GOLDEN SUN SECURITIES·2025-11-16 10:01Investment Rating - The report maintains an "Accumulate" rating for the retail sector [5]. Core Insights - The 2025 "Double Eleven" shopping festival saw a total e-commerce sales of 1,695 billion yuan, a year-on-year increase of 14.2% [1]. - JD.com experienced the fastest growth among platforms, with a year-on-year increase of 15%, while Taobao/Tmall grew by 8% [1]. - Instant retail sales reached 67 billion yuan, marking a significant year-on-year growth of 138.4%, while community group buying saw a decline of 35.3% [2]. - AI technology has been deeply integrated across the retail chain, enhancing efficiency for both consumers and merchants [2]. - Consumer preferences during the festival leaned towards essential goods and quality products, with home appliances and digital devices being the top categories [3]. Summary by Sections 1. Market Performance - The retail index increased by 4.06% during the week, outperforming the Shanghai Composite Index by 4.23 percentage points [10]. - The overall e-commerce sales during the "Double Eleven" period reached 16,191 billion yuan, with a growth of 12.3% [2]. 2. Consumer Behavior - The top-selling categories during the "Double Eleven" included home appliances (16.5%), mobile devices (14.6%), and clothing (14.0%) [3]. - The report highlights a shift towards quality and necessity in consumer purchasing decisions [3]. 3. Investment Recommendations - The report suggests focusing on the Hainan sector and sub-sectors with performance elasticity during the Spring Festival, including duty-free shopping and cross-border e-commerce [4]. - Specific companies recommended for investment include China Duty Free Group, Yonghui Supermarket, and Meituan [4]. 4. Industry Dynamics - The report notes that AI applications have transformed consumer interactions, with platforms like JD.com and Douyin leveraging AI for product recommendations [2][20]. - The "Double Eleven" event showcased significant growth in various brands, with many achieving record sales [20].