Core Viewpoint - The new retail industry is undergoing a multi-dimensional transformation driven by consumer demand, technological innovation, and policy guidance, creating structural opportunities within the sector [1] Growth Momentum Upgrade - The new retail sector is showing strong development vitality, with innovative business models that integrate offline and online channels becoming the core driver of performance growth [1] - The growth of offline formats like IP derivatives and hard discount retail, along with the rapid expansion of the online-offline integrated instant retail market, is contributing to a robust retail industry [1] - Three forces are driving this trend: the evolution of consumer emotional needs, technological upgrades facilitating digital transformation, and business model innovations driving supply chain improvements [1] Market Restructuring - The rapid development of cross-border new retail is reshaping the overall industry landscape, pushing domestic supply chains further into the global market [2] - The new retail industry has formed a differentiated competitive landscape with three types of players: traditional retail enterprises, internet giants, and emerging brands, each with distinct core competencies [2] - Traditional retailers focus on optimizing their physical networks and supply chains, internet giants leverage technology and data for low-cost customer acquisition, while emerging brands capture niche consumer demands with agile business models [2] New Market Spaces - The combination of green consumption and new retail is creating new opportunities, with the "second-hand economy" becoming a focal point [3] - The second-hand market is thriving, driven by policies encouraging recycling and the younger generation's trend towards second-hand fashion [3] - The underdeveloped markets and county economies represent another key growth point for new retail, with a focus on differentiated expansion strategies [3] Future Outlook - Companies need to enhance product quality, optimize after-sales service, and improve supply-demand matching precision to attract capital [4] - The new retail sector shows significant differences in value across various sub-sectors, with offline discount retail and instant retail being highlighted as particularly attractive investment opportunities [4] Structural Opportunities - Investors should focus on core indicators of companies rather than relying on single-dimensional assessments, as the retail sector transitions from a recovery phase to one of structural opportunities [5] - Key considerations include the financial health of companies and the effectiveness of their transformation efforts, such as the return on investment in new business areas [5] Differentiated Investment Strategies - Different types of investors should adopt tailored strategies based on their characteristics, with individual investors focusing on mature products and stable cash flow [6] - Institutional investors can target innovative business models with low market penetration or internet platform companies with low valuation levels [6]