商社行业周报：五部门联合印发通知完善市内免税店政策，政策驱动周度行情

Investment Rating - The report maintains a "Positive" investment rating for the industry [2][21]. Core Insights - The recent policy issued by five departments aims to enhance the management of city duty-free shops, which is expected to stimulate consumer spending and improve market performance [21]. - The retail sector has shown resilience, with the e-commerce segment leading the gains, reflecting a 6.31% increase, while the overall retail index has seen a slight rise [10][19]. - The current price-to-earnings (PE) ratio for the retail index is at the 22.18% percentile over the past decade, indicating attractive valuation levels [19]. Summary by Sections Market Review - During the week of August 26 to September 1, 2024, major indices exhibited mixed performance, with the Shanghai Composite Index declining by 0.43%, while the Shenzhen Component and ChiNext indices increased by 2.04% and 2.17%, respectively [4][10]. - The retail sector index experienced a slight increase, ranking 7th among the primary industries, outperforming the overall market [6]. Industry Dynamics - The new policy for city duty-free shops will take effect on October 1, 2024, allowing existing shops in major cities to transition and new shops to be established, which is anticipated to boost local consumption [21]. Company Updates - Chongqing Department Store reported a revenue of 8.98 billion yuan for the first half of 2024, a year-on-year decrease of 11.56%, with a net profit of 712 million yuan, down 21.06% [22][23]. - Jiajiayue's half-year report showed a revenue of 9.362 billion yuan, a year-on-year increase of 2.98%, but a net profit decline of 8.81% [24].