新消费板块24Q3总结：板块持续分化，关注细分赛道和行业龙头机会

Investment Rating - The report maintains a "Strong Buy" rating for the industry, indicating a positive outlook for investment opportunities [4]. Core Insights - The consumer sector in Q3 2024 shows a mixed performance, with a fund allocation of 20.05%, reflecting a slight increase of 0.32 percentage points from the previous quarter, yet still at the lower end of historical ranges [13][14]. - The beauty and personal care segment is under pressure, but potential recovery is anticipated due to supportive policies and improving market sentiment [1][2]. - Retail performance is uneven, with specific sectors like IP consumption and bulk snacks showing resilience, while overall profitability is expected to improve as consumer policies take effect [1][2]. Summary by Sections Beauty and Personal Care - The beauty care sector is experiencing weak growth, with significant performance differentiation among companies. Key stocks to watch include Aimeike and Betaini, which are expected to benefit from policy support [1][2]. - The beauty business is facing a slowdown, with a notable decline in revenue growth rates [1][2]. Retail - The retail sector is under pressure, with increasing performance divergence among individual stocks. Recommended companies include Anker Innovations and Chongqing Department Store, which are expected to maintain strong positions in a stable competitive landscape [1][2]. - The jewelry sector is entering a deleveraging phase, while the cross-border e-commerce segment faces intensified competition and rising shipping costs [1][2]. Travel and Hospitality - The hotel and duty-free sectors are experiencing performance challenges, with a focus on price-driven volume growth strategies. Recommended companies include Ctrip Group and Jinjiang Hotels, which are expected to navigate these challenges effectively [2][20]. - The duty-free segment is highlighted for potential rebound opportunities, particularly for leading players like China Duty Free Group [2]. Human Resources - The human resources sector shows strong revenue and performance, particularly in outsourcing and flexible labor services. Recommended companies include Beijing Human Resources and Recruit International, which are expected to maintain robust growth [2][11]. Education - The education sector, particularly the training segment, is performing well, while vocational education and educational technology face revenue pressures. Key players include New Oriental and TAL Education, which are expected to continue their growth trajectories [2][11]. Home Appliances - The home appliance sector shows significant differentiation, with the white goods segment maintaining stable operations despite a slowdown in revenue growth. Companies like Midea Group and Haier Smart Home are recommended for their resilience [2][11].