国泰海通证券研究·2025-11-05 23:06Core Insights - The article discusses the rise of "emotional consumption" and its implications for various sectors, highlighting the ongoing trends in consumer behavior and market dynamics [1][3]. Group 1: Consumer Trends - The retail and service sectors are expected to experience high growth due to sustained consumer demand and the emergence of new consumption patterns [3]. - The aviation industry is anticipated to benefit from a demographic dividend, leading to a potential super cycle in demand [3]. - The express delivery sector is witnessing rapid growth in volume, indicating a recovery in profitability as competition stabilizes [3]. - The pet industry is capitalizing on the emotional value associated with pets, particularly among the younger generation [3]. Group 2: REITs and Investment Strategies - The article outlines the annual strategy for REITs, emphasizing the outlook for the Chinese REITs market and the rise of private REITs [4]. - A roundtable discussion is planned to explore the future of the secondary market for REITs, involving various industry experts [4]. - The article also covers asset allocation strategies for 2026, including insights on gold and equity investments [4]. Group 3: Macroeconomic Perspectives - The article features discussions on macroeconomic changes and their impact on long-term asset allocation strategies [10]. - Insights into the geopolitical landscape and its implications for investment strategies are provided, particularly regarding China’s outbound investments [14]. - The article highlights the challenges and opportunities for Chinese enterprises in international markets, especially in the context of changing global dynamics [14].