中金基金高大亮：重点关注情绪消费 传统消费白马股有估值修复空间

Group 1 - The current consumer industry shows two clear trends: more efficient sales channels and products that better meet diverse consumer needs [1] - Focus areas include emotional consumption sectors such as the millet economy, pet economy, and cosmetics [1] - Traditional consumer blue-chip stocks have potential for valuation recovery due to historical low valuation levels after three years of profit and valuation adjustments [2] Group 2 - The strong manufacturing base in China makes it difficult for monopolies to exist in most consumer goods sectors, with competitive advantages stemming from operational and production efficiency [1] - Consumer demand is complex and varied, leading to investment opportunities in areas like dopamine products, health, gaming, anime, social interaction, pets, and IP premium [1] - Recent domestic demand expansion policies have alleviated market pessimism regarding traditional consumer stocks, with many companies exceeding previous negative expectations in high-frequency data [2]