Huatai Securities: Focus on structural opportunities such as emotional consumption, the rise of domestic goods, AI+ consumption, and the silver economy.

Huatai Securities research report pointed out that in October, the total social retail sales increased by 2.9% year-on-year to 4.6 trillion yuan, slightly higher than Wind's consensus expectations. The growth rate was slightly higher than September by 0.1 percentage points, and the slowdown in growth was mainly due to the deceleration of automobiles, home appliances, and other factors. Except for automobiles, retail sales of consumer goods increased by 4.0% year-on-year. In October, due to the holiday economic effect of the Mid-Autumn Festival and National Day, as well as the early promotion cycle of "Double Eleven", the sales of basic living goods showed a positive trend, and the rise in gold prices drove high demand for investment. Looking ahead, the "15th Five-Year Plan" will continue to promote the policy of expanding domestic demand and boosting consumption. Against the background of moderate recovery in domestic demand, categories may continue to show a trend of differentiation. It is recommended to focus on structural opportunities such as emotional consumption, the rise of domestic products, AI + consumption, and the silver-haired economy.