2025年5月社零数据点评：5月社零整体同增6.4%，家具、家电等品类增速较快

Investment Rating - The industry investment rating is "Positive" (maintained) [4][47] Core Viewpoints - In May, the total retail sales of consumer goods reached 41,326 billion yuan, with a year-on-year growth of 6.4%. Excluding automobiles, the total retail sales amounted to 37,316 billion yuan, growing by 7.0% year-on-year [5][6] - The growth in essential consumption remains stable, with significant year-on-year increases in categories such as grain and oil food (+14.6%), tobacco and alcohol (+11.2%), and daily necessities (+8.0%) [17][22] - In the optional consumption category, jewelry (+21.8%) and communication equipment (+33.0%) showed rapid growth in retail sales [22][32] - The home appliance sector experienced notable growth due to promotional events, with furniture sales increasing by 25.6% and home appliances by 53.0% year-on-year [34][35] Summary by Category Overall Data - Total retail sales in May were 41,326 billion yuan, with a year-on-year increase of 6.4%. Urban and rural retail sales were 36,057 billion yuan and 5,269 billion yuan, respectively, with year-on-year growth of 6.5% and 5.4% [5][6] Essential Consumption - Essential consumption categories showed robust growth: grain and oil food (+14.6%), tobacco and alcohol (+11.2%), and daily necessities (+8.0%) [17][22] Optional Consumption - In optional consumption, jewelry (+21.8%) and communication equipment (+33.0%) saw significant retail sales growth [22][32] Other Consumer Categories - Driven by the "618" promotion and national subsidies, retail sales in the home appliance category grew significantly, with furniture sales up 25.6% and home appliances up 53.0% year-on-year [34][35]