商贸零售行业周报：双十一启动加码即时零售，金价上涨预期催化销售-20251019

Investment Rating - The report maintains a positive outlook on the retail sector, highlighting potential growth opportunities during the upcoming sales events and the impact of rising gold prices on jewelry sales [1][2][6]. Core Insights - The Double Eleven shopping festival has been extended and optimized to enhance user engagement and sales performance across various e-commerce platforms, with notable participation from major players like Tmall, JD, and Douyin [1][2]. - Instant retail is emerging as a new growth point, with platforms like Taobao and JD introducing features aimed at faster delivery and exclusive discounts for members [1][2]. - The jewelry sector is experiencing a boost in sales due to rising gold prices, with companies like Chow Tai Fook reporting significant same-store sales growth [2][3][6]. Summary by Sections E-commerce Trends - The Double Eleven festival has been extended by several days across major platforms, with Tmall extending by 2 days and JD by 4 days compared to last year [1]. - Simplified purchasing methods, such as direct discounts, are being emphasized to improve consumer experience [1]. - Instant retail initiatives are being launched, with Taobao and JD leading the charge in offering faster delivery options [1][2]. Jewelry Market Performance - Chow Tai Fook reported a same-store sales increase of 8.6% for its franchise stores in mainland China for Q3 2025, driven by rising gold prices [2][3]. - The average selling price of gold jewelry has increased significantly, reflecting consumer purchasing power and brand strength [2][3]. - The company is also adjusting its product pricing strategy, indicating strong brand positioning in the market [3]. Investment Recommendations - The report suggests focusing on companies with strong Q3 performance and those likely to benefit from the upcoming holiday season, particularly in cross-border e-commerce and retail sectors [7][8]. - Key investment themes include new consumer growth, transformation opportunities, and favorable policies impacting the retail landscape [8][9].