行业景气观察：4月社零当月同比增幅收窄，工业机器人产量同比增幅扩大

Group 1 - The core viewpoint of the report indicates that the year-on-year growth rate of social retail sales in April has slightly narrowed, while the effects of expanded consumption policies continue to be evident [2][4][22] - In April, the total retail sales of consumer goods reached 161,845 billion yuan, with a year-on-year growth rate of 4.7%, and the monthly growth rate for April was 5.1% [14][22] - The report highlights that essential consumption remains stable, with the year-on-year growth rate of grain and oil food retail sales increasing to 14.0% in April [18][22] Group 2 - The industrial robot and metal cutting machine production saw a three-month rolling year-on-year growth rate expand in April, indicating a positive trend in the automation equipment sector [2][4][22] - The report recommends focusing on sectors with high or improving prosperity, including home appliances, traditional Chinese medicine, household goods, entertainment products, jewelry, and green electricity [2][4][23] - The report notes that the retail sales of gold and silver jewelry increased by 25.3% year-on-year, driven by demand for value preservation amid rising gold prices [18][22][23] Group 3 - In the information technology sector, the DDR4 DRAM memory prices have risen, while smartphone production has seen a three-month rolling year-on-year decline [4][7][22] - The semiconductor industry shows mixed signals, with the Philadelphia Semiconductor Index declining while the Taiwanese semiconductor industry index increased [4][7][22] - The report indicates that the average daily power generation of key power plants has increased year-on-year over the past 12 weeks, reflecting growth in the public utility sector [4][7][22]