0915 Dolphin Research Key Focus: 🐬 Macro/Industry 1. The National Bureau of Statistics released the macro data package for August. In August, the total retail sales of consumer goods reached 3,966.8 billion yuan, a year-on-year increase of 3.4%. Dolphin Research has published a detailed commentary titled "Retail Sales Growth Continues to Hit New Lows, Where is the Problem?" Overall, the growth rate of retail sales in July and August continued to slow down, hitting new lows. On one hand, the decline in state subsidies and poor automobile sales led to weaker product sales. On the other hand, the fierce competition in the food delivery sector has had a crowding-out effect on offline dining consumption, and it has also led to a decrease in the actual price paid by consumers per order...