根据交通运输部，10月21日至11月11日，全国邮政快递企业共揽收快递包裹139.38亿件，其间日均揽收 量达6.34亿件，是日常业务量的117.8%。旺季单日业务量峰值达7.77亿件，刷新单日业务量纪录。 分品类 服装鞋帽、化妆品、金银珠宝等表现较好。根据国家统计局社零数据，10月服装鞋帽/化妆品/金银珠宝 零售值同比+6.3%/+9.6%/+37.6%，整体较9月增长提速。2025年"双十一"京东、抖音于10月9日启动，天 猫于10月15日启动、拼多多于10月16日启动，较上年总体提前了一周，消费需求进一步前置集中于10月 释放;其中珠宝社零增速高预计主要与金价及线下旺季拉动有关。家电和音像器材/家具10月社零分 别-14.6%/+9.6%，较9月增速转负/增速放缓，该行预计主要受国补带来的高基数和节奏波动影响。 折扣与补贴力度 智通财经APP获悉，国泰海通发布研报称，"双十一"电商销售平稳增长，渠道侧即时零售高增，品类方 面服装鞋帽、化妆品、金银珠宝等表现较好;家电和音像器材/家具10月社零较9月增速转负/增速放缓， 该行预计主要受国补带来的高基数和节奏波动影响。2025年"双十一"平台玩法规则简化，总 ...

行 业 专 题 研 究 证 券 研 究 报 告 9 股票研究 / [Table_Date] 2025.11.24 2025-11-24 即时零售亮眼，电商品类表现分化 [Table_Industry] 批发零售业 "双十一"电商数据总结 本报告导读： "双十一"电商销售平稳增长，渠道侧即时零售高增，品类方面服装鞋帽、化妆品、金 银珠宝等表现较好。 投资要点： [Table_Summary] 投资观点：①金价坚挺，珠宝龙头公司陆续完成提价，重点关注标 的：老铺黄金、菜百股份、潮宏基、周大福、六福集团；②市场风 格变化，新消费估值低、景气度高，值得关注；重点关注标的：古 茗；受益标的：蜜雪冰城。③关注超市调改，重点关注标的：步步 高、汇嘉时代、重庆百货、永辉超市、家家悦；④ 消费+科技仍是 重要产业趋势，重点关注标的：小商品城、康耐特光学、天立国际 控股；受益标的：凯文教育。 "双十一"总体表现：根据国家统计局，10 月实物商品网上零售额同 比+4.9%，较 9 月增速放缓 2.4pct。根据星图数据，2025 年"双十一" 大促全期全网电商销售总额 16950 亿元，同增 14.2%（2025 年 10 月 7 ...

人民日报海外版记者 汪文正 商务部电子商务司负责人介绍，今年1—10月，我国电子商务在提振消费惠民生、促进现代产业体 系建设、扩大高水平对外开放等方面发挥积极作用，不断释放商务发展新动能。 数字消费、品质电商以新供给创造新需求，不断激发消费潜力。今年1—10月，全国网上零售额同 比增长9.6%，智能产品、网络服务、即时电商增长亮眼。"据商务大数据监测，AI眼镜、智能手表等智 能穿戴网零额增长23.1%，网络服务消费增长21%，其中线上购券线下体验的到店餐饮增长25.1%，即时 电商便利消费需求，销售额增长24.3%。"该负责人说。 今年1—10月，全国社会消费品零售总额增长4.3%，增速比去年同期高0.8个百分点，全国网上零售 额同比增长9.6%；10月份，国庆中秋假期带动社会消费品零售总额同比增长2.9%……近日，商务部有 关司局负责人在解读10月份消费市场及电子商务发展情况时表示，中国消费市场保持平稳增长态势，消 费潜力持续释放。 消费市场运行总体稳定 中国消费市场总体情况如何？ 数据显示，1—10月，社会消费品零售总额41.2万亿元，增长4.3%。看当月数据，10月份社会消费 品零售总额4.63万亿元， ...

Core Insights - The overall retail sales of consumer goods in China increased by 4.3% from January to October, with online retail sales growing by 9.6% during the same period, indicating a stable growth trend in the consumer market [1][2] Group 1: Consumer Market Performance - From January to October, the total retail sales of consumer goods reached 41.2 trillion yuan, with a monthly total of 4.63 trillion yuan in October, reflecting a year-on-year growth of 2.9% driven by the National Day and Mid-Autumn Festival [2] - The retail sales of goods grew by 2.8% in October, with significant increases in categories such as communication equipment (23.2%), cultural and office supplies (13.5%), and furniture (9.6%) [3] - Basic living goods saw rapid growth, with retail sales of grain and oil increasing by 9.1% and clothing and footwear by 6.3% [3] Group 2: Service Consumption - Service retail sales increased by 5.3% from January to October, outpacing goods retail sales by 0.9 percentage points, with notable growth in dining, accommodation, and transportation services due to increased travel during the holidays [3] - In October, dining revenue grew by 3.8%, a significant acceleration from September, while inbound tourism saw 751,000 foreign visitors during the holiday, marking a 19.8% increase [3] Group 3: E-commerce Development - E-commerce in China has played a vital role in boosting consumption and modernizing the industrial system, with online retail sales growing by 9.6% from January to October [4] - Smart products and online services showed remarkable growth, with sales of AI glasses and smartwatches increasing by 23.1% and online service consumption rising by 21% [4] - The agricultural sector also benefited, with online retail sales of agricultural products growing by 9.5% and rural e-commerce sales by 7.5% [4] Group 4: New Consumption Trends - New consumption models are emerging, with sales of smart health devices increasing by over 20% and sales of new energy passenger vehicles rising by 7.3% in October [7] - Rural consumption is outpacing urban areas, with rural retail sales growing by 4.1% in October, indicating a vibrant market in lower-tier cities [7] - The government plans to continue initiatives to stimulate consumption and promote new business models to ensure stable market growth [7]

三是新型消费较快增长。据商务部商务大数据，10月份，重点监测平台智能健康设备销售额增长超两 成，智能穿戴设备销售额增长约4%，部分一级能效家电销售额增长超10%，有机食品销售额增长超 8%。据汽车流通协会数据，10月份新能源乘用车零售量增长7.3%，渗透率达57.2%。1-10月份，实物商 品网上零售额增长6.3%， 四是乡村消费快于城镇。县域消费持续扩容，下沉市场活力十足。10月份，乡村消费品零售额增长 4.1%，增速比城镇快1.4个百分点;1-10月份，乡村消费品零售额增长4.6%，增速比城镇快0.4个百分点。 一是商品消费平稳增长。10月份，商品零售额增长2.8%，以旧换新相关商品销售保持较快增长，其中 限额以上单位通讯器材、文化办公用品、家具零售额分别增长23.2%、13.5%和9.6%。基本生活类商品 消费增长较快，其中粮油食品、服装鞋帽零售额分别增长9.1%和6.3%。升级类商品消费需求旺盛，其 中金银珠宝、体育娱乐用品、化妆品零售额分别增长37.6%、10.1%和9.6%。 二是服务消费增势良好。1-10月份，服务零售额同比增长5.3%，增速比前三季度加快0.1个百分点，比 商品零售额快0.9个 ...

Core Viewpoint - The domestic consumption market in China has shown steady growth in October, driven by the National Day and Mid-Autumn Festival holidays, with continuous release of consumption potential [1] Summary by Categories Overall Consumption Performance - In October, the total retail sales of consumer goods reached 4.63 trillion yuan, representing a year-on-year growth of 2.9% [1] - From January to October, the total retail sales of consumer goods amounted to 41.2 trillion yuan, with a growth rate of 4.3%, which is 0.8 percentage points higher than the same period last year [1] Retail Sales Breakdown - In October, the retail sales of goods increased by 2.8%, with significant growth in sales of products related to trade-in programs [1] - Retail sales for communication equipment, cultural and office supplies, and furniture increased by 23.2%, 13.5%, and 9.6% respectively [1] Basic and Upgraded Goods Consumption - Basic living goods saw rapid growth, with retail sales of grain and oil foods increasing by 9.1% and clothing and footwear by 6.3% [1] - Demand for upgraded goods remained strong, with retail sales of gold and silver jewelry, sports and entertainment products, and cosmetics increasing by 37.6%, 10.1%, and 9.6% respectively [1]

四是乡村消费快于城镇。县域消费持续扩容，下沉市场活力十足。10月份，乡村消费品零售额增长 4.1%，增速比城镇快1.4个百分点；1-10月份，乡村消费品零售额增长4.6%，增速比城镇快0.4个百分 点。 来源：中国新闻网 编辑：郭晋嘉 广告等商务合作，请点击这里 本文为转载内容，授权事宜请联系原著作权人 商务部：10月份乡村消费品零售额增长4.1%，增速比城镇快1.4个百分点 中新网11月19日电 据商务部网站19日消息，商务部消费促进司负责人谈2025年10月我国消费市场情 况：10月份，在国庆中秋假期带动下，消费市场保持平稳增长态势，消费潜力持续释放。据国家统计局 数据，当月社会消费品零售总额4.63万亿元，同比(下同)增长2.9%。1-10月份，社会消费品零售总额 41.2万亿元，增长4.3%，增速比去年同期高0.8个百分点。 一是商品消费平稳增长。10月份，商品零售额增长2.8%，以旧换新相关商品销售保持较快增长，其中 限额以上单位通讯器材、文化办公用品、家具零售额分别增长23.2%、13.5%和9.6%。基本生活类商品 消费增长较快，其中粮油食品、服装鞋帽零售额分别增长9.1%和6.3%。升级类商品 ...

一是商品消费平稳增长。10月份，商品零售额增长2.8%，以旧换新相关商品销售保持较快增长，其中 限额以上单位通讯器材、文化办公用品、家具零售额分别增长23.2%、13.5%和9.6%。基本生活类商品 消费增长较快，其中粮油食品、服装鞋帽零售额分别增长9.1%和6.3%。升级类商品消费需求旺盛，其 中金银珠宝、体育娱乐用品、化妆品零售额分别增长37.6%、10.1%和9.6%。 10月份，在国庆中秋假期带动下，消费市场保持平稳增长态势，消费潜力持续释放。据国家统计局数 据，当月社会消费品零售总额4.63万亿元，同比（下同）增长2.9%。1-10月份，社会消费品零售总额 41.2万亿元，增长4.3%，增速比去年同期高0.8个百分点。 四是乡村消费快于城镇。县域消费持续扩容，下沉市场活力十足。10月份，乡村消费品零售额增长 4.1%，增速比城镇快1.4个百分点；1-10月份，乡村消费品零售额增长4.6%，增速比城镇快0.4个百分 点。 二是服务消费增势良好。1-10月份，服务零售额同比增长5.3%，增速比前三季度加快0.1个百分点，比 商品零售额快0.9个百分点。受假期出行需求拉动，旅游咨询租赁服务、交通出行服务、 ...

日均11万件的收派规模、稳步增长的业务数据、多元升级的消费品类，近日，博州邮政快递行业"双十一"成绩出炉，展现出博州群众高涨的购物热情和对 美好生活的多元追求，折射出边疆小城消费市场的韧性与活力。 消费热情的持续释放，离不开高效物流的坚实保障。从快递分拣中心的24小时不间断运转，到末端配送员穿梭在城市乡村的忙碌身影，博州邮政快递网络 不断完善，分拣配送效率持续提升，让"线上下单、线下速达"成为常态。而高效的物流服务提升了消费者的购物满意度，让"双十一"的"快乐"无需久等， 也进一步激发了群众的消费意愿，为消费市场的繁荣提供有力支撑。 博尔塔拉融媒体中心出品 从购物品类来看，博州群众的购物清单主要围绕"实用"与"品质"两大关键词展开，刚需属性突出，服装鞋帽以30%的占比稳居榜首，成为"双十一"期间 的"爆款品类"。"冬天来了，我刚好可以趁着'双十一'价格优惠，给家里人和自己买点厚衣服。"博乐市居民毛义东说。 博乐市民曹玉玲则更注重家庭日常储备："每年'双十一'都提前把东西加入购物车，到时候对比价格再下单，主要买老人穿的衣服、孩子用的日用品，多 备点常用货，省心又实惠。" 值得关注的是，今年"双十一"不仅是博州群 ...

Core Insights - JD Group reported a revenue of 299.1 billion yuan for Q3 2025, marking a year-on-year growth of 14.9% [2][27] - The number of annual active users surpassed 700 million in October, indicating strong user growth and shopping frequency [2][27] - The success is attributed to JD's investment in a super supply chain, which enhances efficiency across production, distribution, and consumption [2][27] Retail Performance - Core retail business showed robust growth, with daily necessities, supermarkets, and apparel categories significantly outperforming industry averages [6][27] - Daily necessities revenue grew by 18.8%, approximately four times the industry average, while apparel revenue growth reached eight times the industry average [6][27] - JD Fashion's new branding initiative led to a 288% increase in sales for winter apparel during the 11.11 shopping festival [8][27] New Business Growth - New business segments, particularly food delivery, saw a revenue increase of 214% year-on-year, with improved profitability metrics [16][27] - The number of quality restaurants on JD's food delivery platform exceeded 2 million, with significant growth in order volume for top brands [15][27] - JD's innovative business models, such as the Seven Fresh Kitchen, achieved a three-day repurchase rate three times the industry average [16][27] Technological Advancements - JD has invested nearly 160 billion yuan in R&D since 2017, enhancing the capabilities of its supply chain [20][27] - The logistics sector has seen the implementation of advanced systems, achieving over 95% automation in logistics operations [22][27] - AI technology integration has significantly improved operational efficiency, with a fourfold increase in the usage of JD's AI models [22][27] Social Responsibility - JD has committed to employee welfare, being the first in the industry to sign formal contracts with all frontline workers and cover their social insurance [24][27] - The company has initiated various programs to support rural revitalization and public welfare, demonstrating its commitment to social responsibility [25][27] - JD's actions reflect a dual focus on creating commercial and social value through its supply chain initiatives [25][27]