Investment Rating - The report provides a neutral investment rating for the industry, indicating that the performance is expected to be in line with the relevant market indices over the next 12 months [48]. Core Insights - In October, the total retail sales of consumer goods reached 46,291 billion yuan, with a year-on-year growth of 2.9%. Excluding automobiles, retail sales amounted to 42,036 billion yuan, growing by 4.0% [3][6]. - The retail sector shows stable growth, with some categories experiencing a decline due to reduced national subsidies. The food and beverage sector saw a significant rebound in growth, while the automotive sector is optimistic about AI and robotics [6][11][14]. - The report highlights various sectors, including retail, food, automotive, textiles, light industry, and home appliances, each with specific growth trends and investment recommendations [6][19][21][33]. Retail Sector Summary - The overall retail growth remains stable, with offline sales showing resilience and online sales maintaining a steady share. In October, retail sales of goods grew by 2.8% year-on-year, while dining revenue increased by 3.8% [9][10]. - Essential goods continue to show robust growth, with food and daily necessities retail sales increasing by 9.1% and 7.4% respectively [10][29]. Food and Beverage Sector Summary - The food sector continued to improve month-on-month, with retail sales of grain and oil products increasing by 9.1% year-on-year. The beverage sector also saw a rise of 7.1% [27][29]. - The report notes a recovery in the liquor market, with retail sales of liquor increasing by 4.1% year-on-year in October [27][28]. Automotive Sector Summary - The automotive retail sales totaled 4,255 billion yuan in October, reflecting a year-on-year decline of 6.6%. However, wholesale passenger car sales increased by 7.5% [14][15]. - The report emphasizes the importance of AI and robotics in the automotive sector, recommending companies that focus on these technologies [14][15]. Textile and Apparel Sector Summary - In October, retail sales of clothing and textiles increased by 6.3%, indicating a recovery in the sector. The report suggests focusing on high-quality brands and those with strong operational capabilities [19][20]. Light Industry Summary - The report highlights the potential of quality enterprises in the new consumption space, particularly in the home furnishings sector, which is expected to grow steadily [21][22]. Home Appliances Sector Summary - The home appliance sector experienced a year-on-year decline of 14.6% in October, attributed to high base effects and reduced national subsidies. The report suggests focusing on companies with strong growth potential [33][40].

11月4日午盘，港股消费板块整体承压下行，多只热门个股调整明显。其中，思摩尔国际、泡泡玛特、 古茗、理想汽车等成分股震荡走弱，港股消费ETF（513230）现跌近1.5%，打开低位布局通道。 每日经济新闻 消息面来看，10月30日，财政部、商务部、文化和旅游部、海关总署、税务总局联合印发《关于完善免 税店政策支持提振消费的通知》，明确自2025年11月1日起实施四项核心政策升级，从国货赋能、品类 扩容、审批放权到服务优化形成组合拳，旨在引导海外消费回流、吸引外籍人员入境消费，为处于结构 调整期的免税店行业注入强劲政策动能。 华西证券认为，免税新政从四方面提升免税经营灵活性以促进消费：一是扩大经营品类，将热销商品纳 入经营范围并整合优化经营品类清单；二是放宽审批权限，提高审批效率并优化布局；三是提供便利化 服务，可"网上预订+线下提货"；四是大力支持国货，入店销售视同出口且经营面积不少于总面积1/4。 港股消费ETF（513230）跟踪中证港股通消费主题指数，一键打包互联网电商龙头+新消费，成分股近 乎囊括港股消费的各个领域，包括泡泡玛特、老铺黄金、名创优品等新消费龙头，又包含腾讯、快手、 阿里巴巴、小米等互联 ...