批零社服行业：1-2月社零同比+2.8%，服务消费表现亮眼

Investment Rating - The industry investment rating is "Buy" [3] Core Insights - In January-February 2026, China's retail sales grew by 2.8% year-on-year, with total retail sales amounting to 8.6 trillion CNY, an increase of 1.9 percentage points compared to December 2025. Excluding automobiles, retail sales reached 8.0 trillion CNY, growing by 3.7% [5] - The report emphasizes the strong performance of service consumption, with dining revenue increasing by 4.8% year-on-year [5] - E-commerce penetration rate increased to 24.2%, with online retail sales of physical goods reaching 2.1 trillion CNY, a year-on-year growth of 10.3% [5] Summary by Sections Retail Sales Performance - Total retail sales in January-February 2026 were 8.6 trillion CNY, up 2.8% year-on-year, with a 1.9 percentage point increase from December 2025 [5] - Urban retail sales totaled 7.4 trillion CNY, growing by 2.7%, while rural retail sales reached 1.2 trillion CNY, up 3.2% [5] - Retail sales of goods amounted to 7.6 trillion CNY, increasing by 2.5%, and dining revenue was 1.0 trillion CNY, up 4.8% [5] Category Performance - Retail sales growth for staple foods and beverages was 10.2% and 6.0% respectively, while tobacco and alcohol sales surged by 19.1% [5] - In the discretionary category, cosmetics and gold and silver jewelry saw year-on-year growth rates of 4.5% and 13.0% respectively [5] - Retail sales for building materials, furniture, and home appliances showed varied performance, with growth rates of -2.2%, +8.8%, and +3.3% respectively [5] E-commerce Insights - The e-commerce penetration rate reached 24.2%, with a slight decrease of 1.9 percentage points from the previous month, but an increase of 1.9 percentage points year-on-year [5] - Online retail sales of food, clothing, and household goods grew by 20.7%, 18.0%, and 4.7% respectively [5] Investment Recommendations - Retail: Focus on companies with strong transformation potential and higher profitability, such as Bubu Gao and Huijia Times, as well as undervalued high-dividend stocks like Chongqing Department Store [5] - Cosmetics: Positive outlook for high-end domestic brands like Maogeping, with strong online growth and expansion in high-end offline markets [5] - Jewelry: Monitor brands with strong market presence and high gold investment ratios, such as Laopu Gold and Mankalon [5] - Tourism: Favorable travel data from the longest Spring Festival holiday, with recommendations for Huangshan Tourism and Jiu Hua Tourism [5] - Education: Emphasize undervalued vocational education stocks with high dividends, such as Action Education and China Oriental Education [5]