Group 1 - The core index of the China Securities Index for Food and Major Consumer Goods Retail has shown a recent upward trend, with a 4.43% increase over the past month, a 0.49% increase over the past three months, and a year-to-date decline of 3.88% [1] - The index is composed of listed companies in the food and drug retail sector, reflecting the overall performance of these companies, with a base date of December 31, 2004, set at 1000.0 points [1] - The top ten weighted companies in the index include Yonghui Supermarket (6.49%), Digital China (6.34%), Shanghai Pharmaceuticals (4.65%), Yifeng Pharmacy (4.23%), and others [1] Group 2 - The market share of the index's holdings is divided between the Shanghai Stock Exchange (53.16%) and the Shenzhen Stock Exchange (46.84%) [1] - In terms of industry composition, the index shows that pharmaceutical commerce accounts for 44.64%, supermarkets and convenience stores for 20.60%, specialty retail for 20.32%, and department stores for 14.44% [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December each year [2]

Group 1 - The core index of the China Securities Index for Food and Major Consumer Goods Retail has shown a decline of 2.40% over the past month, 6.58% over the past three months, and 6.48% year-to-date [1] - The index is composed of listed companies in the food and drug retail sector, reflecting the overall performance of these companies, with a base date of December 31, 2004, set at 1000.0 points [1] - The top ten weighted companies in the index include Yonghui Supermarket (6.61%), Digital China (6.21%), Wancheng Group (4.68%), Shanghai Pharmaceuticals (4.41%), Yifeng Pharmacy (4.32%), Jiuzhoutong (3.86%), Kidswant (3.41%), Sinopharm (3.25%), Wangfujing (3.17%), and TianKang (3.09%) [1] Group 2 - The market segments represented in the index include 43.94% in pharmaceutical commerce, 21.32% in supermarkets and convenience stores, 20.29% in specialty retail, and 14.46% in department stores [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December each year [2] - In special circumstances, the index may undergo temporary adjustments, such as when a sample company is delisted or undergoes mergers, acquisitions, or splits [2]

Core Points - The China Securities Index for specialized retail has shown a 4.44% increase over the past month, a 11.08% decrease over the past three months, and a 3.10% decline year-to-date [1] - The index is designed to reflect the overall performance of different industry companies within the China Securities Index sample, categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [1] - The index's top ten holdings include companies such as Shenzhou Digital (21.08%), Kidswant (15.32%), and Jiangsu Guotai (13.42%) [1] Industry Composition - The specialized retail index is composed entirely of specialized retail companies, with a sample adjustment occurring biannually in June and December [2] - The weight factors of the index are generally fixed until the next scheduled adjustment, with provisions for temporary adjustments in case of special events affecting sample companies [2] - The Shenzhen Stock Exchange accounts for 90.76% of the holdings in the specialized retail index, while the Shanghai Stock Exchange accounts for 9.24% [1]

Core Viewpoint - The company, Aiyingshi, has achieved a significant milestone by elevating its Wind ESG rating to AA level in 2025, reflecting its commitment to environmental, social, and governance (ESG) practices and innovation [1][8]. ESG Rating Summary - Aiyingshi's Wind ESG rating has improved from B to AA from 2022 to 2025, marking a four-level upgrade and indicating effective implementation of ESG principles [1]. - The company's comprehensive ESG score is 8.91, ranking first among 74 companies evaluated in the specialized retail industry [1]. Recognition and Awards - Aiyingshi has received multiple accolades for its ESG practices, including: - "A" level evaluation in annual information disclosure by the Shanghai Stock Exchange for three consecutive years [5]. - First batch of the Yangtze River Delta International Brand Innovation Case Award [5]. - "Innovation Sample Award" in the Pudong New Area's ESG Innovation Competition [5]. - Inclusion in the Pudong Headquarters Enterprise ESG Competitiveness Report with an Excellent Case Award [5]. - Recognition as a "Model Trade Union" by the Shanghai Lujiazui Financial Trade Zone Federation of Trade Unions [5]. - "Top 100 ESG Golden Bull Award" from China Securities Journal [5]. - "ESG Gold Quality Award" from Shanghai Securities Journal [5]. - "Outstanding Practice in 2023 Annual Report Performance Briefing" from the China Listed Companies Association [5]. - "Outstanding Practice Case in Sustainable Development for Listed Companies in 2024" from the China Listed Companies Association [6]. Commitment to Sustainable Development - The chairman of Aiyingshi emphasized the importance of green development and the company's role as an advocate for sustainable lifestyles, aiming to promote ecological protection and rural revitalization [6]. - The company aims to leverage its ESG rating as a strategic lever to drive green innovation across its entire value chain, focusing on areas such as green supply chain management and employee welfare [8].

Core Viewpoint - The China Securities Index Retail Index has shown mixed performance, with a recent increase over the past month but a decline year-to-date, indicating potential volatility in the retail sector [2]. Group 1: Index Performance - The China Securities Index Retail Index has increased by 2.41% over the past month and 1.95% over the past three months, but has decreased by 6.91% year-to-date [2]. - The index is designed to reflect the overall performance of different industry companies within the China Securities Index sample, categorized into various levels of industries [2]. Group 2: Index Composition - The top ten weighted companies in the China Securities Index Retail Index include Yonghui Supermarket (10.08%), China Duty Free Group (9.29%), and Digital China (9.03%) [2]. - The index's holdings are primarily from the Shenzhen Stock Exchange (52.44%) and the Shanghai Stock Exchange (47.56%) [2]. - The composition of the index by industry shows that general retail accounts for 47.58%, specialized retail for 27.01%, internet retail for 16.12%, and tourism retail for 9.29% [2]. Group 3: Sample Adjustment - The index sample is adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [3]. - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made in response to significant events affecting sample companies [3].

据了解，为反映中证全指指数样本中不同行业公司证券的整体表现，为投资者提供分析工具，将中证全 指指数样本按中证行业分类分为11个一级行业、35个二级行业、90余个三级行业及200余个四级行业， 再以进入各一、二、三、四级行业的全部证券作为样本编制指数，形成中证全指行业指数。该指数以 2004年12月31日为基日，以1000.0点为基点。 从指数持仓来看，中证全指专营零售指数十大权重分别为：神州数码（18.78%）、孩子王 （15.07%）、江苏国泰（14.06%）、爱施德（13.02%）、天音控股（12.61%）、博士眼镜（9.08%）、 益民集团（5.87%）、华致酒行（3.95%）、爱婴室（3.18%）、三夫户外（2.64%）。 金融界3月31日消息，上证指数下跌0.46%，中证全指专营零售指数 (专营零售，H30208)报6216.02点。 数据统计显示，中证全指专营零售指数近一个月下跌7.06%，近三个月下跌2.45%，年至今下跌3.13%。 从中证全指专营零售指数持仓样本的行业来看，专营零售占比100.00%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下 ...

Investment Rating - The report maintains an "Outperform" rating for JD Group [4][11]. Core Views - JD Group's 4Q24 performance exceeded expectations with revenue of 347 billion yuan, a year-on-year increase of 13.4%, and Non-GAAP net profit of 11.3 billion yuan, up 34.5% year-on-year [4][5]. - The company has initiated a new share repurchase plan allowing for up to 5 billion USD in buybacks over the next 36 months [4]. - The growth in revenue is driven by the "trade-in" program for consumer goods, which is expected to continue into 2025 [4]. Financial Analysis - In 4Q24, JD Group's revenue reached 347 billion yuan, marking a 13.4% year-on-year increase, while Non-GAAP net profit was 11.3 billion yuan, reflecting a 34.5% increase year-on-year [7][10]. - The active user base and shopping frequency continued to grow at double-digit rates, with significant contributions from third-party merchants [7][10]. - Direct sales revenue for 4Q24 was 281 billion yuan, with home appliances and 3C products increasing by 15.8% and fast-moving consumer goods by 11.1% year-on-year [7][10]. - Service revenue for 4Q24 was 66 billion yuan, up 10.8% year-on-year, with platform and advertising revenue growing by 12.7% [7][10]. Major Financial Data and Forecast - The projected revenue for JD Group is expected to grow from 1,088 billion yuan in 2023 to 1,467 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 7.2% [8][14]. - Non-GAAP net profit is forecasted to increase from 24.2 billion yuan in 2023 to 54.5 billion yuan by 2027, with a significant growth rate of 132.82% in 2024 [8][14]. - The report estimates a reasonable market capitalization range for 2025 between 627.5 billion and 704.1 billion HKD, translating to a target share price of 197 to 221 HKD [11][12].