大消费行业周报（4月第3周）：促消费政策助力社零稳步改善

Investment Rating - The report indicates a positive outlook for the consumer sector, suggesting a gradual improvement in the fundamentals of the industry in 2025 [2][4]. Core Insights - The consumer sector has shown a steady increase, with March retail sales growing by 5.9% year-on-year, exceeding market expectations. The growth is attributed to the effectiveness of the "old-for-new" policy, particularly in durable goods like home appliances and furniture, which saw significant year-on-year increases of 35.1% and 29.5% respectively [4][5]. - The report highlights the continuous introduction of consumption-boosting policies, with a focus on enhancing service quality and expanding consumption scenarios. The Ministry of Commerce and other departments have proposed 48 specific measures aimed at revitalizing traditional service sectors and exploring new consumption areas [4][5]. - The report emphasizes the importance of domestic demand in light of ongoing trade tensions, recommending attention to companies benefiting from national policy support and those in high-growth sectors [4][5]. Summary by Sections Market Weekly Review - The consumer sector experienced a broad increase, with textile and apparel, beauty care, food and beverage, retail, home appliances, and social services showing weekly gains of +1.57%, +0.43%, +0.24%, +0.24%, +0.18%, and +0.14% respectively [4][5]. - Notable stock performances included Anji Food (+50.00%), Haidar (+17.38%), and Guoguang Chain (+61.10%), while West China Animal Husbandry (-17.36%) and Xinguang Co. (-8.75%) faced declines [4][5]. Industry News and Key Company Announcements - The report discusses various industry news, including the introduction of new policies in Qingdao to support consumption and housing for families with multiple children, as well as the release of a strategic plan by Juewei Food focusing on AI-driven transformations in the retail chain industry [4][5]. - Key company announcements include significant revenue growth for companies like Encounter Small Noodles, which reported a compound annual growth rate of 66.2% from 2022 to 2024, and a notable increase in sales for home appliances in Inner Mongolia due to the "old-for-new" policy [4][5].