50 yuan, up 2.60% [1]. - AiMeiKe (sz300896) with a weight of 4.49% and a latest price of 147.57 yuan, up 4.56% [1]. - YingKe Medical (sz300677) with a weight of 4.14% and a latest price of 40.55 yuan, up 1.38% [1]. - FuRui Medical (sz300049) with a weight of 3.55% and a latest price of 67.33 yuan, up 1.45% [1]. - HuaDa Gene (sz300676) with a weight of 3.15% and a latest price of 50.30 yuan, up 2.57% [1]. Group 3: Capital Flow - The net inflow of main funds into the ChiNext Medical Index constituents totaled 145 million yuan, while retail investors experienced a net outflow of 106 million yuan [1]. - The detailed capital flow indicates that TaiGe Medical had a main fund net inflow of 10.514 million yuan, while retail investors had a net outflow of 18.28% [2].

智通财经APP获悉，国信证券发布研报称，维持商贸零售板块"优于大市"评级。当前金价波动对板块虽 有短期情绪影响，但在当前行业增长逻辑转向依赖品牌建设、工艺创新和文化叙事能力带来的"α收 益"下，预计实际基本面影响相对平稳。AI未来有望在持续赋能品牌业务发展的过程中，实现业务增长 新曲线的开拓。 2025年底海内外市场经过一定涨幅之后市场震荡有所加大，从牛市轮动角度，新的一年消费板块不排除 在政策边际加码情况下来迎来一定弹性。 国信证券主要观点如下： 黄金珠宝金价波动不改龙头长期成长 今年以来，金价出现较大幅度波动，COMEX黄金开年至1月29日涨幅为12.28%，但1月30日单日取得跌 幅8.35%。当前金价波动对板块虽有短期情绪影响，但在当前行业增长逻辑转向依赖品牌建设、工艺创 新和文化叙事能力带来的"α收益"下，预计实际基本面影响相对平稳。一方面，参考2013年金价回调后 带来抢购潮并延续数月的投资购买热情，投资金业务为主的企业短期业绩仍有进一步增长支撑;另一方 面，具备价差优势并且港澳经营能力突出的港资珠宝品牌，以及近年来产品设计或差异化能力较好或综 合优势明显的头部企业，有望继续强化自身业务优势，实现 ...

Group 1: Core Insights - The report maintains an "outperform" rating for the retail sector, anticipating a rebound in consumer spending due to potential policy support and low valuations in the sector [3][51] - Gold jewelry sector remains resilient despite price fluctuations, with a focus on brand building, craftsmanship innovation, and cultural storytelling driving long-term growth [1][12] - AI applications are expected to create new growth opportunities for online service providers, enhancing their capabilities in consumer insights and brand marketing strategies [2][19] Group 2: Gold Jewelry Sector - Gold prices have shown significant volatility, with a year-to-date increase of 12.28% until January 29, followed by a single-day drop of 8.35% on January 30, impacting short-term market sentiment but not the long-term growth logic of leading companies [1][12] - Companies with a high proportion of investment gold business, such as Cai Bai Co., are projected to see substantial revenue growth, with expected net profits for 2025 ranging from 1.06 to 1.23 billion, representing a year-on-year increase of 47.43% to 71.07% [14][18] Group 3: AI and E-commerce - The introduction of AI technologies is reshaping industry dynamics, particularly in e-commerce, where the shift from traditional search to generative AI dialogue is expected to transform brand marketing strategies [20][21] - Online service providers are positioned to leverage deep partnerships with leading e-commerce platforms, enhancing their ability to generate content and optimize marketing efforts through AI [21][23] Group 4: Investment Recommendations - For the gold jewelry sector, companies like Cai Bai Co., Luk Fook Holdings, and Chow Tai Fook are recommended due to their strong growth potential and low valuations [3][51] - In the beauty and personal care sector, companies such as Proya Cosmetics and Mao Geping are highlighted for their innovative product launches and platform strategies [3][51] - Cross-border e-commerce leaders like Small Commodity City and Anker Innovations are expected to benefit from AI applications that enhance cost efficiency and product innovation [3][51] - Offline retail is anticipated to see a boost during the peak sales season, with companies like Miniso and Yonghui Superstores recommended for their growth prospects [3][51]

Group 1: Core Insights - The report maintains an "outperform" rating for the retail sector, indicating potential for growth in the consumer market, particularly in the jewelry and beauty segments, as well as cross-border e-commerce [3][51]. - Fluctuations in gold prices have short-term emotional impacts on the jewelry sector, but the long-term growth logic remains intact, driven by brand building, craftsmanship innovation, and cultural storytelling [1][12]. - AI applications are rapidly being integrated into the retail sector, particularly through online service providers, which are leveraging deep partnerships with major e-commerce platforms to enhance consumer insights and brand strategies [2][19]. Group 2: Industry Summaries - In the gold and jewelry sector, companies with a high proportion of investment gold business, such as Cai Bai Co., are expected to achieve stable growth despite short-term price fluctuations, with projected net profits for 2025 expected to increase by 47.43% to 71.07% [1][14]. - The beauty and personal care sector is seeing a return to low valuations, with traditional leaders showing signs of recovery and new product launches expected to drive growth [3][51]. - Cross-border e-commerce leaders have demonstrated strong resilience against risks, with AI applications expected to enhance cost efficiency and product innovation, providing a catalyst for sustained growth [3][51]. Group 3: Recent Industry Data - In December 2025, the total retail sales of consumer goods reached 45,136 billion yuan, with a year-on-year growth of 0.9%, indicating a weak overall growth trend influenced by high base effects from the previous year [24][30]. - Online retail sales for the year reached 159,722 billion yuan, growing by 8.6%, with physical goods online retail accounting for 26.1% of total retail sales, reflecting a slight increase in penetration [25][30]. - The jewelry category saw a year-on-year growth of 5.9% in December, supported by rising prices and holiday gifting demand, while the cosmetics category grew by 8.8% due to promotional activities and consumption upgrades [30].

Core Viewpoint - The silver economy in China is experiencing significant growth, with projections indicating that the market size will exceed 16 trillion yuan by 2030, driven by the evolving consumption habits of the new generation of elderly consumers [1][2]. Group 1: Market Overview - In 2019, the market size of China's silver economy reached 4.3 trillion yuan, growing to 7.1 trillion yuan in 2023, and is expected to further increase to 8.3 trillion yuan in 2024. By 2030, the overall market size is anticipated to surpass 16.2 trillion yuan, indicating substantial potential for the silver economy [2]. - The new generation of elderly consumers exhibits significant differences in wealth levels, family structures, and consumption habits compared to previous generations, prompting companies to adapt their business strategies to meet these new consumer demands [2]. Group 2: Retail Sector - Leading retail companies such as Bailian Group and Chongqing Department Store are developing business models tailored to the purchasing habits and preferences of elderly consumers, addressing both social and purchasing needs [2]. - Supermarket chains like Hema and Yonghui are enhancing their product offerings and introducing "silver community canteens" to increase foot traffic and conversion rates among elderly shoppers [2]. Group 3: Gold and Jewelry Sector - Middle-aged and elderly consumers have historically been the primary market for gold products, driven by a focus on value preservation and brand loyalty. Companies like Caibai and Lao Fengxiang are leveraging their strong brand foundations to cater to this demographic [3]. - These companies are enhancing their product offerings through collaborations and improving customer loyalty via robust after-sales services, positioning themselves to benefit from the expanding customer base [3]. Group 4: Beauty and Personal Care Sector - The proportion of elderly consumers in the beauty and medical aesthetics markets is steadily increasing, with significant growth potential in both volume and pricing, similar to trends observed in mature overseas markets [4]. - Leading companies with strong upstream raw material capabilities and comprehensive solutions, such as Huaxi Biological and Aimeike, are expected to benefit from the rising sales among elderly consumers [4]. - Companies focused on elderly care, like Kelaibao, are also poised to gain from the expanding target audience in the personal care sector [4].

Investment Rating - The report maintains an "Outperform the Market" rating for the industry [2][48]. Core Insights - The silver economy in China is rapidly expanding, with the market size projected to grow from 4.3 trillion yuan in 2019 to 7.1 trillion yuan in 2023, and further to 8.3 trillion yuan in 2024. By 2030, the market is expected to exceed 16.2 trillion yuan, indicating significant growth potential [3][5][42]. - The new generation of elderly consumers, primarily those born in the 1960s and 1970s, exhibit different consumption habits compared to previous generations, focusing more on enjoyment and quality rather than just practicality [19][34]. Summary by Sections Market Size and Growth - The silver economy market size in China reached 4.3 trillion yuan in 2019, growing to 7.1 trillion yuan in 2023, and is expected to reach 8.3 trillion yuan in 2024. By 2030, it is projected to surpass 16.2 trillion yuan, with a compound annual growth rate (CAGR) of approximately 11.5% from 2025 to 2030 [3][5][42]. Consumer Behavior - The new elderly demographic is characterized by higher education levels and disposable income, leading to a shift in consumption from "saving" to "enjoyment." They prioritize health, quality, and emotional experiences in their purchasing decisions [19][25][34]. - Online shopping is becoming increasingly popular among the elderly, with 1.56 billion users aged 60 and above, representing 14.1% of total internet users. This demographic is significantly influenced by peer recommendations and social media [20][24]. Industry Trends - Retailers are adapting to the needs of elderly consumers by creating shopping environments that combine social interaction with purchasing. Companies like Bailian and Chongqing Department Store are developing tailored business models to cater to the preferences of this demographic [3][26][42]. - In the jewelry sector, older consumers remain a key market, with a focus on investment and brand loyalty. Companies like Caibai and Laofengxiang are enhancing their offerings to meet the demands of this consumer group [4][43]. Beauty and Healthcare - The beauty and healthcare market for the elderly is expanding, with a notable increase in the consumption of skincare and medical beauty services. The market for beauty products among consumers aged 50 and above is growing, with significant sales increases reported [34][37]. - The medical beauty sector is also expected to grow, with older consumers increasingly seeking anti-aging treatments and comprehensive care solutions [39][40]. Policy Support - Recent government policies are aimed at promoting the silver economy, emphasizing the importance of addressing the needs of the elderly population and fostering the development of related industries [9][12].