商贸零售行业跟踪周报：双十一大促表现突出，国货美妆龙头地位稳固

Investment Rating - The report maintains an "Accumulate" rating for the retail industry [1] Core Insights - The 2024 Double Eleven shopping festival showed strong performance, with a notable increase in sales across platforms compared to 2023. The overall sales reached 14,418 billion yuan, a year-on-year growth of 26.6% [2][22] - Live e-commerce outpaced traditional e-commerce, with sales of 3,325 billion yuan, reflecting a growth of 54.6% [2][22] - The domestic beauty and personal care sector demonstrated significant growth, particularly in skincare, which saw a sales increase of 22.85% [2][25] Summary by Sections 1. Weekly Industry Perspective - The 2024 Double Eleven event was extended compared to 2023, intensifying competition among platforms. Tmall reinstated pre-sales, while JD, Douyin, and Kuaishou eliminated them. Tmall's discount strategy remained similar to last year, while JD and Douyin increased their promotional flexibility [21] 2. Sales Performance - Total sales for beauty and personal care brands reached 963 billion yuan, up 22.5% year-on-year. Skincare sales led the growth with 715 billion yuan, a 22.85% increase [2][25] - The sales breakdown includes: - Skincare: 715 billion yuan (22.85% growth) - Fragrance and color cosmetics: 237 billion yuan (16.16% growth) - Hair care and cleaning: 315 billion yuan (7.51% growth) [25] 3. Brand Rankings - Domestic brands maintained strong positions, with Proya leading on both Tmall and Douyin. On JD, foreign brands dominated the top spots, but Proya was the only domestic brand in the top five [3][27] - Notable performances include: - Proya: Tmall sales up over 10%, Douyin up over 60%, JD up over 30% - Other domestic brands like Han Shu and Ke Fu Mei also ranked highly on various platforms [4][29] 4. Recommended Stocks - The report recommends stocks such as Proya and Giant Biological for investment [4]