智通财经网·2025-12-03 02:14Core Viewpoint - The report from CMB International indicates a slight recovery in consumption in 2025, with moderate growth expected to continue into 2026. The current consumer market is undergoing multi-dimensional changes, primarily shifting towards a consumer-centric approach. The key drivers of current consumption decisions are value for money and emotional value, which provide important directions for companies in product innovation and brand establishment [1]. Group 1: Investment Strategy - The company suggests adopting a balanced strategy focusing on three types of enterprises: - The first category includes companies benefiting from supply-demand improvements and expected to release profit elasticity through efficiency enhancements, such as Shenzhou International (02313), rated "Buy" [1]. - The second category consists of nimble companies that capture consumer trends and possess rapid growth potential, such as Pop Mart (09992) and Miniso (09896), both rated "Buy" [1]. - The third category includes industry leaders with a solid growth foundation, strong competitive advantages, and cyclical resilience, such as Anta Sports (02020) and China Resources Beer (00291), both rated "Buy" [1].