商贸零售行业跟踪报告：2024年1-2月社零总额81307亿元，同比增长5.5%

Investment Rating - The report maintains a neutral investment rating for the retail industry [1]. Core Insights - In January-February 2024, the total retail sales of consumer goods reached 81,307 billion yuan, representing a year-on-year growth of 5.5% [2]. - Excluding automobiles, the retail sales of consumer goods amounted to 74,194 billion yuan, with a growth rate of 5.2% [2]. - Urban retail sales were 70,437 billion yuan, growing by 5.5%, while rural retail sales reached 10,870 billion yuan, increasing by 5.8% [2]. - Retail sales by type showed that commodity retail was 71,826 billion yuan, up by 4.6%, and catering revenue was 9,481 billion yuan, growing by 12.5% [2]. - Among retail formats, convenience stores, specialty stores, brand exclusive stores, and department stores saw retail sales growth of 7.8%, 5.8%, 4.2%, and 0.9% respectively, while supermarket sales declined by 3.0% [2]. - Online retail sales reached 21,535 billion yuan, with a year-on-year increase of 15.3%. The physical goods online retail sales were 18,206 billion yuan, growing by 14.4%, accounting for 22.4% of total retail sales [2]. Summary by Category - Total Retail Sales: In January-February 2024, total retail sales were 81,307 billion yuan, a 5.5% increase year-on-year [2]. - Urban vs Rural Sales: Urban sales were 70,437 billion yuan (5.5% growth), while rural sales were 10,870 billion yuan (5.8% growth) [2]. - Sales by Type: Commodity retail was 71,826 billion yuan (4.6% growth), and catering revenue was 9,481 billion yuan (12.5% growth) [2]. - Retail Formats: Convenience stores grew by 7.8%, specialty stores by 5.8%, brand exclusive stores by 4.2%, and department stores by 0.9%, while supermarkets saw a decline of 3.0% [2]. - Online Retail: Online retail sales were 21,535 billion yuan (15.3% growth), with physical goods online sales at 18,206 billion yuan (14.4% growth), making up 22.4% of total retail sales [2].