Investment Rating - The report does not explicitly state an investment rating for the industry, but it suggests focusing on sectors with reasonable valuations and potential policy benefits, such as liquor, dairy, and home appliances [6][19]. Core Insights - The holiday economy and policy measures are driving a recovery in consumption, with May retail sales showing a year-on-year increase of 6.4% and a month-on-month increase of 1.3 percentage points [6][19]. - The "618" shopping festival saw a total e-commerce sales of 855.6 billion yuan, a year-on-year increase of 15.2%, indicating strong consumer engagement [17]. - The report highlights the impact of the "old-for-new" policy and the "618" event on durable goods sales, with home appliances and furniture seeing year-on-year increases of 53.0% and 25.6%, respectively [6][19]. Summary by Sections Market Weekly Review - The consumer sector experienced a decline across various segments, with food and beverage, home appliances, and retail showing respective weekly changes of -0.12%, -0.23%, and -2.75% [6][10]. - Notable stock performances included Zhejiang Dongri (+48.21%) and Anbang Guard (+10.54%) among the gainers, while Junyao Health (-11.55%) and ST Renle (-36.36%) were among the losers [6][15][16]. Industry News and Key Company Announcements - The report discusses the ongoing popularity of the "Su Super" league, which has positively influenced local tourism and consumption, with Jiangsu province leading in travel orders [6][19]. - The report notes that the "618" shopping festival has expanded beyond traditional e-commerce platforms, with significant contributions from instant retail [17]. - Companies like Water Well and Zhou Dafu are adapting to younger consumer trends and exploring new product innovations [19][21].
大消费行业周报（6月第3周）：假日经济与政策提振消费复苏-20250623
Century Securities·2025-06-23 00:52