行业点评报告：2025年5月社零同比+6.4%，社会消费趋势向上

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The social retail sales (社零) for May 2025 increased by 6.4%, indicating an upward trend in social consumption [5] - The total retail sales from January to May 2025 reached 20,317.1 billion yuan, with a year-on-year growth of 5.0% [5] - The online retail sales for the same period amounted to 6,040.2 billion yuan, reflecting an 8.5% increase [7] - The report emphasizes the recovery of consumer sentiment and the importance of high-quality companies in sectors aligned with "emotional consumption" [8] Summary by Sections Social Consumption Trends - The retail sales in May 2025 were 41,326 billion yuan, surpassing the Wind consensus forecast of 4.9% [5] - Urban and rural retail sales from January to May grew by 5.1% and 4.9%, respectively [5] Retail Performance - In May, the overall retail sales increased by 6.5%, with essential consumption categories like food and beverages showing strong growth [6] - The sales of home appliances and audio-visual products surged by 53.0% year-on-year, benefiting from government subsidies [6] Online and Offline Channels - Online retail sales of physical goods grew by 6.3%, accounting for 24.5% of total retail sales [7] - Offline retail channels, including supermarkets and convenience stores, showed positive growth, with supermarkets increasing by 5.7% [7] Investment Recommendations - The report suggests focusing on high-quality companies in sectors benefiting from emotional consumption, including: 1. Gold and jewelry brands with differentiated product offerings [8] 2. Retail enterprises adapting to market trends [8] 3. High-quality domestic beauty brands [8] 4. Medical beauty product manufacturers with unique pipelines [8]