● 本报记者 胡雨 从中共中央政治局会议明确"持续扩大内需、优化供给"，到日前六部门联合印发旨在进一步释放消费潜 力的政策文件，再到地方出台支持消费的惠民政策，近期与促进消费、提振内需相关的政策密集出台， 在提振居民消费预期的同时，也对大消费板块行情向好提供了政策层面的助力。 临近年底消费旺季，从中央到相关部委再到地方，一系列旨在扩大内需和提振消费的政策红利持续释 放，市场对增量政策的预期也在不断增强：日前工业和信息化部等六部门联合印发《关于增强消费品供 需适配性进一步促进消费的实施方案》，明确到2027年，形成3个万亿级消费领域和10个千亿级消费热 点，并从5方面部署了19项重点任务；商务部副部长盛秋平12月9日表示，"十五五"时期，要把零售业作 为培育完整内需体系、做强国内大循环的关键着力点，推动行业转向品质驱动、服务驱动，实现高质量 发展；新疆乌鲁木齐市推出"雪假畅玩六条"惠民政策，推出多类型文旅产品，并搭配实施多重优惠。 对于提升消费率可能出台的增量政策，广发证券首席经济学家郭磊认为，短期可能包括延续并扩大直接 补贴及消费贷贴息、清理现存消费限制、改善一般物价环境等；中期视角下，加快消费税改革、推动消 ...

近期，与促进消费、提振内需相关的政策密集出台，在提振居民消费预期同时，也给大消费板块行情向 好提供了助力。 业内人士认为，延续并扩大直接补贴及消费贷贴息、改善物价等，有望成为短期内值得期待的扩消费政 策；从投资角度出发，消费行业呈现底部特征，基本面触底修复构成股价"催化剂"，具备规模效应且业 绩弹性突出的连锁餐饮与新茶饮企业、赛事运营与相关服务领域的体育公司、具备稀缺IP价值并能持续 转化粉丝经济的演艺运营商等细分标的值得关注。 政策红利不断释放 在中国银河证券首席经济学家、研究院院长章俊看来，未来经济工作需要促进形成更多由内需主导、消 费拉动、内生增长的经济发展模式，在财政支出方向上，"以旧换新"政策有望延续并更多向服务消费领 域倾斜，2026年推动更多资金资源投资于人、服务民生这一政策导向或会继续强化。 临近年底消费旺季，从中央到相关部委再到地方，一系列旨在扩大内需和提振消费的政策红利持续释 放，市场对增量政策的预期也在不断增强。 两大维度布局消费板块 在继续促进商品消费的同时，服务消费或成为下一步发力的重点。 结合对国内消费结构的分析，万联证券社会服务行业分析师叶柏良认为，服务消费行业预计将迈入快速 增 ...

晨会纪要 核心结论 分析师 【食品饮料】2026 消费行业投资展望：底部，是走出来的 消费行业呈现底部特征，基本面触底修复构成股价催化剂。政策面（24 年 9 月）领先资金面（25 年 Q3），资金面领先基本面，基本面触底修复构成催 化剂。除了基本面积极的信息开始增多，催化剂也包括：越来越多的公司开 始注重分红和回购，竞争理性背景下格局有所改善，白酒等公司开始清理报 表包袱，企业沟通治理更加透明和国际化。 【保险Ⅱ】保险行业 2026 年度策略：风起之时：财富权益大迁徙下的寿险 价值重估 以估值、弹性、股息率作为筛选维度，建议关注存量成本较低、经营稳健的 【中国太保】，股息率高且欠配明显的【中国平安】，业绩优异、股息率具备 竞争力的【中国人寿 H】，估值低、投资改善幅度大的【中国太平】，推荐权 益投资能力强、弹性大且股息率高的【新华保险】。 【医药生物】百奥赛图（2315.HK）深度报告：技术驱动研发创新，致力于 成为全球新药发源地 盈利预测与评级：预计 2025-2027 年公司营收分别为 13.87/18.09/23.06 亿 元，同比增长 41.5%/30.4%/27.4%，归母净利润 1.47/3.3 ...

Investment Rating - The industry investment rating is "Overweight" and has been maintained from the previous rating [4]. Core Insights - The consumer sector is showing signs of bottoming out, with fundamental recovery acting as a catalyst for stock prices. Positive information regarding fundamentals is increasing, and companies are focusing more on dividends and buybacks [1][12]. - The "Redemption+" strategy is recommended as a short-term stable allocation strategy, with a focus on high-quality global assets and marginal recovery in specific sectors like beer and dairy [1][12]. - The report emphasizes the importance of new consumer groups and market segments, particularly the "Z Generation" and "New Middle Class," which are driving long-term structural growth in domestic demand [2][12]. Summary by Sections 1. Fundamental Outlook - The domestic consumer sector is entering a low-growth phase, with opportunities primarily in dividend-type investments and those showing marginal improvements [12]. - The "Z Generation" and "New Middle Class" are identified as key consumer groups with strong payment willingness and consumption characteristics [13][16]. - Retail channel transformations are leading to increased concentration of upstream brands, with new retail brands like "October Rice Field" showing significant growth potential [19][24]. 2. Investment Outlook for Key Sectors in 2026 - Baijiu - Guizhou Moutai's prices are nearing the bottom, indicating a long-term investment value. The current valuation corresponds to a 20x PE for 2025, with a dividend yield exceeding 3.7% [29][33]. - Jinhuijiu is gaining market share within the province, with a focus on product structure improvement and healthy inventory levels [35][39]. 3. Investment Outlook for Key Sectors in 2026 - Consumer Goods - The consumer goods sector has undergone significant cleaning of fundamentals, with no inventory burdens remaining for categories like dairy and beer [40]. - Companies like China Resources Beer and Mengniu Dairy are highlighted for their potential for improvement and growth in earnings [44]. 4. Investment Outlook for Key Sectors in 2026 - White Goods - Haier is noted for its organizational efficiency improvements and market adjustments, positioning it well for future growth [20][21]. 5. Investment Outlook for Key Sectors in 2026 - Technology Consumption - Companies like Anker and Ecovacs are recognized for their innovative platform development and operational resilience, indicating strong growth potential [22][23]. 6. Investment Outlook for Key Sectors in 2026 - Medical Aesthetics - Companies like Juzhi Biotechnology and Jinbo Biotechnology are highlighted for their technological leadership and platform upgrades, driving value reassessment [25][26]. 7. Investment Outlook for Key Sectors in 2026 - Overseas Quality Assets - Companies like Westair and Kingworld are gaining attention from domestic funds due to their strong competitive positions and growth potential in overseas markets [27][28].

Group 1 - The core issue in the "ten thousand funds" era is the overwhelming number of fund products available, which complicates investment decisions for investors [2][17] - As of 2025, the number of public funds in China has surpassed 10,000, exceeding the number of A-share listed companies, leading to increased complexity in investment choices [1][16] - The market features a wide variety of fund types, including 46 different dividend ETFs, which are further categorized into various subtypes, increasing the decision-making challenge for investors [2][17] Group 2 - Professional investors are exploring adaptive fund allocation strategies, such as the "barbell strategy," which balances defensive dividend assets with growth assets to reduce portfolio volatility [3][18] - The future of dividend asset allocation is expected to enter a "dividend+" era, where performance differentiation among dividend assets will require careful selection based on specific industry and company conditions [3][18] - Growth asset allocation is becoming highly specialized, with themes like "Future Has Arrived" focusing on sectors such as AI, robotics, and future energy, providing clear growth direction for investors [3][18][4] Group 3 - The Sina Finance APP has emerged as a leading tool for investors, scoring 9.56 in a professional evaluation, and covering 98% of the market's fund products [6][20] - The APP integrates data from 163 fund companies, allowing investors to access comprehensive fund net value information without switching platforms [7][20] - Features like the "Xina AI Assistant" help investors understand complex data by summarizing lengthy reports and highlighting risk and opportunity points [7][21] Group 4 - The introduction of the "drawdown area" concept, or "pain index," provides a more comprehensive measure of investment experience compared to traditional metrics like maximum drawdown [11][22] - Research indicates that enhanced index funds outperform regular index funds across various metrics, including drawdown area and cumulative returns [11][22] - Combining different styles and market capitalizations of enhanced index products can further reduce portfolio volatility and improve investment experience [11][22] Group 5 - The Sina Finance APP offers a modular workspace with over 200 customizable features, allowing investors to tailor their investment environment [25] - The intelligent investment features, such as automatic adjustment of investment amounts based on market conditions, help investors make more rational decisions [25][21] - The APP also provides real-time news updates and deep research reports, enhancing the decision-making process for investors [25][26]

Group 1 - The article discusses the concept of "dividend low volatility," emphasizing that it is primarily based on dividends with additional features [1][2] - The performance of different dividend low volatility indices, such as the CSI Dividend Low Volatility Index and the S&P Dividend Low Volatility Index, is analyzed, highlighting the importance of industry balance in investment [3][4] - The article suggests that in bear markets, dividends play a crucial role in providing stability, while in bull markets, the focus may shift to other investment opportunities [5][6] Group 2 - The article mentions that the recent high returns of the National Free Cash Flow Index are partly due to valuation increases, indicating a potential shift in market dynamics [7] - It points out that the quality of dividends is only a partial measure of overall dividend performance, suggesting a need for a more comprehensive evaluation [8]