5 月美国零售数据环比增速大幅回落，关税对经济负面影响显现，耐用品消费更为疲弱。对等关税生效前，3 月美国消费者抢先大量采购，透支未来的消费需求，导致 4 月和 5 月的消费数据环比增速连续为负，5 月零售环比增速降至-0.9%。分项看，前期抢购较多的汽车（-3.5%）、建材（-2.7%）、家电（-0.6%）等耐用品消费环比增速降幅更为明显，也指向关税扰动下，美国家庭选择减少非必需品的支出。

零售行业：皮肤经济学，解码千亿护肤市场的成分革命与功效争夺战－2025年中国护肤品行业白皮书

Department stores are large retail establishments that offer a wide variety of products organized into different sections or departments under one roof. These typically include categories such as clothing, cosmetics, home goods, electronics, and more. Known for providing a convenient one-stop shopping experience, department stores cater to diverse customer needs and often feature both branded and private-label merchandise.

电商行业：剖析美国关税政策调整对跨境电商物流的影响－跨境电商物流系列研究（三）

电商行业：剖析美国关税政策调整对跨境电商物流的影响－跨境电商物流系列研究

Consumer stationery retailing refers to the sale of stationery products such as notebooks, pens, pencils, paper, planners, art supplies, and office accessories directly to individual customers through physical stores, online platforms, or catalogues.

截至 5 月 19 日收盘，汽车（中信）行业指数上涨 4.21%，跑赢同期沪深 300 指数 1.38pct，在中信 30 个一级行业中排名第 12 名。本月个股涨幅靠前的 5 名分别是成飞集成、襄阳轴承、大地电气、新坐标、万向钱潮。

社会服务及商贸零售行业：新消费持续高景气，强政策推动大机会－2025年中期投资策略-国泰海通

零售行业：4月社零同比+5.1％，政策效应持续显现－4月社零报告专题

必选消费行业：黄酒行业，格局优化，剑指高端－深度研究