商社40讲开篇流通体系持续迭代服务消费大有可为

00:00:03欢迎接入金门财经电话会议系统，请输入参会密码并以井号键结束。您已成功加入会议。 00:00:18 感谢大家参加本次会议，会议即将开始，请稍后，Thanks for your participation. Themeeting is ready to start. Please remain on the line. 00:00:44 感谢大家参加本次会议，会议即将开始，请稍后，Thanks for your participation. Themeeting is ready to start. Please remain on the line. 00:01:09 感谢大家参加本次会议，会议即将开始，请稍后，Thanks for your participation. Themeeting is ready to start. Please remain on the line. 00:01:35 感谢大家参加本次会议，会议即将开始，请稍后，Thanks for your participation. Themeeting is ready to start. Please remain on the line. 00:02:00 感谢大家参加本次会议，会议即将开始，请稍后，Thanks for your participation. Themeeting is ready to start. Please remain on the line. 00:02:25 感谢大家参加本次会议，会议即将开始，请稍后，Thanks for your participation. Themeeting is ready to start. Please remain on the line.感谢大家参加本次会议，会议即将开始，请稍后，Thanks for your participation. The meeting is ready to start. Please remain onthe line.感谢大家参加本次会议，会议即将开始，请稍后，Thanks for your participation.The meeting is ready to start. Please remain on the line.感谢大家参加本次会议，会议即将开始，请稍后。Thanks for your participation. The meeting is ready to start. Please remainon the line. 00:04:07 感谢大家参加本次会议，会议即将开始，请稍后，Thanks for your participation. Themeeting is ready to start. Please remain on the line. 00:04:32 感谢大家参加本次会议，会议即将开始，请稍后，Thanks for your participation. Themeeting is ready to start. Please remain on the line.感谢大家参加本次会议，会议即将开始，请稍后，Thanks for your participation. The meeting is ready to start. Please remain onthe line. 00:05:23 感谢大家参加本次会议，会议即将开始，请稍后，Thanks for your participation. Themeeting is ready to start. Please remain on the line. 00:05:48 感谢大家参加本次会议，会议即将开始，请稍后，Thanks for your participation. Themeeting is ready to start. Please remain on the line. 00:06:14 感谢大家参加本次会议，会议即将开始，请稍后，Thanks for your participation. Themeeting is ready to start. Please remain on the line.感谢大家参加本次会议，会议即将开始，请稍后，Thanks for your participation. The meeting is ready to start. Please remain onthe line.感谢大家参加本次会议，会议即将开始，请稍后，Thanks for your participation.The meeting is ready to start. 00:07:15 Please remain on the line.感谢大家参加本次会议，会议即将开始，请稍后，Thanks foryour participation. The meeting is ready to start. Please remain on the line. 00:07:55 感谢大家参加本次会议，会议即将开始，请稍后，Thanks for your participation. Themeeting is ready to start. 00:08:06 Please remain on the line.感谢大家参加本次会议，会议即将开始，请稍后，Thanks foryour participation. The meeting is ready to start. Please remain on the line.感谢大家参加本次会议，会议即将开始，请稍后，Thanks for your participation. The meeting is ready tostart. 00:08:57 Please remain on the line.感谢大家参加本次会议，会议即将开始，请稍后，Thanks foryour participation. The meeting is ready to start. Please remain on the line.感谢大家参加本次会议，会议即将开始，请稍后，Thanks for your participation. The meeting is ready tostart. Please remain on the line. 00:10:02 感谢大家参加本次会议，会议即将开始，请稍后，Thanks for your participation. Themeeting is ready to start. Please remain on the line. 00:10:27 感谢大家参加本次会议，会议即将开始，请稍后，Thanks for your participation. Themeeting is ready to start. Please remain on the line. 00:10:52 感谢大家参加本次会议，会议即将开始，请稍后，Thanks for your participation. Themeeting is ready to start. 00:11:04 Please remain on the line.感谢大家参加本次会议，会议即将开始，请稍后，Thanks foryour participation. The meeting is ready to start. Please remain on the line. 00:11:43 感谢大家参加本次会议，会议即将开始，请稍后，Thanks for your participation. Themeeting is ready to start. Please remain on the line.感谢大家参加本次会议，会议即将开始，请稍后，Thanks for your participation. The meeting is ready to start. Please remain onthe line.感谢大家参加本次会议，会议即将开始，请稍后，Thanks for your participation.The meeting is ready to start. 00:12:45 Please remain on the line.感谢大家参加本次会议，会议即将开始，请稍后，Thanks foryour participation. The meeting is ready to start. Please remain on the line.感谢大家参加本次会议，会议即将开始，请稍后，Thanks for your participation. The meeting is ready tostart. Please remain on the line.感谢大家参加本次会议，会议即将开始，请稍后，Thanksfor your participation. The meeting is ready to start. Please remain on the line.感谢大家参加 本次会议，会议即将开始，请稍后，Thanks for your participation. The meeting is ready tostart. Please remain on the line.感谢大家参加本次会议，会议即将开始，请稍后，Thanksfor your participation. The meeting is ready to start. Please remain on the line. 00:15:06 感谢大家参。 00:15:09 本次电话会议仅服务于国泰海通证券正式签约客户，会议音频及文字记录的内容仅供国泰海通证券客户内部学习使用，不得外发，并且必须经国泰海通证券研究所审核后方可留存。国泰海通证券未授权任何媒体转发此次电话会议相关内容。未经允许和授权转载转发均属侵权，国泰海通证券将保留追究其法律责任的权利。国泰海通证券不承担因转载、转发引起的任何损失及责任。市场有风险，投资需谨慎。提醒广大投资者谨慎做出投资决策。 00:15:50 嗯。好，各位投资者大家上午好啊，非常感谢参加今天的电话会，我是国泰海通的研究员刘艳楠。啊，那我们今天呢，是呃，这个商社40讲的第一场啊。呃，我呢，作为这个，呃。福泰海通呃上市团队的这个首席首席分析师啊， 00:16:12 来给大家汇报一下啊，我们的一个这个投资框架，那这个投资框架呢是。呃，这个流通体系持续迭代，服务消费大有可为。 00:16:22 那么这篇投资框架呢，是我们呃综合了两篇深度报告啊，一个是。呃，我们在这个24年年底的时候发布的流通体系视角下的零售，呃，变迁啊，这个。深度复盘，然后以及我们在这个去年啊啊不好意思，我们在今年中期啊2026年5月份发布的服务消费2035啊，这两篇深度报告。呃融合，然后以及这个呃，去比较了一下这个整个商社的各个板块儿的一个呃发展空间，然后以及这个盈利模式啊，来进行的这样的一个这个啊来，最后呃总整合融合，融合实现的这样的一篇这个深度的这个呃培训的这样的一篇框架。呃， 00:17:12 然后各位投资者，如果这个今天听完电话会议之后感兴趣的话，可以这个跟我们去呃，要 这。这篇这个呃投资框架，那么在呃具体去讲这篇报告之前的话，我们还是啊先汇报一下我们的这个近期的一个投资观点啊。 00:17:32 因为近期呃市场这个风格呢确实也是呃变动的这个比较的剧烈啊，那么市场在呃整个呢是实现了一个在均衡的这样的一个。呃呃整体的一个投资的这样的一个状态，呃那么呃商社的话呢，我们觉得是非常的呃适合这个位置来进行投资的。 00:17:53 我们再次啊