10月社零数据点评：10月社零同比+4.8%，化妆品、服饰等可选消费品类增长亮眼

Investment Rating - The industry investment rating is "Increase" [6] Core Viewpoints - In October 2024, the year-on-year growth of social retail sales was 4.8%, with a month-on-month increase of 1.6 percentage points, driven by policies promoting consumption upgrades and the impact of the National Day holiday and early "Double Eleven" promotions [4] - Online consumption showed rapid growth, accounting for 27.8% of total retail sales, while offline retail improved steadily [4] - The sales of optional consumer goods, particularly cosmetics and apparel, saw significant increases, with cosmetics growing by 40.1% and apparel by 8.0% year-on-year in October [4] Summary by Sections Retail Sales Performance - Social retail sales totaled 45,396 billion yuan in October, with a year-on-year growth of 4.8%, surpassing the consensus expectation of 3.93% [4] - Excluding automobiles, retail sales reached 40,944 billion yuan, growing by 4.9% [4] Online vs Offline Sales - Online retail sales of physical goods reached 12,609 billion yuan, representing 27.8% of total retail sales [4] - Year-to-date online retail sales were 123,632 billion yuan, with a growth rate of 8.8% [4] Consumer Goods Performance - Essential goods like grain and food saw a year-on-year increase of 10.1% [4] - Optional consumer goods, particularly driven by the "Double Eleven" promotions, showed strong growth, with cosmetics and home appliances leading the way [4] Investment Recommendations - Focus on companies benefiting from sports events and social trends in the sportswear sector: Anta Sports, Li Ning, Xtep International, and 361 Degrees [5] - Highlight textile manufacturing leaders with improved inventory and quick response capabilities: Shenzhou International, Bailing Oriental, Huali Group, and Xin'ao Co [5] - Emphasize gold and jewelry leaders driven by self-indulgence and value retention: Laoputong, Zhou Dafu, and Lao Fengxiang [5] - Target the cosmetics sector benefiting from the "beauty economy" and the rise of domestic brands: Proya, Shangmei, and Juzhibio [5]