商贸零售行业点评：国产AI大模型崛起，政策鼓励，关注商社AI应用落地机会

Investment Rating - The report maintains an "Outperform" rating for the retail industry [2] Core Insights - The rise of domestic AI models and supportive policies are expected to drive the "AI + consumption" trend, enhancing efficiency across various sectors [5][12] - The report emphasizes the importance of AI applications in sectors such as human resources, education, e-commerce, offline retail, beauty, and OTA [5][12] Summary by Sections Market Performance - The retail sector has shown a performance decline of 26% compared to the CSI 300 index [3] AI Development - Multiple domestic AI models have made significant advancements in early 2025, including the launch of DeepSeek-R1, which has gained substantial user engagement [5][7] - The cost of DeepSeek-R1 API services is significantly lower than that of OpenAI's models, making it an attractive option for businesses [7][9] Policy Support - Recent government initiatives aim to promote "AI + consumption" as a key strategy for boosting economic growth and enhancing consumer experiences [9][10] Sector-Specific Opportunities - Human Resources: Companies like Beijing Renli and Keri International are leveraging AI for recruitment efficiency [12][15] - Education: Institutions such as Bean Education and Action Education are integrating AI to enhance learning experiences and operational efficiency [12][13] - E-commerce: Companies like Focus Technology and Aike Innovation are utilizing AI for product selection and customer service improvements [17][18] - Offline Retail: Retailers like IKEA and Kidswant are adopting AI to enhance customer engagement and marketing precision [19][20] - Beauty: Brands are employing AI for personalized skincare solutions and product development [20][21] - OTA: Travel platforms are implementing AI to optimize customer service and operational efficiency [15][21]