商贸零售行业定期报告：8月社零同比+3.4%，黄金珠宝景气度高企

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Viewpoints - In August, the total retail sales of consumer goods reached 39,668 billion yuan, with a nominal year-on-year increase of 3.4%, which is lower than expected. Excluding automobiles, the year-on-year increase is 3.7% [6][13] - For the first eight months, the total retail sales amounted to 323,906 billion yuan, with a nominal year-on-year increase of 4.8%, and a 5.1% increase excluding automobiles [6][13] - The jewelry sector continues to show high growth, with a year-on-year increase of 16.8% in August, driven by self-indulgent consumption and rising gold prices [6][20] - Online retail sales for the first eight months grew by 9.6%, with August online retail sales at 12,993 billion yuan, a year-on-year increase of 12.4% [6][29] Summary by Sections Overall Retail Data - In August, retail sales of goods increased by 3.6% year-on-year, while dining revenue rose by 2.1% [6][14] - The CPI in August decreased by 0.4%, with food and beverage prices down by 2.5% [6][14] Retail Sales by Category - Essential goods showed weak demand for tobacco and alcohol, possibly due to stricter regulations, while other categories remained relatively stable [6][20] - In August, the retail sales of household appliances increased by 14.3% year-on-year, and furniture sales rose by 18.6% [6][22] Online Retail Data - The online retail sales of physical goods for the first eight months reached 80,964 billion yuan, with a year-on-year increase of 6.4%, accounting for 28.2% of total retail sales [6][29] - The online sales of food, clothing, and daily necessities saw year-on-year increases of 15%, 2.4%, and 5.7%, respectively [6][29]