商贸零售行业周报：系列重磅政策促消费，互联网平台互联互通

Investment Rating - The report maintains a positive outlook on the retail industry, indicating a favorable investment rating [2]. Core Insights - A series of significant policies have been introduced to boost consumption and expand domestic demand, with a focus on enhancing consumer confidence and increasing the income of middle and low-income groups [8][9]. - The e-commerce sector is experiencing a shift towards a more cooperative competitive environment, with major platforms like Taobao, JD.com, Pinduoduo, and Douyin adjusting their strategies to improve merchant operations and user experience [8][9]. - Miniso has acquired a 29.4% stake in Yonghui Supermarket, becoming its largest shareholder, which is expected to enhance collaboration in retail quality and supply chain efficiency [8][11][13]. Summary by Sections Policy Impact - The People's Bank of China announced interest rate cuts and reserve requirement ratio reductions to stimulate the economy, emphasizing the need to boost consumption and support various sectors such as culture, tourism, and elder care [8][9]. - The Central Political Bureau's meeting highlighted the importance of integrating consumption promotion with improving living standards, aiming to enhance the consumption capacity and willingness of residents [9]. E-commerce Developments - Major e-commerce platforms are progressively opening their ecosystems to foster mutual growth, with Taobao integrating WeChat Pay and JD.com connecting with Taobao logistics [8][9][29]. - The report notes that over 90% of merchants on Taotian have adopted the new WeChat Pay feature, indicating a significant shift in payment options [8]. Company Updates - Yonghui Supermarket has shown improved sales and customer traffic following operational adjustments and support from Miniso, with some stores reporting daily sales exceeding 1 million yuan [11][12]. - The report highlights the collaboration between Miniso and Yonghui, which is expected to enhance brand development and supply chain management, contributing to a shift towards a quality retail model [13]. Market Performance - From September 23 to September 27, the retail index rose by 16.60%, outperforming the CSI 300 index by 0.90 percentage points, ranking 9th among Shenwan's primary industries [15]. - Notable stock performances in the retail sector included Yonghui Supermarket (+44.74%), Keri International (+41.96%), and JD.com (+39.75%) [19][23].