10 月CS 商贸零售行业下降0.12%，较上年同期降幅收窄1.69pct，市场 表现强于去年同期，但跑输大盘0.99pct。分板块看，子行业多呈下跌， 涨跌幅位居前三的子板块分别是家电3C、其他连锁、百货，分别为 26.01%、11.11%、0.92%，行业个股多呈下跌。行业PE 估值水平整体 呈现上调，但月中波动较大，主要受到超市板块平均PE 水平降幅较大 的影响。

1. 行业市场表现回顾 .......................................................................................................................................................... 5

1.1 一级行业概况 ............................................................................................................................................................. 5

1.2 细分行业市场表现 ..................................................................................................................................................... 5

1.3 个股表现 ..................................................................................................................................................................... 6

1.4 行业估值情况 ............................................................................................................................................................. 7

2. 行业数据跟踪 .................................................................................................................................................................. 7

2.1 居民消费价格指数（CPI） ....................................................................................................................................... 7

2.2 社会消费品零售数据 ................................................................................................................................................. 9

2.3 全国大中型零售企业销售额数据 ........................................................................................................................... 11

2.4 五大零售集团及电商渗透率动态 ........................................................................................................................... 12

3.行业三季报业绩点评 ...................................................................................................................................................... 14

4.行业动态新闻 .................................................................................................................................................................. 15

5.投资建议 .......................................................................................................................................................................... 16

6.风险提示 .......................................................................................................................................................................... 17