商贸零售行业周报：双十一大促即将开启，平台策略调整寻找增量

Investment Rating - The report maintains a positive outlook on the commerce retail industry, particularly in light of the upcoming Double Eleven shopping festival [4][5]. Core Insights - The Double Eleven shopping festival has been advanced, with major e-commerce platforms starting promotions earlier than in 2023, averaging 8.5 days earlier [4][11]. - E-commerce platforms are focusing on enhancing consumer experience and service quality, shifting from aggressive price competition to improving overall service and product quality [5][11]. - Various platforms are implementing strategies to reduce operational costs for merchants, such as Taobao's return of the pre-sale mechanism and Douyin's upgraded traffic distribution system [4][5][12]. Summary by Sections Double Eleven Promotion - The Double Eleven promotion period has been extended, with platforms prioritizing merchants and creating a better business environment to attract them back [11]. - Platforms are diversifying their pricing strategies, with Taobao and Douyin moving away from absolute low-price strategies while still catering to price-sensitive consumers [5][11]. Company Updates - Taobao has reintroduced its pre-sale mechanism to help merchants manage inventory and cash flow, while also reducing operational costs through various incentives [12][31]. - Douyin emphasizes content quality and has upgraded its traffic distribution mechanism to improve conversion rates [13][14]. - JD.com has eliminated the registration process for merchants, simplifying participation in promotions and enhancing user experience [14][15]. Market Performance - From October 8 to October 11, 2024, the commerce retail index fell by 6.14%, ranking 19th among Shenwan's primary industries [4][18]. - The top three performing stocks in the commerce retail sector were Xiaopin Mall (+15.03%), Guofang Group (+14.32%), and Dazhong (+4.62%) [21][25]. Industry Trends - The industry is witnessing a shift towards enhancing consumer experience and quality, with platforms like Taobao and Douyin focusing on service improvements rather than solely on price competition [5][11]. - The report recommends investing in Alibaba, JD.com, Meituan, and Pinduoduo as they adapt their strategies for the upcoming Double Eleven festival [5].