论文部分内容阅读
按照04年零售市场的购销情况，预计05年社会消费品零售总额同比增长将超过12％。对外资全面开放零售业，对国内企业的心理冲击远远大于实际冲击。展望2005年，我们认为，百货业将走出盈利低谷，便利店尚处于培育期，标准超市发展前景堪忧，大型综合超市发展前景看好。家电连锁零售商目前仅占据了25％左右的市场份额，与最终50％以上的市场份额相比，发展空间还比较大，未来增长可期。鉴于目前零售类上市公司市盈率水平明显偏高，给予中性的行业投资评级。
According to the purchase and sales situation in the retail market in 2004, it is expected that the total retail sales of social consumer goods in 2005 will increase by more than 12% year-on-year. To fully open up the retail industry to foreign investment, the psychological impact on domestic companies is far greater than the actual impact. Looking ahead to 2005, we believe that the department store industry will be out of the bottom line of profit, convenience stores are still in the incubation period, the development prospect of standard supermarkets is worrying, and the development prospect of large-scale integrated supermarkets is promising. Home appliance chain retailers currently occupy only about 25% of the market share. Compared with the final market share of over 50%, the development space is still relatively large, and the future growth can be expected. In view of the apparent high price-earnings ratio of retail listed companies, a neutral industry investment rating is given.