4月消费观察：数据边际改善

Investment Rating - The report indicates a positive outlook for the consumption sector, suggesting a marginal improvement in consumer spending [1][8]. Core Insights - The total retail sales in April reached 37,174 billion, with a year-on-year growth of 5.1%, showing a slight increase of 0.1 percentage points compared to the previous month [1][8]. - The report highlights that consumer spending is gradually recovering, aided by government subsidies for home appliances and electronics, indicating signs of marginal improvement in consumption [1][8]. - The retail sales of food and oil products maintained high growth, with a retail total of 1,799 billion in April, reflecting a year-on-year increase of 14.0% [2][9]. Summary by Sections Retail Sales Overview - April's total retail sales were 37,174 billion, with a year-on-year growth of 5.1% and a cumulative growth of 4.7% from January to April [1][10]. - The retail sales of goods totaled 33,007 billion in April, also growing by 5.1%, although the growth rate decreased by 0.8 percentage points from the previous month [1][10]. - The restaurant sector showed resilience with a retail total of 4,167 billion in April, growing by 5.2% year-on-year [1][10]. Sector Performance - The retail sales of household appliances reached 914 billion in April, with a remarkable year-on-year growth of 38.8% [2][9]. - The retail sales of communication equipment totaled 620 billion, reflecting a year-on-year increase of 19.9% [2][9]. - In contrast, the automotive sector showed weak growth, with retail sales of 3,626 billion in April, only increasing by 0.7% year-on-year [2][9]. Price Trends - The average price of live pigs in May was 7.47 yuan per jin, showing a month-on-month decrease of 0.2% and a year-on-year decrease of 6.7% [3][30]. - The average price of fresh milk was 3.07 yuan per kilogram in May, with a year-on-year decline of 9.2% [3][30]. - Grain prices remained low, with the average soybean meal price at 3,241.20 yuan per ton, down 5.1% month-on-month and 6.4% year-on-year [3][30]. Investment Recommendations - The report recommends investing in Mixue Group (2097) due to its strong supply chain and growth potential in both domestic and international markets [5]. - It also suggests investing in Master Kong Holdings (0322) as cost reductions are expected to enhance profitability, with a dividend yield of 5.4% [5].