湘财证券：把握新消费新机遇 建议关注两条主线

Group 1 - The core viewpoint emphasizes the importance of focusing on innovative opportunities in categories, channels, and consumption scenarios, while also identifying undervalued opportunities in traditional consumption sectors [1] - The report suggests two main investment lines: first, leading companies with stable demand and strong risk resistance; second, companies actively developing new products, channels, and scenarios to capture high-growth markets [1] - The Z generation is becoming the main consumer force, accounting for 40% of consumption despite being less than 20% of the population, indicating significant consumption potential [1][2] Group 2 - New consumption is in a rapid development phase, with emerging categories and channels showing considerable market potential both in China and globally [2] - The characteristics of new consumption include youthfulness and internationalization, with geographical limitations gradually diminishing and a trend towards community and belonging emerging [2] - Investment opportunities in the food and beverage industry are concentrated in three areas: new consumption demands focusing on health, functionality, and personalization; channel transformation with the rise of new retail models; and opportunities arising from youth and internationalization [3]