Xin Lang Cai Jing·2025-11-12 00:45Core Viewpoint - The analysis by CITIC Securities indicates that consumer performance tends to improve when the economic fundamentals begin to recover, with the elasticity of earnings determining the sustainability and resilience of the uptrend [1] Group 1: Current Economic Environment - The current macroeconomic environment remains weak, suggesting that the recovery of consumer sentiment will take time [1] - Short-term opportunities in consumption may arise from potential fiscal stimulus policies [1] Group 2: Future Outlook - For 2026, the focus should be on operational turning points driven by wealth effect transmission and supply-side optimization [1] - Long-term investment strategies should emphasize changes in consumer structure, particularly in four key areas: new products/categories (high certainty demand in emotions and health), new technologies (AI+ and biotechnology), new channels (channel transformation under price-performance demand), and new markets (internationalization and market penetration) [1]