国信证券：需求多元、供给升级 大众品仍将呈现结构性机会

Group 1 - The core viewpoint of Guosen Securities emphasizes the need to explore supply upgrade opportunities in line with new consumption trends, identifying key investment themes for the mass consumer goods sector by 2026 [1] - The report highlights the importance of high-quality price-performance transformation in products and services, including improvements in traditional offline store formats and the introduction of differentiated products that enhance emotional value [1] - It notes the continuous increase in penetration rates of high-demand products, particularly those with health attributes that can sustainably replace similar categories over the long term [1] Group 2 - The analysis of 2025 indicates a relatively weak domestic demand, with the overall industry experiencing a slowdown, as evidenced by a 4.4% year-on-year increase in urban residents' disposable income, which reflects a decline in consumer confidence [2] - The food and beverage sector has shown weak performance, with a 5.3% decline since the beginning of 2025, underperforming the CSI 300 index by 19.4 percentage points, although the soft drink industry maintains a relatively high level of prosperity [2] - The outlook for 2026 suggests structural opportunities remain, with a clear trend towards channel differentiation, specialization, and efficiency, necessitating further adjustments in the channel systems of mass consumer goods companies [3]