社零数据点评：8月社零同比+3.4%，电商维持快于大盘增势

Investment Rating - The industry is rated as "Recommended" indicating a positive outlook for the industry fundamentals and an expectation that the industry index will outperform the benchmark index [3][51]. Core Insights - In August 2025, the total retail sales of consumer goods reached 39,668 billion yuan, with a year-on-year growth of 3.4%. The growth rate decreased by 0.3 percentage points compared to the previous month [4][10]. - The online retail sales of physical goods grew by 7.1% year-on-year in August, continuing to outpace the overall retail market. Online sales accounted for 25.0% of total retail sales [4][5]. - The performance of essential goods such as grain, oil, and daily necessities showed a year-on-year increase of 5.8% and 7.7%, respectively, which is faster than the overall retail market [4][23]. - The growth in the e-commerce sector remains robust, with a focus on high-quality, low-valuation leading companies in the internet sector [4][10]. Summary by Sections Retail Sales Performance - Total retail sales in August 2025 were 39,668 billion yuan, with a year-on-year increase of 3.4% [4][10]. - The retail sales of goods reached 35,172 billion yuan, growing by 3.6% year-on-year, while dining revenue was 4,496 billion yuan, up by 2.1% [4][10]. - Urban retail sales were 34,387 billion yuan, with a year-on-year growth of 3.2%, while rural retail sales were 5,281 billion yuan, growing by 4.6% [4][7]. E-commerce Growth - Online retail sales of physical goods increased by 7.1% year-on-year, maintaining a growth rate faster than the overall retail market [4][5]. - Categories such as food, clothing, and daily necessities saw online retail sales growth of 15.0%, 2.4%, and 5.7%, respectively [4][18]. Category Performance - Essential categories like grain and oil, and daily necessities showed strong growth, while discretionary categories like home appliances and audio-visual equipment saw a year-on-year increase of 14.3% [4][34]. - Jewelry retail sales grew by 16.8% year-on-year, indicating a recovery in discretionary spending [4][29].