中国消费行业 _ 2025 年上半年、2025 年第二季度业绩回顾及下半年展望 _ 企业间每股收益修正分歧扩大-China Consumer Sector_ H125_Q225 results review and H2 outlook_ EPS revision divergence among companies widened

We prefer: 1) stocks that benefit from policies stimulating domestic consumption, such as restaurants (Yum China, DPC Dash) and their suppliers such as condiments companies (Yihai), beverage companies (Guming, China Foods, Bairun), and brewers (BUD APAC, Tsingtao, CR Beer); 2) value plays offering decent shareholder returns (WH Group); 3) structural growth opportunities (Pop Mart, China Pet Food, Weilong, Sun Art, Anta, RLX, Arashi Vision); 4) home appliance makers with overseas earnings upside and global e ...