Investment Rating - The report maintains a "Positive" outlook on the commerce and retail industry, highlighting the potential for growth driven by upcoming promotional events and consumer demand [2]. Core Insights - The 618 shopping festival has been extended, with major e-commerce platforms starting promotions earlier than in previous years, providing consumers with more time to make purchasing decisions [3][6]. - Increased subsidy efforts from platforms like Tmall and JD.com aim to enhance consumer spending, with discounts reaching as low as 50% [9][12]. - The performance of Tmall and JD.com during the initial hours of the 618 festival showed significant growth, with many brands achieving record sales [16][17]. Summary by Sections Market Overview - During the week of May 12 to May 16, 2025, the social service index decreased by 0.54%, while the commerce and retail index increased by 1.72%, ranking 7th among the primary industries [19][20]. Promotional Strategies - The 2025 618 shopping festival saw platforms like Tmall and JD.com canceling long-standing pre-sale systems and extending the promotional period to provide better preparation for merchants and decision-making time for consumers [3][6]. - Tmall and JD.com implemented "stacked subsidies," with Tmall offering direct discounts of 15% to 50% and JD.com integrating national subsidies with its own [9][12]. Performance Metrics - Tmall reported that in the first hour of the 618 festival, over 13,000 brands doubled their sales, with 43 brands quickly surpassing 100 million yuan in sales [16]. - JD.com experienced a doubling of sales in over 220 categories within the first four hours of its promotional period [17]. Investment Recommendations - The report suggests focusing on e-commerce companies like Alibaba, JD.com, Meituan, and Pinduoduo, which are expected to benefit from government policies aimed at boosting consumption and online shopping penetration [3][12].
商贸零售行业周报（5.12-5.16）：618大促开启，时间前置加码补贴-20250518
Shenwan Hongyuan Securities·2025-05-18 08:05