Retail stores are focusing on using the emerging technologies such as cloud, mobile, RFID, beacons, and others, to provide connected retail services and better shopping experience to customers. For instance, store owners are integrating sensors in the key zones of retail stores and connecting them to cloud through a gateway that enables real-time data analysis related to products, sales, and customers from the sensors. The growing incorporation of technologies such as augmented reality, virtual reality, artificial intelligence, and IoT to improve store operations, facilitate accurate inventory management, and enhance consumer’s shopping experience is one of the key trends escalating market growth.

Vending machine is an automated machine that provides items such as foods, beverages, cigarettes, and others. These machines are mostly used in retail sites, public transport hubs, airport, and other public places that provide fast foods. Vending machines are product-oriented machines, which offer different types of products. The base year of the global vending machine market is 2019 while 2020 is the estimated year, wherein the forecast period is 2021-2027.

我们选取了85 家建材上市公司作为板块样本，2021Q1 建材板块公募基金持仓比例整体上升0.2pct 至0.85%，仍处于低配状态，低配比例为0.82pct；以2021Q1 基金持股市值计，最多的个股为东方雨虹、北新建材、中国巨石、旗滨集团、坚朗五金；以持仓占流通股比计，最多的个股为东方雨虹、震安科技、菲利华、鲁阳节能、再升科技。

我们当前为投资者梳理三条投资主线：1）美妆医美赛道持续高增，国货品牌在产品力、治理、业务等方面迎来新变化，加速崛起！继续重点推荐华熙生物、贝泰妮爱美客、珀莱雅、上海家化、御家汇、丸美股份、壹网壹创、青松股份等；2）需求端有望实现回补反弹，行业供给出清，集中度提升头，龙头展店提速，继续推荐周大生、爱婴室、华致酒行等。3）疫情缓和下必选龙头有望恢复正常展店扩张节奏。

维持全渠道配置的逻辑不变，推荐重点关注购百板块内天虹百货、王府井；超市板块内永辉超市、家家悦、红旗连锁；专业连锁板块内华致酒行、美凯龙；电商及服务板块内壹网壹创、丽人丽妆；化妆品板块内上海家化、珀莱雅、丸美股份、贝泰妮。

国内黄金珠宝行业进入成熟期，消费者偏爱黄金（而非钻石），婚庆需求占比高。2019 年中国大陆黄金珠宝市场规模为1097 亿美元，为全球最大珠宝消费市场，5 年CAGR 为4.7%，增速中枢明显下移，行业进入成熟期。近年来中国大陆人均珠宝消费持续提升，2019 年人均消费额为73.4 美元，但距离发达国家仍有较大差距。在消费特点上，婚庆需求占比最高接近一半，其次为投资性需求，两者决定了国内珠宝消费更注重实用性，讲究性价比。从产品上看，消费者偏爱黄金产品，2019 年大陆珠宝市场中黄金类消费额占比高达60%，钻石仅占14%，相比全球47%的钻石消费占比明显偏低。