商贸零售行业周报：拼多多百亿减免力度强，24Q3增长放缓

Investment Rating - The report maintains an "Overweight" rating for the retail industry [6]. Core Insights - Pinduoduo's revenue growth slowed in Q3 2024, with a strong policy of 100 billion yuan in subsidies exceeding expectations. The company's revenue reached 99.35 billion yuan, a year-on-year increase of 44% [4]. - The adjusted net profit for Pinduoduo was 27.46 billion yuan, up 61% year-on-year. The online marketing revenue was 49.35 billion yuan, growing 24% year-on-year, while transaction service commission revenue was 50 billion yuan, increasing 72% year-on-year [4]. - The report highlights the ongoing investment in the merchant ecosystem, including the implementation of various support measures for quality merchants, which may continue to impact future profit margins [4]. - The gold and jewelry sector is expected to maintain high prosperity due to investor demand for safe-haven assets, despite a 3% year-on-year decline in retail sales of gold and silver jewelry from January to October 2024 [5]. - The report suggests that the domestic consumption recovery is likely to be supported by policies aimed at expanding domestic demand, with a focus on offline sales recovery [11]. Summary by Sections 1. Market Review - The retail index rose by 3.33% during the week of November 18-22, 2024, outperforming the CSI 300 index by 5.92 percentage points [8]. - The retail sector ranked first among 30 major industries during this period, with significant gains in the medical beauty sector, which rose by 15.73% [8]. 2. Industry Dynamics - Traditional retail updates include the establishment of Walmart's Kunming department store and the entry of Hema's founder into the pet food sector [9]. - In e-commerce, JD.com launched a flagship store for 100 major brands, and Temu adjusted its pricing rules for the Chinese mainland and Hong Kong [9][33]. - The report notes that geopolitical tensions, such as the Russia-Ukraine conflict, have driven up gold prices, with spot gold closing at 623.91 yuan/g on November 22, 2024 [10][34]. 3. Investment Recommendations - The report suggests focusing on companies with strong performance and dividend capabilities, such as Zhou Daxing, Lao Fengxiang, and Chao Hongji in the gold and jewelry sector [11]. - It also recommends attention to major retail players like Yonghui Supermarket, Miniso, and High Xin Retail as offline sales are expected to recover gradually [11].