10月社会零售品消费数据点评：10月社零超预期，促消费政策成效显著

Investment Rating - The industry investment rating is "Overweight," indicating a positive outlook for the industry compared to the overall market performance [3][11]. Core Insights - In October 2024, the total retail sales of consumer goods reached 4.5 trillion yuan, a year-on-year increase of 4.8%, exceeding market expectations [3]. - The online retail sales growth rate for the first ten months of 2024 was 8.8%, significantly higher than the overall retail sales growth rate [3]. - The implementation of consumption policies and the upcoming Double Eleven shopping festival are expected to further stimulate consumer demand [3]. Summary by Sections Retail Sales Performance - October retail sales showed a 4.8% year-on-year growth, with a month-on-month increase of 1.6 percentage points [3]. - Excluding automobiles, retail sales of consumer goods grew by 4.9% year-on-year [3]. - For the first ten months, total retail sales reached 39.9 trillion yuan, with a year-on-year growth of 3.5% [3]. Online Retail Trends - The online retail penetration rate reached 27.8% in October, up from 26.2% in the same month last year [3]. - In October, the online retail sales of physical goods amounted to 1.26 trillion yuan, a year-on-year increase of 11.27% [3]. Service Sector Growth - The service retail sales increased by 6.5% year-on-year, with a notable improvement in consumer willingness to spend [3]. - The national service industry production index rose by 6.3% year-on-year in October [3]. Consumer Goods Performance - The "old-for-new" policy and the Double Eleven shopping festival have positively impacted the growth of discretionary categories such as home appliances and cosmetics [3]. - In October, categories like communication equipment and food saw significant growth rates of 14.4% and 10.1%, respectively [3]. Investment Recommendations - The report suggests focusing on e-commerce companies like Alibaba, Meituan, JD.com, and Pinduoduo, as well as brands benefiting from IP-driven growth and overseas expansion [3]. - The travel and tourism sector is expected to benefit from the release of pent-up demand, with companies like Shoulv Hotel and Changbai Mountain being highlighted [3].