China Consumer Tracker Consumption recovery remains slow

Research evidence excerpt

China Consumer Tracker Consumption recovery remains slow

19 May 2026

Equity Research Report

China Consumer Tracker EquitiesConsumer

Consumption recovery remains slow China

◆ Retail sales growth in April slowed to 0.2% y-o-y (Bloomberg: Kathy Song* (Reg. No. S1700517120001)

2%) Head of A-share Consumer Research HSBC Qianhai Securities Limited

kathy.l.h.song@hsbcqh.com.cn

◆ Changes to watch: Property prices in tier-1 cities rising m-o-m +86 21 5066 2007

for two consecutive months; high temperatures may boost Darron Xue* (Reg. No. S1700518110002)

Analyst, A-share Food & Beverage and Pulp & Paper

demand for beer/air conditioners HSBC Qianhai Securities Limited

darron.xue@hsbcqh.com.cn

+86 755 8898 3407

◆ Stocks of the month: Yanjing Brewery, Midea (A/H), YUTO

Li Quan* (Reg. No. S1700520030002)

Packaging – all rated Buy Analyst, A-Share Consumer Sector

HSBC Qianhai Securities Limited

li.quan@hsbcqh.com.cn

Lower-than-expected retail sales growth in April. Retail sales growth further +86 755 8898 3471

slowed to 0.2% y-o-y in April (Bloomberg consensus: 2%, 4M26 growth: 1.9%), owing Eric Liu* (Reg. No. S1700525040001)

Analyst, A-share Consumer Research

to high bases of categories benefiting from subsidy policy, such as: household HSBC Qianhai Securities Limited

appliances (-15%), autos (-15%) and furniture (-10%). Gold and jewellery also saw a eric.x.c.liu@hsbcqh.com.cn

+86 21 50662053

21% y-o-y decline as consumers stayed on the sidelines due to gold price adjustments.

Doris Luo* (Reg. No. S1700524120003)

Catering revenue has been outgrowing retail sales of goods y-t-d, up 2.2% y-o-y in Analyst, A-share Consumer Research

April and up 3.8% y-o-y in 4M26. Looking ahead in May, given the high base in the HSBC Qianhai Securities Limited

doris.y.s.luo@hsbcqh.com.cn