2024年5月社零数据点评：618大促驱动社零回暖，金银珠宝短期承压

Investment Rating - The investment rating for the wholesale and retail industry is "Overweight" [1]. Core Insights - The report highlights a recovery in social retail sales driven by promotional events such as the "May Day" holiday and the "618" shopping festival, with a year-on-year growth of 3.7% in May 2024, up from 2.3% in April [3]. - The report emphasizes the improvement in the competitive landscape for vertical O2O companies, with a recommendation for companies like TuHao-W, and notes the sustained high demand for affordable overseas retail [3]. - The report also points out that the gold and jewelry sector is under short-term pressure due to high gold prices, but the long-term outlook remains positive [3]. Summary by Sections Investment Recommendations - Continued focus on vertical O2O and overseas expansion, recommending companies such as TuHao-W, Miniso, and others [3]. - The education sector shows signs of recovery, with recommendations for undervalued stocks like Zhuoyue Education and others [3]. - The tourism sector is highlighted as a growing area, with recommendations for companies like Tongcheng Travel and Ctrip Group [3]. Social Retail Data - In May 2024, the total retail sales of consumer goods increased by 3.7% year-on-year, with a month-on-month increase of 1.4 percentage points [3]. - Excluding automobiles, the year-on-year growth was 4.7%, with a month-on-month increase of 1.5 percentage points [3]. - The report notes that the growth in retail sales was primarily driven by the "May Day" holiday effect and the "618" online shopping festival [3]. Category Performance - Cosmetics saw a significant year-on-year increase of 18.7%, while gold and silver jewelry experienced a decline of 11.0% [3]. - The report indicates that service sector growth outpaced that of goods, with restaurant income growing by 5.0% year-on-year [3]. - Online retail sales of physical goods showed a year-on-year growth of 11.5%, with e-commerce penetration reaching 24.7% of total retail sales in May [3].