On March 25th, Huatai Securities Research Report pointed out that the implementation of intensive policies has formed a combination of “boosting demand+supply innovation+optimizing the environment”, which is beneficial for consumer confidence and ability repair. We believe that policies such as “trade in” and maternity subsidies, along with the stabilization of the real estate market, have jointly built a foundation for the recovery of residents’ marginal propensity to consume (MPC). The emergence of new high-quality supply has injected upward momentum into MPC, which is expected to drive the transformation of the consumption sector from “stage trend recovery” to “endogenous benign growth” in the next 25 years. According to high-frequency data, the fundamentals of home appliances, experiential new consumption, service consumption and other sectors have continued to recover. We continue to be optimistic about the steady recovery of consumption and structural investment opportunities in the next 25 years, and attach importance to the revaluation of leading values.
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