KAIYUAN SECURITIES·2025-10-19 13:55Investment Rating - The investment rating for the retail industry is "Positive" (maintained) [1] Core Insights - The report highlights the commencement of the Double 11 e-commerce promotion, emphasizing a trend of simplifying promotional strategies, extending sales cycles, and seeking new growth avenues. This shift allows consumer demand to take precedence and encourages brands to focus on long-term value building [23][24] - The report identifies a significant increase in the performance of domestic brands during the Double 11 event, with a notable presence in the beauty and skincare categories, indicating that domestic brands are no longer just supplementary to international brands [25][29] Summary by Sections Retail Market Review - The retail industry index closed at 2277.78 points, down 0.45%, outperforming the Shanghai Composite Index, which fell by 1.47% [5][12] - The supermarket sector showed the highest increase this week, with a growth rate of 1.75% [15][18] - Year-to-date, the jewelry sector has led with a growth of 30.14% [15][18] Retail Perspectives - The Double 11 e-commerce promotion has officially started, with key trends including simplification of promotional strategies, extended sales cycles, and strategic exploration for new growth [23][24] - Domestic brands are increasingly strengthening their market presence, with significant sales performance noted in live-streaming events [25][29] Investment Recommendations - Investment focus areas include: 1. Gold and Jewelry: Recommend brands with differentiated product offerings and consumer insights, such as Laopuhuang and Chaohongji [30][32] 2. Offline Retail: Highlighting companies that adapt to trends, such as Yonghui Supermarket and Aiyingshi [30][32] 3. Cosmetics: Emphasizing strong domestic brands during the Double 11 event, including Porcelain and Maogeping [30][32] 4. Medical Aesthetics: Focusing on companies with differentiated product lines, such as Aimeike and Kedi-B [30][32]