Ping An Securities·2025-12-13 08:08Group 1 - The core viewpoint of the report emphasizes that emerging demand is leading the way, while traditional consumption is breaking through. The year 2026, as the start of the 14th Five-Year Plan, is expected to see continued implementation of consumption stimulus policies, effectively releasing residents' consumption willingness and promoting a steady recovery in consumption demand [4][11] - The report suggests that the traditional consumption industry is likely to experience a rebound, while new demands such as "new products, new channels, and new business formats" will continue to drive the rapid development of new consumption [4][11] - The report highlights the importance of the 14th Five-Year Plan, which emphasizes the need to stimulate consumption and enhance domestic demand as a key driver of economic growth [11][12] Group 2 - In the textile and media sectors, new demand is leading to new supply, and new supply is creating new demand. The report recommends focusing on investment opportunities in three segments: outdoor sports, gold jewelry, and cultural and trendy IP in 2026 [4][30] - The outdoor sports segment is identified as a growing trend, with social aspects becoming increasingly important for young consumers. The report notes that outdoor activities such as cycling, hiking, and climbing are gaining popularity [32][33] - The gold jewelry market is expected to see continued growth in consumer spending, with a positive outlook for retail sales in 2026. The report suggests focusing on leading gold jewelry brands [32][33] Group 3 - The social services sector is evolving, with a focus on leading companies that actively respond to changes in consumer demand. The report indicates that tourism and beauty industries are experiencing changes, with a shift towards rational consumption and a focus on value for money [4][30] - The food and beverage sector is expected to stabilize, with signs of recovery emerging. The report notes that the industry is closely tied to macroeconomic conditions and consumer income expectations [4][30] - The agricultural, forestry, animal husbandry, and fishery sectors are experiencing a cyclical upturn, particularly in the pig farming segment, which is expected to stabilize due to policy-driven transformations [4][5] Group 4 - The home appliance industry is characterized by resilience in demand, with policies such as "trade-in for new" supporting consumption. The report suggests looking for structural highlights within the home appliance sector, particularly in high-dividend white goods and rapidly growing new consumption categories [4][5] - The report emphasizes the importance of exploring new consumption trends and adapting to changing consumer preferences, particularly in the context of the ongoing economic recovery [4][5]