（零售）中信证券-商业零售行业模式探讨系列报告之四：“地主”难当联营受困-120116.pdf

1、?2012?1?16?“?”?021-68762787?S1010510120001?POS?1?1?1?20?20?80?90?90?2?2012?1?16?1?2?20?20?1917?1956-80?1956?30?80?-90?20?80?1984?1984?20?80?1993?90?20?90?1992?20?90?3?IT?IT?2012?1?16?2?2?5?37.8637.6637.5438.5338.523738392006A2007A2008A2009A2010A?Wind?30?ST?20?80?3?2012?1?16?3?30%?40%?30?A?5?20%-21%?

2、2009?4?%?2006FY2007 FY2008 FY 2009 FY2010 FY?Macys INC)M US equity 40.72 40.60 40.42 39.70 40.51?(J.C.Penney CO)JCP US equity 39.27 39.32 38.63 37.41 39.36?(Sears Holdings)SHLD US equity 27.72 28.66 27.74 27.05 27.83?(Kohls Corp)KSS US equity 35.54 36.38 36.51 36.95 37.83?(PPR)PP FP equity 43.88 43.

3、49 46.93 49.20 50.87?(Marks&Spencer)MKS LN equity 38.29 38.90 38.65 37.21 37.94 Beale PLC BAE LN equity 54.96 54.18 54.86 54.47 53.74?40.06 40.22 40.53 40.28 41.15?(Marui Group)8252 JP equity 37.28 38.09 35.98 28.37 35.76?(Shimamura CO)8227 JP equity 30.69 30.86 31.27 31.71 31.96?(Takashimaya Co)823

4、3 JP equity 27.32 27.14 27.01 26.73 26.34?(Lotte Shopping)023530 KS equity 29.51 29.93 30.63 31.00 30.94?(Shinsegae Co Ltd)004170 KS equity 29.04 30.53 31.83 33.35 33.70?30.77 31.31 31.34 30.23 31.74?Bloomberg?4?5?20.3120.8720.8920.5720.7905101520252006A2007A2008A2009A2010A?%?%?(%)?Wind?30?ST?8%?15%

5、?LV?5?8%?2012?1?16?4?5?6%-8%7%-12%20%-35%15%?5%-8%20%-35%10%-20%10%-15%0%5%10%15%20%25%?IT?5?6?5?6.286.226.446.907.125.506.006.507.007.502006A2007A2008A2009A2010A?%?Wind?30?ST?2012?1?16?5?7?52.20%80.90%89.20%0%20%40%60%80%100%?400?22.5%?8?65?10?55?30?45?90?35?45?10?400?15?2010?2?2012?1?16?6?2012?1?1

6、6?7?(Neiman Marcus)?Neiman Marcus?Alfani?Tasso Elba?American Rag?Karen Scott?John Ashford?Hotel Collection?Greendog?Tools of the Trade?Martha Stewart?1/3?Marks&Spencer?120?800?Limited collection?AutographHE?per una?15%?30%.?35?65?Jim Thompson?LVMH?Acqua di Parma?Asianera?Gerard Darel?Nicole Farhi?On

7、lyCentral?Analyst Certification?i?ii?The analysts primarily responsible for the preparation of all or part of the research report contained herein hereby certify that:(i)the views expressed in this research report accurately reflect the personal views of each such analyst about the subject securitie

8、s and issuers;and(ii)no part of the analysts compensation was,is,or will be directly or indirectly,related to the specific recommendations or views expressed in this research report.?/?(?)?(1)?(2)?/?/?2012?300?20%?300?5%?20%?300?-10%?5%?300?10%?300?10%?300?-10%?10%?1.?6?6?300?2.?6?300?300?10%?48?100

9、125?1568?22?200122?8?518048?1?26?Foreign Broker-Dealer Disclosures for Distributing to the U.S.?-?This report has been produced in its entirety by CITIC Securities Limited Company(“CITIC Securities”,regulated by the China Securities Regulatory Commission.Securities Business License Number:Z20374000).This report is being distributed in the United States by CITIC Securities pursuant to Rule 15a-6(a)(2)under the U.S.Securities Exchange Act of 1934 exclusively to“major U.S.institutional investors”as defined in Rule 15a-6 and the SEC no-action letters thereunder.?Z20374000?1934?15a-6(a)(2)?15a-6?