直播带货“红线”划定：4 月 23 日消息，国家互联网信息办公室、 公安部、商务部等七部门联合发布《网络直播营销管理办法（试 行）》。滴滴测试自营电商业务：近日，滴滴的自营电商业务正在灰度测 试中。关注可选消费持续复苏：20H1 可选消费行业受疫情冲击最为明 显，预计随国内疫情得到有效管控，疫苗接种率不断提升，21H11 零售行业将在前期低基数下迎来明显复苏，其中预计可选消费龙 头企业与渠道的复苏将最为领先。

爱马仕发布 21 年度第一季报。2021Q1 公司销售额达 20.84 亿欧元， 涨幅达 43.7%，较 2019 年同期有机增长幅度达 32.8%。品牌战略重心上，除了核心产品持续了良好的营收表现，爱马仕也在香水及 美妆、手表及珠宝等业务进行了广泛布局，积极推出新产品并提高产品曝光 度，从而平衡整体品牌战略重心，为营收增速提供了突破口。公司的品牌及营销策略推动了营收的高速增长。

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。

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。

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.

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。

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.