美护商社行业周报：提振消费专项行动方案出台，1-2月社零环比回暖

Investment Rating - The report maintains a "Buy" rating for the industry [5] Core Insights - The "Consumption Boost Special Action Plan" has been introduced, which includes 30 key tasks aimed at enhancing consumer spending and improving the consumption environment [2][33] - In January-February 2025, the total retail sales of consumer goods reached 8.37 trillion yuan, showing a year-on-year increase of 4% [3][20] - The online retail sales of physical goods in January-February 2025 amounted to 1.86 trillion yuan, with a year-on-year growth of 5% [27][31] Market Performance - For the week of March 10-14, 2025, the retail, social services, and beauty care sectors increased by 2.50%, 3.71%, and 8.18% respectively, ranking 11th, 5th, and 1st among 31 primary industries [12][14] - The beauty care sector saw significant growth in sub-segments, with personal care products, hotel dining, cosmetics, and tourism experiencing increases of 7.79%, 5.14%, 4.87%, and 4.86% respectively [14][18] Consumer Trends - The consumption upgrade policy has shown effectiveness, with retail sales of communication equipment, cultural office supplies, furniture, home appliances, and audio-visual equipment increasing by 26.2%, 21.8%, 11.7%, and 10.9% respectively [31][32] - In the optional consumption category, retail sales of cosmetics, gold and silver jewelry, and clothing increased by 4.4%, 5.5%, and 3.3% year-on-year [31][32] Key Events - The implementation details of the child-rearing subsidy project in Hohhot have been released, which is expected to stimulate domestic demand [2][33] - Aimeike plans to acquire 85% of the shares of REGEN Biotech Inc. for approximately 190 million USD, indicating strategic expansion in the beauty sector [34]