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汇丰:中国消费_2025 年下半年展望_“旧” 与 “新” 消费是否会继续分化
2025-07-01 00:40

25 June 2025 Equity Research Report China Consumer Equities 2H25 outlook: Will 'old' and 'new' consumption continue to diverge? What's different in 1H25 from our expectations: In our 2025 annual outlook report, we listed three investment themes for the year: (1) policy beneficiaries; (2) market share gains; and (3) an improving industry outlook with higher yield (China Consumer: 2025 outlook: Green shoots to emerge, 22 November 2024). We noted (1) slower- than-expected launch of consumption stimulus policie ...