消费是拉动经济增长的主引擎。《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》提出"大力提振消费"。青岛市市南区立足丰富多元的消 费供给和资源禀赋，通过改造焕新商业载体、发展"四首"经济、融合文商旅体等方式，在国际消费中心城市中心区打造中成效显著。 为帮助业界更好地把握行业发展趋势，洞察未来机遇与挑战，毕马威发布《青岛市南区消费零售行业观察》报告，通过总结市南区在消费零售领域的领先做 法，希望为区域性的消费提振提供借鉴。 2024年青岛市凭借其辐射山东半岛与东北亚的区位优势，社零总额达到近年最高，超6,500亿元，同比增长4.2%，已超越天津市，稳居北方第二，增速居15 个副省级城市第3位。这一成绩不仅巩固了青岛市在北方的领先地位，进一步凸显了其在区域经济中的重要地位。而青岛市市南区则是青岛的政治、文化中 心，同时也是重要的商业和旅游目的地。市南区作为青岛市功能最为全面且集中的区域，它在城市发展各方面都发挥着关键作用，堪称城市的"心脏"和区域 经济及社会发展的核心动力。 从产业结构来看，市南区以第三产业为核心，展现出高度发达的现代服务业特征，同时兼具数字经济、海洋科技和生命健康等新兴业态的多元发展。 ...

Core Insights - Chongqing has been recognized as a dual national-level pilot city for both new consumption formats and international consumption environment construction, marking a significant breakthrough in consumption upgrading and internationalization [1][6] Policy Insights - The consumption breakthrough in Chongqing is driven by national strategic support, with the city having been designated as an international consumption center since 2021 and implementing a five-year action plan for 2023-2027 [1][6] - The city aims to establish itself as a hub for international consumption resources, services, and fashion innovation, laying a solid institutional foundation for consumption upgrading [1][3] Economic Insights - Chongqing has accelerated the introduction of international brands through a "policy + activity" dual-drive approach, with nearly a thousand brands launching during the recent National Day holiday [2][3] - The city has attracted over 2,200 international and domestic brands, ranking among the top four in the country for the number of new brand openings in the first half of the year [2][3] Spatial Insights - Chongqing's unique geographical features provide a natural stage for innovative consumption scenarios, transforming its urban structure into a competitive advantage [4][5] - The city is actively developing 100 distinctive consumption scenes, utilizing its terrain to create diverse consumer experiences and enhance local consumption enthusiasm [5][6] Open Environment Insights - Chongqing's recognition as a dual national-level pilot city is closely linked to its long-term open development strategy, building a global consumption ecosystem through improvements in transportation, payment systems, and brand supply [6][7] - The introduction of convenient tax refund services and widespread acceptance of international payment methods has significantly increased consumer engagement, with a 518% year-on-year growth in the number of foreign travelers benefiting from tax refunds [6][7]

Core Insights - The article highlights the emergence of numerous flagship stores and brands in Chongqing during the recent National Day and Mid-Autumn Festival holiday, indicating a growing trend in consumer engagement and retail expansion [2][3][7]. Group 1: Retail Expansion - Several international and domestic brands have opened their first stores in Chongqing, including KWL, a South Korean fast fashion brand, and various high-end dining establishments, contributing to the city's retail landscape [3][7]. - The "Four Firsts" (首店、首牌、首秀、首发) strategy has led to the establishment of nearly 1,000 flagship stores in Chongqing during the 14th Five-Year Plan period, positioning the city among the top ten cities favored for new store openings [3][6]. Group 2: Consumer Trends - The consumer spending during the holiday period showed significant growth, with service retail sales increasing by 11.35% and commodity retail sales by 4.93% year-on-year [6]. - The shift in consumer demand reflects a transition from basic needs to a focus on quality and experience, indicating a more diverse and personalized consumption trend [7]. Group 3: Economic Development - The development of the "Four Firsts" economy is part of Chongqing's strategy to enhance its status as an international consumption center, which is expected to boost the city's commercial influence [7][8]. - The local government has introduced policies to support the growth of flagship stores, including financial incentives for commercial operators and third-party institutions [8]. Group 4: Innovative Consumer Experiences - The integration of cultural and commercial elements in shopping areas has created unique consumer experiences, such as the "World Tree" installation and various themed districts that combine retail with social and cultural activities [5][7]. - The focus on creating immersive and scene-based consumption spaces is aimed at enhancing the overall shopping experience, which cannot be replicated online [5].

Group 1 - The city is implementing a more proactive fiscal policy to stimulate consumption and promote high-quality development, focusing on expanding domestic demand [1] - By 2025, the city plans to expand its consumption upgrade initiatives to include mobile and 3C digital products, in addition to existing categories like automobiles and home appliances [1] - In the first half of the year, the city secured 8.81 billion yuan in special long-term bonds and provincial matching funds, with 7.25 billion yuan already disbursed in subsidies, leading to significant increases in sales across various sectors [1] Group 2 - A budget of 46.6 million yuan has been allocated for the "Car Purchase Hongcheng" and "Shopping Hongcheng" initiatives, resulting in a notable increase in foot traffic in key commercial areas [2] - An additional 13 million yuan has been set aside to support local dining events, enhancing the visibility of local restaurant brands [2] - The city is fostering the "Four First Economy" by attracting 50 new stores and developing 30 "quarter-hour convenient living circles," with a focus on integrating urban and rural commerce [2]

Investment Rating - The report maintains a "Buy" rating for Chongqing Department Store (600729) [6] Core Views - The company reported Q1 2025 results that met expectations, with a revenue of 4.276 billion yuan, down 11.85% year-on-year, and a net profit of 475 million yuan, up 9.23% year-on-year [6] - The company is benefiting from the "old-for-new" policy, which has driven growth in the appliance sector, with appliance sales increasing by 76.8% year-on-year during the 3.15 shopping festival [6] - The company is actively upgrading its business formats, with significant improvements in gross margin and net profit margin in Q1 2025 [6] Financial Data and Profit Forecast - Total revenue for 2025 is estimated at 18.075 billion yuan, with a year-on-year growth rate of 5.5% [5] - The net profit attributable to the parent company is projected to be 1.406 billion yuan in 2025, reflecting a year-on-year growth of 7.0% [5] - The earnings per share (EPS) for 2025 is expected to be 3.19 yuan, with a price-to-earnings (PE) ratio of 10 [5] Business Operations - As of Q1 2025, the company operates 50 department stores, 149 supermarkets, 42 appliance stores, and 34 automotive trade stores, with a total store area of 2.1783 million square meters [6] - The company is focusing on transforming its supermarket format to enhance customer experience, with plans to upgrade 36 stores in 2025 [6] - The automotive trade segment has seen over 60% of its stores adopting a multi-product approach, with a 59% year-on-year increase in new energy vehicle sales in early 2025 [6]

Core Insights - The government work report emphasizes the implementation of special actions to boost consumption, particularly focusing on the development of international consumption center cities [1] - Chongqing is identified as one of the five cities leading the initiative to cultivate international consumption centers, presenting new strategic opportunities [1] - Chongqing Department Store (600729) is actively exploring innovative business models to enhance regional consumption, leveraging its position as a retail leader in the southwest [1] Group 1: International Consumption Center Development - The report outlines measures to support the development of international consumption centers in cities like Shanghai, Beijing, Guangzhou, Tianjin, and Chongqing [1] - Chongqing aims to become a hub for international consumption resources, innovation, and distinctive shopping experiences [1] Group 2: "Four Firsts" Economic Model - Chongqing Department Store launched the first COLMO brand store featuring full-home smart technology, setting a benchmark for the "Four Firsts" economic model [2] - The store will host technology experience weeks and expert lectures to promote the concept of "AI technology empowering quality life" [6] Group 3: Retail Innovations and Brand Development - Chongqing Department Store is accelerating the introduction of international brand flagship stores and new product launches, with plans to open several new stores and host numerous brand debut events this year [6][9] - The company has successfully launched its own brands, including "Baoyuantong" for gold and "Mumuyi" for women's clothing, achieving nearly 9 million yuan in sales [8] Group 4: Consumer Upgrade Initiatives - Chongqing is implementing policies to support the replacement of old appliances and vehicles, with a focus on expanding subsidies for consumer goods [9] - The sales of old-for-new appliances are projected to reach 1.22 billion yuan in 2024, reflecting a growth of over 70% [9] Group 5: Automotive Sector Developments - Chongqing Department Store's automotive division has integrated multiple brands to provide convenient services, achieving over 1,500 retail orders in March, with electric vehicles making up over 60% of sales [10] Group 6: Tax Refund Innovations - The introduction of "immediate tax refund" services for international travelers is expected to enhance cross-border shopping experiences in Chongqing [11] - Since the start of the pilot program, the department store has processed over 300,000 yuan in tax refunds, benefiting international visitors [11]