商贸零售行业周报：山姆中国部分单店年营业额超29亿元

Investment Rating - The report maintains an "Overweight" rating for the retail industry [7] Core Insights - Sam's Club in China has shown impressive performance, with some stores generating annual sales exceeding 4 billion USD (approximately 29 billion RMB) [4] - The retail sector is expected to gradually recover as policies to boost domestic demand and consumption take effect [7] - The e-commerce landscape is evolving, with major platforms focusing on differentiated strategies and core business development [7] Weekly Market Review - The CITIC retail index rose by 3.81% this week, outperforming the CSI 300 index by 2.36 percentage points [5][17] - The retail sector ranked 8th among 30 CITIC primary industries this week, with supermarkets and convenience stores, comprehensive formats, and department stores showing significant gains of 7.68%, 7.05%, and 5.81% respectively [5][23] Industry Data Tracking - In October, China's total retail sales reached 4.54 trillion RMB, marking a year-on-year growth of 4.8% [29] - The online retail sales for the first ten months of the year amounted to 12.36 trillion RMB, with a year-on-year increase of 8.8% [29] - The offline retail sales for the same period were estimated at 29.56 trillion RMB, reflecting a year-on-year growth of 4.67% [29] Industry Dynamics and Major Events - Sam's Club in China is undergoing leadership changes, with Andrew Miles retiring and Jane Ewing taking over [4][48] - Costco reported a net sales figure of 21.87 billion USD for November, a 5.6% increase from the previous year [51] - The number of store renovations by Zhongbai Supermarket is set to reach 81, with several new openings planned [48]