租赁经营类指数为51.4%，环比下降0.7个百分点，继续维持在中高位景气区间； 电商经营类指数重回扩张区间，其中电商在线总商品数指数较上月回升0.8个百分点，结束4个月以来的 下降趋势。 分析表明，随着各地以旧换新补贴政策调整更新，以及开学季的来临，商品消费需求继续回升，零售企 业积极备货，盈利信心显著增强，行业发展趋势明显向好。 据央视 中国商业联合会发布最新数据显示，9月份，中国零售业景气指数创8个月以来新高，零售行业发展向好 趋势明显。 数据显示，9月份，中国零售业景气指数为50.6%，环比上升0.5个百分点，连续两个月上升，创8个月以 来新高。从行业分类来看： 商品经营类指数50.6%，环比上升0.9个百分点； ...

格隆汇9月6日｜中国商业联合会发布最新数据显示，9月份，中国零售业景气指数创8个月以来新高，零 售行业发展向好趋势明显。数据显示，9月份，中国零售业景气指数为50.6%，环比上升0.5个百分点， 连续2个月上升，创8个月以来新高。从行业分类来看：商品经营类指数50.6%，环比上升0.9个百分点； 租赁经营类指数为51.4%，环比下降0.7个百分点，继续维持在中高位景气区间；电商经营类指数重回扩 张区间，其中电商在线总商品数指数较上月回升0.8个百分点，结束4个月以来的下降趋势。分析表明， 随着各地以旧换新补贴政策调整更新，以及开学季的来临，商品消费需求继续回升，零售企业积极备 货，盈利信心显著增强，行业发展趋势明显向好。 ...

中国商业联合会发布最新数据显示，9月份，中国零售业景气指数创8个月以来新高，零售行业发展向好 趋势明显。数据显示，9月份，中国零售业景气指数为50.6%，环比上升0.5个百分点，连续2个月上升， 创8个月以来新高。从行业分类来看：商品经营类指数50.6%，环比上升0.9个百分点；租赁经营类指数 为51.4%，环比下降0.7个百分点，继续维持在中高位景气区间；电商经营类指数重回扩张区间，其中电 商在线总商品数指数较上月回升0.8个百分点，结束4个月以来的下降趋势。分析表明，随着各地以旧换 新补贴政策调整更新，以及开学季的来临，商品消费需求继续回升，零售企业积极备货，盈利信心显著 增强，行业发展趋势明显向好。（智通财经） ...

Core Insights - In April, China's retail industry prosperity index (CRPI) reached 50.5%, a month-on-month increase of 0.3 percentage points, indicating continued expansion [1] - The merchandise operation index was 50.1%, up 0.2 percentage points, returning to the expansion zone [1] - The leasing operation index stood at 52.7%, rising by 1.3 percentage points, maintaining a high prosperity level [1] - The e-commerce operation index remained stable at 50.1%, unchanged from the previous month [1] Retail Industry Performance - Overall performance in the retail sector showed improvement in April, with the leasing operation index remaining robust and the merchandise operation index slightly rebounding, reflecting better expectations for both online and offline operations [1] - Factors contributing to this positive trend include the spring product launches, expanded scope of subsidies for replacing old consumer goods, and innovative attempts at diversified consumption scenarios [1] - New leasing enterprises are opening stores, while existing companies are developing under supportive policies, leading to favorable expectations for the leasing operation index in April [1]

Group 1 - Lawson opened its first store in Qingdao, with a total of 7 stores launched simultaneously, marking a significant step in its expansion strategy in Shandong, aiming to establish 1,000 stores in the province [7] - Baiguoyuan's chairman addressed the issue of high fruit prices, emphasizing the company's commitment to quality and consumer education, stating that good fruit is in high demand and that they will not compromise on quality despite potential price reductions [9] - Pop Mart's flagship store in Thailand, which is the largest globally at 760 square meters, has been criticized for resembling Miniso's design, although neither company has officially responded to the claims [10] Group 2 - Hema released a consumption trend report for its 10th anniversary, focusing on "freshness, health, and self-satisfaction" as key product directions, and has built a large supply chain network to ensure the quality of fresh produce [12] - AliExpress reported a 100% year-on-year increase in overseas sales of domestic beauty products, with Europe, Mexico, Brazil, and Japan being the main growth markets [13] - Wahaha announced a 1 billion yuan investment in a new beverage production base in Xi'an, which will include multiple production lines for various beverages [14] Group 3 - The retail industry in China saw a CRPI of 50.1 in August, indicating a return to expansion, with a 0.5 percentage point increase from the previous month [19] - Tmall Supermarket expanded its same-day delivery service to 8 new cities, achieving a delivery punctuality rate of over 97%, with plans for further expansion [21] - On August 7, over 300,000 small restaurant businesses achieved peak sales on Taobao Flash Sale, with delivery riders on Ele.me increasing to 3.5 times last year's numbers [23]

Report Industry Investment Rating - Not provided in the content Core View of the Report - The fundamentals of Shanghai copper may be in a stage where the supply growth rate is gradually decreasing and the demand is temporarily weak, but the outlook is positive. It is recommended to conduct short - term long positions at low prices with a light position, while paying attention to controlling the rhythm and trading risks [2] Summary by Relevant Catalogs Futures Market - The closing price of the main futures contract of Shanghai copper was 78,460 yuan/ton, up 180 yuan; the price of LME 3 - month copper was 9,717 dollars/ton, up 41 dollars. The main contract's open interest of Shanghai copper decreased by 973 lots to 157,601 lots. LME copper inventory increased by 2,275 tons to 156,125 tons, while the Shanghai Futures Exchange's cathode copper inventory decreased by 880 tons to 72,543 tons [2] Spot Market - The price of SMM 1 copper spot was 78,500 yuan/ton, up 150 yuan; the price of Yangtze River Non - ferrous Market 1 copper spot was 78,475 yuan/ton, up 115 yuan. The CU main contract basis was 40 yuan/ton, down 30 yuan [2] Upstream Situation - The import volume of copper ore and concentrates was 234.97 million tons, down 4.58 million tons. The output of refined copper was 130.20 million tons, up 4.80 million tons. The price of copper concentrate in Jiangxi and Yunnan increased by 100 yuan/metal ton [2] Industry Situation - The social inventory of copper increased by 0.43 million tons to 41.82 million tons. The price of 1 bright copper wire in Shanghai decreased by 200 yuan/ton, and the price of 2 copper in Shanghai decreased by 250 yuan/ton [2] Downstream and Application - The output of copper products was 221.45 million tons, up 11.85 million tons. The cumulative completed investment in power grid infrastructure was 291.1 billion yuan, up 87.114 billion yuan. The cumulative completed investment in real estate development was 4,665.756 billion yuan, up 1,042.372 billion yuan [2] Option Situation - The 20 - day historical volatility of Shanghai copper was 9.10%, down 0.01%; the 40 - day historical volatility was 9.90%, down 0.21%. The implied volatility of the current - month at - the - money IV decreased by 0.0026%, and the call - put ratio of at - the - money options was 1.13, down 0.0606 [2] Industry News - Fed's Daly said policy may need adjustment in the coming months. Kashkari expected two rate cuts by the end of this year. In July, the central bank's net liquidity injection was 236.5 billion yuan. In August, the retail industry's prosperity index was 50.1%. In July, the retail sales of passenger cars increased by 7% year - on - year [2]

Core Insights - The retail industry in China shows signs of improvement with a retail prosperity index of 50.1% in August, reflecting a month-on-month increase of 0.5 percentage points [1] - The merchandise operation index increased by 1.0 percentage points, while the leasing operation index stands at 52.1%, indicating a stable performance in the mid-high prosperity range [1] - Policies such as trade-in incentives and childcare subsidies are positively impacting offline retail, alongside the expansion of service consumption markets like culture, tourism, and sports, which enhances the outlook for leasing businesses [1] - The retail prosperity index has remained above 50.0% for seven months this year, indicating continuous improvement in the operational conditions of retail enterprises and a favorable industry development trend [1]

Core Insights - In March, China's retail industry prosperity index reached 50.2%, showing a year-on-year and month-on-month increase of 0.1 percentage points, remaining in the expansion zone [1] Retail Industry Performance - The leasing operation index increased by 0.3 percentage points month-on-month, indicating stabilized development confidence among leasing enterprises and a significant rise in shop rental rates [1] - The e-commerce operation index rose by 0.8 percentage points month-on-month, reflecting positive trends in online retail [1] Market Dynamics - March marks the peak season for the launch of new products in the retail sector, with an increase in new stores, new products, and diversified, personalized retail service scenarios [1] - The consumer market shows a noticeable recovery in vitality, driven by favorable policies such as the expansion of "trade-in" programs and innovations in the retail industry [1]