组合配置&中观策略：坚定持有新消费龙头，逐步进行高低切布局

Group 1: Consumer Strategy - The report emphasizes the importance of traditional core assets with improving fundamentals, suggesting a high-low cut strategy as new consumption has established a high valuation system of 30-60X PE, with traditional assets expected to recover in valuation due to liquidity easing and public fund underweighting [1][9] - Companies such as Anta Sports, Yadea Holdings, and Yutong Technology are highlighted as having potential for recovery in their performance starting from Q3 2025 [1][9] - The report recommends holding high-conversion new consumption leaders like Pop Mart and Smoore International, while also embracing traditional companies with new consumption thinking, which may lead to a double boost in valuation and performance [1][9] Group 2: Home Appliances - Online sales data for May shows significant year-on-year growth in major appliances: refrigerators (+3.9%), washing machines (+32.2%), and air conditioners (+46.0%), while offline sales also reflect strong growth [4][14] - The report notes that the U.S. will impose a 50% tariff on steel-containing home appliances starting June 23, which is expected to have a limited impact on exports from China due to the high local production ratio of these appliances [14][16] - The overall outlook for white goods and black goods remains positive, with kitchen appliances stabilizing and vacuum cleaners maintaining high demand [16] Group 3: Light Industry Manufacturing - The new tobacco sector is showing upward momentum, with British American Tobacco's Glo Hilo successfully launched in Japan, indicating a clear growth trend in the HNB industry [4][9] - The home furnishings market is stabilizing at the bottom, with domestic sales remaining weak but potential for recovery in exports [10][11] - The toy industry is experiencing high demand, with significant online sales growth reported for blind boxes and figurines [11] Group 4: Textile and Apparel - The textile and apparel sector continues to show high consumption levels, with optimistic sales during the 618 shopping festival, particularly in new retail formats [12][13] - The report highlights the easing of U.S. tariff concerns, which may lead to increased orders from American brands, boosting domestic manufacturing capacity and employment [12] Group 5: Retail and E-commerce - The report indicates that the retail sector is facing slight pressure, with e-commerce showing signs of stabilization, particularly with AI integration enhancing operational efficiency [17] - Offline retail is undergoing transformation with initiatives like Yonghui's "Craftsman Plan" aimed at improving service quality and profitability [17]