PDD(US:PDD) EBSCN·2025-04-16 10:42Investment Rating - The industry is rated as "Buy" [7] Core Insights - The recovery process is exceeding expectations, with significant effects from consumer stimulus policies [6] - In March 2025, the total retail sales of consumer goods reached 4.09 trillion yuan, a year-on-year increase of 5.9%, which is 1.9 percentage points higher than the previous month [2][6] - The growth in retail sales is driven by both essential and discretionary categories, with notable performances in food and beverage, household appliances, and jewelry [6] Summary by Category Overall Retail Performance - March 2025 retail sales totaled 4.09 trillion yuan, with a year-on-year growth of 5.9% [2] - For the first quarter of 2025, retail sales reached 12.47 trillion yuan, growing by 4.6% year-on-year [2] Essential Goods - In March, the retail sales of grain and oil food categories grew by 13.8%, while beverage sales increased by 4.4% [2][14] - The retail sales of daily necessities rose by 8.8% [5] Discretionary Goods - Jewelry sales saw a significant increase of 10.6% in March, with a growth rate of 5.2 percentage points compared to the previous months [4] - Household appliances experienced a remarkable growth of 35.1%, with an increase of 24.2 percentage points from January to February [5] Other Categories - Sports and entertainment goods grew by 26.2%, while communication equipment sales increased by 28.6% [5] - Cultural and office supplies saw a growth of 21.5% [5]