景顺长城张欢：2026年新消费投资或向两端迁徙

Core Viewpoint - The investment in new consumption is expected to shift towards two ends by 2026, focusing on early-stage categories and those with balanced supply and demand [1] Group 1: Early-stage Categories - Investment will target categories with emerging market demand, such as new efficacy health products, oral health products, innovative materials in medical aesthetics, and pet health products [1] Group 2: Balanced Supply and Demand Categories - Investment will also focus on categories where supply is orderly and may clear, including functional beverages, low-sugar health food and drinks, traditional golden products, bulk snacks, and high-end beauty services, particularly those from small and medium enterprises [1] - Preference will be given to single-brand or platform companies with high growth certainty [1]