Zhong Guo Xin Wen Wang·2025-08-06 06:02Group 1 - HSBC Private Banking and Wealth Management holds a positive view on the Chinese stock market, driven by the integration of artificial intelligence into core business operations of large tech companies, which is expected to boost investment confidence [1] - The profitability growth of companies involved in artificial intelligence infrastructure, promoters, and applications is anticipated to significantly increase by 2025 compared to previous years [1] - The continuation of consumer promotion policies in China is expected to further enhance consumer confidence, particularly benefiting the consumer sector [1] Group 2 - The retail sales of home appliances, audio-visual equipment, and furniture have shown strong growth this year, aided by the old-for-new subsidy policy [1] - New consumption trends, represented by tea drinks, trendy toys, light luxury goods, and pets, are rapidly emerging, reshaping the consumption market due to long-term structural changes in Chinese society and demographics [1] - The 'Z generation' (born between 1995-2009) is becoming a core driver of the new consumption wave, contributing 40% to China's total consumption despite representing less than 20% of the population [2] - By 2035, the overall consumption scale of the 'Z generation' is expected to quadruple to 16 trillion RMB, indicating structural growth opportunities in the new consumption sector [2]