Lates News

CITIC Securities believes that the consumption performance in the four bull markets over the past thirty years shows that consumption often demonstrates its profit elasticity when the economic fundamentals begin to recover, determining the sustainability and resilience of its rise. Due to the current macroeconomic environment still leaning weak, the self-repair of consumption prosperity is expected to take time. In the short term, opportunities in overall consumption beta may focus on the possibility of fiscal stimulus policies. At the same time, based on current industry observations, it is recommended to focus on the turning point opportunities driven by the wealth effect transmission and supply-side optimization in 2026. In the long term, it is emphasized to pay attention to changes in consumption structure and to long-term layout in four directions: new products/categories (emotional and health, two high certainty demands), new technologies (AI+ and biotechnology), new channels (channels revolution under the demand for cost-effectiveness), and new markets (internationalization and sinking).