消费行业点评：6月社零同比+2.0%，低于wind一致预期

Investment Rating - The industry investment rating is "Recommended" [6] Core Viewpoints - In June, the total retail sales of consumer goods reached 40,732 billion yuan, with a year-on-year growth of 2.0%, which is below the Wind consensus expectation of 4.0% [2] - Excluding automobiles, the retail sales of consumer goods amounted to 36,364 billion yuan, growing by 3.0% [2] - From January to June, the total retail sales of consumer goods were 235,969 billion yuan, with a year-on-year growth of 3.7% [2] - The retail sales growth of goods showed a month-on-month decline, while the growth in catering revenue increased month-on-month [2] - The food and oil category maintained a steady growth of 10.8% in June, while other categories experienced a month-on-month decline [2] - The extended 618 shopping festival in May led to a pre-release of some demand, which exerted pressure on the June retail sales growth [2] - Current consumer demand is at a low point, and attention should be paid to the pace of demand recovery [2] Summary by Relevant Sections - Retail Sales Performance: In June, the retail sales of goods grew by 1.5% year-on-year, with a month-on-month decline of 2.1 percentage points, while catering revenue increased by 5.4% year-on-year, with a month-on-month increase of 0.4 percentage points [2] - Category Performance: Most categories saw a month-on-month decline in growth rates, with clothing and cosmetics experiencing significant drops of -1.9% and -14.6% respectively [2] - Market Outlook: The report suggests that the current consumer demand is at a low point, indicating a need to monitor the recovery of demand in the near future [2]