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Investment Rating - The industry investment rating is maintained at "Overweight" [3] Core Viewpoints - The report highlights the potential for domestic consumption recovery, supported by recent promotional activities and government policies [6][23] - The retail sector experienced a slight decline of 0.16% last week, underperforming the CSI 300 index by 1.7 percentage points [4][9] - The current Price-to-Earnings (PE) ratio for the retail sector is 37.92X, with a Price-to-Book (PB) ratio of 1.81X, indicating a slight decrease in valuation metrics [5][15][17] Industry Performance - The retail sector's performance over the past twelve months shows a relative return of -3% for one month and +1% for three months, with an absolute return of -1% for one month and +4% for three months [3][4] - Specific segments within the retail sector showed varied performance, with internet e-commerce up by 1.83% and professional chains up by 0.9% [4][10] Industry Dynamics - The "618" promotional event demonstrated significant consumer engagement, with platforms like JD.com and Tmall leading in sales growth across various categories [6][18][22] - Cross-border e-commerce also saw substantial growth, with orders on Alibaba's international platform increasing by 42% year-on-year [19] - The report notes that the government's subsidy policies have effectively stimulated consumption, particularly in electronics and home appliances [22][23] Investment Recommendations - The report suggests focusing on the ongoing potential for consumer spending, particularly in the digital and home appliance sectors, driven by trade-in policies [23] - It also recommends monitoring the performance of domestic beauty brands, which have gained consumer recognition and market share [23][7]