4月国内社零同比增长5.1%，限上金银珠宝品类增长超过25%

Investment Rating - The report maintains an investment rating of "Synchronize with the market" for the textile and apparel industry [6]. Core Viewpoints - In April 2025, the domestic retail sales (社零) grew by 5.1% year-on-year, which was below market expectations [3]. - The overall retail sales for the first four months of 2025 reached 16.18 trillion yuan, with a year-on-year growth of 4.7% [3]. - Online channels continue to outperform the overall retail market, with a 5.8% year-on-year growth in physical goods online retail sales [4]. - The jewelry category saw a significant increase, with a year-on-year growth of 25.3% in April 2025 [5]. - The textile and apparel sector experienced a modest growth of 2.2% year-on-year in April 2025, with expectations of weaker online channel performance compared to offline channels [5]. Summary by Sections Retail Performance - In April 2025, the total retail sales amounted to 3.72 trillion yuan, with a year-on-year growth of 5.1% and a month-on-month decline of 0.8 percentage points [3]. - The consumer confidence index in March 2025 was 87.5, reflecting a decrease of 0.9 from the previous month [3]. Channel Performance - For the first four months of 2025, the retail sales in physical stores showed weaker performance compared to online channels, with convenience stores and specialty stores growing by 9.1% and 6.4% respectively [4]. Category Performance - The jewelry category's retail sales growth was notable at 25.3% year-on-year in April 2025, while the textile and apparel category grew by only 2.2% [5]. - The sports and entertainment products category maintained a strong growth rate of 23.3% year-on-year [5]. Investment Recommendations - The report recommends focusing on sports brands such as Anta Sports and 361 Degrees, as well as home textile companies benefiting from government subsidies like Luolai Life and Mercury Home Textile [6]. - For the textile manufacturing sector, companies like Shenzhou International and Yue Yuen Industrial are highlighted for their low valuations and growth potential [8].