批零社服行业：11月社零同比+3.0%，重视内需机会

Investment Rating - The industry investment rating is "Buy" [2] Core Views - In November 2024, the year-on-year growth of social retail sales was 3.0%, with a total retail sales amount of 4.38 trillion yuan, a decrease of 1.8 percentage points compared to October [2][21] - Retail sales of consumer goods excluding automobiles reached 3.90 trillion yuan, growing by 2.5% year-on-year [2] - Rural retail sales outpaced urban sales, with urban retail sales at 3.76 trillion yuan (YOY +2.9%) and rural retail sales at 0.62 trillion yuan (YOY +3.2%) [2] - The e-commerce penetration rate increased by 0.8 percentage points, with online retail sales of physical goods reaching 11.81 trillion yuan, a year-on-year increase of 6.8% [2] Summary by Sections Social Retail Sales - November social retail sales showed a year-on-year increase of 3.0%, with a total of 4.38 trillion yuan [2][21] - The growth rate decreased by 1.8 percentage points from October [2] - Breakdown by region: urban retail sales were 3.76 trillion yuan (YOY +2.9%), while rural retail sales were 0.62 trillion yuan (YOY +3.2%) [2] Retail Categories - In November, retail sales of food and beverages grew by 10.1% and declined by 4.3% respectively [2] - Retail sales of cosmetics and gold and silver jewelry saw significant declines of -26.4% and -5.9% respectively [2] - Automotive retail sales increased by 6.6% year-on-year [2] E-commerce Performance - The e-commerce penetration rate reached 26.7%, up by 0.8 percentage points [2] - Online retail sales of physical goods for the first eleven months totaled 11.81 trillion yuan, with a year-on-year growth of 6.8% [2] Investment Recommendations - Recommended stocks include Runben Co., Ltd., Marubi Biotechnology, Juzi Biological, and Proya for cosmetics [2] - For jewelry, focus on Laofengxiang and Zhou Dasheng, with attention to traditional festival consumption [2] - In tourism, consider companies involved in winter tourism and cross-border travel [2] - For offline retail, recommend brands like Miniso and Dashang Group, which are improving profit margins [2]