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 report highlights a recovery in consumer spending, with a notable increase in retail sales and specific segments such as beauty care and travel showing strong performance [1][3][20] - The introduction of the "Consumption Promotion Action Plan" by the government aims to boost consumer confidence and spending through various initiatives, including income support and consumption upgrades [2][33] Market Performance - During the week of March 10-14, 2025, the retail, social services, and beauty care sectors saw increases of 2.50%, 3.71%, and 8.18% respectively, ranking them 11th, 5th, and 1st among 31 primary industries [12][14] - The total retail sales of consumer goods reached 8.37 trillion yuan in January-February 2025, reflecting a year-on-year growth of 4% [20][24] Segment Analysis - In the beauty care sector, sub-segments such as personal care products, hotel dining, cosmetics, and tourism experienced significant growth, with increases of 7.79%, 5.14%, 4.87%, and 4.86% respectively [1][14] - The online retail sales of physical goods amounted to 1.86 trillion yuan, growing by 5% year-on-year, while offline retail sales showed a modest increase of 1.27% [27][31] Policy Impact - The "Consumption Promotion Action Plan" includes 30 key tasks aimed at enhancing consumer spending, such as establishing a childcare subsidy system and promoting the replacement of old consumer goods [2][33] - Local initiatives, such as the implementation of childcare subsidies in Hohhot, are expected to further stimulate domestic demand [2][33]