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Investment Rating - The industry investment rating is "Overweight" indicating that the industry is expected to outperform the overall market [7]. Core Insights - Recent consumer promotion policies are expected to stimulate offline retail opportunities, with the government planning to implement various initiatives to enhance consumption, including support for modern commercial circulation systems in 20 cities [2]. - The concept of "first-release economy" is highlighted, which focuses on the entire economic ecosystem surrounding the launch of new products and services, aiming to create a vibrant retail environment [2]. - Offline retail is shifting towards experiential consumption, with companies like Yonghui and Miniso adapting their business models to enhance customer experience and attract foot traffic [2]. Summary by Sections Policy Impact - The Ministry of Commerce is set to introduce policies to promote consumption, including the issuance of consumption vouchers in major cities and the organization of consumption months featuring numerous promotional events [2]. - The synergy of various policies is expected to boost consumer confidence and spending [2]. First-Release Economy - The "first-release economy" encompasses the entire chain from product launch to store opening, aiming to create a comprehensive ecosystem that attracts brands and enhances consumer choices [2]. - Data shows that from May 2018 to December 2023, Shanghai introduced 5,840 first stores, averaging 2.8 stores per day [2]. Offline Retail Transformation - Companies are increasingly focusing on experiential retail, with significant improvements in store design, product diversity, and service quality [2]. - Yonghui's store transformation has led to remarkable sales increases, with one store achieving daily sales of 1.88 million yuan, a 13.9-fold increase compared to before the transformation [2]. Investment Recommendations - The report suggests focusing on offline retail companies that are actively transforming, such as Yonghui Supermarket, Jiajiayue, and Chongqing Department Store [2]. - It also highlights consumer brands driven by IP collaborations and global expansion, such as Miniso, and premium jewelry brands like Laopuhuangjin and Laofengxiang [2].