商贸零售行业2025年中期投资策略:产品驱动叠加调改创新 新质消费彰显增长韧性

国信证券
Jul 16, 2025

2025年上半年消费回顾:2025年1-5月社会消费品零售总额20.32万亿元,同比+5.0%。整体商品消费延续平稳增长趋势,消费能力和消费信心在多维度政策刺激下有所抬升。分品类看,化妆品1-5月社零同增4.1%,整体仍呈现行业平淡个股强势的特征;黄金珠宝1-5月社零同增12.3%,其中4-5月攀升至20%以上,在去年同期低基数影响上,又受益于金价持续高位以及产品设计力提升,带来保值及悦己双重需求...

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