批发和零售贸易行业商社板块26H1业绩总结：Q2压力集中释放迎来边际改善窗口

内容目录一、黄金宝：Q2或业，关行边改善 4二、跨境商海β中证，Q3气有持续 6三、餐饮降增成凸，茶持高气 9四、线下售营普承，规扩转经提效 12五、旅游出需保韧，平与质区优 15六、酒店扩节分，头迈精化营 18风险示 19图表目录图表1：申钟珠块公合收及润比增速 4图表2：申钟珠块公合毛率化 4图表3：黄珠板报单Q2业汇总 5图表4：黄珠板季度收比速 5图表5：黄珠板季度利同增速 5图表6：上年内珠宝售同下，5月以降趋缓 6图表7：Q2内金需求增边改善 6图表8：美储息波动来价动 6图表9：跨电板报单Q2业汇总 7图表10：跨电重公司绩累收同增速 8图表11：跨电重公司绩毛率化 8图表12：美网零额同增持超大盘 8图表13：2026上年国零线化持提升 8图表14：7份来价格际行 9图表5：二度民升值势.. 9图表16：2025年3月-2026年7餐行收比增速 9图表17：上公餐品牌店售增速 10图表18：2025-2026年上餐品客价化 10图表19：2025-2026年上餐品翻率化 11图表20：上餐公门店况总 11图表21：餐行业2026H1业情况 12图表22：超、货司中业汇总 13图表23：超细板半年业总增速 13图表24：百细板半年业总增速 13图表25：多态售商业业专连公中报绩总 14图表26：多态售分板半报绩和速 15图表27：商物细板块年业总增速 15图表28：专零细板块年业总增情况 15图表29：旅板公中报绩总 16图表30：旅板公二季业汇总 16图表31：主假全日均游次 17图表32：主假全日均游次 18图表33：酒板公中报绩总 18图表34：酒板公二季业汇总 19图表35：华、旅锦江店量 19图表36：华、旅锦江店业量 19一、黄金珠宝：Q2或为业绩底，关注行业边际改善根据万级业表宝年半板体实营收入806比滑18实母净润25.721Q2，Q2图表1：申万钟表珠宝板块公司合计收入及利润同比增速图表2：申万钟表珠宝板块公司合计毛利率变化20%10%0%-10%-20%-30%

营业总收入yoy 归母净利润yoy

销售毛利率12%10%8%6%4%2%0%图表3：黄金珠宝板块中报及单Q2业绩汇总26H1收入25H1同比增速26H1归母净利润25H1同比增速毛利率()26H1 25H1板块整体1,685.251,729.30-3161.37103.675623.80 19.12老凤祥199.87333.56-407.1612.20-4112.168.68中国黄金249.00310.98-202.793.19-122.574.50周大生36.4145.97-214.505.94-2436.9530.34明牌珠宝18.3019.39-6-0.19-0.78-767.918.13菜百股份210.42152.48384.374.59-56.097.15曼卡龙9.8115.56-370.810.77525.8013.52老铺黄金198.08123.546042.6722.688841.2638.09潮宏基43.7441.0274.223.312727.3923.81莱绅通灵5.778.70-340.190.61-6847.2936.04港资品牌周大福489.26472.00457.1331.778033.6328.07周生生111.51100.621121.539.0213933.1633.52六福集团89.4373.982112.416.239938.0633.37周六福23.6531.50-253.784.15-934.6526.2626Q2收入25Q2同比增速26Q2归母净利润25Q2同比增速毛利率()26Q2 25Q2板块整体303.94490.34-3811.9614.41-178.30 8.04中国黄金95.55200.95-521.161.84-372.313.87菜百股份67.6970.26-40.381.39-723.885.76老凤祥62.45158.35-611.696.07-7210.878.26老铺黄金28.006.00潮宏基18.7618.5011.581.421128.0224.88周大生16.8719.24-121.563.42-5434.0736.07明牌珠宝8.739.65-10-0.31-0.40-217.943.86曼卡龙3.758.41-550.240.34-3024.1211.60莱绅通灵2.144.99-57-0.340.32-20746.4732.37图表4：黄金珠宝板块单季营同比增速 图表5：黄金珠宝板块单季毛率同比增速0

6181.HK老铺黄金 1929.HK周大福605599.SH菜百股份 002345.SZ潮宏基603900.SH莱绅通灵

6181.HK老铺黄金 1929.HK周大福605599.SH菜百股份 002345.SZ潮宏基60 603900.SH莱绅通灵50403020100-505综合基本面与价格环境判断，当前黄金珠宝板块处于业绩底叠加预期底的配置窗口。Q2望率先修复的菜百股份。图表6：上半年国内金银珠宝零售额同比下滑，5月以来降幅趋缓中国:商品零售额:限额以上单位:金银珠宝类:当月同比(1-2月合并)中国:加权平均价:黄金现货:Au100g:上海金交所:当月同比120.00 80100.006080.0060.00 4040.002020.002012-062012-122012-062012-122013-062013-122014-062014-122015-062015-122016-062016-122017-062017-122018-062018-122019-062019-122020-062020-122021-062021-122022-062022-122023-062023-122024-062024-122025-062025-122026-062026-12-20.00-40.00

-20-60.00 -40图表7：Q2国内黄金珠宝需求量速边际改善 图表8：美联储加息预期波带金价扰动0

黄金消费需求量:珠宝首饰:中国:当季值吨珠宝首饰黄金需求量yoy

40%24%8%-8%-24%2022-092022-122022-092022-122023-032023-062023-092023-122024-032024-062024-092024-122025-032025-062025-092025-122026-032026-06

美国:联邦基金率% 黄金价格:美元美元/盎司0.0000 02023-09 2024-09 2025-09二、跨境电商：出海β中报验证，Q3景气度有望持续跨境电商板块2026年上半年收入与利润实现同步改善，板块整体经营呈现向好态势。26H1元同增长10；现母润74.12亿，比长14分单度看，26Q2营收2139.6821，Q2逐季行毛率面，26H1块体利率39.74，较25H1的37.83有提升，26Q2块利率38.53，相25Q2的36.18同比改善，预计主要受益于关税影响趋缓、库存出清，板块整体盈利水平实现修复。图表9：跨境电商板块中报及单Q2业绩汇总收入 归母净利润 毛利率()26H1 25H1 同比增速 26H1 25H1 同比增速 26H1 25H1板块整体精品1,309.371,188.911074.1265.091439.74 37.83安克创新166.05128.672917.0211.674649.8244.73绿联科技58.2138.57514.312.755739.1836.98致欧科技48.2640.44192.461.902935.6334.93赛维时代62.0153.46161.661.69-242.7144.47乐歌股份31.7931.4510.211.29-8329.5825.69恒林股份66.6853.47251.211.81-3318.4117.88泛品华凯易佰39.7645.38-121.650.3734938.7433.47吉宏股份37.3632.34161.581.183447.3246.97三态股份7.798.27-60.090.23-6235.1231.74平台小商品城102.8277.133319.7916.911729.0431.55焦点科技10.599.19152.602.95-1279.1080.0526Q2收入25Q2同比增速26Q2归母净利润25Q2同比增速毛利率()26Q2 25Q2板块整体精品395.12326.572139.6832.932138.53 36.18安克创新89.973668.73383112.306.718355.0546.00绿联科技30.223920.3294491.931.245539.1136.06致欧科技25.115419.5291291.710.8011536.1734.43赛维时代34.811728.8731-291.231.22142.4044.97乐歌股份16.831916.0026210.210.77-7330.4725.45恒林股份34.500026.9362-850.621.30-5218.1019.46泛品华凯易佰20.523222.4629-90.930.528041.4435.49吉宏股份19.315017.5604100.850.594547.7248.10三态股份3.95164.2432-7-0.050.09-15833.8631.87平台小商品城56.886445.5163259.898.881125.2228.34焦点科技5.46594.7631151.621.83-1180.5879.65精品类企业整体收入利润实现高增。安克创新、绿联科技受益产品力迭代、海外渠道拓展，26H1营收分别同比+29、+5146、57Q2VC19，2916滑83、-33。泛品企整营端压利性现极华易佰26H1营同12归净润比幅长34SKU163426H1+33172026Q2图表10：跨境电商重点公司绩累计收入同比增速 图表11：跨境电商重点公司绩毛利率变化安克创新50403020100-10安克创新50403020100-10-20乐歌股份致欧科技华凯易佰赛维时代小商品城2025/062025/092025/122026/032026/06乐歌股份 华凯易佰 小商品城55504540353025202025/06 2025/09 2025/12 2026/03 2026/06Q3持跑零大，6份比长速至12.2，截至H1国上售占体售重续升至17.10，7SKUAI图表12：美国网络零售额同增持续超过大盘 图表13：2026上半年美国零售线化率持续提升美国:零售和食服务售额:总计:季调:季:合值:同比（%） 美国:网络零售额:占零售总额比重:季调（%）16.5017.14.6014.80美国:网络零售:季调:当季同（%16.5017.14.6014.8050 1845 1640 1435 12302520 815 610 425202021/032021/072021/112022/032021/032021/072021/112022/032022/072022/112023/032023/072023/112024/032024/072024/112025/032025/072025/112026/03图表14：7月份以来航运价格边下行 图表15：二季度人民币升值势际放缓0

CCFI:美西航线CCFI:欧洲航线 CCFI:综合指数 CCFI:美西航线CCFI:欧洲航线

9.59.08.58.07.57.06.56.0

中间价:美元兑人民币 中间价:欧元兑人民币2023/12 2024/06 2024/12 2025/06 2025/12 2026/06

中间价:英镑兑人民币三、餐饮：降本增效成果凸显，茶饮持续高景气26H128254.82.8258787654321012---3社零餐饮当月收入yoy 限额以上餐饮当月收yoy1）压。26H1胜国店比+1，长健达份同销同-4.8小同-4.3，原主系门扩对店现短期锅部明显火同售同底比-1.3+73（-1.5（-.7-1207.31.0-1.37.31.0-1.3-4.3-4.8-9.7-12.5-12.0-23.350-5-10-15-20-25小菜园 海底捞 百胜中国 绿茶集团 遇见小面 太二 怂火锅 九毛九品牌 达势股份客单品表分但整呈下趋毛九下太14+.1九品图表18：2025-2026上半年上市餐饮品牌客单价变化106106997668737480.772.957.150.555.554.55758383631.8 30.928.6 27.51008060402002025H1 2026H1图表19：2025-2026上半年上市餐饮品牌翻台率变化3.83.93.83.93.53.53.13.13.12.92.52.52.32432.521.510.50小菜园

海底捞

绿茶集团 太二

怂火锅

九毛九品牌2025H1 2026H1数据压关低门店提升店量其品门店量有上中绿集（+4阿39（+32）26H14146。图表20：上市餐饮公司门店情况汇总公司品牌2026H1202526H1净增26H1期末YOY26H1新开26H1关闭关店率小菜园小菜园824819522.62---海底捞海底捞1389138365.0744322.31其他品牌183207-24----百胜中国肯德基137891299779213.00---必胜客4549416838118.00---其他品牌959936239.47---小计1929718101119614.00---绿茶集团绿茶73360912446.0213171.15遇见小面遇见小面55042312731.89---九毛九太二477499-2214.392--怂火锅5462-8-28.950--九毛九6163-2-10.292--其他品牌1420-6-0--小计606644-38-16.874426.52达势股份达美乐1550131523529.38---蜜雪集团加盟店6395159785416620.67545512892.16古茗加盟店143511355479728.3713185213.84沪上阿姨加盟店1312011423169739.4022535564.87茶百道加盟店877686081684.106694995.80（图表21：餐饮行业2026H1业绩情况营业收入（亿元）归母净利润（亿元）1H261H251H26VS251H261H251H26VS25茶饮蜜雪集团152.2148.72.2923.026.9-14.73古茗74.756.631.9115.716.3-3.36沪上阿姨25.918.242.403.22.058.32茶百道26.525.06.213.43.33.20餐厅小菜园29.0327.146.962.903.82-24.20海底捞223.37207.037.8917.6717.590.47百胜中国29412.925.425.535.079.07绿茶集团26.7522.9016.782.912.3424.42遇见小面9.397.0333.590.630.4251.22九毛九23.9127.53-13.150.760.6124.90达势股份31.3425.9320.840.810.6622.94四、线下零售：营收普遍承压，规模扩张转向经营提效超市板块：202626H1466.486.42永辉市门调、费疲影收同滑20.56，亏势续步步收现9.7，但润依百货板块：202626H1191.90降20.31，母利润-6.08亿，比亏。中府收同下滑6.99，费苏及预叠态外流、客流不足的压力，多数公司依靠业态重构、品牌调改来对冲行业下行压力，但短期业绩兑现仍存在不确定性。图表22：超市、百货公司中报业绩汇总收入归母净利润毛利率（）26H125H126VS2526H125H126VS2526H125H126VS25板块整体191.90204.31-6.084.335.35-19.10百货供销大集7.547.83-3.630.270.05398.5430.9731.47-0.50王府井49.8753.61-6.980.540.81-33.2036.9638.76-1.80翠微股份9.6611.20-13.68-0.72-2.03-64.4524.0020.963.04友阿股份4.095.25-22.040.710.5332.4372.4067.914.49国芳集团4.223.8210.350.710.23214.0939.3544.36-5.01武商集团31.5331.81-0.901.311.65-20.6548.9849.63-0.65茂业商业9.2912.63-26.43-1.880.35-644.9657.1560.15-3.00天虹股份57.5560.09-4.241.131.54-26.2736.052东百集团9.449.291.680.750.724.4457.1357.49-0.36杭州解百8.708.78-0.871.521.500.9876.9176.890.02收入归母净利润毛利率（）26H125H126VS2526H125H126VS2526H125H126VS25板块整体466.48539.51-13.546.422.80129.06超市永辉超市237.91299.48-20.562.53-2.41-205.2322.5220.801.72步步高23.4221.339.791.432.01-28.6235.1336.32-1.20国光连锁14.6414.481.050.220.208.9221.1722.09-0.93红旗连锁46.7648.08-2.752.682.81-4.5729.6229.85-0.23家家悦89.6690.07-0.461.861.831.7724.1824.000.18三江购物18.2419.88-8.280.660.91-28.0324.4926.05-1.55中百集团35.8646.18-22.35-2.96-2.5516.1822.7423.04-0.30图表23：超市细分板块半年业总和增速 图表24：百货细分板块半年业总和增速营业总收入（亿元） 归母净利润（亿元） 营业总收入（亿元） 归母净利润（亿元）900800700600

营业总收入yoy 归母净利润yoy

160%140%120%100%

350300250

营业总收入yoy 归母净利润7.21%-5.95%

10%0%0

23.68%-11.34%

32.66%6.29%

27.67%3.44%

6.47%

80%60%40%20%0%-20%

0

-14.45%

-36.51%

-10.09%-37.38%

.-20%-26.54%-30%-40%2023H1 2024H1 2025H1 2026H1 2023H1 2024H1 2025H1 2026H126H1317.2617.4626H1+4.989.08，26H1406.344.2737.91281.20增主要来自个别核心标的贡献，多数商业物业企业仍面临出租率、租金恢复节奏不及预期的现实约束。收入归母净利润毛利率（）26H125H126VS2526H125H126VS2526H125H126VS25板块整体317.26349.91-9.3317.4618.18-3.96多业态零售百联股份120.53132.57-9.089.133.13191.6124.1425.04-0.90重庆百货75.8780.42-5.654.467.74-42.3328.6628.430.23大商股份34.4034.160.693.853.840.3240.9542.49-1.54文峰股份7.168.57-16.510.110.64-82.8245.7947.04-1.26汇嘉时代13.3512.714.980.980.6746.4034.9635.01-0.05合百集团31.9037.00-13.790.601.71-64.6725.7525.060.69赫美集团2.393.17-24.73-0.14-0.1042.6214.4913.131.36益民集团3.053.66-16.72-1.330.24-645.2352.0447.764.28利群股份28.1937.18-24.19-0.460.07-717.9834.0131.292.72上海九百0.430.45-4.060.250.245.4023.4525.89-2.4426H125H126VS2526H125H126VS2526H125H126VS25板块整体406.34424.45-4.2737.919.94281.20商业物业经营小商品城102.8277.1333.3019.7916.9117.0529.0431.55-2.51豫园股份170.17191.12-10.961.620.63157.1720.8215.095.73浙江东日3.393.73-9.160.440.69-35.5632.3338.44-6.11居然智家54.5564.45-15.371.963.28-40.3721.4423.85-2.41农产品26.9934.91-22.702.541.9033.0926.5520.665.88美凯龙30.9533.37-7.260.75-19.00-103.9465.5461.504.04深赛格7.047.51-6.330.520.4710.4529.0927.271.81富森美5.046.49-22.366.243.1896.0362.8767.95-5.07汇通能源0.830.5844.340.260.2125.0442.5649.01-6.44轻纺城4.585.15-11.193.801.67127.5628.0146.22-18.21收入归母净利润毛利率（）26H125H126VS2526H125H126VS2526H125H126VS25板块整体1012.48845.3919.772.914.65-37.39专业连锁孩子王50.9549.113.741.721.4319.9030.7527.683.07爱施德307.55253.7021.220.46-35.314.940.37天音控股579.91463.2625.180.16-0.63-125.342.892.490.41博士眼镜7.476.868.810.830.5648.2056.3254.651.67华致酒行32.4939.49-17.72-0.730.56-230.678.599.72-1.13吉峰科技16.0414.629.760.050.0435.7610.5312.39-1.85爱婴室18.0818.35-1.490.420.47-9.5626.4225.900.52专业连锁板块收入现快增长但整体盈利平显回落26H1业锁块整收1012.48亿同比+19.77，2.91的同时受线上下价格竞争加剧，企业盈利兑现难度提升，具备供应链壁垒及高粘性核心客群的细分龙头业绩韧性更强。营业总收入（亿元） 归母净利润（亿元） 营业总收入（亿元） 归母净利润（亿元）900800700600

营业总收入yoy 归母净利润yoy

160%140%120%100%

350300250

营业总收入yoy 归母净利润7.21%-5.95%

10%0%0

23.68%-11.34%

32.66%6.29%

27.67%3.44%

6.47%

80%60%40%20%0%-20%

0

-14.45%

-36.51%

-10.09%-37.38%

.-20%-26.54%-30%-40%2023H1 2024H1 2025H1 2026H1 2023H1 2024H1 2025H1 2026H1图表28：专业零售细分板块半年报业绩总和增速情况0

2023H1 2024H1 2025H1

30%营业总收入（亿元）营业总收入营业总收入（亿元）营业总收入yoy归母净利润（亿元）归母净利润yoy10%0%-10%-20%-30%-40%-50%五、旅游：出行需求保持韧性，平台与优质景区占优26H15OTA：同程旅行26H1收入、净利润分别同比增长10和8，毛利率提升至68.28，经营表现稳健。731111景区现对健长山江份入别长18和11江份利润长九旅游黄山游图表29：旅游板块公司中报业绩汇总收入 归母净利润 毛利率()26H1 25H1 同比增速 26H1 25H1 同比增速 26H1 25H1板块整体 267.36254.21523.620.1317旅行社众信旅游 2828.75-30.310.4-2412.6712.42岭南控股 22.3620.970.560.51418.5418.61凯撒旅业 4.353.17203-0.11-0.24-5516.7922.12OTA同程旅行 99.9390.471014.1113.11868.2866.86人工景区宋城演艺 9.6210.8-113.474-1360.5565.72云南旅游 0.551.17-53-1.39-0.9744-142.81-28.76曲江文旅 3.95.32-270.07-0.14-14910.716.62大连圣亚 1.91.8620.16-0.16-20249.7848.76中青旅 53.8548.66110.220.67-6718.4621.35海昌海洋公5.366.86-22-3.32-2.95135.0310.45园自然景区长白山2.772.35180.01-0.02-16219.4419.04西域旅游1.071.14-60.040.11-6728.7536.11九华旅游54.8331.521.42755.9954.6峨眉山A4.434.57-31.231.21148.7548.07西藏旅游0.940.940.030.023927.9229.12桂林旅游2.011.9720.060.08-2330.9629黄山旅游9.889.451.31.27342.8245.43丽江股份4.193.78111.330.954059.7753.79ST张家界2.121.9493.08-0.33-102721.9413.44天目湖2.262.46-80.380.55-3048.453.55三特索道2.882.92-20.540.68-2060.8559.4826Q229OTA71.69信旅收降10，撒旅亏收。区现分，城艺中旅净润别降12和41；华游黄山游丽股净润分长13、7和10，西旅净润长104。图表30：旅游板块公司二季度业绩汇总收入归母净利润毛利率()26Q225Q2同比增速26Q225Q2同比增速26Q225Q2板块整体137.72135.00212.0813.22-9旅行社众信旅游15.3417.09-100.210.21-312.0610.60岭南控股12.1711.6740.240.23317.6417.47凯撒旅业2.391.76142-0.14-0.20-3012.8120.06OTA 同程旅行 49.87 46.69 7 6.32 6.42 -2 66.71 65.02人工景区 宋城演艺4.285.19-181.361.53-1255.1663.16云南旅游-0.040.69-106-1.06-0.491170.00-30.61曲江文旅1.652.26-270.210.30-2910.1010.89大连圣亚0.981.02-40.01-0.08-10752.2255.71中青旅30.2728.1280.591.01-4119.1221.94自然景区 长白山1.211.0713-0.07-0.06613.8814.43西域旅游0.880.97-100.300.41-2652.2859.80九华旅游2.652.4870.820.731357.1854.61峨眉山A2.222.31-40.630.62245.5349.20西藏旅游0.700.6580.230.1110442.5746.64桂林旅游1.061.14-70.180.21-1536.6833.78黄山旅游5.715.3760.960.90746.2950.08丽江股份2.182.1510.660.601058.6755.42ST张家界1.451.3580.02-0.02-21627.4021.69天目湖1.261.41-110.280.41-3257.0162.53三特索道1.521.61-60.330.37-1158.9559.5820232026年午期共3天全国内游1.24亿同增长内游总费444.56元比长4.0，3592.160.9别长2.93和0.62路和路流别降1.21和1.76。OTA图表31：主要假期全国日均出游人次1.21.00.80.60.40.20.0

40%1.1134.7%1.1134.7%0.870.590.590.630.630.660.650.450.470.400.370.420.400.450.417.7%8.2%3.8%5.7%5.9%6.4%5.7%7.1%3.5%4.2%20242025202630%25%20%15%10%5%0%日均出游人次（亿人次） YOY（右轴）来源：文化和旅游部图表32：主要假期全国日均出游人次0

15%133513511335135113489.4%8629115914.7%453 5664.2%3675745975714574553591.2%0.7%1.5%-0.2%-0.5%-0.6%-0.2%-2.1%20242025202611%9