1、 !#$%&()*+,!国金证券研究所 分析师：廖馨瑶（执业 S1130522060005） 分析师：许孟婕（执业 S1130522080003） 联系人：叶思嘉 线上线下全景看消费修复?#$%&()*+,%&-./01023456789:;34?2A234BCDE-./F,GHICJ56/#2$K#256LM!N OPQRSTQUV1W?234X56YZ1AL23456/_ abcNdbefSgh-%&A2ijk34Sg%&lm?nopq1%&rstuv;Qw1*+,Qwxyy z|F,9:BCQwDs?1CMOFTQ1%&R#mk1“”1 y1,+(;O1O%&%&r56O%&-|1$O%

2、&ySgh-%&_|S$O%&ySgh-%&$2%&)m:2%&!2%&$0T1%&(j(a H1HBh-BBk1_1$rYZGA$2k%&)0*+,:1DE$+GSgh-)_#%&(y1+Gm!0*#$+%?+9&%&($)$*;10*+,9+1,-./0/1Q2.156/34A(?+(56789$:;k=A?(5A$BCDEF)GHF*f;IJ15KL*rMN OdOP OF$L0.1,-56/01QL,R!S1TBC*UVWQFXY56L OO O$O!OF!OOb$Sdb1M O!OY,56/Z4 dbPQsQL,R!,1T_*UVWQFa56L OO O!OOb$,RN?b Nab/

3、cd)efg+hf#/1GHijkl*,!Umno OdOP Ofgpqrst1.u OP Ofgp1vwxyyz1|gc$+#ps?15cf+#?ONb$?OOb$?!Nb1eMp9$q,s/sG.1L0c1,R,R!d“”!N O56/(!Oab(4!d,b)1;!dab$!Nb4 Ndb$!Sb1 56e!N O56/1a,s/1;$3(Te56/341(H$e56-+?v/xf2k56&$1i*.eMIJ 行业深度研究 证券研究报告 主要消费产业行业研究 2023 年 06 月 21 日 买入（维持评级）#$%&!#$%&()*+,!O!#$!#$%#$%&()*+,%&-./0102

4、3456n/9:RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRa!R!;34)A234DE%&rstq-RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRa!RO;Qw)*+,BCQwDE-.901DE,+(RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR!RP;O)O%&%&-./:ORRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR$2%&)m:RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR

5、RRRRRRRRS OR!$)!2T0RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRS ORODB)m=*LHB0h-B RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRN ORPP)k1RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR!d OR$)HrG1*;RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR!A$2k%&)0*+,:1DE1+G RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR!PR!Sgh-)DE1Qw+TG1m%&9*RR

6、RRRRRRRRRRRRRRRR!PRO)$*;10*+,9+1,-./0RRRRRRRRRRRRRRRRRRRRRRRRRRRRRR!PRPcd)efg+hf#/1GHijkl*RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR!,u RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRROd?&#$&#$%!)z|iF,RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR