政策助力零售业创新，行业提效可期

Investment Rating - The report maintains an "Overweight" rating for the optional consumption sector [4][8]. Core Insights - The report highlights that policy support for retail innovation is expected to accelerate the transformation and upgrading of the industry, particularly in the context of oversupply and intense competition in domestic retail channels [5][6]. - The implementation of the "Retail Innovation and Enhancement Project" aims to promote high-quality development in the retail sector, focusing on supply-side quality upgrades, which could lead to improved business operations and a positive cycle of innovation [5][6]. - Key measures include encouraging diverse retail formats, enhancing product quality, and promoting new consumption trends, which are anticipated to drive growth in emerging retail categories [6][7]. Summary by Sections Investment Recommendations - The report recommends focusing on leading companies in the trendy consumer segment, such as Pop Mart and Miniso, which are expected to benefit from category innovation and IP empowerment to meet domestic emotional consumption demands [8]. - Traditional retail leaders that are actively innovating their business models are also highlighted as potential investment opportunities [8]. Company-Specific Insights - Miniso (9896 HK) is projected to achieve a revenue growth of 19.3% year-on-year in Q3 2024, with a target price of HKD 51.21 and a "Buy" rating [4][8]. - Pop Mart (9992 HK) is expected to continue its strong growth trajectory, driven by popular IP products and expansion in overseas markets, with a target price of HKD 105.00 and a "Buy" rating [4][8]. Market Trends - The report notes a significant shift in the retail landscape, with leading companies actively enhancing product offerings and supply chain efficiencies to maintain competitive advantages [7]. - The focus on innovative retail formats and quality products is seen as a response to changing consumer preferences and market dynamics [6][7].