策略专题：新思考：海外消费转型的宏观与中观映射

Group 1 - The core conclusion of the report indicates that the current consolidation in the consumer sector is a pause rather than an end, drawing parallels from the long transformation processes in the US and Japan [1][10]. - The report identifies a common trend in consumer behavior shifting from family-oriented consumption to individual-focused consumption, with a transition from optional consumption in urban lifestyles to personal spiritual consumption, often accompanied by a decline in GDP growth rates [2][4]. - It is noted that China is currently transitioning from high-speed growth to high-quality growth, with economic indicators resembling the later stages of Japan's third consumption society and the latter half of the US brand consumption phase [4][26]. Group 2 - For essential consumption, the investment strategy is based on a "bottom warehouse" thinking, focusing on undervalued quality growth stocks with high dividend yields, particularly in the food and beverage and textile sectors [5][40]. - The report emphasizes that the essential consumption sector is largely in a mature stage, characterized by stable low growth, and suggests that the investment approach should prioritize low valuation and high ROE [5][40]. - In the optional consumption sector, the report suggests that the configuration strategy should focus on operational improvement indicators from financial reports, aligning investments with macroeconomic data improvements [6][51]. Group 3 - The report highlights that the current consumer data may indicate a fundamental turning point, with macroeconomic data showing positive signals, particularly in the optional consumption sector [6][51]. - It is suggested that the configuration strategy for optional consumption should involve selecting companies with operational improvements based on financial reports and macroeconomic data trends [6][51]. - Specific sectors to focus on include motorcycles and home appliances, with an emphasis on identifying companies that show marginal improvements in ROE and profit growth [6][51].