Zheng Quan Shi Bao Wang·2026-01-13 00:00Core Viewpoint - The report from CITIC Securities indicates a gradual recovery in high-end consumption in China since Q3 2025, driven by the wealth effect from rising stock markets, as evidenced by the performance of international luxury brands and the recovery of high-end shopping malls [1] Group 1: High-End Consumption Recovery - High-end consumption is expected to recover in 2026, with the timing and intensity of recovery varying by category, influenced by factors such as the proportion of VIC (Very Important Customer) clientele, the order of consumption based on wealth increase, the degree of necessity, and supply elasticity [1] - Categories with strong initial demand driven by social status and identity needs are likely to recover first, while those with a higher proportion of VIC clientele and good supply dynamics will show more sustained recovery [1] Group 2: Investment Opportunities - The report suggests that categories with strong social demand and high elasticity will benefit from the ongoing wealth effect, with those featuring more discretionary attributes expected to exhibit greater elasticity [1]