商贸零售行业跟踪周报：618大促节奏进一步前置，国货品牌首日表现亮眼

Investment Rating - The report maintains an "Overweight" rating for the retail industry [1] Core Insights - The 2025 618 shopping festival has been advanced, with discounts shifting from "spend 300 get 50 off" to direct reductions, enhancing consumer shopping experience and reducing the need for bundling [4][9] - The performance of domestic beauty brands has been strong, with notable sales figures during the initial live stream of the festival, achieving a GMV of 25-35 billion yuan [4][11] - The report recommends focusing on brands like Zhenjia, Ru Yuchen, and others that are expected to perform well during the 618 festival [4][13] Industry Trends - The 2025 618 shopping festival started on May 13, 2025, approximately 7 to 10 days earlier than in 2024, extending the event duration to 35-40 days, marking the longest period in history [4][9] - Major platforms such as Taotian, JD, Pinduoduo, and Douyin launched their promotions simultaneously, indicating increased competition [4][9] - Domestic beauty brands like Perleya and Kefu Mei have shown significant growth, with Kefu Mei rising from 6th to 3rd place in the beauty sales rankings [4][13] Market Performance - From May 12 to May 16, 2025, the Shenwan retail index increased by 1.72%, while the beauty care sector rose by 3.08% [14] - Year-to-date performance shows the Shenwan retail index up by 8.93%, outperforming the broader market indices [14][21] Company Valuation - The report includes a valuation table for various companies, highlighting their market capitalization and projected earnings [16][18] - Companies such as Perleya and Juzhi Biotech are rated as "Buy," indicating strong expected performance [17][18]