商贸零售行业周报：阿里巴巴AI业务与苹果达成合作，关注AI技术商业化落地

Investment Rating - The report maintains an "Overweight" rating for the retail industry [4] Core Insights - Alibaba's AI business has partnered with Apple to enhance smartphone services in China, with the expected launch of "AppleIntelligence" in April 2025, which will promote the application of AI technology in smartphones [1] - The domestic AI+ education market is projected to reach 47.7 billion yuan by 2027, with a compound annual growth rate of 22%, suggesting investment opportunities in the education sector [1] - The retail sector has shown resilience, with the CITIC retail index rising by 3.77% this week, outperforming the CSI 300 index by 2.58 percentage points [2][10] - The report highlights significant growth in sub-sectors such as department stores, professional market operations, and supermarkets/convenience stores, with increases of 10.33%, 9.58%, and 5.62% respectively [2][16] Summary by Sections Weekly Market Review - The CITIC retail index increased by 3.77%, ranking third among 30 CITIC primary industries, with notable gains in department stores and supermarkets [2][10][11] Industry Data Tracking - In December 2024, the total retail sales in China reached 4.52 trillion yuan, with a year-on-year growth of 3.7% [20] - The online retail market in 2024 was valued at 15.52 trillion yuan, growing by 7.2% year-on-year, while offline retail is estimated at 35.71 trillion yuan, with a growth of 4.62% [22] Industry Dynamics and Major Events - The State Council emphasized the importance of boosting consumption to strengthen domestic demand [35] - JD.com launched a commission-free initiative for its food delivery service, aiming to enhance consumer engagement [35] - Notable retail companies are undergoing store renovations and expansions, with Yonghui Supermarket confirming 20 store adjustments post-Spring Festival [35][36] Investment Recommendations - The report suggests focusing on companies with strong dividend capabilities and low valuations in the jewelry sector, such as Lao Feng Xiang and Zhou Da Sheng [4] - It also recommends traditional supermarkets like Gao Xin Retail and Yonghui Supermarket, which are expected to benefit from the recovery of offline sales [4] - In the e-commerce sector, companies like Pinduoduo, Alibaba, and JD.com are highlighted for their competitive positioning and growth potential [4]