国家统计局16日发布数据显示，5月份，消费品以旧换新政策持续显效，限额以上单位家用电器和音 像器材类、通讯器材类、文化办公用品类、家具类商品零售额分别增长53.0%、33.0%、30.5%、 25.6%。 ...

国家统计局：5月份家电和音像器材类商品零售额同比增长53% 智通财经6月16日电，国家统计局16日发布数据显示，5月份，消费品以旧换新政策持续显效，限额以上 单位家用电器和音像器材类、通讯器材类、文化办公用品类、家具类商品零售额分别增长53.0%、 33.0%、30.5%、25.6%。 ...

金十数据6月16日讯，5月份，城镇消费品零售额36057亿元，同比增长6.5%；乡村消费品零售额5269亿 元，增长5.4%。1—5月份，城镇消费品零售额176490亿元，增长5.1%；乡村消费品零售额26681亿元， 增长4.9%。5月份，商品零售额36748亿元，同比增长6.5%；餐饮收入4578亿元，增长5.9%。1—5月 份，商品零售额180398亿元，增长5.1%；餐饮收入22773亿元，增长5.0%。 国家统计局：5月份，商品零售额36748亿元，同比增长6.5% ...

中国5月社会消费品零售总额同比 6.4%，预期5%，前值5.10%。 ...

Group 1 - In May, the total retail sales of consumer goods reached 41,326 billion yuan, with a year-on-year growth of 6.4% [5] - From January to May, the total retail sales of consumer goods amounted to 203,171 billion yuan, growing by 5.0% year-on-year [5] - Urban retail sales in May were 36,057 billion yuan, increasing by 6.5%, while rural retail sales were 5,269 billion yuan, up by 5.4% [5][2] Group 2 - In May, the retail sales of goods reached 36,748 billion yuan, with a year-on-year increase of 6.5%, and catering revenue was 4,578 billion yuan, growing by 5.9% [5] - From January to May, the retail sales of goods totaled 180,398 billion yuan, with a growth of 5.1%, while catering revenue was 22,773 billion yuan, increasing by 5.0% [5] Group 3 - For the first five months, retail sales in convenience stores, specialty stores, supermarkets, brand stores, and department stores grew by 8.5%, 6.3%, 5.7%, 1.8%, and 1.3% respectively [4] - Online retail sales reached 60,402 billion yuan from January to May, with a year-on-year growth of 8.5%, and physical goods online retail sales were 49,878 billion yuan, increasing by 6.3% [4] Group 4 - The retail sales of food and oil products in May were 1,919 billion yuan, with a significant growth of 14.6%, while the sales of gold and silver jewelry increased by 21.8% to 300 billion yuan [7] - The sales of home appliances and audio-visual equipment surged by 53.0% in May, reaching 1,166 billion yuan [7]

Group 1 - The industrial added value above designated size in China for May will be released shortly, indicating potential economic performance insights [1] - The year-on-year growth rate of retail sales of consumer goods in China for May will also be announced, which is crucial for understanding consumer spending trends [1]

记者 王珍 中国央行在2025年第一季度货币政策执行报告中指出，价格调控思路上，要从以前的管高价转向管低价。如何做好"管低价"，分析人士认为，短 期内应保持消费品以旧换新政策的稳定性，同时着眼于提振服务消费，长期则要谋划"新供给侧改革"，提高居民最终消费支出在GDP中的比重。 物价与居民生活和企业生产经营密切相关，是各国宏观调控关注的重要变量。物价水平是多方面因素共同作用的结果，根本上由供求关系决定。 近年来，我国实体经济供强需弱的矛盾持续存在，主要价格指标低位运行，物价受关注度进一步上升。 受食品和能源价格拖累，居民消费价格指数（CPI） 同比增速连续四个月负增长，但剔除了食品和能源价格的核心CPI则自去年10月以来明显回 升。由于食品和能源价格易受天气、地缘政治等因素的影响，波动较大且具有短期性，因此，核心CPI更能反映经济整体的供需关系，也是提振 价格的关键所在。 分析人士指出，核心CPI可以拆分为核心商品、居住服务、其他服务三大类。去年10月以来核心CPI同比涨幅回升明显，很大程度上得益于消费品 以旧换新政策带动耐用消费品价格回升。 在以旧换新政策带动下，家用器具价格同比增速从2024年10月的-3. ...

Group 1 - The article highlights the upcoming release of China's May retail sales data, which is a key indicator of consumer spending and economic health [1] - A press conference by the State Council Information Office will discuss the national economic operation, providing insights into the current economic landscape [1]

Group 1 - OPEC is set to release its monthly oil market report, which is crucial for understanding global oil supply and demand dynamics [1] - China will publish the monthly residential price report for 70 major cities, providing insights into the real estate market trends [1] - Key economic indicators from China will be released, including the year-on-year growth of retail sales and industrial output for May, which are important for assessing economic health [1] - The New York Fed's manufacturing index for June will be announced, offering a glimpse into the manufacturing sector's performance in the U.S. [1]

Investment Rating - The report maintains an "Outperform" rating for the industry [5] Core Insights - The report highlights a divergence in performance among e-commerce platforms for personal care products in May, with sanitary napkins on Tmall declining by 18% year-on-year, while Douyin saw a growth of 32% [6] - The report emphasizes the potential recovery in the home furnishing sector due to government policies aimed at boosting consumption, particularly in first-tier cities [6] - The report notes the introduction of new products by companies like Blokus and the launch of the glo Hilo heated tobacco device by British American Tobacco in Japan, indicating innovation and market expansion [6][10] Summary by Sections Home Furnishing - The Ministry of Commerce reported that the "old-for-new" consumption policy has significantly boosted sales, with a total of 1.1 trillion yuan in sales and 175 million subsidies issued by May 31, 2025 [6] - The report suggests that the home furnishing industry is expected to gradually recover as most companies are currently valued at historical lows, recommending leading companies such as Oppein Home, Sophia, and Zhihong Home [6] Paper and Packaging - As of June 13, 2025, the prices for various paper products showed mixed trends, with double glue paper at 5162.5 yuan/ton (unchanged) and corrugated paper at 2543.13 yuan/ton (down 38.12 yuan/ton) [6] - The report recommends companies like Sun Paper and Huawang Technology, which are expected to benefit from improved industry dynamics [6] Light Industry Consumption - The report indicates that personal care e-commerce sales are diverging, with sanitary napkins on Tmall down 18% year-on-year, while Douyin saw a 32% increase [6] - The report highlights the strong performance of domestic brands during the 618 shopping festival, suggesting a favorable outlook for local brands [6] Export Chain - In May, the export value of key light industrial products decreased by 5.4% year-on-year, with ongoing negotiations between China and the US potentially leading to reduced tariffs [6] - The report notes an increase in shipping costs, with the CCFI and SCFI indices rising by 11.2% and 8.1% respectively [6] New Tobacco Products - The glo Hilo device was launched in Japan at a price of approximately $23.44, with a significant improvement in product features compared to previous models [6][10] - The report suggests that the introduction of new heated tobacco products may drive user transition to these innovations [10] Textile and Apparel - The textile and apparel sector showed resilience, with the industry index outperforming the market, indicating a positive trend for brands like HLA and Anta [26][29]