CITIC Securities: Fundamentals are bottoming out, focus on dairy and catering supply sectors.

CITIC Securities pointed out that we believe that the demand for consumer goods in 2026 is expected to gradually reach its lowest point and rebound, with a narrowing decline in prices, but the potential for upward recovery may be limited. With the intensification of industry competition and the weakening of raw material cost advantages, there may be uncertainties in the profitability trends of some sectors. In 2026, it is expected that the fundamentals of consumer goods will reach the bottom and enter a stage of left-side investment. In terms of investment recommendations, we recommend from three dimensions: one is the dimension of reaching the bottom of the fundamentals and the bottom of valuation, the second is the dimension of growth prosperity, and the last one is the dimension of high dividends.