Investment Rating - The outlook for the Chinese retail industry is maintained at "negative improvement," indicating that the overall credit quality of the industry is expected to improve slightly over the next 12 to 18 months but has not yet reached a stable level [6]. Core Insights - The macro consumption is expected to recover slowly in 2026 under policy support, but insufficient consumer confidence will limit the recovery's strength. The department store sector continues to see revenue shrinkage, while supermarkets are focusing on supply chain and digital transformation amidst cost pressures [6][8]. - The retail industry is transitioning from extensive expansion to cost reduction and efficiency improvement, with a focus on business transformation. However, the long-term improvement of retail enterprises depends on the fundamental recovery of consumer confidence and the effectiveness of internal reforms [8][27]. - The retail market is entering a phase characterized by value-driven and experiential innovation, with a gradual normalization of consumption growth expected [27]. Summary by Sections Analysis Approach - The report analyzes the main factors affecting consumption to assess the market's prosperity in the retail sector, focusing on department stores and supermarkets. It suggests that the retail industry will seek long-term growth through weak recovery and deep transformation [9]. Industry Fundamentals - Since 2025, the retail industry's prosperity has been gradually recovering, although it remains weak. The contribution of consumption to GDP growth has increased, with retail sales reaching 50.1 trillion yuan in 2025, a year-on-year growth of 3.7% [10][11]. - The retail market is experiencing structural differentiation, with a shift towards value-driven and experiential recovery. However, without a significant improvement in consumer confidence, retail sales growth is expected to remain slow [10][27]. Financial Performance - Retail enterprises are under pressure, with profitability generally declining. However, there is potential for recovery as companies implement transformation measures. The financial health of retail enterprises remains relatively stable due to sufficient cash reserves and declining leverage [8][27]. - The department store sector continues to face challenges, with revenue indices declining to the lowest levels since 2020. Despite some improvement in net profit indices, the overall performance remains weak [29][34]. Conclusion - The retail industry is expected to continue facing significant operational pressures, with companies needing to focus on cost reduction and efficiency improvements. The long-term success of transformation efforts will depend on external environmental improvements and the effectiveness of implemented measures [34][36].

日前，日韩媒体均关注到，今年春节期间，韩国成中国出境游首选国家。韩国"ChosunBiz"网站日文版2 日称，由于中日冲突未见缓和迹象，有分析认为，一些原本计划前往日本的人士已将行程改为韩国。报 道援引相关数据称，去年11月至今年1月三个月内，韩国驻华使领馆受理签证申请共330613份，同比增 长34%；其中旅游签证283211份，同比激增45%。对于韩国受到中国游客青睐的现象，中国外交部发言 人林剑2日表示，不断提升中韩人员往来便利化水平，有利于两国民众增进彼此了解和交流。中方也欢 迎广大韩国朋友春节期间来中国过年。 日媒分析称，除了受到中国政府提醒民众近期避免前往日本的影响外，今年春节长假由往年1月延至2月 也带来冲击。不过报道同时称，2月15日起中国开启春节假期，本是百货公司冲业绩的关键节点，但此 次以关西地区为主往返中国的航班缩减，以及中国政府1月再度呼吁民众避免前往日本，团体游客减少 已成定局，其对整体销售额的影响备受关注。 日本RBK每日放送新闻网站2日报道称，日本中部一家旅行社负责人表示，去年春节中国团队游预订超 10单，今年截至1月28日预订量为零。虽然春节之后最受中国游客青睐的是4月赏樱季， ...

Group 1 - Japan's duty-free sales in January have significantly declined, with major department stores reporting drops: Mitsukoshi Isetan down 12.5%, Takashimaya down 18.9%, Daimaru Matsuzakaya down 16.6%, and Hankyu Hanshin down nearly 20% [1] - The decrease in sales is attributed to reduced visits from Chinese tourists due to ongoing tensions between China and Japan, as well as a shift in the timing of the Chinese New Year holiday from January to February this year [1] - The impact of reduced flights to Japan from China and the Chinese government's advisories against travel to Japan are expected to further affect sales, particularly during the critical sales period starting February 15 [1] Group 2 - South Korea has emerged as the preferred destination for Chinese outbound tourism during the Spring Festival, with a 34% increase in visa applications processed by Korean consulates in China from November to January, and a 45% surge in tourist visa applications [2] - The shift in travel preferences from Japan to South Korea is linked to the ongoing tensions between China and Japan, leading to a change in travel plans for many Chinese tourists [2] - The Chinese government has expressed support for increased people-to-people exchanges between China and South Korea, indicating a positive outlook for tourism between the two countries [2]

Core Viewpoint - The event "Guangdong Goods Go Global: Zhongshan Department Store Enters Shanghai" showcases nearly 800 high-quality products from around 300 Zhongshan enterprises, marking a significant step in the transformation and upgrading of the manufacturing industry and regional collaborative development [1][2]. Group 1: Event Overview - The event is not merely a product exhibition but a vital action to reconnect the historical commercial ties between Zhongshan and Shanghai, reflecting the evolution of modern retail in China [1]. - Zhongshan's participation in Shanghai represents a shift from "selling globally" to "manufacturing globally," highlighting the city's advancements in technology and intelligent manufacturing [1]. Group 2: Thematic Focus - The event features six thematic exhibition areas, showcasing a range of products from high-end manufacturing like robotics and home appliances to local delicacies, illustrating Zhongshan's diverse manufacturing capabilities [2]. - Zhongshan has developed a unique "Guangdong Goods" identity, supported by 18 provincial-level specialized towns that contribute to four trillion-level industrial clusters, indicating a clear path for the city to ascend the industrial chain [2]. Group 3: Regional Collaboration - The event signifies a deep collaboration between the Guangdong-Hong Kong-Macao Greater Bay Area and the Yangtze River Delta, two of China's most economically vibrant regions, aligning with national strategies to enhance domestic demand and market integration [2]. - The "Guangdong Goods Go Global" initiative aims to promote high-quality Guangdong products nationwide, facilitating a dual empowerment of market and manufacturing, and fostering deep integration of innovation and industrial chains [2]. Group 4: Future Outlook - The historical significance of this event is underscored by its potential to drive more "Guangdong Goods" into the global market, propelling Chinese manufacturing and brands towards high-quality development in a new blue ocean of opportunities [3][4].

本文字数：1663，阅读时长大约3分钟 作者 | 第一财经 潘寅茹 2026.01. 26 日本百货商店销售额的下滑在去年年末尤为明显。数据显示，受入境消费表现疲软影响，去年12月日本全 国百货商店免税销售额为519亿日元，同比下降17.1%，连续第二个月下滑。 日本旅游界人士认为，日本首相高市早苗的不当言论已对日本零售、住宿、餐饮等多个社会经济领域造成冲 击。自高市发表错误言论后，中国赴日游客数量开始显著减少。中国游客曾是赴日国际游客的最大群体，约 占国际游客总数的四分之一。 入境消费疲软 具体到企业来看，日本国内的主要百货集团，诸如三越伊势丹控股、高岛屋及J.Front Retailing旗下的大丸 松坂屋百货，H2O Retailing旗下的阪急阪神百货等先后公布的2025年12月免税销售额均低于上年同期， 降幅在10%~20%左右。数据显示，三越伊势丹（东京圈现有门店）下降15.8%，高岛屋下降11.1%，大丸 松坂屋百货店下降16.6%，阪急阪神百货店下降20%。从面向中国游客的销售额来看，高岛屋下降35%，阪 急阪神百货店降幅达40%。 这个冬天，对于日本的百货业而言，格外冷。 日本百货店协会最新 ...

日本百货行业正陷入"客流增加但销售额下降"的尴尬局面。 这个冬天，对于日本的百货业而言，格外冷。 日本百货店协会最新数据显示，2025年全年，日本全国百货商店的销售额为5.67万亿日元（约合360亿 美元），比上一年下降1.5%，5年来首次出现负增长。其中，免税销售额约为36亿美元，较上一年下降 12.7%。 日本百货商店销售额的下滑在去年年末尤为明显。数据显示，受入境消费表现疲软影响，去年12月日本 全国百货商店免税销售额为519亿日元，同比下降17.1%，连续第二个月下滑。 日本旅游界人士认为，日本首相高市早苗的不当言论已对日本零售、住宿、餐饮等多个社会经济领域造 成冲击。自高市发表错误言论后，中国赴日游客数量开始显著减少。中国游客曾是赴日国际游客的最大 群体，约占国际游客总数的四分之一。 入境消费疲软 具体到企业来看，日本国内的主要百货集团，诸如三越伊势丹控股、高岛屋及J.Front Retailing旗下的大 丸松坂屋百货，H2O Retailing旗下的阪急阪神百货等先后公布的2025年12月免税销售额均低于上年同 期，降幅在10%~20%左右。数据显示，三越伊势丹（东京圈现有门店）下降15.8%， ...

J·Front Retailing社长小野圭一在接受《日本经济新闻》采访时指出："由于来自中国航班数量减少的情 况还在继续，形势仍然严峻。在免税消费恢复之前，日本百货行业正被迫在拓展中国以外海外客源与提 升国内消费之间寻找新的支撑点。" 【环球时报驻日本特约记者 邵南】由于免税消费持续下滑，拖累整体销售表现，日本百货店2025年销 售额时隔5年首次出现负增长。日本百货店协会23日公布的数据显示，2025年全国百货店销售额（包括 日本国内消费者在内）为5.67万亿日元（100日元约合4.47元人民币），同比下降1.5%。其中，免税销 售额同比减少12.7%，成为带动整体销售下滑的主要原因。 日本百货店协会负责人表示，中国游客动向短期内仍将严峻，并对2月中国农历新年期间的销售表现表 示担忧。百货行业6家主要企业预计，2025年12月至2026年2月期间的营业利润将同比减少24%。业内普 遍认为，中国游客减少的影响难以在短期内消除，预期盈利前景仍不乐观。 这一形势在2025年年末体现得尤为明显。数据显示，去年12月，日本免税销售额同比下降17.1%至519 亿日元，直接拖累日本全国百货店总销售额走低，同比下降1.1 ...

当地时间1月6日，松屋百货在东京股市开盘下跌2.33%，J Front Retailing等日本零售巨头也在近期股价受挫。 这一下跌趋势起源于新年之后各家零售商公布的惨淡数据。去年12月，日本主要零售商的免税店销售数字均出现大幅下降，其中三越伊势丹 将"重要客群流失"列为免税销售额下滑的原因。 日本免税销售遭遇"滑铁卢" "游客来源多样化"不及"中国游客" 零售集团J Front Retailing旗下的大丸百货和松坂屋百货免税店销售额同比暴跌17%，这一跌幅远超市场此前预期的8%-10%。免税业务的"滑铁卢"也拖累这家 零售巨头当月整体销售额下降1.9%，损失超过25亿日元。 高岛屋百货表示，由于入境消费大幅下滑，免税销售额下降11%，其中一个原因是中国游客赴日人数大量减少。尽管日本国内需求依然强劲，但免税销售额 的放缓仍限制了该公司整体销售增长。 松屋百货一直是日本百货业"高端品牌"的象征，该公司上月报告称，其位于银座的旗舰店销售额下降了约11%，原因是缺少了中国游客。三越伊势丹控股公 司表示，其国内门店的免税销售额下降了14%，导致总销售额下降了0.5%。阪急阪神百货发布的经营快报更是显示，该集团去年1 ...

2025年1至6月份，中央商场的营业收入构成为：百货业占比86.96%，房地产业占比11.94%，旅游服务 业占比1.1%。 （记者 王晓波） 截至发稿，中央商场市值为55亿元。 每经AI快讯，中央商场（SH 600280，收盘价：4.89元）12月22日晚间发布公告称，公司第十届第十次 董事会会议于2025年12月22日以现场方式召开。会议审议了《公司关于补选专门委员会委员的议案》等 文件。 每经头条（nbdtoutiao）——新能源重卡爆单了，11月销量同比增长178%！两班倒都供不应求，客户直 接进厂催单，这情景十年难遇 ...

每经AI快讯，中央商场（SH 600280，收盘价：4.47元）12月10日晚间发布公告称，公司第十届第九次 董事会会议于2025年12月10日在公司会议室召开。会议审议了《公司关于召开2025年第四次临时股东会 的议案》等文件。 2025年1至6月份，中央商场的营业收入构成为：百货业占比86.96%，房地产业占比11.94%，旅游服务 业占比1.1%。 截至发稿，中央商场市值为50亿元。 每经头条（nbdtoutiao）——白金信用卡权益大缩水：贵宾厅限次、酒店减量⋯⋯银行吐槽没赚头，"羊 毛党"薅了个寂寞 （记者 曾健辉） ...