商贸零售行业：支持消费政策频出，提振消费者信心

Investment Rating - Industry rating: "Overweight (Maintain)" [4] Core Insights - The report highlights the government's "Special Action Plan to Boost Consumption," which aims to enhance consumer confidence through various measures, including increasing income, optimizing supply, and improving the consumption environment [1] - The plan includes eight key areas with 30 specific actions, focusing on income growth for urban and rural residents, consumer capability support, service consumption enhancement, and improving the consumption environment [1] - The report emphasizes that addressing employment and income stability is crucial for boosting consumer confidence and spending [6] - The report identifies significant potential in the service consumption sector, particularly in tourism and cultural activities, which are still in their early stages in China [6] Summary by Sections Recent Industry Performance - The industry has shown a relative return of -0.04% over the past month, -14.31% over the past three months, and a positive 4.78% over the past year compared to the CSI 300 index [5] - Absolute returns were 1.67% for the last month, -11.89% for the last three months, and 17.0% for the last year [5] Investment Recommendations - The report suggests focusing on various sectors based on the action plan: 1. Human resources services sector, with a focus on companies like Keri International and Beijing Human Resources [6] 2. Maternal and infant industry chain, including Kid King, Aiyingshi, and dairy companies like Yili and China Feihe [6] 3. Tourism sector, recommending companies like Songcheng Performance, Jiuhua Tourism, and Changbai Mountain [6] 4. Domestic consumer brands and new consumption models, highlighting companies like Dengkang Oral Care, Baiya Shares, and Juzi Biology [6] 5. Two-wheeler sector, focusing on companies like Ninebot and Aima Technology [6]