Investment Rating - The report maintains an "Overweight" rating for the retail industry [5] Core Insights - The "618" shopping festival achieved nearly 2 trillion yuan in online retail sales, marking a year-on-year growth of approximately 9.8% [2] - Major platforms like Tmall/Taobao, JD, Douyin, and Pinduoduo saw positive growth rates, with JD leading at 17% [2] - The report highlights structural growth across various platforms, driven by national subsidy policies and the normalization of promotional events [2] Weekly Market Review - The CITIC retail index fell by 4.07%, underperforming the CSI 300 index by 3.62 percentage points [3][16] - The retail sector ranked 28th among 30 CITIC primary industries this week [3][17] Industry Dynamics Tracking - Walmart announced the closure of its Nanchang Xianghu store, while Yonghui Supermarket released its fifth batch of store adjustment lists [4][40] - JD's "618" sales reached new heights, with a significant increase in user numbers [4][40] - Tmall and Douyin also reported substantial growth in user engagement and sales during the "618" event [4][41] Investment Recommendations - The report suggests focusing on three main investment lines: 1. The recovery of gold and jewelry sales due to the Spring Festival effect and geopolitical risks [5] 2. The gradual recovery of offline sales driven by domestic demand policies [5] 3. The optimization of competition in the e-commerce sector, with a focus on major platforms [5] Industry Data Tracking - In May, the total retail sales of consumer goods reached 4.13 trillion yuan, with a year-on-year growth of 6.4% [27] - The online retail sales for the first five months of the year were 6.04 trillion yuan, reflecting an 8.5% year-on-year increase [28] Company Performance - Among the 104 listed companies in the retail sector, only 5 saw an increase in stock prices this week, with Zhejiang Dongri leading at +48.21% [24] - Conversely, companies like Mankalon and Nanjing Shanglv experienced significant declines [26]
商贸零售行业周报：“618”购物节全网零售额近2万亿元，同比增长约19%-20250624
Yong Xing Zheng Quan·2025-06-24 10:04