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一、行业回顾与展望1.1宏观数据:景气小幅回落,未来稳定增长宏观形势有所降温,我们下调行业评级为“持有”。CPI是整个零售行业景气度的先行指标。CPI的回落在意料之中,成都证券研究所宏观部门判断,后续一个季度甚至未来一年都可能保持较小幅的回落和较为稳定的势态。CPI的小幅
I. INDUSTRY REVIEW AND OUTLOOK 1.1 Macroeconomic data: The economy has slightly declined and the macroeconomic situation of steady growth in the future has cooled down. We downgrade the industry to “hold.” CPI is a leading indicator of the overall retail industry boom. In the expectation of the fall of the CPI, the macro department of the Chengdu Institute of Securities judged that the subsequent quarter or even the next one year may maintain a slight decline and a more stable trend. Small CPI