Zheng Quan Shi Bao Wang·2025-11-28 00:07Group 1 - The core viewpoint is that the real estate cycle, particularly changes in real estate prices, will be crucial in determining the strength and speed of consumer recovery in 2026 [1] - It is anticipated that structural stabilization of housing prices in 2026 will lead to improvements in household balance sheets, thereby enhancing consumer willingness to spend [1] - Potential supply and demand policy stimuli are expected to boost consumer sentiment [1] Group 2 - The essential consumer sector is undergoing structural upgrades domestically and has significant opportunities for expansion abroad [1] - Leading companies in the essential consumer sector have been increasing their dividend payout ratios, providing a triple advantage of dividend yield support, long-term growth potential, and low valuation elasticity in a low-interest-rate environment [1] - Current allocation ratios and valuation percentiles in the essential consumer industry are at historical lows, indicating a high probability of being in a favorable left-side bottom range for investment opportunities [1]