您的浏览器禁用了JavaScript(一种计算机语言,用以实现您与网页的交互),请解除该禁用,或者联系我们。[国金证券]:主要消费产业行业研究:线上线下全景看消费修复 - 发现报告
当前位置:首页/宏观策略/报告详情/

主要消费产业行业研究:线上线下全景看消费修复

2023-06-21廖馨瑶、许孟婕国金证券老***
主要消费产业行业研究:线上线下全景看消费修复

!"#$%&'()*+,!!" 国金证券研究所 分析师:廖馨瑶(执业S1130522060005) liaoxinyao@gjzq.com.cn 分析师:许孟婕(执业S1130522080003) xumengjie@gjzq.com.cn 联系人:叶思嘉 yesijia@gjzq.com.cn 线上线下全景看消费修复 䫏餴鹤鳓#$%&'()*+,%&-./01023456789:";34<=10234%&56:>?2@A234BCDE-./F,G>HI@CJ56/#2$K#256LM!NOPQRSTQUV1W?234X56YZ[\1AL]23456/^_`abcNdbef@Sgh-%&A2ijk34Sg%&lm?nopq1%&rstuv@";Qw1*+,Qwxyyz{|F,}~9:@BCQwDÄÅÇsÉ?1ÑÖÜCáàMâOFäTQ1ãåç%&éR>è#mêëík1ÖÜìîïñ1óÅòô{ööÖÜõúáàùïy1ûü>,+'(ï†@";O°1¢O%&£§%&•r56û¶>ßO%&£§@®©™ ́ ̈≠ÆØ∞{|ïñ±≤1≥¥μ∂$∑∏π∫ª¢Oº%&ΩyõSgh-%&áæ_∞{|ïñø¿¡¶>¬S√$ƒ≈ªO∆º%&ΩyõSgh-%&áæ@"«$2ø%&)»máæï... À:>ÃÕ"2ø%&ï...Œœ–—@!“”œ2ø%&‘~’÷á◊ÿ$Ÿ⁄¤‹0ï...T›1%&'(jfiÕá(fl‡aœH·‚„‰Â1ï...HÊBÁh-BËÁÈB@ÍÎÏÌk1ÓÔ_‚„‰Âï...Ò1ÚÛ$Ùıሠ̃rYZΩG@"A$2k%&)0*+, ̄◊}~:1™ ̆DE¶...ïñ$ ̇ó+ ̊G"Sgh-)ÃÕáæ ̧_# ̋%&É< ̨ ̨™ ̆'(ïy1 ́ ̈ ̄◊ ̇ó+ ̊G‡fiÕ»mˇ!0"* ̨ ̨#$ ̇ó+% ̋@? ̇ó+ ̄◊áæ9&%&éß'(◊á$¶ ̄)@" ̄◊)áæ$á*;Ù10*+,}~9+1,œ¢-à./0@áæœ/1 ̈QÇ ̈2à.≤156/34õA<áæ}~(? ̇ó+(5«<áæ6789$◊á$¶ ̄$:;<ák=õA<áæ)$YZsK>?(5◊á¢õ@A$BC¢õDEFª)@GHFáæ¢á*f ̧;ÙIJ15K◊¢Lá*rõMNOdOPOF ̈$ô ̈Ç ̊L@0Äà.≤1,œ¢- ̄◊56//01QL,R!S1T}BCá*`UVWQÇF ̈X„Y56LOOO$O!OFäõ!OOb$Sdb1MO!OY,õ56/ΩZ4”œ`db[\PQsΩ¿¡]^‡QL,R!,1T}_` ̄á*`UVWQÇF ̈aó56LOOOõ!OOb$Ω,RN?bNab/^@"cd)‚efg+hfΩ]#/^1GHiäjkl*@,œ!”Umn ̃oOdOPOfgpä’qrs‚t1à.¡uOPOfgpä1vwxyy’z{1|õgõc ̈$Ô}Ç+~Ω]#päsÉ?15ÄÅõc ̈fÇÇ+Ω]#É?ONb$ÉÑÉ?OOb$ÖÜÉ?!Nb1‚eMpäáñ9à$ñâqä,s/^sG@ã.åçé1èêëL¢0íc ̈1,R”“,R!d"éìîï{éΩ!NO56/(!Oab(4ñ!d,b)1 ó ; ≤òôô"!dab${∞é!!Nbö4ñNdb$!!Sbõ1òôô56Ω¿¡@íe ̇úΩ!NO56/≤1aœù,”œûs/^1ü;æë¢fl†°¢$£3£§(T}õº•íe56/¶ß341®\(ß©H™$ ́ ̈íeª56≠Ω+@"굥ꤗ䲿爙ÆØèêïñv∞õ±/xáf≤‚äõ≥¥‡2k ̇ú56&μ$1 ̈∂∑∏π∫ªi‚ä‡'ºΩ憬‡'ºø¿ª¡ ̋*‡à.¬e√ƒM≈∆IJ«»≥¥ª@" " 行业深度研究 证券研究报告 主要消费产业行业研究 2023年06月21日 买入(维持评级) "#$%&' !!"#$%&'()*+,!O"!"!"#$%#$%&'()*+,%&-./01023456n/9:"RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR"a !R!";34)A234DE%&...rstq-"RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR"a !RO";Qw)*+,BCQwDE-.901DE,+'(ï†"RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR"` !RP;O°)¢O%&£§%&-./:>ßO"RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR"` «$2ø%&)»máæï... À:>ÃÕáæ"RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR"S OR!"÷á◊ÿ$Ÿ⁄¤‹)!“”œ2øT›‘~0í "RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR"S ORO"ÊDBË)»m=*LõHÊBï...0>«ÃÕõh-BË"RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR"N ORP"PôàÀ)ÍÎÏÌk1ÓÔáæï...Ò"RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR"!d OR”"ÚÛ$Ùıá)H·‚„‰Âˆ ̃r«G1á*}~;Ù"RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR"!! A$2k%&)0*+, ̄◊}~:1™ ̆DE¶...ïñ1 ̇ó+ ̊G"RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR"!! PR!"Sgh-)™ ̆DE¶...ïñ1™ ̆Qw ̇ó+T› ̊G1»m%&9ˇ"*"RRRRRRRRRRRRRRRRRR"!! PRO" ̄◊)áæ$á*;Ù10*+,}~9+1,œ¢-à./0"RRRRRRRRRRRRRRRRRRRRRRRRRRRRRR"!” PRP"cd)‚efg+hfΩ]#/^1GHiäjkl*"RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR"!, ≥¥]u"RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR"Od &'#$%Ã}!)"ÕŒz{|iF,"RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR"a Ã}O)"ÕŒz{|34<=;o"RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR"a Ã}P)"Ñœz{|iF,"RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR"a Ã}”)"Ñœz{|34<=;o"RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR"a Ã}a)"xyyz{|iF,"RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR"a Ã},)"xyyz{|34<=;o"RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR"a Ã}`)"–—Sgh- ̄◊;34ª<no"RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR", Ã}S)"“vCJ ̇úL/"RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR", Ã}N)";342CJ ̇ú56/(bOd!NO)"RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR", Ã}!d)"ÕŒœ/DÄÅ"RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR"` Ã}!!)"Ñœœ/DÄÅ"RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR"` Ã}!O)"xyyœ/DÄÅ"RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR"` Ã}!P)"BCDEœÇÖÜúáà"RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR"` Ã}!”)"©™_`”°ÆØDE∞{|‘à"RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR"S Ã}!a)"Ÿ⁄¤‹$÷á◊ÿ2ø0ï..."RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR"S "#$%&' !!"#$%&'()*+,!P"!Ã}!,)"÷á◊ÿ¢cæ$’¤á$÷◊á0ï..."RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR"N Ã}!`)"–—BC÷á◊ÿáæÿY]^"RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR"N Ã}!S)"T}Ÿ⁄¤Ÿ∫QwX„Y‘à"RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR"N Ã}!N)"Ñœ‹›aóÇ+ï..."RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR"N Ã}Od)"fiflÑœ‹›aóÇ+ï..."RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR"N Ã}O!)"ÑœÊDBˇæ|·O6‚ï..."RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR"!d Ã}OO)"fiflÊDBˇæ|·O6‚ï..."RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR"!d Ã}OP)"ÑœÓÔï..._PôàÀá梄4"RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR"!d Ã}O”)"‰ƒÓÔaœXù]^"RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR"!d Ã}Oa)"ÑœÂÊÍÎáæ"RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR"!d Ã}O,)"xyyÂÊÍÎÓÔáæÍÎr/ÁËÈ#"RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR"!d Ã}O`)"ÍïÎÏÌì"!Pq-‘à}~:>Fæá*"RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR"!! Ã}OS)"fiflÚÛ$Ùıááæï..."R