According to the research report released by Bank of China International, the National Bureau of Statistics announced the total retail sales of consumer goods in August on September 14. The total retail sales of consumer goods in August increased by 2.1% year-on-year, which basically meets expectations. In the first eight months, online retail accounted for 25.6% of the total retail sales, which remained stable compared to July, but decreased by 0.9 percentage points year-on-year.

The bank suggests that Tencent Holdings (00700) is the preferred choice in the Chinese internet industry, as it is expected to benefit from providing cloud computing services to merchants and brands, as well as increasing advertising revenue from e-commerce. It is also expected that JD.com Group-SW (09618) will become the main beneficiary of the home appliance trade-in policy, and both valuations are within the historical trading range of -1 standard deviation.