2025年电商零售行业投资策略：积蓄主业增长动能，拥抱“变化”机遇

Investment Rating - The report maintains a positive outlook on the e-commerce sector, suggesting a focus on core business growth and rational competition [3][4][92]. Core Insights - The e-commerce industry is experiencing a recovery in growth rates, with major platforms emphasizing user experience and market share expansion [3]. - Traditional retail is undergoing a transformation, focusing on supply chain upgrades and enhancing service experiences [4]. - The jewelry sector is shifting from channel-driven growth to product and brand-driven strategies, influenced by rising gold prices and changing consumer preferences [5][74]. Summary by Sections 1. Market Overview - Consumer retail sales are showing a gradual recovery, with online sales leading the growth [11]. - Policies aimed at boosting consumption are being implemented, which are expected to enhance consumer willingness to spend [14]. 2. E-commerce Trends - Online retail continues to outperform traditional retail, with a penetration rate of 25.9% as of October 2024, reflecting a 1.1 percentage point increase year-on-year [21]. - The competition in the e-commerce market is becoming healthier, with traditional platforms focusing on service and experience rather than just price [26]. 3. Traditional Retail Dynamics - Traditional retail is facing challenges as new business models emerge, leading to a need for strategic adjustments [50]. - Retailers are increasingly focusing on product quality and customer experience to attract consumers [52]. 4. Jewelry Sector Insights - The jewelry market is seeing a shift towards lightweight and fashionable products, driven by changing consumer aesthetics and budget considerations [74]. - The overall pace of store openings in the jewelry sector is slowing, with a focus on improving the quality of existing stores [78]. 5. Investment Recommendations - Key companies to watch include Alibaba, Meituan, JD.com, and Pinduoduo in the e-commerce space [92]. - In the supermarket sector, companies like Yonghui Supermarket, Hongqi Chain, and Jiajiayue are recommended for their focus on supply chain and service upgrades [92]. - For the jewelry sector, companies such as Laopuhuang, Laofengxiang, Zhou Dasheng, and Caibai are highlighted for their strong brand and product capabilities [92].