12月投资展望：蓄势而跃

Summary of Company and Industry Insights Industry Overview Consumer Market - The consumer market fundamentals have bottomed out, with expectations for low growth in 2026. The improvement in CPI will be crucial for this growth [2][4] - In December, the consumer market is expected to show a low-speed growth trend, with October CPI data exceeding expectations, particularly in the service sector [2] Growth and Defensive Strategies - Growth stocks have seen accelerated declines, reflecting a shift in investor sentiment away from these companies, which is not necessarily linked to their fundamentals. Defensive strategies are favored in the short term, but well-adjusted growth stocks may become preferred choices in 2026 [5] Sector-Specific Insights Alcohol Industry - Notable companies in the alcohol sector, such as Gujing Gongjiu, Shanxi Fenjiu, and Luzhou Laojiao, are recommended for their growth potential in 2026 [5] Cosmetics Industry - The cosmetics sector is expected to perform slightly worse in 2026 compared to this year, but leading companies like Ru Yichen, Mao Ge Ping, and Shangmei are anticipated to have optimistic growth prospects. Companies that have seen significant declines, such as Dengkang Oral, Runmen Co., and Proya, are also worth monitoring [6] Travel and Tourism - The travel sector is projected to have a positive outlook, benefiting from reforms in holiday policies. Companies like Ctrip, Tongcheng, Atour, Huazhu, Jinjiang, and Shou Trip, as well as scenic spots like Emei Mountain, Changbai Mountain, and the Three Gorges, are recommended [7] Gold and Jewelry - The gold and jewelry industry remains price-driven, with sales under pressure. Companies with strong pricing power or direct sales models are recommended, including Lao Feng Xiang, Jin Cai Bai, and Hong Kong's Luk Fook and Chow Tai Fook [8] New Consumption Trends - The new consumption sector is thriving, with a focus on trendy toys, emerging national tide jewelry, and related e-commerce companies like Pop Mart, Jimu Technology, and Miniso [9] Home Appliances - The home appliance sector shows signs of bottoming out, with a significant production decline in December attributed to high year-on-year comparisons. Midea is highlighted for its stable market share and good dividend expectations, while Anfu Technology is noted for its potential revenue growth from power bank sales [10] Two-Wheeled Vehicles and Clean Appliances - The two-wheeled vehicle industry is set to face new national standards, with Company 9 being a focal point for adjustments. The clean appliance sector is also seeing improvements in valuation and growth potential, with attention on companies like Roborock and Ecovacs [11] Light Industry - The light industry is trending positively, particularly in the paper sector, with price increases for cultural paper expected to stimulate further growth. Companies like Guohui, Sun Paper, and Zhiye are recommended [12] Apparel Industry - The apparel sector in North America is recovering from low inventory levels, with high-end brands performing well. Recommendations include companies in the foreign trade sector like Shenzhou International and Huazhi Group, as well as domestic brands like Jiangnan Buyi and Bosideng [13] Agriculture - In the agriculture sector, rising corn prices benefit seed companies, while companies like Petty Holdings with overseas factories are positioned well. In pig farming, companies like Muyuan Foods and Tiankang Biological are expected to perform well due to capacity reduction expectations and winter epidemic risks [14]