马来西亚消费板块有望在下半年展现持续韧性，丰隆投行分析师指出四大支撑要素：原材料成本趋缓、林吉特汇率走强、劳动力市场稳健及定向财政支持。节日驱动的零售需求、旅游业复苏以及2026财年预算案中潜在的消费激励政策，将进一步提振市场情绪。
尽管7月1日扩大的销售税正式生效，但分析师认为其影响整体可控。基于板块估值吸引力，丰隆维持对该板块"超配"评级，并将
值得关注的是，旅游消费复苏正形成新推力，配合节日周期带来的季节性需求高峰，可能抵消部分政策调整压力。林吉特升值则降低了进口商品成本，为零售企业利润空间提供缓冲。当前消费板块估值已具备足够安全边际，头部企业凭借规模效应有望在成本波动中显现竞争优势。
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