商贸零售行业周报：沃尔玛中国净销售额录得两位数增长，山姆业态及电商业务持续表现强劲

Investment Rating - The industry investment rating is maintained at "Overweight" [7] Core Views - Walmart China reported a Q4 net sales of $4 billion, a year-on-year increase of 11.3%, with comparable sales growth of 6.6% and e-commerce sales growth of 11% [4][20] - The e-commerce sector is experiencing significant growth, with Meituan's "snack discount store" transaction volume increasing by 517.6% year-on-year [5][21] - The gold and jewelry sector is highlighted as the highest growth segment in 2023, with January gold outflow from the Shanghai Gold Exchange reaching 271 tons, the highest ever for January [5][21] Summary by Sections Weekly Market Review - The retail industry index rose by 5.57% from February 19 to February 23, outperforming the CSI 300 index by 1.86 percentage points [6][12] - Year-to-date, the retail sector has declined by 7.88%, underperforming the CSI 300 index by 9.59 percentage points [12] Industry Dynamics Tracking - Walmart's Q4 financial report showed a global revenue of $173.4 billion, a 5.7% increase year-on-year, with a 13.2% increase in adjusted operating profit [4][20] - The e-commerce sector is seeing robust growth, with Temu's user base in Japan exceeding 15 million, significantly surpassing the average of Japan's top three e-commerce platforms [5][21] - The gold and jewelry sector is experiencing strong demand, with the People's Bank of China increasing gold reserves for the fifteenth consecutive month, now totaling 2,245 tons [5][21] Investment Recommendations - Suggested companies to focus on include Pinduoduo, Alibaba, Meituan, and Vipshop for their strong performance and growth potential [7][8] - Emphasis on companies with sustainable profitability and strong supply chain advantages, such as Chongqing Department Store and Red Flag Chain [7][8]