Core Viewpoint - The stock of Shangmei Co., Ltd. (02145) has risen over 6%, currently trading at 89.7 HKD, with a transaction volume of 41.05 million HKD, reflecting strong performance in the beauty sector during the recent Double Eleven shopping festival [1] Group 1: Industry Performance - The 2025 Double Eleven shopping festival saw e-commerce retail sales reach nearly 2.4 trillion CNY, marking a year-on-year growth of over 10% [1] - The beauty market during Double Eleven exhibited characteristics of "steady overall growth, with high growth concentrated in specific subcategories and core channels" [1] - Taobao and Tmall channels led the beauty market with a GMV share of 61.3% [1] Group 2: Company Performance - Shangmei Co., Ltd. reported significant growth in its Double Eleven performance, with its total sales across all channels increasing by 145% year-on-year [1] - Sales on Tmall increased by 52%, while sales on Douyin surged by 268% [1] - According to Dongfang Securities, Shangmei Co., Ltd. ranked first in the beauty brand category on Douyin across various metrics, indicating a strong brand presence and momentum [1]

Investment Rating - The report maintains an "Overweight" rating for the retail industry [1] Core Insights - The 2025 Double Eleven sales period saw a total e-commerce sales of approximately 1,695 billion yuan, representing a year-on-year increase of 14.2%. The comprehensive e-commerce platforms accounted for 1,619.1 billion yuan, with a year-on-year growth of 12.3% [4][9] - Instant retail showed remarkable growth, with sales reaching 67 billion yuan during the Double Eleven period, marking a year-on-year increase of 138% [10][15] - Key product categories such as digital appliances, food and beverages, furniture, and pet products experienced significant growth, with pet sales reaching 9.2 billion yuan, up 59% year-on-year [15][16] Summary by Sections Weekly Industry Viewpoint - The Double Eleven sales period was extended, contributing to steady growth in total e-commerce sales. The sales period for 2025 was from October 7 to November 11, compared to October 14 to November 11 in 2024 [9] - Instant retail emerged as a highlight, with substantial growth compared to traditional e-commerce formats [10] Weekly Market Review - From November 10 to November 16, the Shenwan retail index increased by 4.06%, while the Shanghai Composite Index decreased by 0.18% [17] - Year-to-date performance shows the Shenwan retail index up by 8.43%, compared to a 19.06% increase in the Shanghai Composite Index [17][22] Company Valuation Table - The report includes a detailed valuation table for various companies in the retail sector, with specific metrics such as market capitalization and P/E ratios [24][25]

Core Insights - The article highlights the bustling activity at a logistics center in Shanghai during the peak of the Double Eleven shopping festival, showcasing the intense workload and challenges faced by delivery personnel in the express delivery industry [2][3][5]. Industry Overview - The Double Eleven shopping festival has evolved over the years, with the number of participating platforms increasing and consumer perception becoming more normalized, leading to a significant rise in delivery volumes [7]. - This year, the express delivery volume reportedly increased by approximately 30% compared to the previous year, indicating a growing demand in the sector [7]. Operational Dynamics - The logistics center operates from early morning, with workers starting as early as 4:20 AM to prepare for the influx of packages, reflecting the high-pressure environment in which delivery personnel operate [2][3]. - On November 12, a single delivery point processed nearly 15,000 packages in one day, showcasing the scale of operations during peak periods [5]. Financial Aspects - Delivery personnel are compensated on an hourly basis, with daily earnings around 200 yuan for part-time work, highlighting the financial pressures faced by workers in the industry [5]. - The base delivery fee for packages is around 1 yuan, with variations depending on the courier company, indicating a competitive pricing environment that affects earnings [12]. Challenges Faced by Workers - Delivery personnel express concerns over increasing penalties and stricter requirements, which add to their stress and operational challenges [12][14]. - A notable incident involved a delivery worker receiving a fine after being praised by a customer, illustrating the harsh realities of performance metrics in the industry [12]. Future Outlook - The article concludes with a reflection on the ongoing challenges and pressures within the express delivery industry, suggesting that while the current environment is demanding, there is hope for more humane regulations in the future [14].

Group 1 - Major liquor companies, including Moutai and Wuliangye, have expressed concerns over unauthorized sales on e-commerce platforms during the "Double Eleven" shopping festival [4][5] - Wuliangye's consumer notice highlighted the presence of unauthorized stores selling its products online, with prices significantly lower than market wholesale prices [4][5] - As of October 20, the price of Moutai was reported at 1650 yuan per bottle, down 30 yuan from previous days, while Wuliangye remained at 769 yuan per bottle, both below official retail prices [4] Group 2 - The online sales of liquor products are primarily sourced from market procurement by e-commerce platforms, leading to complex supply chains and potential quality issues [7] - Taobao's customer service claimed that its "Billion Subsidy Channel" guarantees product authenticity and has third-party testing, promising compensation for counterfeit products [7] - Industry experts noted that e-commerce platforms often pursue low-price strategies to attract traffic, which can create opportunities for counterfeit products [7]