稳进、向新、再生长，聚焦四大投资主线

Group 1: Market Overview - The consumer market in China has shown a moderate recovery in 2024, with total retail sales reaching CNY 39.9 trillion from January to October, reflecting a year-on-year growth of 3.5%[9] - In October 2024, retail sales totaled CNY 4.54 trillion, up 4.8% year-on-year, indicating improved consumer sentiment due to policy support and holiday promotions[9] - The growth in optional consumption categories, such as home appliances and cosmetics, has been particularly strong, with home appliances growing by 7.8% and cosmetics by 11.5% year-on-year[11] Group 2: Key Investment Themes - Four major investment themes for 2025 are identified: the rise of domestic brands, emotional consumption, new value-for-money products, and overseas consumption expansion[1] - Domestic brands are expected to gain market share in sectors like personal care, home appliances, and pet products, driven by product quality improvements[1] - Emotional consumption is anticipated to grow, with the "self-care economy" and IP-driven products gaining traction[1] Group 3: Sector-Specific Insights - The beauty and medical aesthetics sectors are projected to see increased market share for domestic leaders, with a focus on expanding product lines and brands[1] - The jewelry industry may enter an adjustment phase in 2025, with high-end brands expected to perform well despite overall market pressures from high gold prices[1] - The food and beverage sector is expected to benefit from improved demand dynamics, with restaurant and hotel operations likely to see a recovery in 2025[1] Group 4: Policy and Economic Drivers - Government policies aimed at boosting domestic consumption have been implemented, including subsidies for replacing old appliances, which have already seen CNY 180.4 billion in subsidies utilized by October 2024[24] - The contribution of final consumption expenditure to GDP growth reached 82.5% in 2023, indicating a strong reliance on consumer spending as a growth driver[17]