商贸零售行业：政策加码内需，3月社零增速持续回暖

Investment Rating - The industry investment rating is maintained at "Overweight" [4] Core Insights - The report highlights a recovery in social retail sales growth, with a total retail sales of 12.4671 trillion yuan in the first quarter of 2025, representing a year-on-year increase of 4.6%, and a March total of 4.0940 trillion yuan, up 5.9% year-on-year [1][2] - The report emphasizes the impact of government policies aimed at stimulating domestic demand, which have contributed to the positive trends in retail sales [6] Summary by Relevant Sections Dairy Products Sector - The industry is experiencing accelerated destocking of raw milk, with expectations for stabilization and rebound in Q3, supported by downstream stimulus policies such as fertility subsidies and domestic demand initiatives. Key companies to watch include Miaokelando, New Dairy, and Yili [3] Snacks - Changes in channel dynamics (membership stores, mass retail, and offline retail adjustments) and the emergence of popular products (notably konjac) are driving growth. Companies of interest include Yanjinpuzi, Wancheng Group, and the Hong Kong-listed Weilong [3] Social Services - Focus on companies in scenic areas with ongoing hotspots and policy catalysts, high cost-performance in travel experiences, and expectations of new asset injections, such as Jiuhua Tourism and Shoulu Hotel [3] Traditional Retail - Attention is drawn to offline retail leaders that are actively exploring positive transformations in line with new consumer trends, including Yonghui Supermarket and Aiyingshi [3] Recent Industry Performance - Over the past 12 months, the industry has shown a relative return of 20.84% compared to the CSI 300 index, with an absolute return of 28.29% [5]