消费行业十五五系列报告：畅想十五五，生活文娱软消费全球崭露头角-银河证券

Group 1 - The report by Galaxy Securities focuses on the development of the consumption industry during the "14th Five-Year Plan" period, highlighting the global competitiveness of the soft consumption sector in lifestyle and entertainment [1][2] - In the global retail landscape, leading companies are primarily from the US, Europe, and Japan, with Walmart topping the list at $676 billion in revenue and 10,692 stores by 2025 [1][2] - Chinese retail brands are rapidly expanding, with notable examples including Mixue Ice City with over 41,000 stores and Luckin Coffee with over 21,000 stores, indicating strong market penetration of local brands [1][2] Group 2 - The soft consumption sector, particularly in entertainment, has shown significant international expansion, with Chinese productions like "Ne Zha" being featured on platforms like Netflix and Disney+ [2][11] - The domestic consumption-related sectors have experienced varied performance since 2025, with indices like the CSI 300 and Hang Seng showing different trends in non-essential and essential consumption [2][11] - Valuation disparities exist across different consumption segments, with sectors like food and beverage, home appliances, and social services showing fluctuations around industry averages [2][11] Group 3 - The report anticipates continued growth in the lifestyle and entertainment soft consumption sector during the "14th Five-Year Plan," driven by domestic consumption upgrades and globalization efforts [2][11] - Digitalization and localized operations are identified as key strategies for enhancing competitiveness among domestic brands in the global market [2][11] - The report emphasizes the importance of cultural exports in enhancing China's cultural influence globally, with policies supporting the internationalization of cultural products and services [31][32]