商贸零售点评报告：5月社零数据如何？

Industry Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [1] Core Viewpoints - The report highlights that the retail sector is experiencing a recovery, with May's retail sales data showing a year-on-year growth of 6.4%, surpassing the consensus forecast of 4.85% [5][9] - The growth in retail sales is attributed to the "old-for-new" policy and the "618" e-commerce promotional activities, which have stimulated consumer spending [5][9] - The report indicates that the best-performing categories include home appliances and communication equipment, with sales growth of 53% and 33% respectively, driven by government subsidies [6][9] Summary by Relevant Sections Industry Basic Situation - The closing index level is 2128.1, with a 52-week high of 2501.51 and a low of 1442.73 [1] Recent Retail Data - In May, the total retail sales of consumer goods reached 41,326 billion, with a 6.4% year-on-year increase. Excluding automobiles, the retail sales amounted to 37,316 billion, growing by 7.0% [4][5] - For the first five months of the year, the total retail sales reached 203,171 billion, reflecting a 5.0% increase [4][5] Investment Suggestions and Focused Targets - The report suggests that the consumption recovery process is gradual, with a focus on new consumption opportunities such as trendy toys, gold and jewelry, and new tea drinks [10] - Recommended stocks include Pop Mart, Bluko, Miniso, and others in the new consumption space [10] - For cyclical recovery, companies in the liquor and hospitality sectors are highlighted as potential investment opportunities [10]