国盛证券研报指出，汇嘉时代是新疆零售龙头，创新转型价值重估。公司的核心竞争优势在于其密集的 门店网络、深入的本土市场洞察以及多业态协同效应。这些优势使其在新疆地区形成了显著的规模效应 和品牌壁垒。公司积极推动超市调改和购物中心业态升级，创新性地探索"低空经济+消费"新场景，有 望打开第二增长曲线。首次覆盖给予"买入"评级。 ...

汇嘉时代 20260205 摘要 汇嘉时代 2026 年初表现良好，超市销售和调改店增长显著，百货业态 在经历短暂回落后逐步恢复增长，受益于春节较晚带来的销售旺季延长。 公司计划继续推进棚改电、低空经济和海外市场拓展，以进一步提高毛 利率和推动业务发展。 北汇店作为汇嘉时代的标杆门店，工作日日销约 90-100 万元，周末可 达 150 万元，净利润维持在 8%左右，毛利率稳定在 22%-23%。公司 计划通过提升鲜食板块占比，对标胖东来，进一步提高北汇店及其他门 店的毛利率水平。 汇嘉时代正积极推进低空经济项目，计划通过铁门关到阿拉尔的试点航 线进行无人机运货测试，以推动加盟业务发展。同时，公司与新疆生产 建设兵团保持良好合作关系，共同推进低空物流和旅游方面的布局。 汇嘉时代与阿克苏地区合作推进农林植保业务，预计 2026 年落地，该 业务借助同行资质，落地速度快。公司与传统同行建立合资公司，拥有 全面的传统同行资质，有望成为低空业务的唯一运营商。 汇嘉时代出海计划初期考虑先输出供应链，再评估开设终端门店的可行 性，主要指向当地卖场供货，而非直接开设超市。公司放缓自有品牌打 造进度，调整策略为主要以标品进行 ...

【宏观】待结汇资金超万亿，对人民币影响几何？——20260209 【金融工程】周期板块景气预期开启扩张——20260209 【固定收益】电厂耗煤回落——基本面高频数据跟踪——20260209 【商贸零售】汇嘉时代（603101.SH）-新疆零售龙头，创新转型价值重 估——20260209 证券研究报告 | 朝闻国盛 gszqdatemark 2026 02 10 年 月 日 朝闻国盛 周期板块景气预期开启扩张 今日概览 ◼ 重磅研报 请仔细阅读本报告末页声明 gszqdatemark 2026 02 10 年 月 日 ◼ 重磅研报 作者 | 分析师 | 罗月江 | | | | --- | --- | --- | --- | | 执业证书编号：S0680525030001 | | | | | 邮箱：luoyuejiang@gszq.com | | | | | 行业表现前五名 | | | | | 行业 | 1 月 | 3 月 | 1 年 | | 石油石化 | 13.7% | 18.1% | 32.0% | | 建筑材料 | 11.8% | 16.2% | 42.7% | | 基础化工 | 6.6% | 12.7% ...

汇嘉时代（603101.SH） 证券研究报告 | 首次覆盖报告 gszqdatemark 2026 02 09 年 月 日 新疆零售龙头，创新转型价值重估 我们认为，汇嘉时代的核心竞争优势在于其密集的门店网络、深入的本土 市场洞察以及多业态协同效应。这些优势使其在新疆地区形成了显著的规 模效应和品牌壁垒。公司积极推动超市调改和购物中心业态升级，创新性 地探索"低空经济+消费"新场景，有望打开第二增长曲线。 新疆零售龙头，多业态协同发展。公司成立于 2000 年，2016 年上市，深 耕新疆市场二十余年，涵盖购物中心、传统百货、超市等业态。截至 2025Q3 末，公司在新疆地区拥有 6 家百货商场、5 家购物中心及 10 家独立超市， 受托管理 2 家购物中心和 1 家百货商场，建筑总面积达 106 万余平方米。 2021-2024 年，新疆 GDP 年均增速 8.71%，高于全国平均增速 3 个百分 点，社会消费品零售总额从 2021 年的 3585 亿元增长至 2024 年的 3926 亿元；2024 年新疆接待游客 3.02 亿人次、实现旅游收入 3595 亿元，比 2021 年分别增长 59%、154% ...

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]

潘锦海 ■董事长专访 为"消费新场景"插上"无人机翅膀" 汇嘉时代实控人潘锦海解锁增长新曲线 ◎记者 于瑶 作为商贸零售龙头企业，汇嘉时代通过"胖改"升级、全业态数智化转型、打造"低空+百货"新生态等措 施，积极探寻回归商业本质、系统化提升商品力的可靠路径。近日，上海证券报记者实地走访汇嘉时 代，与公司实控人潘锦海面对面，探讨汇嘉时代如何聚焦提高品质这个根本，通过创新供给、拓展场景 撬动消费增量，解锁公司未来增长的新曲线。 "胖改"好上更好 汇嘉时代旗下有6家百货商场、5家购物中心及10家独立超市，受托管理2家购物中心及1家百货商场，门 店建筑总面积逾106万平方米，是新疆零售行业的龙头企业，也是当地最大的连锁超市企业。 2025年6月，汇嘉时代启动超市业态"学习胖东来式"全面调改，围绕提升商品力，主动淘汰三、四线低 效商品，保留一线品牌与优选特色品牌，引入新品、应季商品与1万种爆款畅销单品，补充时尚商品品 类达到胖东来商品结构90%以上。为改善消费者体验，在超市内取消强制动线、拓宽卖场通道，保障购 物流畅性。另外，优化采购渠道，过滤中间环节，实现"价格与品质并重"。 消费者在汇嘉时代乌鲁木齐北京路购物中心超 ...

证券代码：603101 证券简称：汇嘉时代 公告编号：2026-005 新疆汇嘉时代百货股份有限公司 2026年第二次临时股东会决议公告 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法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、会议召开和出席情况 （一）股东会召开的时间：2026 年 1 月 30 日 （二）股东会召开的地点：乌鲁木齐市天山区前进街 58 号公司会议室 （三）出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1.出席会议的股东和代理人人数 | 6 | | --- | --- | | 2.出席会议的股东所持有表决权的股份总数（股） | 267,512,098 | | 3.出席会议的股东所持有表决权股份数占公司有表决权股 | 57.4878 | | 份总数的比例（%） | | （四）表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况 等。 本次股东会由公司董事会召集，会议由半数以上董事共同推举董事朱翔先生 主持，大会采取现场投票与网络投票相结合的方式进行表决，本次会议的召集、 召开 ...

北京市东城区建国门内大街 26 号新闻大厦 7 层、8 层 电话：010-88004488/66090088 传真：010-66090016 邮编：100005 北京国枫律师事务所 关于新疆汇嘉时代百货股份有限公司 2026 年第二次临时股东会的 法律意见书 国枫律股字[2026] A0035 号 致：新疆汇嘉时代百货股份有限公司（贵公司） 北京国枫律师事务所（以下简称"本所"）接受贵公司的委托，指派律师出席并见 证贵公司 2026 年第二次临时股东会（以下简称"本次会议"）。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人 民共和国证券法》（以下简称"《证券法》"）、《上市公司股东会规则》《律师事务 所从事证券法律业务管理办法》（以下简称"《证券法律业务管理办法》"）、《律师事务所 证券法律业务执业规则（试行）》（以下简称"《证券法律业务执业规则》"）等相关法律、 行政法规、规章、规范性文件及《新疆汇嘉时代百货股份有限公司章程》（以下简称"《公 司章程》"）的规定，就本次会议的召集与召开程序、召集人资格、出席会议人员资格、 会议表决程序及表决结果等事宜，出具本法律意见书。 对本法律 ...

Core Viewpoint - The article emphasizes the integration of AI applications in retail as a key driver for consumption growth and economic transformation in China, supported by government policies and market dynamics [1]. Group 1: Policy and Market Dynamics - The "14th Five-Year Plan" prioritizes boosting consumption as a core strategy for expanding domestic demand and transforming economic growth models [1]. - Multiple policy documents, such as the "Artificial Intelligence +" action plan, have been released to promote the deep integration of AI with consumer scenarios [1]. Group 2: Company Overview - HuiJia Times (603101.SH) is leveraging AI-driven digital transformation to establish itself as a benchmark in regional retail [2]. - The company reported a net profit of 80.41 million yuan and a net cash flow from operating activities of 282 million yuan for the first three quarters of 2025, indicating strong financial health to support its transformation efforts [2]. Group 3: AI Application and Data Management - HuiJia Times has implemented an AI operational management system that provides core data support for retail efficiency and decision-making through comprehensive data coverage, real-time data capture, and a large data pool [2][3]. - The company has adopted the smart collaboration platform Feishu across 24 stores to enhance online collaboration and streamline operations [3]. Group 4: Supply Chain and Operational Efficiency - The company is developing a smart supply chain tailored to regional characteristics, enhancing procurement, warehousing, and distribution processes [3]. - AI technologies are applied in various operational aspects, including intelligent contract verification and inventory management, significantly improving efficiency [3]. Group 5: Retail Format and Consumer Engagement - HuiJia Times has launched its first instant retail model, integrating online and offline channels, which has led to a significant increase in sales [4]. - AI technology is utilized to analyze consumer trends and preferences, enabling personalized marketing and improving customer experience [4]. Group 6: Future Outlook - The company aims to deepen AI applications across all operational scenarios, contributing to high-quality development in the Xinjiang retail sector while maintaining its leading position [5]. - The integration of AI with retail scenarios is expected to unlock further growth potential for HuiJia Times amid the consumption upgrade trend [5].

[Table_Page] 深度分析|商贸零售 证券研究报告 [Table_Title] 中国硬折扣零售的行业"奇点"已 至？ 中国零售渠道变革跟踪系列报告（一） [Table_Summary] 核心观点： | [Table_Gr ade] 行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2026-01-28 | [Table_PicQuote] 相对市场表现 -10% -2% 6% 14% 22% 30% 02/25 04/25 06/25 09/25 11/25 01/26 商贸零售 沪深300 | [分析师： Table_Author]嵇文欣 | | --- | | SAC 执证号：S0260520050001 | | SFC CE No. BUA982 | | 021-38003653 | | jiwenxin@gf.com.cn | | 分析师： 曹敦鑫 | | SAC 执证号：S0260525080002 | | 021-38003743 | | caodunxin@gf.com.cn | | 请注意，曹敦鑫并非香港证券及期货事务监察委员会的注 | ...