On March 17th, Huatai Securities Research Report pointed out that on March 16th, the General Office of the Communist Party of China Central Committee and the General Office of the State Council issued the “Special Action Plan to Boost Consumption”, which focuses on eight aspects: increasing the income of urban and rural residents, ensuring consumption capacity, improving the quality and benefits of service consumption, updating and upgrading bulk consumption, and improving consumption quality. Among them, service consumption such as one old and one small/cultural and tourism, bulk consumption such as home appliances/home decoration trade in, and new consumption such as IP+/AI+were highlighted, which is expected to drive the transformation of consumption from “restorative growth” to “endogenous expansion”. I am optimistic about the opportunities for the allocation of large consumer sectors in 2025. Emotional consumption, the rise of domestic products, AI+consumption, and the silver haired economy are expected to become the main lines of structural investment. I continue to be optimistic about the gradual improvement of consumer fundamentals and the reshaping of the valuation of consumer leaders.
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