Group 1: Core Insights - The external trade environment is highly uncertain, and traditional domestic consumption is relatively weak, making it difficult to show an overall upward trend [1] - The investment logic suggests a bottom-up approach to select leading companies with differentiated competitive advantages and strong earnings certainty [1] Group 2: New Consumption Sectors - The overall consumption is under pressure, but some sub-sectors show high growth potential; companies are adapting to channel changes and industry opportunities [2] - In the personal care sector, domestic brands are leveraging e-commerce and product upgrades to gain market share, with recommendations for companies like Baiya Co. and Haoyue Care [2] - The AI glasses sector is expected to see accelerated product launches by 2025, with Mingyue Lens recommended for its unique advantages [2] - The emotional consumption sector is gaining traction, with recommendations for companies like Chenguang Co. that are investing in IP resources [2] Group 3: Traditional Consumption Sectors - The home and paper industries face pressure from the overall consumption environment; investment points include the ability of quality stocks to leverage policy support and operational advantages [4] - In the home sector, the expansion of subsidy categories and amounts in 2025 presents opportunities for leading companies like Oppein and Sophia [4] - The paper industry is closely tied to economic cycles, with recommendations for Sun Paper due to its cost control capabilities and upcoming production [4] Group 4: Export Sector - Due to high uncertainty regarding tariffs, companies with established overseas production capabilities are at an advantage; some export sectors are highly dependent on U.S. and Vietnamese production [5] - Companies with lower exposure to U.S. exports are considered safer, while certain sub-sectors still show high growth potential due to rigid demand and changing consumption habits [5] - Recommended companies in the export sector include Jiayi Co., Gongchuang Turf, and Deou Technology [5]

Group 1 - The core viewpoint of the articles highlights the rise of emotional consumption among young consumers, driven by the need for stress relief and emotional connection in a fast-paced society [1][2] - The global healing economy is projected to reach $7 trillion by 2025, with China's emotional consumption market expected to exceed 2 trillion yuan, indicating a shift of emotional economy from the margins to the mainstream [1] - The development of technology supports the rise of emotional economy, with products like AI companionship and specially designed plants catering to consumers' emotional needs [1] Group 2 - Despite rapid growth, the emotional economy faces challenges such as poor product quality and privacy concerns, with reports of substandard products causing health issues [2] - Industry experts emphasize the need for high-quality products and strict regulatory measures to ensure the healthy development of the emotional economy, which is crucial for protecting consumer rights and achieving sustainable market value [2] - The emotional economy reflects the diversification and layering of consumer demands, creating new business opportunities and emphasizing the importance of emotional value in a material-rich era [2]