Investment Rating - The report rates the industry as "Outperforming the Market" [4] Core Insights - The report highlights that the cross-year consumption trend is driven by policy and expected recovery, with general retail and tourism sectors performing well [12][19] - It emphasizes the strong recovery in offline consumption during the New Year and Spring Festival, particularly in major cities [17] - The tourism sector is projected to see significant growth in consumer spending, with a daily average of 6.263 million trips during the Spring Festival, representing 126% of 2019 levels [19] Summary by Sections Cross-Year Consumption Trends - The report analyzes the market performance from 2019 to 2025, noting that general retail and tourism sectors have outperformed others during the cross-year period [12] - The upcoming Q1 consumption peak and policy catalysts are expected to drive strong performance in the retail sector [12] General Retail and Supermarkets - The report anticipates a robust recovery in offline consumption during the New Year and Spring Festival, with significant year-on-year growth in cities like Beijing, Shanghai, and Guangzhou [17] - For the Spring Festival 2025, Shanghai's offline consumption is projected to reach 46.5 billion RMB, while Beijing and Guangzhou are expected to see 8.1 billion RMB and 36.4 billion RMB, respectively [17] Tourism and Travel - The Spring Festival is expected to be the largest travel season after National Day and May Day, with daily average spending of 84.6 billion RMB, second only to National Day [19] - The average spending per person during the Spring Festival is projected to be 1,351 RMB, indicating a recovery trend, although it has not yet reached 2019 levels [19] Key Company Announcements and Industry News - The report includes significant announcements from companies such as Zhejiang China Commodity City Group, which appointed new executives [23] - It also notes that the National Bureau of Statistics reported a 1.3% year-on-year increase in retail sales for November 2025, with service retail sales growing by 5.4% from January to November [24] Investment Recommendations - The report recommends companies with strong organizational structures and management capabilities in the beauty and personal care sector, such as Mao Geping and Shangmei [25] - In the gold and jewelry sector, it suggests focusing on high-quality brands like Laopu Gold and Chaohongji [25] - For the cross-border e-commerce sector, it highlights the easing of tariff conflicts and the recovery of demand, recommending companies like Xiaoshangpin City and Jiao Dian Technology [25] - In the supermarket and retail sector, it advises monitoring companies like Miniso and Yonghui Supermarket for their reform effectiveness [25]

Core Viewpoint - The company Zhejiang China Commodity City Group Co., Ltd. (referred to as "Commodity City": 600415) has completed its board of directors' re-election, with key executives including Chairman Chen Dezhan and General Manager Bao Hua re-elected, indicating stability in leadership and governance [2][5]. Group 1: Leadership Changes - The 10th Board of Directors consists of 9 members, including 5 newly elected directors, with Chen Dezhan re-elected as Chairman and Bao Hua as Vice Chairman [2]. - The board appointed Bao Hua as General Manager and several others as Vice General Managers, with only Yang Liqiang being a new face among the executives [2][5]. Group 2: Executive Profiles - Chen Dezhan, born in October 1970, has a background in various leadership roles, including Chairman of the Water Affairs Construction Group and General Manager of Huading Co., Ltd. [4]. - Bao Hua, born in March 1982, is the first post-80s General Manager of Commodity City and has held multiple positions within the company since 2017 [5][7]. Group 3: Financial Performance - For the first three quarters of 2025, Commodity City reported revenues of approximately 13.1 billion yuan, a year-on-year increase of 23%, and a net profit of 3.46 billion yuan, up 48% [9]. - The company’s profit margin remains strong, although employee compensation is relatively low compared to industry standards [9][10]. Group 4: Employee Compensation - As of the end of 2024, the average salary for employees was 166,900 yuan, an increase of 11,000 yuan from the previous year, which is considered low for the affluent Zhejiang province [10]. - The company had over 3,200 employees, with a notable number of security personnel, indicating a unique employee structure [9][10]. Group 5: Market Position - As of December 21, the total market capitalization of Commodity City exceeded 90 billion yuan, making it the second-largest listed state-owned enterprise in Zhejiang province [12].

Investment Rating - The report assigns an "Accumulate" rating for the industry [4]. Core Insights - The report highlights investment opportunities in the travel industry chain, gold and jewelry, and AI+ sectors [2]. - The upcoming New Year holiday is expected to boost travel and consumption, with specific recommendations for various companies in the travel and hospitality sectors [3][4]. - The retail sector showed a 6.58% increase last week, with the consumer services sector up 4.40%, ranking first and second among 30 industries [3]. Industry Summary - **Travel and Hospitality**: - Recommendations include Ctrip Group and Tongcheng Travel for OTA, Huazhu Group-S, Jinjiang Hotels, and Shoulv Hotels for hotels, and Changbai Mountain for scenic spots [3][4]. - **Gold and Jewelry**: - Recommended stocks include Lao Pu Gold, Caibai Shares, Luk Fook Holdings, Chow Tai Fook, and Chao Hong Ji, with a focus on Emperor Jewelry [3][4]. - **Dividend Stocks**: - Recommended stocks include Sumida, Action Education, and Chongqing Department Store [3]. - **AI+ Sector**: - Recommended stocks include Conant Optical, Chalk, Tianli International Holdings, and Core International, with a focus on Kevin Education and Dou Shen Education [3]. - **Stock Price Movements**: - Notable stock price increases include Hongqi Chain (+22.79%), Jiajiayue (+15.76%), Yonghui Supermarket (+15.20%), and Tianhong Shares (+13.85%) [3]. - **Key Industry Updates**: - Hainan Free Trade Port officially launched its island-wide customs closure operation, achieving sales of over 250 million yuan on the first day, a year-on-year increase of 90% [3]. - McDonald's China announced a price increase of 0.5 to 1 yuan for some menu items [3]. - Luckin Coffee and Dazhong Capital are evaluating the acquisition of Blue Bottle Coffee from Nestlé to enhance brand image and enter the high-end coffee market [3]. - **Retail Sector Data**: - November retail sales data showed a year-on-year increase of 1.3%, with a slowdown attributed to the early "Double Eleven" promotions [3]. - New store openings include JD's discount supermarket in Beijing and Meituan's Xiaoxiang Supermarket, with significant first-day revenues reported [3].

Group 1 - The company announced the approval of several key resolutions during the first meeting of the tenth board of directors, including the election of the chairman and vice-chairman [1] - The board confirmed the members and conveners of various specialized committees [1] - The company appointed a new general manager as part of the resolutions passed [1]

Core Viewpoint - The company announced the convening of its first meeting of the 10th Board of Directors on December 19, 2025, to approve an authorization proposal for the management team led by the chairman [1] Group 1 - The board will authorize the management team to make decisions regarding transactions involving assets totaling up to 2.5% of the company's most recent audited total assets during the board's recess [1] - The authorized activities include purchasing, selling, exchanging assets, external and internal investments, entrusted operations, contracting, leasing, and entrusted financial management [1] - The authorization period will last for the duration of the current board's term [1]

Group 1 - The company announced the convening of its first meeting of the 10th Board of Directors on December 19, 2025 [2] - The meeting will review the proposal for the appointment of new executives, including vice presidents and key management positions [2] - The company has appointed five individuals as vice presidents and one as the board secretary, along with a new financial officer [2]

Group 1 - The company announced the election of Mr. Wang Xiangrong as the employee director of the 10th Board of Directors [2]

格隆汇12月19日丨小商品城(600415.SH)公布，公司于2025年12月19日召开第十届董事会第一次会议， 审议通过了《关于聘任公司总经理的议案》，同意聘任包华先生为公司总经理，任期自董事会通过之日 起至本届董事会届满之日为止。 ...

浙江中国小商品城集团股份有限公司 关于董事会对以董事长为首的经营班子授权的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 浙江中国小商品城集团股份有限公司（本公告简称"公司"）于 2025 年 12 月 19 日召开第十届董事会第一次会议，审议通过了《关于董事会对以董事长为 首的经营班子授权的议案》，同意授权以董事长为首的经营班子在董事会闭会期 间有权决定公司直接或间接从事交易涉及的资产总额不超过公司最近一次经审 计总资产 2.5%的购买、出售、置换资产、对外投资、对内投资（包括工程项目、 固定资产建造、更新改造等）、委托经营、受托经营、承包、租赁、委托理财等 事项。 证券代码：600415 证券简称：小商品城 公告编号：临 2025-083 以上授权事项于本届董事会任职期间内有效。 特此公告。 浙江中国小商品城集团股份有限公司董事会 二〇二五年十二月二十日 ...

浙江中国小商品城集团股份有限公司 关于选举第十届董事会职工董事的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 为进一步完善浙江中国小商品城集团股份有限公司（以下简称"公司"）治理 结构，保证公司董事会的正常运作，根据《公司法》《公司章程》等相关法律、法 规和规范性文件的规定，结合公司实际情况，公司董事会成员中应包含一名职工 董事。 经职工代表大会与会职工代表表决，同意选举王向荣先生（简历详见附件） 为公司第十届董事会职工董事，王向荣先生将与公司股东会选举通过的另外 8 名 非职工代表董事共同组成公司第十届董事会，任期自本次职工代表大会审议通过 之日起至第十届董事会届满之日止。 王向荣先生符合《公司法》等相关法律、法规以及《公司章程》中关于职工 代表董事任职的资格和条件。本次选举职工代表董事不会导致公司董事会中兼任 公司高级管理人员以及由职工代表担任的董事人数超过公司董事总数的二分之一。 特此公告。 浙江中国小商品城集团股份有限公司董事会 二〇二五年十二月二十日 - 1 - 证券代码：600415 证券简称：小商品 ...