Everbright Securities pointed out that the growth rate of social consumption in March 2023 was higher than market expectations. In particular, the year-on-year growth rate of the catering industry and gold and jewelry in that month was relatively impressive, and the retail sales growth rate related to the department store industry also improved quite well month-on-month. The May Day holiday is coming soon. It is recommended to pay attention to the sales data performance of different consumer categories during the May Day period. We still maintain our original views and are optimistic about gold jewelry companies and leading department stores that mainly focus on gold products. The lifestyle service e-commerce platform Meituan will also benefit from a good recovery in the catering industry.
光大证券:社消增速高于市场预期,继续看好黄金珠宝
Everbright Securities: The growth rate of social consumption is higher than market expectations, and continues to be optimistic about gold and jewelry
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