商贸零售行业周报：双十一收官在即，电商大盘销售态势

Investment Rating - The report maintains a positive outlook on the e-commerce sector, particularly during the Double Eleven shopping festival, indicating strong sales performance across major platforms [5][11]. Core Insights - The overall sales performance during the Double Eleven event is robust, with total online sales reaching 845 billion RMB as of October 30, 2024, marking a record for October sales [3][11]. - Major e-commerce platforms such as Tmall, JD.com, Douyin, and Pinduoduo have reported significant growth in sales and user engagement, driven by promotional strategies and consumer demand [12][18]. - The report highlights the effectiveness of government policies like "trade-in" incentives, which have bolstered sales in categories such as home appliances and electronics [4][14]. Summary by Sections Sales Performance - The e-commerce sector saw a 10.51% increase in the retail index from November 4 to November 8, 2024, outperforming the Shanghai and Shenzhen 300 index by 5.01 percentage points [21][22]. - Tmall reported that 373 brands achieved over 100 million RMB in sales, with 88VIP membership orders increasing by over 60% year-on-year [12][18]. - JD.com experienced double-digit growth in GMV, order volume, and user numbers, with over 1.6 million brands seeing sales growth exceeding 300% [12][18]. Category Insights - The top five categories during the Double Eleven event included home appliances (132.4 billion RMB), mobile devices (120.1 billion RMB), clothing (118.4 billion RMB), personal care (65 billion RMB), and footwear/bags (56.7 billion RMB) [4][14]. - The "trade-in" policy has significantly boosted sales in home appliances and electronics, with home appliances capturing 15.7% of the market share [4][14]. Platform Strategies - E-commerce platforms are leveraging their unique strengths to drive growth, with Tmall focusing on high-net-worth users, JD.com solidifying its position in electronics, and Douyin enhancing its content-driven sales approach [5][12]. - Douyin's GMV increased by 91% year-on-year, with its shelf scene accounting for 43% of total sales, while Pinduoduo's promotional efforts led to a 2.5-fold increase in participating brands [12][18]. Investment Recommendations - The report recommends investing in Alibaba, JD.com, Meituan, and Pinduoduo, citing their strong performance and strategic advantages during the Double Eleven period [5].