商贸零售行业周报：谷子经济出圈，百货商业是谷子店落地的最佳场景

Investment Rating - The report maintains a "Positive" outlook on the retail trade industry, particularly highlighting the potential of the "Guzi Economy" and its integration into department stores as a favorable consumption scenario [3]. Core Insights - The "Guzi Economy" revolves around consumer culture derived from two-dimensional IPs, including animation, comics, and games, which are highly sought after by young consumers due to their emotional and collectible value [3][19]. - The two-dimensional industry in China is experiencing rapid growth, with a user base exceeding 500 million, predominantly from the Z generation, indicating significant consumption potential [21][24]. - The report emphasizes that department stores are the best venues for the establishment of Guzi stores, enhancing foot traffic and providing a social space for subcultural groups [3][30]. Summary by Sections Industry Overview - The social service index rose by 4.50% from December 2 to December 7, 2024, while the retail trade index increased by 3.38%, ranking 6th and 9th respectively among Shenwan's primary industries [32]. - The two-dimensional peripheral product market accounts for 46.1% of the industry, with the gaming market following at 36.2% [21]. Market Trends - The report forecasts that the scale of China's two-dimensional industry will exceed 2.7 trillion yuan in 2024 and reach 5.9 trillion yuan by 2029, with a compound annual growth rate of 16.6% from 2024 to 2029 [24]. - The integration of two-dimensional culture into traditional retail formats is seen as a transformative opportunity for department stores, with significant increases in foot traffic reported in locations that have adopted this model [30]. Company Performance - Notable stock performance in the retail sector includes Wenfeng Co. (+28.21%), Zhongbai Group (+19.08%), and Hualian Co. (+15.84%) during the reporting period [32]. - The report highlights the importance of emotional satisfaction in consumer behavior, particularly among the Z generation, which is driving the rise of IP-driven retail consumption [3][30].