双11前瞻：竞争加码，国货领跑

Investment Rating - The report maintains an "Overweight" rating for the consumer discretionary sector [6] Core Insights - The 2024 Double 11 shopping festival has commenced with intensified competition among platforms, showcasing strong performance from domestic brands [1][5] - Key trends include an extended promotional period, enhanced platform services, and increased consumer subsidies [2] - The report highlights the growth momentum in the beauty and pet sectors, with domestic brands leading the rankings [3][4] - The home appliance sector is experiencing significant demand due to government subsidies and promotional discounts [4] - The report emphasizes four main investment themes: the rise of domestic brands, value-for-money consumption, brand expansion overseas, and improving expectations [5] Summary by Sections Section 1: Platform Trends - The promotional period for major platforms has been extended, with Tmall, JD, and Douyin starting their events earlier than last year by 10 to 12 days [2] - Platforms are focusing on service upgrades to reduce operational costs for merchants, such as Tmall's return service and JD's subsidy programs [2] - Consumer incentives have increased, with Tmall issuing 30 billion yuan in consumption vouchers and Douyin offering discounts [2] Section 2: Key Sectors - Beauty & Pets - In the beauty sector, domestic brands have improved their rankings, with Proya and KERASTASE leading the pre-sale charts [3] - The pet sector continues to grow rapidly, with several brands doubling their pre-sale amounts compared to last year [3] Section 3: Key Sectors - Home Appliances & Apparel - Home appliances are seeing a significant increase in pre-sale amounts, with categories like air conditioners and refrigerators experiencing over fourfold growth compared to last year [4] - In the apparel sector, popular sports brands like Fila, Adidas, and Nike are leading in pre-sale rankings, with several brands achieving over 100 million yuan in pre-sales [4] Section 4: Investment Themes - The report reiterates confidence in the rise of domestic brands, value-for-money consumption, overseas brand expansion, and improving market expectations as key investment themes [5]