4月社零数据点评：4月社零同比+5.1%，金银珠宝表现突出

Investment Rating - The report maintains an "Overweight" rating for the retail industry [4] Core Viewpoints - In April, China's total retail sales reached 3.72 trillion yuan, with a year-on-year growth of 5.1%, indicating a slight decrease in growth rate compared to the previous month [1] - The retail sales of consumer goods excluding automobiles amounted to 3.35 trillion yuan, growing by 5.6% year-on-year, reflecting the resilience of China's industrial supply chain and the vast potential of the domestic market [1] - E-commerce penetration is slowing, while offline convenience stores and specialty stores are performing well, with retail sales growth of 9.1% for convenience stores and 6.4% for specialty stores in the first four months [2] - The consumption upgrade policy is showing effects, particularly in the gold and jewelry sector, which saw a significant year-on-year increase of 25.3% in April [3] Summary by Sections Retail Sales Performance - In April, the retail sales of essential goods such as grain and oil increased by 14.0%, while optional consumption categories showed mixed results, with home appliances and furniture growing by 38.8% and 26.9% respectively [3][17] - The overall retail sales growth for April was 5.1%, with a slight decline in growth rate compared to March [15] Investment Recommendations - The report suggests focusing on three main investment themes: 1. The recovery of gold and jewelry sales driven by the Spring Festival effect and geopolitical risks increasing demand for safe-haven assets, with companies like Lao Feng Xiang and Zhou Da Sheng recommended for attention [4] 2. The gradual recovery of offline sales as domestic consumption policies take effect, with traditional supermarkets undergoing reforms, recommending companies like Gao Xin Retail and Yonghui Supermarket [4] 3. The optimization of competition in the e-commerce sector, with a focus on major platforms like Pinduoduo and Alibaba [4]