零售行业2025年中期投资策略：悦享生活，深挖情绪消费景气赛道

开源证券2025-05-07

（以下内容从开源证券《零售行业2025年中期投资策略：悦享生活，深挖情绪消费景气赛道》研报附件原文摘录）核心观点1.行业回顾2025Q1社会消费复苏缓慢，零售企业经营整体承压。具体分板块看，黄金珠宝受金价高涨影响动销，跨境电商收入稳健、利润承压，医美化妆品竞争激烈，线下零售企业更多还处在模式变革探索阶段。值得注意的是，部分与“情绪价值”消费相关的细分赛道，对应龙头品牌型企业，一季度经营情况已显著...

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