According to the CITIC Securities Research Report, according to the CITIC-CLSA CRR team's questionnaire survey of 1,600 consumers across the country at the end of November, CITIC Securities believes that: residents' income confidence and expectations have increased; employment sentiment has improved; inflation expectations have stabilized and the decline in food inflation has narrowed; housing price confidence has rebounded; the popularity of gold investment has declined, and A-share investment preferences have risen slightly. Overall beta opportunities for short-term consumption can focus on the possibility of fiscal stimulus policies. Meanwhile, based on current industry observations, the 2026 proposal focuses on business inflection point opportunities driven by wealth effect transmission and supply-side optimization. The long-term configuration once again emphasizes changes in the consumption structure, and long-term layout in the four major directions of new products/categories, new technologies, new channels, and new markets, focusing on sub-industries such as the IP industry chain, pets, beauty and fragrance, tourism, outdoor, health drinks, and AI+.

According to the CITIC Securities Research Report, according to the CITIC-CLSA CRR team's questionnaire survey of 1,600 consumers across the country at the end of November, CITIC Securities believes that: residents' income confidence and expectations have increased; employment sentiment has improved; inflation expectations have stabilized and the decline in food inflation has narrowed; housing price confidence has rebounded; the popularity of gold investment has declined, and A-share investment preferences have risen slightly. Overall beta opportunities for short-term consumption can focus on the possibility of fiscal stimulus policies. Meanwhile, based on current industry observations, the 2026 proposal focuses on business inflection point opportunities driven by wealth effect transmission and supply-side optimization. The long-term configuration once again emphasizes changes in the consumption structure, and long-term layout in the four major directions of new products/categories, new technologies, new channels, and new markets, focusing on sub-industries such as the IP industry chain, pets, beauty and fragrance, tourism, outdoor, health drinks, and AI+.