12月社零增速为0.9%，餐饮零售额增速快于商品：2025年12月社零数据点评

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - In December, the total retail sales of consumer goods reached 45,136 billion yuan, with a year-on-year growth of 0.9%. Excluding automobiles, the total retail sales amounted to 39,654 billion yuan, growing by 1.7% year-on-year [5][6] - The growth rate of catering retail sales outpaced that of goods, with December catering revenue increasing by 2.2% year-on-year, while goods retail saw a growth of 0.7% [5][6] - Essential consumption categories such as grain, oil, and food saw a retail sales growth of 3.9% year-on-year in December, while daily necessities grew by 3.7% [19][25] - In optional consumption, communication equipment experienced significant growth, with retail sales increasing by 20.9% year-on-year [24][31] Summary by Sections Overall Data - December's total retail sales of consumer goods were 45,136 billion yuan, with a year-on-year increase of 0.9%. Urban and rural retail sales were 38,429 billion yuan and 6,707 billion yuan, respectively, with year-on-year growth of 0.7% and 1.7% [5][6] Retail Sales by Category - The retail sales of limited above units in December were 19,547 billion yuan, down 1.9% year-on-year. The breakdown shows that limited above goods retail and catering revenue were 18,084 billion yuan and 1,463 billion yuan, respectively, with year-on-year changes of -2.0% and -1.1% [13][19] - Essential consumption categories showed strong growth, with grain and oil retail sales up 3.9% and daily necessities up 3.7% year-on-year [19][25] - Optional consumption categories like cosmetics saw a growth of 8.8% year-on-year, while communication equipment surged by 20.9% [24][31] - Other consumer categories experienced declines, with furniture down 2.2%, home appliances down 18.7%, and building materials down 11.8% [33][36]