大消费行业周报（12月第3周）：社零承压下政策有望托底-20251222

Investment Rating - The report does not explicitly state an investment rating for the industry, but it suggests a focus on sectors with relatively low valuations such as liquor, hotels, catering, and duty-free segments, indicating a positive outlook for these areas [3]. Core Insights - The consumer sector faced a decline in the week of December 15-19, with various sub-sectors experiencing different levels of downturn, including retail and food and beverage [3]. - The launch of the Hainan Free Trade Port on December 18, 2025, is expected to significantly boost the duty-free industry, with the proportion of zero-tariff goods increasing from approximately 21% to 74%, enhancing product availability [3]. - Retail sales growth slowed in November, with total retail sales increasing by only 1.3% year-on-year, while policies aimed at expanding domestic demand are anticipated to aid recovery [3]. Summary by Sections Market Weekly Review - The consumer sector saw a broad decline, with specific weekly changes in various segments such as retail and food and beverage [3]. Industry News and Key Company Announcements - Hainan's duty-free shopping saw a significant increase in sales growth rates in September, October, and November, with respective year-on-year increases of 3.4%, 13.1%, and 27.1% [3]. - The report highlights the importance of expanding domestic demand as a strategic focus for the upcoming year, with the central economic work conference prioritizing this initiative [3]. - Key announcements include the IPO of Lin Qingxuan, which is expected to grow its revenue from 690 million yuan in 2022 to 1.21 billion yuan by 2024, reflecting a compound annual growth rate of 32.7% [15].