新消费2026年度策略报告：星河长明，向阳而生-20251211

Group 1: Core Insights - The report highlights a shift in China's stock pricing logic, emphasizing three core trends: China's proactive position in US-China trade, stabilization in the real estate market, and the emergence of new technologies and industries creating structural growth opportunities [2][15]. - Key investment directions include structural growth in new consumption trends, enhanced global resource allocation capabilities, long-term advantages of high dividend strategies, and undervalued consumer blue-chip stocks [2][15]. Group 2: New Consumption Trends - The personal care and pet food sectors are experiencing a dual growth trend, with strong brand loyalty and significant single product effects, while the baby care market is diversifying with a focus on quality and price [3][26]. - The gold and jewelry market is expected to maintain a favorable outlook in 2026, driven by the value retention of gold jewelry and the concentration of market share among leading brands [3][26]. - The collectible toy market is expanding, with leading companies transitioning from single product-driven models to integrated IP and ecosystem strategies [3][26]. - The new tobacco sector is witnessing stricter regulations, but the heat-not-burn (HNB) market penetration is accelerating, with key players like Smoore International positioned for growth [3][26]. - The smart glasses market is projected to grow significantly, with global sales expected to reach 18 million units by 2026, driven by advancements in comfort, aesthetics, and AI interaction [3][26]. - The electric two-wheeler market is optimizing its structure due to new regulations, with leading companies expected to enhance their market share [3][26]. Group 3: Cyclical Trends - The home furnishings sector is anticipated to remain in an adjustment phase through 2025, with a potential stabilization in 2027, driven by demand for soft and smart home products [5][6]. - The paper industry is expected to see a gradual recovery in demand, supported by limited new pulp capacity and a potential increase in pulp prices [5][6]. - The metal packaging industry is experiencing increased concentration, with expectations of slight price increases in 2026 as the industry shifts from market share to profitability [5][6]. Group 4: Export Dynamics - The report notes a reshaping of supply dynamics, with improved order visibility for companies following the US interest rate cuts and easing trade tensions [6][15]. - Leading companies with localized overseas bases are expected to enhance their global market share, with brands like TaoTao and ZhiOu demonstrating resilience in international markets [6][15]. Group 5: Textile and Apparel Insights - The outdoor apparel market is projected to grow significantly, with a CAGR of 9.6% from 2025 to 2029, driven by product innovation [7][26]. - The men's clothing and home textile sectors are showing resilience, with leading brands benefiting from high dividend characteristics and online sales growth [7][26]. - The textile manufacturing sector is optimistic about external demand, with healthy order books and a continued shift of production capacity to countries like Indonesia [7][26].