大消费行业周报（1月第1周）：微信小店私域激励计划或助力商家入驻

Investment Rating - The report does not explicitly state an investment rating for the industry [3]. Core Views - The consumer sector experienced a decline in the first week of January 2025, with various sub-sectors such as home appliances, textiles, food and beverages, and retail showing significant drops [5]. - WeChat's new private domain incentive plan is expected to enhance merchant onboarding and improve operations, potentially benefiting the e-commerce and agency operation sectors [5]. - The increase in import tariffs on pet food is likely to benefit domestic brands by further capturing market share from foreign brands [5]. Market Weekly Review - The consumer sector saw a decline, with the home appliance, textile, food and beverage, retail, beauty care, and social services indices dropping by 3.25%, 4.09%, 4.14%, 5.66%, 8.51%, and 8.60% respectively, while the CSI 300 index fell by 5.17% [5]. - Notable gainers included Jiao Da Ang Li (+46.37%) and Dongbai Group (+46.54%), while significant losers included Xibu Muye (-19.92%) and Youa Shares (-21.38%) [5]. - The WeChat small shop's private domain incentive plan aims to reduce technical service fees for qualifying merchants, potentially increasing merchant participation and enhancing brand presence on the platform [5]. - The pet food import tariff increase from 4% to 10% is expected to impact foreign brands negatively, allowing domestic brands to gain market share [5]. Industry News and Key Company Announcements - In January, the production of major home appliances is projected to decline, with air conditioners, refrigerators, and washing machines seeing year-on-year decreases of 1.5%, 6.5%, and 8% respectively [16]. - The domestic travel market is showing growth, with a 7% increase in domestic flight bookings compared to the previous year [19]. - Alibaba announced the sale of its stake in Gaoxin Retail for approximately HKD 13.138 billion [19]. - The report highlights the strong performance of Mijia Ice City, with a 21.4% increase in retail sales in the first nine months of 2024 [19]. - The report also notes that Guizhou Moutai expects to achieve a revenue of approximately CNY 173.8 billion in 2024, reflecting a year-on-year growth of about 15.44% [21].