2025年4月社消零售数据点评：金银珠宝销售加速增长，国补品类持续高增

Investment Rating - The report maintains a "Buy" rating for the wholesale and retail trade industry, indicating an expected investment return exceeding 15% over the next 6-12 months compared to the market benchmark index [6]. Core Insights - In April 2025, the total retail sales of consumer goods reached 3.72 trillion yuan, with a year-on-year growth of 5.1%, which is a decrease of 0.8 percentage points compared to March [1]. - The retail sales of gold and jewelry experienced a significant year-on-year increase of 25.3% in April, with an acceleration of 14.7 percentage points compared to March [3]. - Essential goods, particularly grain and oil, showed strong performance with a year-on-year growth of 14.0% in April, while discretionary items like gold and jewelry also saw robust growth due to high investment demand [5]. Summary by Category Overall Retail Performance - The total retail sales for January to April 2025 amounted to 16.18 trillion yuan, reflecting a year-on-year growth of 4.7%, which is an increase of 0.6 percentage points compared to the same period last year [1]. Essential Goods - Grain and oil retail sales in April grew by 14.0% year-on-year, with a cumulative growth of 12.6% for the first four months [5]. Discretionary Goods - The gold and jewelry sector's retail sales reached 296 billion yuan in April, marking a 25.3% increase year-on-year [3]. - The home appliance category saw a remarkable growth of 38.8% in April, with furniture sales increasing by 26.9% [4]. Other Categories - The retail sales of cultural and office supplies grew by 33.5%, while sports and entertainment products increased by 23.3% [4]. - The cosmetics sector reported a year-on-year growth of 7.2% in April, with a notable increase of 6.1 percentage points compared to March [2].