社会服务行业：11月社零数据出炉，政策端提振消费可期

Investment Rating - The industry rating is upgraded to "Overweight" [3] Core Insights - The report highlights that the government is taking significant steps to boost consumption, with a focus on the social services sector, particularly in the context of the ice and snow economy [2][3] - The National Development and Reform Commission has set ambitious targets for the ice and snow economy, aiming for a total scale of 1.2 trillion yuan by 2027 and 1.5 trillion yuan by 2030 [2] - November retail sales data showed a total of 4.38 trillion yuan, with a year-on-year growth of 3.0%, indicating a slight decline compared to October due to the early timing of the "Double Eleven" shopping festival [2] Summary by Sections Retail Sales Performance - In November, retail sales of consumer goods reached 4.38 trillion yuan, with a year-on-year increase of 3.0% [2] - Excluding automobiles, retail sales were 3.90 trillion yuan, growing by 2.5% year-on-year [2] - For the first eleven months, total retail sales amounted to 44.27 trillion yuan, reflecting a year-on-year growth of 3.5% [2] Consumption Trends - The report notes a decline in growth rates for certain consumer categories, with essential goods like food and daily necessities showing stable growth, while discretionary items like clothing and cosmetics experienced significant declines [2] - Notably, home appliances and automotive sales benefited from government policies, with growth rates of 22.2% and 6.6% respectively in November [2] Investment Recommendations - The report suggests focusing on traditional retail companies such as Hongqi Chain, Chongqing Department Store, and Bailian Group, as well as cosmetics firms like Proya, Shuyuan, and Marubi [2] - It also recommends investing in liquor companies including Kweichow Moutai, Wuliangye, and Luzhou Laojiao, along with home appliance manufacturers like Midea Group and Gree Electric [2]