安全，才是造车新势力的终极考题丨南财号联播

Economic Data Overview - In April, external shocks increased, but macro policies worked together to maintain stable and rapid growth in key indicators, indicating a continued positive trend in the national economy [1] - Real estate development investment decreased by 10.3% year-on-year in the first four months, with the decline expanding by 0.4 percentage points compared to the first quarter [1] - New residential property sales area fell by 2.8% year-on-year, but the decline narrowed by 0.2 percentage points compared to the first quarter [1] Consumer Market Insights - The retail sales of consumer goods reached 37,174 billion yuan in April, growing by 5.1% year-on-year, with a month-on-month increase of 0.24% [1] - The "old-for-new" policy significantly boosted sales of related consumer goods, contributing to the overall growth in retail sales [1] - The growth rate of commodity consumption in April exceeded the average growth level of 1.9 percentage points for 2024, indicating an improvement in consumer spending [1] Financial Data Analysis - The People's Bank of China reported that April's financial data showed normal performance, with accelerated growth in social financing scale and stable credit issuance [2] - Market liquidity remains abundant, aligning with expectations, and financial policies are anticipated to support macroeconomic recovery [2] Automotive Industry Trends - Safety remains a primary concern for consumers in the automotive sector, yet recent trends show a neglect of safety performance in favor of technology and marketing gimmicks [3] - The industry is becoming increasingly aware of the importance of safety due to frequent accidents and social media discussions [3] E-commerce Performance - JD.com reported a net revenue of 301.1 billion yuan in Q1 2025, marking a 15.8% year-on-year increase, the highest growth rate in three years [3] - Net profit surged by 52.7% year-on-year, with active user growth exceeding 20%, maintaining double-digit growth for six consecutive quarters [3] - The company's strong performance in what is traditionally considered the "off-season" for e-commerce indicates a potential resurgence in growth [3]