中国消费策略：换挡提速，释放更强动力-ChinaHong Kong Consumer Strategy-Switching Gears for Better Horsepower

February 12, 2026 09:00 PM GMT China/Hong Kong Consumer Strategy | Asia Pacific The consumer sector entered 2026 with a mixed setup following three consecutive years of underperformance. With headline consumption likely to stay soft, we see no immediate catalyst for a broad-based turnaround. Flexible strategy shifting among different sub-categories remains critical. Key Takeaways Macro has not turned; incremental changes matter more for consumer space: We think policy could remain reactive than decisive on ...