国信证券：618大促表现稳中有进 新消费行情持续扩圈

Group 1 - The core viewpoint of the report from Guosen Securities maintains an "outperform" rating for the domestic consumption sector, highlighting its strong performance driven by multiple factors [1] - The report identifies key areas of growth within the domestic consumption sector, including beauty care, gold and jewelry, IP toys, and cross-border e-commerce, which are expected to attract more investment due to their performance certainty [1] - During the 618 shopping festival, significant sales data was reported, with JD.com and Tmall showing impressive growth in transaction volume and user engagement, indicating a robust market response [1] Group 2 - The 618 promotion has evolved with extended timelines and changes in promotional rules, such as the elimination of cross-store discounts, which simplifies the shopping experience for consumers [2] - Instant retail platforms like Meituan's flash purchase have played a crucial role in enhancing offline sales by collaborating with local merchants, thereby expanding geographical reach and customer base [2] - AI technology has been deeply integrated into the shopping experience, improving operational efficiency for merchants and enhancing consumer interaction through features like digital live streaming and intelligent product recommendations [2]