Retail automation is a set of automated processes that integrate software and hardware solutions to manage the retail activities such as inventory management, product management, workforce management, store audit, and others. Retail automation includes typically self-service processes and standalone kiosks that operate as fully automatic retail stores with the help of software integrations. Rise in margin pressure is driving the retailers to opt for unique solutions to stay ahead in the highly competitive market and increase in global e-commerce activities across the globe has positively impacted the retail automation market.

Retail businesses today face a lot of challenges associated with the rising consumer foot traffic, sales, and efforts in reducing the overall management costs. In the competitive retail industry, it is more crucial for store owners to create and sustain a differentiated shopping experience that can help in achieving long-term customer loyalty and enhanced customer experience. Accordingly, the digital age has paved the way for the growth of innovative technologies where retailers that implement them can create a valuable and memorable experience for shoppers than their competitors. Customers are also more engaged with the retail automation features as they are more intuitive, informative, and personalized.

11 月10 日以来，国家就反垄断多次表明了官方态度，并已经落实多项具体工作。截止12 月28 日，阿里、腾讯、京东、美团四家龙头企业近一个季度股价表现已经跑输恒生指数。我们认为，股价反映出的是资本市场对于反垄断对互联网头部企业产生巨大负面影响的担忧。本文将复盘美国科技行业巨头经历的反垄断调查诉讼，它们的应对措施，以及反垄断对于这些企业的影响。希望能够给市场提供一定启示和借鉴。

11月各品类在现代渠道销售额表现分化，其中白酒同比延续高增趋势，包装水、 茶饮料、面包同比跌幅收窄，乳制 跌，啤酒、酱油、速冻米面制品、方便面、坚果炒货同比跌幅扩大。我们认为11月部分品类商超渠道增速放缓或受电商双十一促销季延长的分流影响，同时 需关注社区团购对后续商超客流持续性分流影响、 

2020 年疫情的出现给消费行业带来巨大冲击，但当下行业复苏节奏企稳，内部也孕育出新的变化与趋势。可选消费品以及服务业短期受挫但是长期加速了行业优胜劣汰，必需消费品呈现出强韧性且强者恒强趋势明显。

元旦整体消费回暖。消费方向上，各地产品销售体现出明显的疫情痕迹，疫情防护及疫情期间养成的消费习惯均有明显提升；电影及秋冬装成为消费热点、部分品类加速构建自身的影响力；B 站的跨年晚会为例，流量的去中心化趋势在印证，深远影响商业演变。

月度行情回顾与行业数据：12 月SW 商业贸易指数下滑6.71%，跑输沪深300 指数（总市值加权平均）10.07 个百分点。分板块来看，百货板块下跌6.85%，超市板块下跌11.1%，珠宝首饰板块下跌8.63%，化妆品板块上涨7.75%。

投资建议：我们看好可选消费板块的持续复苏，“冷冬+今年春节较晚”这两个条件催化下，将带动品牌服饰冬装销售旺季更旺，核心组合包括：安踏体育、波司登、周大福、申洲国际、李宁、滔搏。1）运动鞋服赛道“黄金期”，品牌端企业将联动运动鞋服上、中、下游的协同发展。体育服装仍为高景气赛道，龙头公司在疫情冲击下的应对方式可圈可点，整体呈现出较强的经营韧性，建议长期配置。2）波司登国货之光品牌继续升级，本财年前9 个月波司登品牌零售金额增长25%以上；其它品牌羽绒服增长40%以上，彰显品牌力升级的战果。3）黄金珠宝龙头复苏仍旧优于行业平均水平，龙头优势显现。