10月社零数据点评：10月社零边际向好，促消费政策效果逐步显现

Investment Rating - The report maintains an "Overweight" rating for the retail industry [8]. Core Insights - The retail sector showed improvement in October, driven by holiday effects and consumption policies [4]. - E-commerce penetration remains high, with online retail sales growing significantly [5]. - There is a divergence in growth between essential and discretionary consumption categories [7]. - The report suggests focusing on companies benefiting from consumption policies and e-commerce strategies [10]. Summary by Sections Retail Sales Data - In October, total retail sales reached 4.54 trillion yuan, a year-on-year increase of 4.8% [4]. - Excluding automobiles, retail sales were 4.09 trillion yuan, up 4.9% year-on-year [4]. - From January to October, total retail sales amounted to 39.90 trillion yuan, growing 3.5% year-on-year [4]. E-commerce Performance - Online retail sales for the first ten months were 12.36 trillion yuan, with a year-on-year growth of 8.8% [5]. - The penetration rate of e-commerce reached 25.9%, indicating a slight increase [5]. - In October, online retail sales of physical goods grew by 0.27% year-on-year [5]. Consumption Trends - In October, commodity retail sales grew by 5.0%, while catering revenue increased by only 3.2% [6]. - Essential consumption categories like grain, oil, and food saw rapid growth, while discretionary items showed mixed results [7]. - The report highlights the impact of consumption policies on sales in sectors like home appliances and electronics [7]. Investment Recommendations - The report suggests focusing on companies like Lao Feng Xiang and Zhou Da Sheng in the jewelry sector, which are expected to benefit from long-term growth despite short-term price fluctuations [10]. - It also recommends attention to companies like Yonghui Supermarket and Miniso, which are positioned to benefit from the recovery in offline sales [10]. - In the e-commerce space, companies such as Pinduoduo and Alibaba are highlighted for their strategic positioning [10].