PDD(US:PDD) EBSCN·2025-07-17 05:18Investment Rating - The industry is rated as "Buy" [6] Core Viewpoints - In June 2025, the total retail sales of social consumer goods reached 4.23 trillion yuan, with a year-on-year growth of 4.8%, a decrease of 1.6 percentage points compared to May [1] - The retail sales of gold and jewelry increased by 6.1% year-on-year in June, but the growth rate decreased by 15.7 percentage points compared to May [3] - The retail sales of household appliances grew by 32.4% year-on-year in June, although the growth rate fell by 20.6 percentage points from May [4] - The overall retail sales growth in June was impacted by a high base from the previous year and the elongation of the promotional cycle, leading to a release of consumer demand in advance [5] Summary by Relevant Sections Social Consumer Goods Retail - The total retail sales for June 2025 were 4.23 trillion yuan, with a year-on-year growth of 4.8% [1] - The retail sales for the first half of 2025 reached 24.55 trillion yuan, with a year-on-year growth of 5.0% [1] Consumer Price Index (CPI) - The CPI in June 2025 showed a year-on-year growth of 0.1%, improving from a -0.1% in May [1] Retail Categories Performance - Grocery and food retail sales grew by 8.7% year-on-year in June, while beverage sales declined by 4.4% [1] - Textile and clothing retail sales increased by 1.9% year-on-year, while cosmetics sales fell by 2.3% [2] - The retail sales of gold and jewelry increased by 6.1% year-on-year, but the growth rate decreased significantly [3] - Household appliances saw a substantial growth of 32.4% year-on-year, despite a decline in growth rate [4]