China Consumer Tracker Consumption recovery remains slow

研报英文原文证据摘录

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