Citic Securities Construction: We should pay attention to investment opportunities in the consumer sector.

The CITIC Securities research report pointed out that against the background of expanding domestic demand being listed as the top priority for economic work in 2026, with many consumer core assets expected to bottom out and rise, new forms of consumption are emerging, we believe investment opportunities in the consumer sector should be emphasized. For example: industries such as the liquor industry, which may welcome a decade-long cycle bottom, companies that can launch large single products in the trends of health, functionality, and emotional value in consumption, retail/channel transformation benefiting targets, high-end consumption recovery, industries importing raw materials under the appreciation of the RMB exchange rate, and targets related to AI intelligent hardware.