Huatai Securities said it continues to be optimistic about the gradual improvement of fundamentals and leading valuations in the consumer sector in 2025, reaffirming the four main structural investment lines of the consumer sector and maintaining the same leading consumer targets as previously reported: New consumer investment opportunities for the rise of domestic goods: Driven by cultural confidence and supply chain upgrades, leading brands in the fields of beauty and personal care, Guochao apparel, etc. are achieving market share breakthroughs through product innovation and omni-channel layout; High-growth emotional consumer circuit: trendy IP economy, pet economy, immersive services, etc. revolve around the emotional needs of Gen Z Scenario-based consumption model structure Building a booming market of 100 billion dollars; a booming economy: As aging deepens, smart appliances and geriatric education tourism, etc., it will usher in a golden period of development in policy support and conceptual iteration; technology empowering opportunities for AI+ consumption, technology is reshaping the consumer industry's warehouse logic, and related computing power services, solutions, and pioneering consumer leaders have the potential to grow.

Huatai Securities said it continues to be optimistic about the gradual improvement of fundamentals and leading valuations in the consumer sector in 2025, reaffirming the four main structural investment lines of the consumer sector and maintaining the same leading consumer targets as previously reported: New consumer investment opportunities for the rise of domestic goods: Driven by cultural confidence and supply chain upgrades, leading brands in the fields of beauty and personal care, Guochao apparel, etc. are achieving market share breakthroughs through product innovation and omni-channel layout; High-growth emotional consumer circuit: trendy IP economy, pet economy, immersive services, etc. revolve around the emotional needs of Gen Z Scenario-based consumption model structure Building a booming market of 100 billion dollars; a booming economy: As aging deepens, smart appliances and geriatric education tourism, etc., it will usher in a golden period of development in policy support and conceptual iteration; technology empowering opportunities for AI+ consumption, technology is reshaping the consumer industry's warehouse logic, and related computing power services, solutions, and pioneering consumer leaders have the potential to grow.