According to the CITIC Securities Research Report, after further adjustments since 2026, pessimistic expectations in the consumer sector have been more fully reflected in prices and allocations. Looking ahead to 2027, we maintain a neutral judgment on residents' employment, income expectations, and the overall macroeconomic environment, but real estate's negative drag on consumer confidence is expected to weaken marginally, and easing industry competition and increasing returns to leading shareholders are providing more definite structural support. Success in consumption in the medium term still requires fundamental verification. Currently, it is more valuable to prepare for “weak demand and high odds” on the left side. It is recommended to prioritize the short-term reversal direction of aquaculture, animal husbandry, dairy products, etc., and gradually increase supply and demand to form a new balance of leading liquor, and use high-dividend consumer leaders as a value base; in the second half of the year, focus on allocation opportunities after growth consumption expectations have bottomed out. Continue to follow new products/categories, new technologies, new channels, and new market layouts for a long time.

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