BOCI Securities published a report stating that the National Bureau of Statistics announced the total retail sales of consumer goods in August on September 14. In August, the total retail sales of consumer goods increased by 2.1% year-on-year, which is basically in line with expectations. In the first eight months, online retail accounted for 25.6% of total retail sales, which remained stable compared to July, but decreased by 0.9 percentage points year-on-year. The bank suggested that Tencent 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 will be the main beneficiary of the old-for-new policy for home appliances, and the valuations of both are within one standard deviation of the historical trading range.