4月社零同比+5.1%，国补品类保持增速领先

Investment Rating - The report maintains a "Recommended" rating for the industry, indicating a positive outlook for the sector's fundamentals and expected performance exceeding the benchmark index [3][56]. Core Insights - In April 2025, the total retail sales of consumer goods reached 37,174 billion yuan, with a year-on-year growth of 5.1%. The online retail sales of physical goods amounted to 9,317 billion yuan, growing by 6.1% year-on-year. The growth in the consumer goods sector and e-commerce remains relatively robust, with national subsidy categories leading in growth [1][4][5]. - The report highlights that if consumer stimulus policies are introduced, leading companies in the consumer internet sector are expected to benefit significantly. It recommends high-quality, well-performing, and low-valuation consumer internet leaders [1][4]. Summary by Sections Retail Sales Performance - In April, the retail sales of goods totaled 33,007 billion yuan, with a year-on-year increase of 5.1%. Restaurant revenue was 4,167 billion yuan, growing by 5.2%. Service consumption, driven by strong holiday travel demand, saw rapid growth in sectors like transportation, communication, and tourism, with retail sales in these categories maintaining double-digit growth from January to April [1][4][5]. - Urban retail sales reached 32,376 billion yuan, up 5.2% year-on-year, while rural retail sales were 4,798 billion yuan, growing by 4.7%, indicating that urban consumption continues to outpace rural markets [1][7]. Online Retail Growth - The online retail sales of physical goods grew by 6.1% year-on-year, outpacing the overall retail market. Categories such as food, clothing, and daily necessities saw online retail sales growth of 14.6%, 0.5%, and 5.5%, respectively [1][21]. - In April, various offline retail formats showed different performance levels, with convenience stores, specialty stores, supermarkets, department stores, and brand specialty stores recording year-on-year growth rates of 9.1%, 6.4%, 5.2%, 1.7%, and 1.4%, respectively [1][4]. Category-Specific Insights - In terms of essential goods, food and daily necessities saw year-on-year growth of 14% and 7.6%, respectively. Among discretionary items, national subsidy categories maintained leading growth rates, with home appliances and audio-visual equipment growing by 38.8% year-on-year, and communication equipment by 19.9% [1][34][49]. - Jewelry sales accelerated significantly, with a year-on-year increase of 25.3%, influenced by gold prices and last year's low base [1][32].