1-2月社零结构优化，可选品及餐饮显著升温

Investment Rating - The report indicates a positive outlook for the consumer sector, particularly in optional goods and dining, with a focus on structural improvements in retail sales [3][7]. Core Insights - Retail sales in January and February showed a year-on-year increase of 4.0%, slightly below the consensus expectation of 4.5%. Excluding automobiles, retail sales growth was stronger at 4.8% [3][7]. - The dining sector experienced its best performance since the second half of 2024, with overall dining revenue increasing by 4.3% year-on-year [5][12]. - The report highlights the effectiveness of national subsidies in boosting durable goods, with significant growth in categories such as communication equipment and furniture [4][17]. Summary by Sections Retail Sales Performance - In January and February, retail sales of optional goods such as clothing, cosmetics, and jewelry showed recovery, with year-on-year growth rates of 3.3%, 4.4%, and 5.4% respectively [4][16]. - The sports and entertainment category continued to thrive, achieving a year-on-year growth of 25.0% [4][16]. - The overall retail sales growth for goods and dining was recorded at 3.9% and 4.3% respectively [3][7]. Durable Goods and Subsidies - National subsidies have positively impacted the performance of communication equipment and furniture, with year-on-year growth rates of 26.2% and 11.7% respectively [4][17]. - Despite a decline in the growth rate of home appliances due to installation issues during the Spring Festival, production data suggests that the subsidy effects are still strong [4][17]. Consumer Behavior and Trends - The demand for essential goods such as beverages and tobacco remains relatively weak, indicating a need for further recovery [4][17]. - The report notes that online retail sales growth has slightly decreased to 5% year-on-year, while express delivery volumes continue to show strong growth at 22.4% [30][32].