评 2025 年中央经济工作会议与《扩大内需是战略之举》：锚定战略基点，激活内需潜能

Investment Rating - The report indicates a positive outlook for the consumption sector in 2026, suggesting investment opportunities in this area [5][7]. Core Insights - The Central Economic Work Conference has prioritized "domestic demand-led growth and building a strong domestic market" as a key focus for 2026, emphasizing the importance of boosting consumption and increasing urban and rural incomes [5][6]. - The article in "Qiushi" magazine highlights that expanding domestic demand is essential for long-term economic health and meeting the needs of the population, with a focus on accelerating domestic demand, particularly consumption [6][7]. - The emphasis on consumption as a core growth driver reflects a strategic approach to leverage China's large market for sustainable growth, indicating continued policy support for consumption [7][8]. Summary by Sections - Domestic Demand Strategy: The report outlines that the strategy to expand domestic demand is crucial for maintaining long-term economic growth and addressing the needs of the population, with a focus on consumption as the main driver [6][7]. - Investment Opportunities: The report identifies three key areas for investment recovery in 2026: 1. Services: Highlighted as a priority area with strong policy support and high demand elasticity, particularly in elderly care, education, healthcare, and culture [8]. 2. Mass Products: Expected to see stable recovery due to bottom stabilization, structural optimization, and improved supply-demand dynamics, with strong demand for food and daily goods [8]. 3. High-end Consumption: Driven by real estate and capital market wealth effects, with structural opportunities in sectors like Chinese baijiu, duty-free, and high-end household appliances [9].