中信证券：春节消费分化，消费景气的自身修复预计仍需时间

Group 1 - The core viewpoint of the report indicates that the consumption during the Year of the Horse Spring Festival shows a differentiated performance, generally in line with expectations [1] - Sectors such as hotels, scenic spots, and high-end liquor exhibit better economic conditions, while retail and box office performances are overall average due to the impact of travel diversion [1] - The current macroeconomic environment remains weak, and the self-recovery of consumer sentiment is expected to take time, with short-term consumption opportunities potentially arising from fiscal stimulus policies [1] Group 2 - The report suggests focusing on wealth effect transmission in the equity market and the first operational turning point driven by supply-side optimization in 2026 [1] - Long-term investment strategies should continue to emphasize structural changes within the market [1]