商业贸易行业跟踪报告：化妆品双11预售跟踪：全域补贴联动货架&直播，外资发力加剧排位竞争

Investment Rating - The report maintains an "Outperform" rating for the commercial trade industry [3] Core Views - The report highlights the recovery of consumer expectations and the start of a new round of optimization and transformation, emphasizing the importance of marginal changes in sub-sectors such as supermarkets, department stores, jewelry, cross-border e-commerce, and beauty care [7] - The beauty and personal care sector is seen as a high-quality cyclical segment with strong fundamentals, despite recent valuation adjustments [7] - The rise of domestic beauty brands is a clear trend, with high-potential and cost-effective brands leading in growth [7] Platform Strategies - Tmall has extended its promotional period, offering the most coupons and discounts in history, with simplified user interfaces and upgraded logistics services [4][8] - Douyin has introduced a new "Early Enjoyment Festival" phase, allowing users to enjoy longer promotional periods and helping merchants capture user attention earlier [4][8] - Tmall's subsidies cover all areas, including government subsidies for trade-ins, while Douyin focuses on price comparison and cost reduction for merchants [9] Influencer Impact - Top influencers like Li Jiaqi continue to dominate, with significant increases in GMV for products and brands in their live streams [5][17] - On Douyin, top beauty influencers such as Guangdong Couple, Jia Nailiang, and Mr. Dong have achieved cumulative sales of 200M+, 200M+, and 120M+ respectively during the pre-sale period [5][17] Brand Competition - Domestic brands dominate Douyin's rankings, with brands like Han Shu, Marubi, and Kelanli leading the top 10 [6][19] - On Tmall, international brands still hold a strong position, with L'Oréal Paris and Lancôme ranking high, while domestic brands like Proya continue to perform well [6][20] - The proportion of domestic brands in Tmall's top 10 has increased to 30%, up from 20% in 2023, indicating a growing presence of local brands [6][20] Investment Recommendations - Recommended A-share stocks include Small Commodities City, Yonghui Supermarket, and Anker Innovations, with attention on Wangfujing, Jiajiayue, Hongqi Chain, Chongqing Department Store, Proya, Dengkang Oral Care, Huakai Yibai, and Lao Fengxiang [7] - Recommended H-share stocks include Meituan-W, Miniso, and Giant Biogene, with attention on Lao Pu Gold and Alibaba-SW [7]