Everbright Securities pointed out that, on the whole, the growth rate of social consumption data in August 2022 was slightly higher than expected, but in terms of sub-categories, the growth performance of the required category was relatively steady, while that of the optional category was relatively flat. Recently, the growth rate of domestic luxury sales has also slowed to a certain extent, looking forward to the future, popular consumption may become the main direction of consumption development in China. As the epidemic is gradually brought under control, we are still optimistic about the resilience of some optional consumer categories, especially the gold jewelry track.