2025年618大促点评：大促收官延续增长，即时零售加速渗透

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the sector [4][20]. Core Insights - The 2025 618 shopping festival saw a total online sales growth of 15%, with significant contributions from various platforms [4][5]. - The promotion period was extended by 11 days, allowing for a more distributed sales approach and maximizing consumer engagement [4]. - Key categories driving sales included home appliances, beauty and skincare, and cleaning products, with home appliances leading at 110.1 billion yuan, representing 12.9% of total sales [8]. - New consumption trends are emerging, with niche products and categories experiencing substantial growth, particularly in the toy and hobby sectors [4]. - Platforms are leveraging AI and simplifying promotional strategies to enhance user experience and engagement, resulting in record user activity levels [4]. Summary by Sections Sales Performance - Total sales during the 618 festival reached 8,556 billion yuan, with major platforms reporting significant year-on-year growth [4][8]. - Instant retail sales grew by 19% during the same period, indicating a strong shift towards this sales model [10]. Category Insights - Home appliances, beauty and skincare, and cleaning products were the top three categories, with sales of 1,101 billion yuan, 432 billion yuan, and 233 billion yuan respectively [8]. - The demand for national subsidy products has significantly boosted sales in these categories, reflecting a shift towards higher quality and upgraded products [4]. Platform Strategies - Major platforms like Alibaba, JD.com, and Meituan have implemented various promotional strategies, including subsidies and simplified purchasing processes, to enhance consumer engagement [4]. - The competition among platforms has intensified, with each adopting unique strategies to capture market share during the promotional period [4]. Investment Recommendations - The report suggests focusing on companies such as Alibaba, Meituan, JD.com, and Pinduoduo, which are well-positioned to benefit from the ongoing trends in consumer behavior and market dynamics [4].