"以旧换新"政策效应持续显现。5月份，"以旧换新"相关商品汽车类、家电类、3C数码类、家居类合计 实现限上零售额672.2亿元，同比增长18.6％，增速较4月份加快6.5个百分点，拉动限上零售额增长7.3个 百分点。 江南时报讯 近日，记者从江苏省统计局获悉，5月份，全省社会消费品零售总额同比增长6.3％，增速较 4月份加快1.3个百分点；1—5月，全省社会消费品零售总额同比增长5.6％，增速较1—4月加快0.1个百 分点。 省统计局贸易外经统计处有关负责人分析，5月份江苏积极抢抓"五一"和"端午"小长假消费风口，"以旧 换新"促消费政策推动商品销售实现平稳增长，"苏超"火爆出圈助力文旅市场热度节节攀升，全省消费 市场总体延续稳步向好态势。 绿色智能型商品保持快速增长。5月份，限上新能源汽车、智能手机、能效等级为1级和2级的商品、智 能家电、可穿戴智能设备类商品同比分别增长47.9％、28.8％、91.3％、79.6％和147.0％，5类合计拉动 限上零售额当月增长7.1个百分点。 其中，智能手机、能效等级为1级和2级的商品、智能家电、可穿戴智能设备类增速，较4月份分别提高 23.1个、30.8个、3.6个和 ...

1—5月国内网上零售额增长8.5% 6月20日，商务部电子商务司负责人表示，据国家统计局数据，1—5月网上零售额同比增长8.5%。品质商品、网络服务消费、新模式新业态成为 新动能，线上线下融合态势深化，重点监测平台数字产品、15类以旧换新家电和数码、网络服务消费、即时零售销售额分别增长10.4%、14%、 13.3%和12%，4月以来平台外贸专区销售额超20亿。 据悉，丝路电商伙伴国升级扩围，与哈萨克斯坦升级、与孟加拉新建双边电商合作机制，伙伴国增至35个。全年40项重点活动协同发力、精准 赋能，在河南、陕西、湖南举办"丝路电商"国际合作对接会、中国-中亚"丝路电商"深化合作圆桌会、非洲好物网购季等12场活动，52国政府、 协会、企业参与，达成100余项合作意向。（商务部官网） ｜点评｜ 5月"国补"叠加"618"活动提前开启，网上零售额增速再提速。家用电器、影像器材、手机等品类零售额领涨，多重优惠叠加下，居民 对耐用消费品的升级换代需求被激活。不过，今年居民新增信贷需求较弱，表明居民在收入前景不明的情况下，更愿意用储蓄进行消费。"国 补"活动短期暂停后，预计很快将重新上线，但补贴范围和力度或将难以进一步扩大 ...

按零售业态分，1—5月份，限额以上零售业单位中便利店、专业店、超市、品牌专卖店和百货店零售额同比分别增长8.5%、6.3%、5.7%、1.8%和1.3%。 1—5月份，全国网上零售额60402亿元，同比增长8.5%。其中，实物商品网上零售额49878亿元，增长6.3%，占社会消费品零售总额的比重为24.5%；在实物 商品网上零售额中，吃类、穿类、用类商品分别增长14.5%、1.2%、6.1%。 5月份，社会消费品零售总额41326亿元，同比增长6.4%。其中，除汽车以外的消费品零售额37316亿元，增长7.0%。1—5月份，社会消费品零售总额203171 亿元，增长5.0%。其中，除汽车以外的消费品零售额184324亿元，增长5.6%。 按经营单位所在地分，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%。 按消费类型分，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 ...

Group 1: Market Sales Growth - In April, the retail sales of consumer goods reached 37,174 billion yuan, with a year-on-year growth of 5.1%, accelerating by 0.5 percentage points compared to the first quarter [3] - From January to April, the total retail sales of consumer goods amounted to 161,845 billion yuan, showing a year-on-year increase of 4.7%, which is 0.1 percentage points faster than the first quarter [3] Group 2: Urban vs Rural Consumption - In April, urban retail sales reached 32,376 billion yuan, growing by 5.2% year-on-year, with an acceleration of 0.7 percentage points compared to the first quarter; rural retail sales were 4,798 billion yuan, with a year-on-year growth of 4.7%, slowing down by 0.2 percentage points [5] - For the period of January to April, urban retail sales totaled 140,433 billion yuan, with a year-on-year increase of 4.7%, while rural retail sales reached 21,412 billion yuan, growing by 4.8%, which is a slowdown of 0.1 percentage points [5] Group 3: Retail Growth in Key Sectors - In April, retail sales of goods amounted to 33,007 billion yuan, with a year-on-year growth of 5.1%, accelerating by 0.5 percentage points compared to the first quarter; among these, retail sales of key enterprises reached 13,762 billion yuan, growing by 6.6%, which is 0.8 percentage points faster than the first quarter [7] - From January to April, retail sales of goods totaled 143,651 billion yuan, with a year-on-year increase of 4.7%, while key enterprises recorded 58,885 billion yuan, growing by 6.0%, which is 0.2 percentage points faster than the first quarter [7] Group 4: Online Retail Performance - In April, online retail sales of physical goods grew by 6.1% year-on-year, with an acceleration of 0.4 percentage points compared to the first quarter; from January to April, online retail sales reached 39,265 billion yuan, growing by 5.8%, which is faster than the first quarter by 0.1 percentage points [9] - Online retail sales accounted for 24.3% of the total retail sales of consumer goods [9] Group 5: Offline Retail Stability - In April, offline retail sales grew by 4.7% year-on-year, with an acceleration of 0.5 percentage points compared to the first quarter; from January to April, offline retail sales increased by 4.3%, which is 0.1 percentage points faster than the first quarter [10] - Among key retail enterprises, convenience stores, specialty stores, supermarkets, department stores, and brand specialty stores saw year-on-year growth of 9.1%, 6.4%, 5.2%, 1.7%, and 1.4% respectively [10] Group 6: Upgraded Product Sales - In April, nearly 90% of product categories in key enterprises saw retail sales growth, with significant increases in jewelry (25.3%), cosmetics (7.2%), and sports and entertainment products (23.3%) [13] - The sales of home appliances, cultural and office supplies, furniture, and building materials grew by 38.8%, 33.5%, 26.9%, and 9.7% respectively, with substantial acceleration compared to the first quarter [13] Group 7: Service Retail Growth - From January to April, service retail sales grew by 5.1% year-on-year, with an acceleration of 0.1 percentage points compared to the first quarter, driven by strong demand in travel and leisure services [14] - Service retail growth outpaced product retail growth by 0.4 percentage points [14] Group 8: Consumer Price Stability - In April, the Consumer Price Index (CPI) decreased by 0.1% year-on-year, consistent with the first quarter; among eight categories, seven saw price increases, while transportation and communication prices fell by 3.9% [18] - The average CPI for January to April showed a decline of 0.1% compared to the same period last year, maintaining the same rate as the first quarter [18]

证券研究报告 | 行业点评报告 2025 年 05 月 19 日 社零数据点评 推荐（维持） 行业规模 | | 占比% | | | --- | --- | --- | | 股票家数（只） | 133 | 2.6 | | 总市值（十亿元） | 1172.3 | 1.4 | | 流通市值（十亿元） | 1076.2 | 1.4 | 行业指数 | % | 1m | 6m | 12m | | --- | --- | --- | --- | | 绝对表现 | 4.1 | 28.9 | 27.5 | | 相对表现 | 10.2 | 31.3 | 21.5 | 资料来源：公司数据、招商证券 相关报告 1、《商贸社服行业周报—京东外卖 上线百亿补贴，京东盒马等企业助力 出口转内销》2025-04-14 4 月社零同比+5.1%，国补品类保持增速领先 消费品/商业 2025 年 4 月社会消费品零售总额为 37174 亿元，当月同比+5.1%；实物商品网 上零售额当月为 9317 亿元，当月同比+6.1%。4 月社零及电商大盘维持相对稳 健增长，国补品类增速保持领先。当前内需有望发力，若刺激消费政策出台消 费互联网龙头将显著受 ...

4月份，社会消费品零售总额37174亿元，同比增长5.1%。其中，除汽车以外的消费品零售额33548亿元，增长5.6%。1—4月份，社会消费品零售总额161845 亿元，增长4.7%。其中，除汽车以外的消费品零售额147005亿元，增长5.2%。 按经营单位所在地分，4月份，城镇消费品零售额32376亿元，同比增长5.2%；乡村消费品零售额4798亿元，增长4.7%。1—4月份，城镇消费品零售额 140433亿元，增长4.7%；乡村消费品零售额21412亿元，增长4.8%。 按消费类型分，4月份，商品零售额33007亿元，同比增长5.1%；餐饮收入4167亿元，增长5.2%。1—4月份，商品零售额143651亿元，增长4.7%；餐饮收入 18194亿元，增长4.8%。 按零售业态分，1—4月份，限额以上零售业单位中便利店、专业店、超市、百货店和品牌专卖店零售额同比分别增长9.1%、6.4%、5.2%、1.7%和1.4%。 1—4月份，全国网上零售额47419亿元，同比增长7.7%。其中，实物商品网上零售额39265亿元，增长5.8%，占社会消费品零售总额的比重为24.3%；在实物 商品网上零售额中，吃类、穿类 ...