东兴大消费：两会前瞻，多维度提振消费值得期待

Investment Rating - The report maintains a "Positive" investment rating for the large consumption industry [2][29] Core Insights - The upcoming "Two Sessions" are expected to bring policies that will boost consumption, particularly through the "Three-Year Action Plan for Optimizing the Consumption Environment (2025-2027)" [3] - The home furnishing sector is anticipated to benefit from policies supporting product upgrades and subsidies, especially for leading brands [3] - The rise of domestic brands in textiles, apparel, jewelry, and cosmetics is highlighted, with a focus on enhancing the image of "Made in China" and promoting national cultural elements [4] - There is significant growth potential in service consumption, particularly in health, education, and cultural tourism, with an emphasis on improving service quality [5] - The integration of AI in consumption is expected to create new consumer scenarios, enhancing both online and offline retail experiences [15] Summary by Sections Home Furnishing - The report indicates that the home furnishing sector will benefit from policies aimed at product quality and brand enhancement, with a focus on smart home and renovation subsidies [3] Textiles and Apparel - The report emphasizes the trend of national brands gaining market share, driven by improved product quality and the integration of national cultural elements [4] Service Consumption - The report outlines the need for improved service quality across various sectors, including elderly care, childcare, and tourism, which are expected to see increased demand [5] AI and New Consumption - The report discusses the potential of AI to create innovative consumer experiences, particularly in retail and tourism, as technology continues to evolve [15]