Citic Securities: In 2026, it is recommended to focus on the turning point opportunities driven by the transmission of wealth effects and the optimization of the supply side.

Guosen Securities believes that in the review of the performance of the four bull markets in the past 30 years, the performance of consumption is evident. Consumption often performs well when the economic fundamentals begin to improve, and its profitability elasticity determines the sustainability and resilience of its increase. Due to the current macro environment still being weak, the self-repair of consumption prosperity is expected to take time. In the short term, overall consumption beta opportunities can focus on the possibility of fiscal stimulus policies. At the same time, based on current industry observations, it is recommended to focus on wealth effect transmission and operational inflection opportunities driven by supply-side optimization in 2026. Long-term allocation once again emphasizes the importance of changes in consumption structure and long-term layout in four directions: new products/categories, new technologies, new channels, and new markets.