Core Viewpoint - The report from CITIC Securities indicates a differentiated recovery in the service sector consumption by 2025, influenced by macroeconomic factors, wealth effects, competitive dynamics, and policy guidance [1] Demand Side - The expectation of a K-shaped recovery trend remains, with leading brands in the mid-range consumer segment benefiting from a low base effect [1] - The demand for overseas expansion is transitioning from pilot exploration to large-scale replication [1] Supply Side - Normalized supply innovation is expected to enhance emotional value premiums, with policy guidance playing a positive role [1] - AI empowerment is anticipated to improve efficiency and optimize costs [1] Investment Recommendations - Three main investment lines are suggested: 1. Companies in the gaming and ready-to-drink beverage sectors with high demand elasticity during recovery [1] 2. Quality targets in the leisure travel sector [1] 3. Leading companies in cyclical sectors that are stable and have growth potential [1]