商贸零售行业24年双十一点评：双十一收官，以旧换新+平台投入加码推动增长加速

Investment Rating - The report rates the industry as "Overweight" indicating a positive outlook for the sector [6][53]. Core Insights - The 2024 Double Eleven event showed significant growth, with total sales reaching 1,441.8 billion yuan, a year-on-year increase of 26.6% [3][10]. - Major platforms like Douyin, Pinduoduo, Kuaishou, Taobao, and JD.com experienced year-on-year sales growth of 18.8%, 15.8%, 11.3%, 10.2%, and 7.0% respectively during the Double Eleven period [3][10]. - The event's duration was extended, with platforms focusing on user experience and promotional strategies to enhance consumer engagement [4][16]. Summary by Sections Overall Overview - The 2024 Double Eleven event outperformed last year, driven by national policy support and enhanced promotional efforts from platforms [10][16]. - The average start time for the event was about 10 days earlier than in 2023, with a duration nearing one month, leading to a more sustained user engagement [4][16]. Platform Highlights - Taobao focused on expanding its core user base, achieving over 1.5 billion orders during the event, with a 50% increase in order numbers year-on-year [5][40]. - JD.com maintained its growth advantage in electronics, with market shares of nearly 44% in home appliances and 56.2% in 3C products [5][46]. - Content e-commerce platforms like Kuaishou and Douyin saw significant growth, with Kuaishou's first-day GMV reaching a historical peak, up 94% year-on-year [5][48]. Category Performance - Major categories such as beauty, apparel, digital 3C, home appliances, and maternal and infant products all saw substantial growth, with sales increases of 15.4%, 16.2%, 21.8%, 18.6%, and 21.8% respectively [21][22]. - Home appliances led category growth, with a sales share of 16.3%, marking a 0.7 percentage point increase from the previous year [21][22]. Investment Analysis - The report suggests that the extended promotional period and strong consumer policies have effectively boosted consumer spending, reversing the low growth trend observed in 2023 [6][53]. - Recommended companies for investment include Alibaba, Meituan, JD.com, and Pinduoduo, reflecting a strong outlook for these platforms [6][53].