商贸零售行业周报：零售百货业态变革带来线下热度回归

Investment Rating - The industry investment rating is maintained at "Overweight" [2] Core Insights - The retail sector is experiencing a transformation with a return of offline shopping enthusiasm, driven by service model innovations and policy support for domestic consumption [6][23] - Recent performance shows the retail sector's relative return of 5% over the past month, with an absolute return of 26% [3][10] - The current Price-to-Earnings (PE) ratio for the retail sector is 34.54X, down 0.5 percentage points from the previous week, while the Price-to-Book (PB) ratio stands at 1.72X [5][18] Industry Performance - The retail sector index closed at 2144.21 points, down 1.09%, ranking 26th among Shenwan's primary industries and underperforming the CSI 300 index by 2.09 percentage points [4][10] - The performance of various segments includes: Trade II up 0.06%, General Retail down 1.78%, Professional Chains up 5.64%, and Internet E-commerce down 2.56% [4][12] Industry Dynamics - Yonghui Supermarket confirmed the first batch of store renovations post-Spring Festival, with 20 stores across 15 cities, showing strong consumer attraction during the holiday season [6][20] - Pang Donglai plans to open a supermarket in Zhengzhou by 2026, enhancing the commercial appeal of the area [6][21] - The State Council, led by Premier Li Qiang, is focusing on boosting consumption and has approved measures to stimulate domestic demand [6][21] Investment Recommendations - Continued domestic demand policies are expected to support offline consumption recovery, with a focus on companies like Yonghui Supermarket and Chongqing Department Store that are innovating service models [6][23] - Attention is recommended for domestic beauty care brands that are gaining consumer recognition and market penetration [7][23]