Investment Rating - The report maintains an "Overweight" rating for the retail industry [1]. Core Insights - The Hainan Free Trade Port has entered the final 30-day sprint phase for its full closure operation, which began on November 18. The port optimization and "second-line" regulatory facility construction are nearing completion, with the expectation of achieving a regulatory framework of "first-line opening, second-line management, and island-wide freedom" [4][9]. - The policy framework post-closure focuses on "zero tariffs, low tax rates, and simplified tax systems." Approximately 6,600 products will benefit from zero tariffs, covering most production equipment and raw materials, allowing companies to save about 20% on import tax costs. Additionally, encouraged industries will enjoy a 15% corporate income tax rate, significantly reducing operational costs [10]. - The adjustment of the duty-free shopping policy for departing island travelers was implemented on November 11, which has led to a 28.52% year-on-year increase in duty-free sales amounting to 1.325 billion yuan as of November 17 [10]. Summary by Sections Industry Viewpoint - The report highlights the operational upgrade of port management as a critical step towards establishing a high-level free trade port system, facilitating the free flow of various elements within Hainan [9]. Market Review - For the week of November 17 to November 21, the retail index decreased by 7.24%, while the overall market indices also experienced declines, with the Shanghai Composite Index down by 3.90% [12]. Company Valuation Table - The report includes a valuation table for various companies, indicating that companies like China Duty Free Group, Wangfujing, and Hainan Airport are expected to benefit from the duty-free shopping policy adjustments [11][19].

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]

Investment Rating - The report maintains an "Accumulate" rating for the retail industry [1] Core Views - The National Day and Mid-Autumn Festival holiday saw a significant increase in domestic travel, with 888 million trips taken, a 16% increase compared to the previous year, and total spending reaching 809 billion yuan, up 15% [3][8] - Strong travel and family visit intentions were noted, with self-driving trips accounting for 80% of travel during the holiday period [12] - The report highlights a continued increase in inbound and outbound tourism, with a 11.5% year-on-year growth in border inspection personnel [14] - Key tourist attractions experienced a rise in visitor numbers, with notable increases at Huangshan, Jiuhua Mountain, and Emei Mountain, suggesting robust demand in the tourism sector [15] Summary by Sections 1. Industry Views This Week - The report emphasizes the positive outlook for the tourism sector during the National Day and Mid-Autumn Festival, with significant increases in both travel numbers and spending [8] 2. Market Review This Week - The retail index saw a decline of 0.40% from October 9 to October 10, while the overall market performance varied across different indices [16][18] 3. Valuation Table of Sub-Industries - The report includes a detailed valuation table for various companies within the retail sector, providing insights into market capitalization, closing prices, and projected earnings [22][23]

Investment Rating - The report maintains an "Overweight" rating for the retail industry [1] Core Insights - In May 2025, China's exports showed resilience with a year-on-year increase of 4.8%, while imports decreased by 3.4% [3][9] - Non-US exports demonstrated strong performance, supporting overall export growth despite a significant decline in exports to the US, which fell by 9.7% year-on-year [10][11] - Yiwu Small Commodity City is highlighted as a crucial hub for non-US exports, with a total import and export volume of 668.9 billion yuan in 2024, reflecting an 18.2% year-on-year increase [11][12] - The strategic importance of Yiwu is emphasized, particularly in the context of the Belt and Road Initiative, where it serves as a key trade hub for developing countries [11] Summary by Sections Weekly Industry Perspective - The report discusses the May 2025 import and export data released by the General Administration of Customs, noting a 4.8% increase in exports and a 3.4% decrease in imports [9] - It highlights the significant decline in US exports and the robust performance of non-US exports, which includes increases of 6.4% to the EU, 12.2% to ASEAN, and 18.9% to Africa [10] Market Review - For the week of June 9 to June 15, the Shenwan retail index decreased by 1.49%, while the overall market indices showed mixed results [13][16] - Year-to-date performance indicates a 7.67% increase in the Shenwan retail index [17] Company Valuation Table - The report includes a valuation table for various companies within the retail sector, with several companies rated as "Buy" based on their projected earnings and market performance [19][21]