Investment Rating - The report maintains a "Positive" investment rating for the industry [2][31] Core Insights - In October 2025, the total retail sales reached 46,291 billion, with a nominal year-on-year growth of 2.9%, slightly exceeding expectations; excluding automobiles, the retail sales of consumer goods grew by 4.0% [12][21] - The overall consumption sentiment showed a decline due to significant drag from appliances, automobiles, and petroleum, while optional consumption was positively influenced by the dual festivals and Double Eleven shopping event [12][21] - The online retail sales for the first ten months of 2025 increased by 9.6%, with October's online retail sales at 15,086 billion, reflecting a year-on-year growth of 8.1% [24][25] Summary by Sections Overall Retail Data - The total retail sales for January to October 2025 amounted to 412,169 billion, with a nominal year-on-year growth of 4.3%, and excluding automobiles, the growth was 4.9% [12][21] - In October, the retail sales of goods and dining revenue were 41,092 billion and 5,199 billion respectively, with year-on-year growth of 2.8% and 3.8% [12][21] Retail Data Above Designated Size - In October, the retail sales above designated size reached 17,782 billion, with a year-on-year growth of 1.6% [13] - The dining revenue for October showed a year-on-year increase of 3.7%, while the retail sales of goods grew by 1.4% [13] Online Retail Data - The online retail sales for the first ten months totaled 127,916 billion, with a cumulative year-on-year growth of 9.6% [24] - The physical online retail sales for January to October reached 103,984 billion, accounting for 28.4% of total goods retail and 25.2% of total retail sales [24]

Group 1: Retail Sales Performance - In October, the total retail sales of consumer goods reached 46,291 billion yuan, with a year-on-year growth of 2.9% [1] - Excluding automobiles, the retail sales of consumer goods amounted to 42,036 billion yuan, growing by 4.0% [1] - From January to October, the total retail sales of consumer goods were 412,169 billion yuan, reflecting a growth of 4.3% [1] Group 2: Urban and Rural Consumption - In October, urban retail sales were 40,021 billion yuan, with a year-on-year increase of 2.7%, while rural retail sales reached 6,270 billion yuan, growing by 4.1% [1] - For the period from January to October, urban retail sales totaled 356,860 billion yuan, up by 4.2%, and rural retail sales were 55,309 billion yuan, increasing by 4.6% [1] Group 3: Consumption Types - In October, the retail sales of goods were 41,092 billion yuan, with a year-on-year growth of 2.8%, while catering revenue was 5,199 billion yuan, growing by 3.8% [1] - From January to October, the retail sales of goods reached 365,981 billion yuan, reflecting a growth of 4.4%, and catering revenue was 46,188 billion yuan, increasing by 3.3% [1] Group 4: Online Retail Performance - From January to October, the national online retail sales amounted to 127,916 billion yuan, with a year-on-year growth of 9.6% [2] - Among online retail sales, the physical goods segment reached 103,984 billion yuan, growing by 6.3%, accounting for 25.2% of total retail sales [2] - Within the physical goods online retail, food, clothing, and daily necessities grew by 15.1%, 3.6%, and 5.1% respectively [2]

统计局：社会消费品零售总额46291亿元，同比增长2.9%。按消费类型分，10月份，商品零售额41092亿元，同比增长2.8%；餐饮收入5199亿元，增长3.8%。1-10月份，全国网上零售额127916亿元，同比增长9.6%（1-9月同比增9.8%）。其中，实物商品网上零售额103984亿元，增长6.3%，占社会消费品零售总额的比重为25.2%；在实物商品网上零售额中，吃类、穿类、用类商品分别增长15.1%、3.6%、5.1%（前值15.1%、2.8%、5.7%）。10月金银珠宝类零售销售总额同比增37.6%（9月增9.7%），通讯器材类增23.2%（9月增16.2%），文化办公用品类增13.5%（9月增6.2%），体育、娱乐用品类增10.1%（9月增11.9%），家具类增9.6%（9月增16.2%），家用电器和音像器材类降14.6%（9月增3.3%）。 ...

10月份，社会消费品零售总额46291亿元，同比增长2.9%。其中，除汽车以外的消费品零售额42036亿元，增长4.0%。1—10月份，社会消费品零售总额 412169亿元，增长4.3%。其中，除汽车以外的消费品零售额372160亿元，增长4.9%。 按经营单位所在地分，10月份，城镇消费品零售额40021亿元，同比增长2.7%；乡村消费品零售额6270亿元，增长4.1%。1—10月份，城镇消费品零售额 356860亿元，增长4.2%；乡村消费品零售额55309亿元，增长4.6%。 按消费类型分，10月份，商品零售额41092亿元，同比增长2.8%；餐饮收入5199亿元，增长3.8%。1—10月份，商品零售额365981亿元，增长4.4%；餐饮收 入46188亿元，增长3.3%。 按零售业态分，1—10月份，限额以上零售业单位中便利店、超市、百货店、专业店、品牌专卖店零售额同比分别增长6.3%、4.7%、1.0%、4.1%、1.0%。 1—10月份，全国网上零售额127916亿元，同比增长9.6%。其中，实物商品网上零售额103984亿元，增长6.3%，占社会消费品零售总额的比重为25.2%；在 实物商品网上 ...

Economic Overview - The Chinese economy has shown resilience and vitality, maintaining a steady development trend despite external pressures and internal challenges [1] GDP Performance - The GDP for the first three quarters reached 10,150.36 billion yuan, with a year-on-year growth of 5.2% at constant prices [2] - The GDP for the third quarter was 3,545 billion yuan, reflecting a year-on-year growth of 4.8% at constant prices [2] Agricultural Sector - The agricultural value added in the first three quarters increased by 3.6% year-on-year, with the total summer grain and early rice production reaching 178.25 million tons, an increase of 0.1% compared to the previous year [5] Industrial Sector - The industrial value added for large-scale enterprises grew by 6.2% year-on-year in the first three quarters [10] - The equipment manufacturing sector saw a value added increase of 9.7%, while high-tech manufacturing experienced a growth of 9.6% [10] Service Sector - The modern service industry has developed well, with the information transmission, software, and IT services sector growing by 11.2%, leasing and business services by 9.2%, and transportation, warehousing, and postal services by 5.8% [15] Retail and Consumption - The total retail sales of consumer goods reached 3,658.77 billion yuan in the first three quarters, marking a year-on-year growth of 4.5% [17] - Online retail sales amounted to 1,128.30 billion yuan, with a year-on-year increase of 9.8% [17]

Group 1: Retail Sales Overview - In September, the total retail sales of consumer goods reached 41,971 billion yuan, with a year-on-year growth of 3.0% [1] - From January to September, the total retail sales of consumer goods amounted to 365,877 billion yuan, growing by 4.5% [1] - Excluding automobiles, the retail sales of consumer goods in September were 37,260 billion yuan, with a growth of 3.2% [1] Group 2: Urban and Rural Consumption - In September, urban retail sales were 35,783 billion yuan, showing a year-on-year increase of 2.9%, while rural retail sales reached 6,188 billion yuan, growing by 4.0% [1] - From January to September, urban retail sales totaled 316,838 billion yuan, with a growth of 4.4%, and rural retail sales were 49,039 billion yuan, increasing by 4.6% [1] Group 3: Consumption Types - In September, the retail sales of goods were 37,462 billion yuan, with a year-on-year growth of 3.3%, while catering revenue was 4,509 billion yuan, growing by 0.9% [1] - From January to September, the retail sales of goods reached 324,888 billion yuan, with a growth of 4.6%, and catering revenue was 40,989 billion yuan, increasing by 3.3% [1] Group 4: Online Retail Performance - From January to September, the national online retail sales reached 112,830 billion yuan, with a year-on-year growth of 9.8% [2] - Among online retail sales, the physical goods online retail sales were 91,528 billion yuan, growing by 6.5%, accounting for 25.0% of the total retail sales of consumer goods [2] - In the category of physical goods online retail sales, food, clothing, and daily necessities grew by 15.1%, 2.8%, and 5.7% respectively [2] Group 5: Retail Formats - From January to September, retail sales in convenience stores, supermarkets, department stores, specialty stores, and brand exclusive stores grew by 6.4%, 4.4%, 0.9%, 4.8%, and 1.5% respectively among retail units above designated size [1]

Overall Consumption - Total retail sales of consumer goods reached 4.1971 trillion yuan, a year-on-year increase of 3.0% [1] - Retail sales of goods amounted to 3.7462 trillion yuan, up 3.3% year-on-year [1] - Catering revenue totaled 450.9 billion yuan, an increase of 0.9% [1] Online Retail - National online retail sales from January to August totaled 11.283 trillion yuan, a year-on-year increase of 9.8% [1] - Online retail sales of physical goods reached 9.1528 trillion yuan, growing by 6.5% and accounting for 25.0% of the total retail sales of consumer goods [1] - Online sales of food, clothing, and consumer goods increased by 15.1%, 2.8%, and 5.7% respectively [1] Retail Categories Performance - Furniture retail sales increased by 16.2% year-on-year [1] - Communication equipment retail sales increased by 16.2% year-on-year [1] - Sports and entertainment products retail sales increased by 11.9% year-on-year [1] - Gold, silver, and jewelry retail sales increased by 9.7% year-on-year [1] - Household appliances and audio-visual equipment retail sales increased by 3.3% year-on-year [1] - Cultural and office supplies retail sales increased by 6.2% year-on-year [1]

Core Insights - In September, the total retail sales of consumer goods reached 41,971 billion yuan, with a year-on-year growth of 3.0% [1] - From January to September, the total retail sales of consumer goods amounted to 365,877 billion yuan, growing by 4.5% year-on-year [1] Group 1: Retail Sales Overview - Excluding automobiles, the retail sales of consumer goods in September were 37,260 billion yuan, reflecting a growth of 3.2% [1] - For the first nine months, the retail sales excluding automobiles totaled 329,954 billion yuan, with a year-on-year increase of 4.9% [1] Group 2: Urban vs Rural Consumption - In September, urban retail sales reached 35,783 billion yuan, growing by 2.9% year-on-year, while rural retail sales were 6,188 billion yuan, with a growth of 4.0% [3] - From January to September, urban retail sales totaled 316,838 billion yuan, increasing by 4.4%, and rural retail sales reached 49,039 billion yuan, growing by 4.6% [3] Group 3: Consumption Types - In September, the retail sales of goods were 37,462 billion yuan, with a year-on-year growth of 3.3%, while catering revenue was 4,509 billion yuan, growing by 0.9% [3] - For the first nine months, the retail sales of goods amounted to 324,888 billion yuan, increasing by 4.6%, and catering revenue was 40,989 billion yuan, with a growth of 3.3% [3] Group 4: Retail Formats - From January to September, retail sales in convenience stores, supermarkets, department stores, specialty stores, and brand stores grew by 6.4%, 4.4%, 0.9%, 4.8%, and 1.5% respectively [5] - The online retail sales for the first nine months reached 112,830 billion yuan, with a year-on-year growth of 9.8%, and the physical goods online retail sales were 91,528 billion yuan, growing by 6.5% [5] Group 5: Detailed Retail Data - In September, the retail sales of limited above units reached 17,776 billion yuan, with a year-on-year growth of 2.3% [6] - The retail sales of physical goods online accounted for 25.0% of the total retail sales of consumer goods [5] - Categories such as food, clothing, and daily necessities saw growth rates of 15.1%, 2.8%, and 5.7% respectively in online sales [5]

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Viewpoints - In August, the total retail sales of consumer goods reached 39,668 billion yuan, with a nominal year-on-year increase of 3.4%, which is lower than expected. Excluding automobiles, the year-on-year increase is 3.7% [6][13] - For the first eight months, the total retail sales amounted to 323,906 billion yuan, with a nominal year-on-year increase of 4.8%, and a 5.1% increase excluding automobiles [6][13] - The jewelry sector continues to show high growth, with a year-on-year increase of 16.8% in August, driven by self-indulgent consumption and rising gold prices [6][20] - Online retail sales for the first eight months grew by 9.6%, with August online retail sales at 12,993 billion yuan, a year-on-year increase of 12.4% [6][29] Summary by Sections Overall Retail Data - In August, retail sales of goods increased by 3.6% year-on-year, while dining revenue rose by 2.1% [6][14] - The CPI in August decreased by 0.4%, with food and beverage prices down by 2.5% [6][14] Retail Sales by Category - Essential goods showed weak demand for tobacco and alcohol, possibly due to stricter regulations, while other categories remained relatively stable [6][20] - In August, the retail sales of household appliances increased by 14.3% year-on-year, and furniture sales rose by 18.6% [6][22] Online Retail Data - The online retail sales of physical goods for the first eight months reached 80,964 billion yuan, with a year-on-year increase of 6.4%, accounting for 28.2% of total retail sales [6][29] - The online sales of food, clothing, and daily necessities saw year-on-year increases of 15%, 2.4%, and 5.7%, respectively [6][29]

Group 1 - In August, the total retail sales of consumer goods reached 39,668 billion yuan, with a year-on-year growth of 3.4% [1] - The retail sales of consumer goods excluding automobiles amounted to 35,575 billion yuan, growing by 3.7% [1] - From January to August, the total retail sales of consumer goods were 323,906 billion yuan, reflecting a growth of 4.6% [1] Group 2 - The retail sales of consumer goods excluding automobiles for the same period reached 292,643 billion yuan, with a growth rate of 5.1% [1] - The national online retail sales totaled 99,828 billion yuan from January to August, showing a year-on-year increase of 9.6% [1] - Among the online retail sales of physical goods, the sales reached 80,964 billion yuan, growing by 6.4%, accounting for 25.0% of the total retail sales of consumer goods [1] Group 3 - In the category of physical goods sold online, food, clothing, and daily necessities saw growth rates of 15.0%, 2.4%, and 5.7% respectively [1]