China’s retail sector continued to grow in Q2 2018, although the pace of growth slowed down to 3.7% y/y. The sector was driven by strong domestic consumption which contributed 78.5% to the country’s economic growth in the first half of 2018. High consumption was largely a result of rising incomes, with disposable income per capita increasing by 8.7% y/y to RMB 6,248 in Q2 2018. The most dynamic growth was registered in the premium goods and services segment. Online retail generated RMB 2,149bn in sales of consumer goods and services, up by 26.2% y/y, with sales of consumer goods alone going up by 27.9% y/y to RMB 1,671bn. The quarter was characterised by increased implementation of new retail and internet technologies, such as big data, cloud computing, and augmented and virtual reality (AR, VR), aimed to stimulate consumption. In May 2018, Alibaba’s Tmall and Intersport Co Ltd set up a partnership on integrating their physical and online operations through implementation of digital technologies. In Q2 2018, online retailers continued to combine their online and offline operations. Alibaba expanded its Hema branded grocery chain, while JD.Com signed a strategic cooperation agreement with Lushang Group on unbounded retail development in Shandong province. In terms of retail formats, sales of convenience stores, supermarkets and department stores increased by 7.6%, 4.5% and 1.6% y/y respectively, in the first half of 2018.

基金三季报披露完毕，零售板块维持超配，但配臵比例有所下调，个股分化较为明显。因消费端压力影响，零售板块标的配臵水平整体微有下降。超市板块作为必需消费，以永辉、家家悦为首内生稳健，且在CPI上行阶段具备盈利改善预期，配臵上。升