1-2月社零数据点评：1-2月社零同比+4.0%，促消费政策陆续出台有望提振信心

Investment Rating - The report maintains an "Overweight" rating for the retail industry [4][6]. Core Insights - In January-February 2025, China's total retail sales reached 8.37 trillion yuan, with a year-on-year growth of 4.0% and a month-on-month increase of 0.30 percentage points [2]. - Excluding automobiles, retail sales of consumer goods amounted to 7.68 trillion yuan, growing by 4.8% year-on-year [2]. - E-commerce penetration is slowing, while offline convenience stores and specialty stores are performing well [2]. - Online retail sales reached 2.28 trillion yuan, with a year-on-year increase of 7.3%, while physical goods online retail sales were 1.86 trillion yuan, growing by 5.0% year-on-year [2]. - The food and beverage sector showed resilience, with retail sales of staple foods increasing by 11.5% year-on-year [3]. Summary by Sections Retail Sales Performance - In January-February, total retail sales were 739.39 billion yuan, with a year-on-year growth of 3.9% [3]. - Restaurant income grew by 4.3% year-on-year, driven by the Spring Festival [3]. - Essential consumption categories like staple foods showed strong growth, while discretionary consumption exhibited mixed performance [3]. Investment Recommendations - Investment focus one: The Spring Festival effect is expected to boost sales in the gold and jewelry sector, with long-term growth driven by new gold processing technologies. Companies to watch include Lao Feng Xiang, Zhou Da Sheng, and Chao Hong Ji [4]. - Investment focus two: As policies to stimulate consumption take effect, offline sales are expected to recover steadily. Traditional supermarkets are undergoing reforms, with companies like Gao Xin Retail and Yonghui Supermarket recommended for attention [4]. - Investment focus three: The e-commerce sector is seeing improved competition dynamics, with major platforms enhancing their strategic positioning. Companies like Pinduoduo, Alibaba, and JD Group are suggested for monitoring [4].