社会服务行业华福商社观察：文旅补贴落地医美精细化运营推动格局优化

华福证券2025-07-08

黄金珠宝：建议关注终端店效高增及门店拓展空间大的品牌。金价持续上涨，一口价产品增长表现较好，面向高端客群及年轻客群的品牌终端店效有望持续高增且门店拓展空间大，建议关注潮宏基、莱绅通灵、老铺黄金；传统黄金批发品牌此前多季度出货下滑，消费者逐步接受高金价后克重黄金消费量有望企稳，终端库存消化后预计Q2 陆续补货，主要品牌出货有望改善，建议关注老凤祥、周大福、周大生；北京地区金银珠宝社零数据高增，建议...

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社会服务行业华福商社观察：文旅补贴落地 医美精细化运营推动格局优化

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社会服务行业华福商社观察：文旅补贴落地医美精细化运营推动格局优化