2025年9月社零数据点评：9月社零整体同增3.0%，家具品类增速较快

Investment Rating - The industry investment rating is "Positive" (maintained) [4][47] Core Viewpoints - In September, the total retail sales of consumer goods increased by 3.0% year-on-year, reaching 41,971 billion yuan. Excluding automobiles, the total retail sales amounted to 37,260 billion yuan, with a year-on-year growth of 3.2% [5][6] - The growth rate of furniture retail sales is notably high, with a year-on-year increase of 16.2% for furniture, while other categories such as household appliances and building materials showed varied performance [33][6] - Essential consumer goods like daily necessities and food saw significant growth, with food retail sales increasing by 6.3% and daily necessities by 6.8% year-on-year [18][24] - In the optional consumption category, communication equipment and gold and silver jewelry experienced strong growth, with retail sales increasing by 16.2% and 9.7% respectively [23][31] Summary by Sections Overall Data - The total retail sales of consumer goods in September reached 41,971 billion yuan, with a year-on-year growth of 3.0%. Urban and rural retail sales were 35,783 billion yuan and 6,188 billion yuan, growing by 2.9% and 4.0% respectively [5][6] Retail Sales by Type - The retail sales of limited enterprises in September were 17,776 billion yuan, with a year-on-year increase of 2.3%. The breakdown shows that retail sales of goods and catering revenue totaled 16,429 billion yuan and 1,347 billion yuan, growing by 2.7% and declining by 1.6% respectively [12][6] Essential Consumption - In essential consumption, the retail sales of food increased by 6.3%, daily necessities by 6.8%, while beverages saw a decline of 0.8% [18][24] Optional Consumption - In optional consumption, the retail sales of communication equipment grew by 16.2%, cosmetics by 8.6%, and clothing by 4.7% [23][31] Other Consumer Categories - The retail sales of furniture showed a significant increase of 16.2%, while household appliances grew by 3.3%. However, building materials and petroleum products experienced declines of 0.1% and 7.1% respectively [33][36]