Open Securities: Around the theme of emotional consumption, layout along the four main lines of "gold jewelry, offline retail, cosmetics, medical beauty".

According to the open source securities research report, looking ahead to retail industry investments in 2025, the core theme is the rebound of consumer spending. At the investment strategy level, it is recommended to select the prosperous sub-sectors that fit the theme of emotional consumption, and focus on leading companies that are improving their brand momentum and competitiveness. Specifically, the four main investment themes include "gold jewelry", "offline retail", "domestic beauty", and "medical beauty". Pay attention to gold jewelry brands with differentiated product strength and consumer insight; focus on the leading offline retail companies that actively explore changes in consumer trends; pay attention to domestic beauty brands that seize structural opportunities and have strong comprehensive strength; focus on upstream manufacturers of differentiated medical beauty products and leading medical beauty institutions.