耐用消费产业行业周报：新消费创造成长主线，结构性牛市曙光已现-20250629

Investment Rating - The report emphasizes a strong hold on high-conviction new consumption leaders, focusing on themes such as emotional consumption, functional value, channel transformation, and brand expansion abroad [2][8] Core Insights - The new consumption sector is expected to see a rise, with a focus on both established leaders and traditional companies adopting new consumption strategies [2][8] - The report suggests that Q3 will present structural opportunities, while Q4 is anticipated to see leading companies reaching new highs [2][8] - The light industry manufacturing sector is highlighted for its growth potential, particularly in new tobacco products and the home goods market [3][16] - The textile and apparel industry is advised to focus on differentiated companies with high growth potential [5][20] - The beauty and personal care sector remains robust, with recommendations for high-value stocks [5][21] - The home appliance sector shows strong performance in sales, particularly during the 618 shopping festival [5][22][23] - The retail sector is experiencing a shift, with online sales stabilizing and offline stores undergoing significant transformations [5][24][25] Summary by Sections New Consumption - Focus on holding high-conviction new consumption leaders and exploring traditional companies with new consumption mindsets [2][8] - Q3 is seen as a period for structural opportunities, while Q4 may bring valuation shifts for leading companies [2][8] Light Industry Manufacturing - New tobacco products are on an upward trend, with significant market expansion expected [3][16] - The home goods market is stabilizing, with a focus on companies showing signs of recovery [3][16] Textile and Apparel - The sector is advised to prioritize companies with unique advantages and high growth potential [5][20] Beauty and Personal Care - The sector remains high in demand, with recommendations for companies showing strong performance and recovery potential [5][21] Home Appliances - The sector has shown excellent sales performance, particularly during promotional events, with a notable increase in production [5][22][23] Retail Sector - The online retail landscape is stabilizing, with significant changes in offline retail strategies [5][24][25]