长三角半年瞰③：江苏社零规模全国第一，上海整体回暖、餐饮收缩

Core Viewpoint - The Yangtze River Delta (YRD) region, comprising 41 cities, shows a robust economic performance in the first half of the year, with significant growth in social retail sales, particularly driven by consumption policies and the "old-for-new" initiative [2][4]. Group 1: Social Retail Sales Performance - Jiangsu leads the YRD with a social retail sales total of 2.39 trillion yuan, the only region surpassing 2 trillion yuan [2][3]. - Zhejiang and Anhui also reported strong growth in social retail sales, with totals of 1.8979 trillion yuan (5.3% YoY) and 1.2051 trillion yuan (5.5% YoY) respectively [2][3]. - Shanghai's social retail sales reached 826.04 billion yuan, showing a 1.7% YoY increase, marking a recovery from negative growth in the first quarter [2][3][7]. Group 2: Impact of "Old-for-New" Policy - The "old-for-new" policy is a significant driver of consumption, with central government support increasing from 150 billion yuan in 2024 to 300 billion yuan in 2025 [4][5]. - In Shanghai, the policy contributed over 540 billion yuan to social retail sales in the first half of the year [4]. - Zhejiang's retail sales in home appliances surged by 84.5%, while Anhui's "old-for-new" subsidies totaled 8 billion yuan, boosting retail sales growth by 11.2% [4][5]. Group 3: Restaurant Sector Trends - Shanghai's restaurant income declined by 2.6% to 99.14 billion yuan, contrasting with growth in Jiangsu, Zhejiang, and Anhui, where restaurant income increased by over 5% [8]. - The disparity in restaurant performance indicates a shift in high-end dining dynamics, with resources migrating to Jiangsu and Zhejiang [8]. Group 4: Economic Activities and Events - The "Su Super" football league significantly boosted economic activity in Jiangsu, generating 37.96 billion yuan in service revenue, a 42.7% increase [9]. - The tourism and cultural sectors in Jiangsu also saw remarkable growth, with railway and air passenger transport revenues increasing by 90.7% and 46.5% respectively [10].