Core Viewpoint - As the Double Eleven shopping festival approaches, e-commerce platforms are launching pre-sale activities, highlighting the importance of consumers preparing in advance to avoid potential pitfalls during this major promotional season [1][7]. Group 1: Pre-sale Risks and Consumer Awareness - The pre-sale period for Double Eleven has been extended, with increasingly complex discount rules, making it crucial for consumers to conduct thorough investigations before making purchases [1][3]. - Common consumer traps include price inflation before discounts, misleading "limited-time offers," and unfulfilled promises of gifts during the pre-sale phase [1][3]. Group 2: Utilizing Black Cat Complaint Platform - Consumers can use the Black Cat Complaint platform to check a merchant's reputation by searching for the brand name or keywords, allowing them to identify potential issues such as "price fraud" or "delayed shipping" [2][4]. - The platform's data indicates that certain product categories, such as electronics, beauty products, home appliances, and clothing, are particularly prone to consumer disputes, necessitating extra caution [3][4]. Group 3: Evaluating Merchant Credibility - When assessing a merchant's credibility, consumers should consider the total number of complaints and the resolution rate, as a high resolution rate indicates a willingness to address consumer feedback [4]. - The timing of complaints is also significant; a sudden spike in complaints may suggest systemic issues with the merchant's products or services [4][6]. Group 4: Warning Signals for Consumers - Consumers should be wary of merchants with complex discount rules, as these may obscure actual savings and hide potential traps [6]. - New brands heavily promoted on emerging live-streaming platforms may lack sufficient market validation, raising concerns about product quality and after-sales service [6]. Group 5: Good Shopping Practices - Maintaining good shopping habits, such as saving screenshots of product details and retaining chat records with customer service, can help consumers protect their rights [5][6]. - Understanding the price protection rules and return policies of different platforms can prevent unnecessary complications during the shopping process [5][6].

Investment Rating - The report maintains an "Overweight" rating for the education sector and highlights potential opportunities in the new consumption market [1]. Core Insights - The report emphasizes the importance of high school education reform and recommends specific companies such as Tianli International Holdings and Xueda Education, while also suggesting attention to Kevin Education [5]. - It identifies key trends in AI and consumption, recommending companies like Connet Optical, Small Commodity City, and Core International [5]. - The report notes a strong performance in the retail sector during the 618 sales event, with significant growth in categories like apparel and beauty products [5]. - The report highlights the increasing trend of family-oriented travel during the Dragon Boat Festival, with nearly 90% of the top 50 scenic spots being family-friendly [5][6]. Industry Updates - The social service industry saw a 2.5% year-on-year increase in cross-regional personnel flow during the Dragon Boat Festival, with a total of 65.37 million people traveling [5]. - E-commerce platforms like Alibaba and JD.com reported over 30% growth in apparel and beauty categories during the 618 sales event [5]. - The report mentions the opening of the 100th store under the "Fat Donglai" model by Yonghui Supermarket, indicating a significant expansion in the retail sector [5]. Company Announcements - Three Gorges Tourism Group appointed a new general manager on June 3, 2025 [5]. - Guangzhou Restaurant announced a share buyback of 500,000 shares, representing 0.088% of its total share capital [5]. - China Youth Travel Service transferred 17.37% of its shares to its parent company, Everbright Group, without compensation [5].