商贸零售行业点评报告：11月社零同比+3.0%，政策预期升温利好消费多板块

Investment Rating - The report maintains an investment rating of "Positive" for the retail industry [2] Core Insights - In November, the year-on-year growth of social retail sales (社零) was +3.0%, with expectations for policy improvements benefiting multiple consumption sectors [4] - The total retail sales from January to November 2024 reached 442,723 billion, reflecting a year-on-year increase of +3.5% [4] - The report highlights a robust performance in social retail data, with a focus on boosting consumption and expanding domestic demand as a priority for 2025 [4] Summary by Sections Retail Performance - The retail sales in November amounted to 43,763 billion, showing a year-on-year increase of +3.0%, which was below the consensus expectation of +5.3% [4] - Urban and rural retail sales from January to November grew by +3.3% and +4.3% respectively [4] Category Analysis - Essential consumption categories like grain, oil, and food saw a year-on-year increase of +10.1%, while cosmetics faced a decline of -26.4% due to high base effects from the previous year [5] - Online retail sales from January to November reached 123,632 billion, growing by +8.8%, with physical goods online retail at 103,330 billion, up by +8.3% [6] Investment Recommendations - The report suggests focusing on high-quality brands in sectors with strong recovery potential, including traditional retail, gold and jewelry, cosmetics, and medical aesthetics [7] - Specific recommendations include Yonghui Supermarket, Jiajiayue, and Hongqi Chain in traditional retail, and brands like Proya and Ruibin in cosmetics [7]