On March 26th, Huatai Securities Research reported that recently, as pan technology assets enter a catalytic gap period, investors have begun to look for sectors with potential to undertake, and some pan consumer industries may be one of the potential destinations for adjusting positions. Firstly, promoting consumption is the policy focus for 2025, with specific measures being introduced one after another and the focus becoming increasingly clear. Secondly, in the short term, high-frequency data and corporate profit expectations indicate that the overall consumer fundamentals are improving in a point by point manner. In the medium term, positive signals such as stable employment, expanded social security expenditures, and bottoming out of housing prices are gradually emerging, and income and consumption tendencies are gradually improving. Thirdly, the valuation cost-effectiveness of some pan consumer products is relatively high, and there is also potential for foreign investment to increase allocation. In terms of specific industries, Huatai Securities has selected directions with resilient fundamentals, high valuation cost-effectiveness, and policy catalysis. It is recommended to pay attention to A-share white goods, aviation, and consumer electronics leaders, while Hong Kong stocks can choose retail, beauty insurance, and automotive.
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