商贸零售行业周报：国庆期间金饰消费中婚庆刚需占主导，黄金回收热度高涨

Investment Rating - The report maintains an "Overweight" rating for the retail industry [5][10]. Core Insights - During the National Day holiday, consumer spending on gold jewelry was primarily driven by wedding demand, while the overall consumption showed a strong recovery across various sectors [5][6][7]. - The report highlights a significant increase in consumer activity, with a 25.1% year-on-year growth in daily sales revenue for consumption-related industries during the holiday [5]. - The gold jewelry market experienced a decline in sales volume by approximately 20% year-on-year, but the gold recovery market saw a surge in activity, with some merchants reporting a 40% increase in transaction volume compared to pre-holiday levels [7][29]. Summary by Sections Retail Sector - The retail sector showed robust growth during the National Day holiday, with significant increases in foot traffic and sales across major cities [5][6]. - Notable sales figures include nearly 2 billion yuan in sales at a major mall in Beijing and 1.8 billion yuan in Shanghai [5]. - The report suggests focusing on retail companies with strong supply chain barriers and those exploring new retail formats, such as Miniso and Yonghui Superstores [5][10]. Gold and Jewelry Sector - The gold price reached approximately 800 yuan per gram domestically, leading to a cautious consumer sentiment and a decline in gold jewelry purchases [6][7]. - Despite the high gold prices, the gold recovery market thrived, with a 60% increase in recovery volume compared to the same period last year [7][29]. - The report recommends focusing on leading brands in the jewelry sector, such as Chow Tai Fook and Lao Feng Xiang, which are expected to perform well despite current market challenges [7][11]. Market Performance - The retail index fell by 5.87% during the week of October 8-11, underperforming the CSI 300 index by 2.61 percentage points [8][17]. - Year-to-date, the retail sector has declined by 12.94%, significantly lagging behind the CSI 300 index [17]. Industry Dynamics - The report notes various developments in the retail and e-commerce sectors, including the opening of new stores by Hema and the launch of promotional activities by major e-commerce platforms [9][27][28]. - The retail industry's October business climate index rose to 51.4%, indicating a positive outlook for the sector [27].