消费长期“深蹲”，明年能否“起跳”？丨每日研选

Core Insights - The retail sector is experiencing significant activity, with multiple concept stocks hitting the limit up, coinciding with the National Retail Innovation Development Conference, signaling potential recovery for the long-pressured sector as it approaches the 2026 Spring Festival [1] - The Ministry of Commerce emphasizes the importance of retail in fostering a complete domestic demand system and driving high-quality development during the 14th Five-Year Plan period [1] - Institutions express a relatively optimistic outlook for the consumer sector in 2026, driven by policies aimed at boosting consumption and improving competitive dynamics within the industry [1] Group 1: Retail Sector Dynamics - The retail industry is urged to enhance its network layout, supply-demand matching, and online-offline balance, with a focus on learning from successful companies like Pang Donglai [1] - The current macro environment presents marginal benefits with declining rental costs for some offline formats, while the unique value of offline retail is being redefined, emphasizing social interaction and immersive experiences [2] - The shift towards consumer-centric models is evident in the adaptations of supermarkets like Yonghui and the rising popularity of the Pang Donglai model, focusing on quality products and deep service [2] Group 2: Investment Opportunities - The retail sector's transformation is expected to create multiple investment opportunities across various channels, particularly in the health and functional food sectors, driven by channel shifts and the expansion of consumer demographics [4] - Leading snack companies with strong supply chains and product-channel resonance are likely to benefit from increased market concentration in the new landscape [4] - High-quality chain retail formats with excellent operational models and effective scenarios are positioned to restart expansion and explore new store types, such as community life stores and hard discount supermarkets, once the main business recovers [4]