商业贸易行业周报：政策效用显现，消费进入回暖通道报告要点

Investment Rating - The report rates the commercial trade industry as "Neutral" [4] Core Insights - The consumption landscape is showing signs of recovery, with effective demand still having room for improvement [1][8] - In September, the year-on-year growth rate of social retail sales reached 3.2%, exceeding market expectations and marking the highest value for the second half of the year [2][9] - The "old-for-new" policy has significantly boosted sales in home appliances and communication equipment, with respective year-on-year growth rates of 20.5% and 12.3% [9][13] - The tourism market has seen a substantial increase in traveler mobility, with domestic travel during the National Day holiday recovering to 110.2% of 2019 levels [16][21] - Despite the positive trends, the consumer price index (CPI) remains weak, indicating that consumer resilience still has room for improvement [1][8] Monthly Consumption Macro Summary - In September, social retail sales totaled 41,112.3 billion yuan, with a year-on-year growth of 3.2%, marking a 1.1 percentage point increase from the previous month [2][9] - The growth in retail sales was primarily driven by home appliances and communication equipment, which contributed significantly to the overall increase [2][9] - The "old-for-new" policy has been effectively implemented across various provinces, leading to a notable uptick in sales [8][13] Industry News - The People's Bank of China announced a reduction in mortgage rates and the reserve requirement ratio, which is expected to stimulate consumer spending [29] - The Ministry of Finance plans to introduce a series of targeted policies to support economic growth and consumer demand [29] - The implementation of the "old-for-new" policy has positively impacted the PC market, with a significant increase in sales attributed to this initiative [29][30]