商贸零售行业：双十一大促完美收官，龙头美妆品牌表现亮眼

Investment Rating - The industry investment rating is "Positive" [1] Core Insights - The 2024 Double Eleven shopping festival saw a significant sales increase, with total sales reaching 14,418 billion yuan, a year-on-year growth of 26.6%, reversing the previous year's low growth [2] - E-commerce platforms remain the primary sales channels, with comprehensive e-commerce platforms achieving sales of 11,093 billion yuan, up 20.1% year-on-year, while live e-commerce platforms grew by 54.6% to 3,325 billion yuan [2] - The beauty and personal care sector showed a strong recovery during the Double Eleven event, with sales on comprehensive e-commerce platforms reaching 963 billion yuan, a growth of 22.5% [2][4] - Domestic beauty brands are gaining market share, with several achieving significant sales growth during the event, while international brands are increasing discounts to maintain competitiveness [4] Summary by Sections Industry Overview - The retail industry has a total of 93 listed companies with a market value of 768.77 billion yuan and a circulating market value of 677.85 billion yuan [1] - The average industry price-to-earnings ratio is 61.59 [1] Sales Performance - Major product categories during the Double Eleven included home appliances, mobile devices, clothing, personal care, and shoes/bags, with home appliances and mobile devices leading in both scale and growth [2] - The top five categories by sales growth were home appliances (26.5%), mobile devices (23.1%), personal care (22.5%), clothing (21.4%), and sports/outdoor (18.6%) [2] Key Companies - Notable domestic beauty brands such as Perlay, Juzibio, and Shangmei reported impressive sales during the Double Eleven, with Perlay achieving top sales on platforms like Tmall and Douyin [4] - Perlay's main brand saw sales growth of over 10% on Tmall and over 60% on Douyin, while its sub-brand ranked second on Tmall with a growth of over 30% [4] - Juzibio's sales increased by 80% across all channels, with significant growth on Tmall and Douyin [4] Investment Recommendations - The report suggests focusing on domestic beauty brands with strong product capabilities and brand strength, such as Perlay and Beitaini, as well as companies like Juzibio and Marumi that are positioned in high-potential market segments [4]