零售业态深度比较框架：流通体系视角下的零售业态比较

Investment Rating - The report rates the e-commerce and retail industry as "Buy" [1][2]. Core Insights - The report analyzes the retail industry from the perspective of the commodity circulation system, comparing different retail formats, analyzing competitive advantages, and predicting transformation paths [2][3]. - It emphasizes the differences in circulation systems among China, the US, and Japan, which lead to distinct retail formats and operational models [14][19]. - The report suggests investment opportunities in retail companies that can efficiently create demand, achieve scale economies, and leverage fulfillment infrastructure [3][36]. Summary by Sections 1. Comparison of Circulation Systems - The circulation systems in the US, Japan, and China are fundamentally different, influencing the structure and profitability of retail channels [14][19]. - The US has a "large retail, small wholesale" model, Japan has a "large wholesale, small retail" model, while China exhibits a mix of both [14][19]. 2. Retail Format Analysis - The report identifies three types of retail formats that are recommended for investment: demand-creating retail, demand-satisfying retail with SKU scale effects, and retail leveraging fulfillment infrastructure [3][36]. - It highlights the importance of matching consumer needs and efficient aggregation of orders to achieve growth [3][36]. 3. Competitive Landscape - The competitive landscape in China is characterized by intense competition for consumer wallet share, leading to fragmented market shares across categories and a focus on fulfillment scenarios [3][36]. - The report notes that online platforms are creating market fragmentation, while offline category killers are emerging [3][36]. 4. Long-term Strategies - The report discusses the concept of long-termism in retail, suggesting that successful elements of business models can be adapted to the Chinese market [3][36]. - It highlights the case of "胖东来" as a successful local player that has established a strong relationship with consumers through localized strategies [3][36]. 5. Future Trends - The report predicts that traditional retail formats, such as supermarkets, may benefit from transformation efforts in the current market environment [3][36]. - It emphasizes the need for retailers to focus on operational efficiency and consumer engagement to thrive in a competitive landscape [3][36].