从券商推荐家数来看，2月9日有23家上市公司得到券商推荐，其中电投绿能、博源化工、汇嘉时代等获得1家推荐。 评级调高方面，2月9日，券商调高上市公司评级1家次，最新数据包括了中邮证券对中微半导的评级从"增持"调高至"买入"。 | | 1 家最新被调高评级的公司 | | | | | --- | --- | --- | --- | --- | | 证券代码 | 证券名称 | 机构 | 此前评级 | 最新评级 | | 688380 | 中微半导 | 中邮证券 | 増持 | 买入 | | | 日期：02月09日，南财投研通×21快讯制图 | | | | 首次覆盖方面，2月9日券商共给出了10次首次覆盖，其中博源化工获得东北证券给予"买入"评级，汇嘉时代获得国盛证券给予"买入"评级，钢研高纳、兴瑞 科技获得国泰海通证券给予"增持"评级，西麦食品获得天风证券给予"买入"评级。 | 证券代码 | 证券名称 | 机构 | 最新评级 | 最高目标价 | 目标涨幅 | | --- | --- | --- | --- | --- | --- | | | | | | (元) | (%) | | 300207 | 欣旺达 | 东吴证券 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [3]. Core Insights - The company is recognized as a leading retail player in Xinjiang, benefiting from a dense store network, local market insights, and multi-format synergy, which contribute to significant scale effects and brand barriers [1]. - The company is actively transforming its supermarket and department store formats, implementing a systematic upgrade based on the "Fat Donglai model," which has shown promising results in sales growth [2]. - The company is exploring new growth avenues through low-altitude economy initiatives, partnering with local aviation companies to enhance logistics and tourism [3]. Summary by Sections 1. Xinjiang Retail Leader with Multi-format Synergy - The company has been operating in Xinjiang for over 20 years, with a diverse portfolio including shopping centers, traditional department stores, and supermarkets. As of Q3 2025, it operates 6 department stores, 5 shopping centers, and 10 independent supermarkets, covering key commercial areas [13][1]. - Xinjiang's GDP is projected to grow at an average rate of 8.71% from 2021 to 2024, significantly outpacing the national average, which positions the company to benefit from regional economic growth [17][1]. 2. Active Supermarket Transformation and Enhanced Department Store Experience - The company has initiated a comprehensive upgrade of its supermarket business, with the first batch of 8 upgraded stores completed by September 2025, resulting in a significant sales increase of 272% year-on-year for the first upgraded store [2]. - The department store transformation focuses on brand upgrades and enhancing customer experience, leading to a 24.3% increase in sales post-upgrade [2]. 3. Low-altitude Economy Initiatives for Second Growth Curve - The company has established a joint venture with a major aviation company to integrate retail and aviation logistics, focusing on low-altitude tourism and smart logistics [3]. - Strategic agreements have been signed to develop a comprehensive low-altitude ecological system, marking a significant step in expanding its business model [3]. 4. Financial Forecast - Revenue projections for 2025-2027 are estimated at 2.422 billion, 2.557 billion, and 2.782 billion yuan, with year-on-year growth rates of 0.5%, 5.6%, and 8.8% respectively. Net profit is expected to reach 0.81 billion, 1.41 billion, and 1.88 billion yuan, with growth rates of 38.2%, 74.4%, and 33.8% [3].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3] Core Insights - The company is recognized as a leading retail player in Xinjiang, leveraging its extensive store network, local market insights, and multi-format synergy to create significant scale and brand barriers. The company is actively upgrading its supermarket and shopping center formats, exploring innovative "low-altitude economy + consumption" scenarios, which are expected to unlock a second growth curve [1][3] - The company has a diversified retail presence, including shopping centers, traditional department stores, and supermarkets, with a total building area exceeding 1.06 million square meters in Xinjiang [1][13] - The economic growth in Xinjiang is robust, with an average GDP growth rate of 8.71% from 2021 to 2024, significantly outpacing the national average. The retail sales in Xinjiang are projected to grow from CNY 358.5 billion in 2021 to CNY 392.6 billion in 2024, indicating a favorable environment for the company's growth [1][17] Summary by Sections 1. Xinjiang Retail Leader with Multi-format Synergy - The company has been deeply rooted in the Xinjiang market for over 20 years, becoming one of the largest retail chains in the region. It operates 6 department stores, 5 shopping centers, and 10 independent supermarkets [1][13] - The company has experienced revenue and profit improvements, with a significant recovery in 2023, achieving a revenue of CNY 2.494 billion, a year-on-year increase of 30.76%, and a net profit of CNY 162 million, marking a turnaround from losses [25] 2. Active Supermarket Transformation and Enhanced Department Store Experience - The company has initiated a comprehensive upgrade of its supermarket business, adopting the "Fat Donglai model" to enhance product structure, service experience, and employee benefits. The first upgraded store achieved sales of CNY 17.32 million in its opening week, a 272% year-on-year increase [2] - The department store transformation focuses on brand upgrades and experience enhancement, leading to increased foot traffic and sales, with a 24.3% year-on-year increase in department store sales following supermarket upgrades [2] 3. Low-altitude Economy Layout for Second Growth Curve - The company has established a joint venture with a state-owned enterprise to develop low-altitude tourism, smart logistics, and ecological governance, marking a significant step in advancing its low-altitude economy initiatives [3] 4. Financial Forecast - The company is projected to achieve revenues of CNY 2.422 billion, CNY 2.557 billion, and CNY 2.782 billion for 2025, 2026, and 2027, respectively, with corresponding net profits of CNY 81 million, CNY 141 million, and CNY 188 million, indicating a positive growth trajectory [3][5]

Group 1 - The general retail sector increased by 1.08% compared to the previous trading day, with Hangzhou Jiebei leading the gains [1] - The Shanghai Composite Index closed at 4102.2, up 0.85%, while the Shenzhen Component Index closed at 14156.27, up 0.21% [1] - Key stocks in the general retail sector showed significant price increases, with Hangzhou Jiebei rising by 10.00% to a closing price of 8.91 [1] Group 2 - The general retail sector experienced a net inflow of 317 million yuan from main funds, while retail funds saw a net outflow of 162 million yuan [2] - Major stocks like Yonghui Supermarket and Hangzhou Jiebei had substantial net inflows from main funds, indicating strong institutional interest [3] - The trading volume for Hangzhou Jiebei reached 364,200 shares, with a transaction value of 315 million yuan, reflecting robust market activity [1][2]

证券研究报告 | 2026年01月30日 优于大市 菜百股份（605599.SH） 2025 年归母净利润预计增长 47%-71%，投资金+金饰品双推动 事项： 公司公告：公司发布 2025 年度业绩预告，预计实现归母净利润 10.6-12.3 亿元，同比增长 47.43%-71.07%， 扣非归母净利润 9.52-11.22 亿元，同比增长 39.16%-64.03%。 国信零售观点：1）单四季度看，预计归母净利润 4.13-5.83 亿元，同比增长 150.48%-253.52%。扣非归母 净利润 3.66-5.36 亿元，同比增长 130.25%-237.08%。2）分产品看，占比较高的贵金属投资产品受益于金 价持续增长、菜百首饰在华北地区的知名度，预计实现较快增长。此外，首饰金在产品创新和消费复苏下 预计亦实现正增长，维持毛利率的韧性。3）实际上，公司投资金毛利率较低，整体收入占比提升对整体 毛利率有所压力。但目前来看，公司投资金产品也在积极创新，开发贺岁金条、IP 联名金条等产品，毛利 率相对较高。此外，首饰金在菜百总店二层开设了"菜百典藏"专区，销售古法、金镶钻等高毛利率产品， 不断推动产品结构优 ...

事项： 公司公告：公司发布 2025 年度业绩预告，预计实现归母净利润 10.6-12.3 亿元，同比增长 47.43%-71.07%， 扣非归母净利润 9.52-11.22 亿元，同比增长 39.16%-64.03%。 国信零售观点：1）单四季度看，预计归母净利润 4.13-5.83 亿元，同比增长 150.48%-253.52%。扣非归母 净利润 3.66-5.36 亿元，同比增长 130.25%-237.08%。2）分产品看，占比较高的贵金属投资产品受益于金 价持续增长、菜百首饰在华北地区的知名度，预计实现较快增长。此外，首饰金在产品创新和消费复苏下 预计亦实现正增长，维持毛利率的韧性。3）实际上，公司投资金毛利率较低，整体收入占比提升对整体 毛利率有所压力。但目前来看，公司投资金产品也在积极创新，开发贺岁金条、IP 联名金条等产品，毛利 率相对较高。此外，首饰金在菜百总店二层开设了"菜百典藏"专区，销售古法、金镶钻等高毛利率产品， 不断推动产品结构优化。 总体上而言，在金价预期中长期上行的背景下，公司投资金产品持续受益。产品端持续升级，在保持收入 增长的同时支撑公司毛利水平。门店拓展亦稳步推进，超 1 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002277 | 友阿股份 | 7.08 | -10.04% | 68.14万 | 5.07亿 | | 000007 | 全新好 | 10.72 | -4.03% | 8.57万 | 9347.89万 | | 000058 | 深塞格 | 9.16 | -3.38% | 18.66万 | 1.72亿 | | 000417 | 合百隻厅 | 8.14 | -3.21% | - 43.36万 | 3.55亿 | | 600857 | 宁波中百 | 13.71 | -2.70% | 8.23万 | 1.14亿 | | 002187 | 广百股份 | 7.99 | -2.56% | 39.06万 | 3.13亿 | | 002356 | 赫美集团 | 4.05 | -2.17% | 51.16万 | 2.09亿 | | 600828 | 茂业商业 | 5.98 | -1.48% | 34.69万 | 2.07亿 | | 000715 | 中兴商业 | 6. ...

声明：市场有风险，投资需谨慎。本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验， 因此本文内容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联 系biz@staff.sina.com.cn。 责任编辑：小浪快报 根据喜娜AI异动分析，新华百货涨停原因可能如下，现金流改善+股权优化+业绩增长： 1、新华百货作 为宁夏乃至西北地区最大的商业零售企业，业务涵盖百货商场、综合购物中心等多种业态。2026年相关 公告显示，公司Q3经营活动现金流净额同比增59.47%，货币资金增19.85%，现金流显著改善；Q3扣非 净利润同比增34.11%，主业盈利能力增强，这些积极的财务数据为股价上涨提供了支撑。 2、在资本运 作方面，公司控股股东通过协议转让优化股权结构，引入杭州景祺等新投资者，虽控股股东减持10%股 份，但仍保持26.15%持股。股权结构的优化为公司带来了新的发展机遇和想象空间。同时，诉讼事项 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3] Core Insights - The company is a leading player in the agricultural wholesale market, with substantial asset value and a market share of over 10% in China's agricultural wholesale sector. It has an average annual transaction volume exceeding 36 million tons and transaction value over 250 billion yuan [1][13] - The company has demonstrated strong growth potential, with a projected revenue CAGR of 16.07% and a net profit CAGR of 44.18% from 2018 to 2024. The revenue for 2024 is expected to be 5.63 billion yuan, with a slight increase of 2.5% year-on-year [1][14] - The company is expanding its integrated supply chain, focusing on upstream agricultural product standardization and downstream distribution services, which are expected to drive future growth [2][3] Company Overview - The company operates 35 wholesale markets across more than 20 major cities, maintaining a national presence. It has established partnerships with over 440,000 acres of agricultural bases [2][42] - The company has a stable shareholder structure, with Shenzhen State-owned Assets Supervision and Administration Commission holding 38.67% and the second-largest shareholder, Life Insurance, holding 25.62% [1][32] Financial Performance - The company’s revenue and net profit forecasts for 2025-2027 are 7.68 billion yuan, 8.92 billion yuan, and 9.91 billion yuan, with corresponding net profits of 415 million yuan, 447 million yuan, and 492 million yuan, indicating steady growth [3][5] - The company’s financial metrics show a projected P/E ratio decreasing from 41.0 in 2023 to 37.4 in 2027, reflecting a potential valuation improvement [5][6] Market Dynamics - The agricultural wholesale market is characterized by strong profitability in mature markets, with over 72% of the company's subsidiaries and joint ventures expected to be profitable in 2024 [2][43] - The company is actively cultivating new markets and enhancing operational efficiency in existing ones, with a focus on leveraging its core market advantages [2][42]

证券之星消息，1月26日一般零售板块较上一交易日下跌2.41%，德必集团领跌。当日上证指数报收于 4132.61，下跌0.09%。深证成指报收于14316.64，下跌0.85%。一般零售板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 600838 | 上海九百 | 14.38 | 4.05% | 65.29万 | | 261.6 | | 600785 | 新华百货 | 23.45 | 2.13% | 30.77万 | | 7.13亿 | | 000007 | 全新好 | 11.72 | 1.56% | 8.39万 | 9785.75万 | | | 600857 | 宁波中百 | 14.37 | 0.77% | 12.37万 | | 1.78亿 | | 600655 | 豫园股份 | 5.43 | 0.74% | 45.79万 | | 2.48亿 | | 600605 | 汇通能源 | 29.32 | 0.58% | 2.77万 | | 8015.97万 | ...