商贸零售行业周报：蛇年春节消费稳健，持续关注消费复苏进程

开源证券02-09

蛇年春节消费稳健，建议关注2025年消费复苏进展蛇年春节假期社会消费回暖，根据中国人民银行数据，2025年春节除夕至大年初六，网联、银联处理的全行业网络支付交易金额合计8.5万亿元，同比增长17.08%。从各省市监测的不同区间消费数据来看，北京市、上海市、广东省恢复较为突出，销售总额同比均有双位数增长；浙江省、江苏省、四川省稳中向好，销售总额同比均有5%-10%的增长。分品类看，根据国家税务总局...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2510607459?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2025-02-09 20:06","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2510607459","market":"sh","top_or_hot":-1,"title":"商贸零售行业周报：蛇年春节消费稳健，持续关注消费复苏进程","media":"开源证券","content":"<div>\n<p>蛇年春节消费稳健，建议关注2025年消费复苏进展蛇年春节假期社会消费回暖，根据中国人民银行数据，2025年春节除夕至大年初六，网联、银联处理的全行业网络支付交易金额合计8.5万亿元，同比增长17.08%。从各省市监测的不同区间消费数据来看，北京市、上海市、广东省恢复较为突出，销售总额同比均有双位数增长；浙江省、江苏省、四川省稳中向好，销售总额同比均有5%-10%的增长。分品类看，根据国家税务总局...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250209200710961ce425&s=b\">网页链接</a>\n\n</div>\n","source":"tencent","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>商贸零售行业周报：蛇年春节消费稳健，持续关注消费复苏进程</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n商贸零售行业周报：蛇年春节消费稳健，持续关注消费复苏进程\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-02-09 20:06 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250209200710961ce425&s=b><strong>开源证券</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>蛇年春节消费稳健，建议关注2025年消费复苏进展蛇年春节假期社会消费回暖，根据中国人民银行数据，2025年春节除夕至大年初六，网联、银联处理的全行业网络支付交易金额合计8.5万亿元，同比增长17.08%。从各省市监测的不同区间消费数据来看，北京市、上海市、广东省恢复较为突出，销售总额同比均有双位数增长；浙江省、江苏省、四川省稳中向好，销售总额同比均有5%-10%的增长。分品类看，根据国家税务总局...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250209200710961ce425&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":null,"symbol_name":null,"start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250209200710961ce425&s=b","article_id":"2510607459","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250209200710961ce425&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2510607459","pubTimestamp":1739102816,"columns":[],"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"蛇年春节消费稳健，建议关注2025年消费复苏进展蛇年春节假期社会消费回暖，根据中国人民银行数据，2025年春节除夕至大年初六，网联、银联处理的全行业网络支付交易金额合计8.5万亿元，同比增长17.08%。我们认为，蛇年消费打响开门红，伴随各地促销费政策的逐步落地与推进，有望持续带动消费回暖。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{},"translate_title":"Commerce and Retail Industry Weekly Report: Consumption during the Spring Festival of the Year of the Snake is stable, and we continue to pay attention to the consumption recovery process","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"600113":0.9,"600280":0.9,"600327":0.9,"600415":0.9,"600605":0.9,"600628":0.9,"600655":0.9,"600693":0.9,"600694":0.9,"600697":0.9,"600712":0.9,"600729":0.9,"600738":0.9,"600778":0.9,"600785":0.9,"600790":0.9,"600814":0.9,"600824":0.9,"600827":0.9,"600828":0.9,"600838":0.9,"600857":0.9,"600858":0.9,"600859":0.9,"600865":0.9,"601010":0.9,"601086":0.9,"601116":0.9,"601366":0.9,"601828":0.9,"601933":0.9,"603101":0.9,"603123":0.9,"603682":0.9,"603708":0.9,"605188":0.9},"content_text":"蛇年春节消费稳健，建议关注2025年消费复苏进展蛇年春节假期社会消费回暖，根据中国人民银行数据，2025年春节除夕至大年初六，网联、银联处理的全行业网络支付交易金额合计8.5万亿元，同比增长17.08%。从各省市监测的不同区间消费数据来看，北京市、上海市、广东省恢复较为突出，销售总额同比均有双位数增长；浙江省、江苏省、四川省稳中向好，销售总额同比均有5%-10%的增长。分品类看，根据国家税务总局数据，商品消费和服务消费同比分别增长9.9%和12.3%。在消费品“以旧换新”政策支持下，家电家居类商品消费增速较高；各地推出诸多文旅活动也带动文旅消费增长较快。春节期间，各大黄金珠宝品牌纷纷上线生肖元素贺岁新品，并在春节推出不同程度的促销活动；而从需求端看，各地黄金消费表现平淡，主要原因为国际金价再次上涨创新高对终端动销造成观望情绪和压制。此外，我们观察到部分克重小、工艺精、文化内涵丰富的金饰产品受到年轻消费者的青睐，古法黄金也凭借精湛工艺和美好寓意成“珠宝圈黑马”。我们认为，蛇年消费打响开门红，伴随各地促销费政策的逐步落地与推进，有望持续带动消费回暖。行业关键词：春节零售、ProtYouth、索芙特、欧莱雅、永辉供应链等【春节零售】2025年春节期间全国网上零售额同比增长5.8%。【ProtYouth】锦波生物旗下品牌ProtYouth两款产品再获FDA认证。【索芙特】国货美妆品牌索芙特拟赴美IPO。【欧莱雅】欧莱雅2024年销售额3292亿元，同比增长5.1%。【永辉供应链】永辉超市成立浙江辉联供应链，加快自有品牌的发展步伐。板块行情回顾本周（数据取2月5日-2月7日，除春节假期外共3个交易日，下同），商贸零售指数报收2094.08点，上涨1.24%，跑输上证综指（本周上涨1.63%）0.39个百分点，板块表现在31个一级行业中位居第22位。零售各细分板块中，本周专业连锁板块涨幅最大，2025年年初至今互联网电商板块领跑。个股方面，本周若羽臣（+12.0%）、博士眼镜（+10.0%）、东方集团（+9.4%）涨幅靠前。投资建议：关注消费复苏主线下的高景气赛道优质公司投资主线一（传统零售）：关注顺应消费趋势积极变革探索，把握流量回归机会的线下零售龙头，重点推荐爱婴室、永辉超市等，受益标的百联股份等；投资主线二（黄金珠宝）：关注积极修炼内功、具备基本面和估值修复弹性的黄金珠宝龙头品牌，重点推荐老铺黄金、潮宏基、周大生等；投资主线三（化妆品）：关注深耕高景气细分赛道、综合能力不断迭代的国货美妆品牌，重点推荐润本股份、巨子生物、上美股份等，受益标的毛戈平；投资主线四（医美）：关注受益医美消费恢复、盈利能力具备更强确定性的上游差异化医美产品厂商，重点推荐爱美客等，受益标的锦波生物等。风险提示：消费恢复不及预期、行业竞争加剧、政策风险等。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"deviceId":"web-server-community-laohu8-v3","version":"4.33.2","shortVersion":"4.33.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2510607459"}