消费产业2025下半年投资策略 - 结构景气强化,仍待全面回暖25H1内需有所回暖,价格端边际修复。我们认为,中国政策端持续发力提振内需的大方向明确。同时在市场加剧波动、不确定性提升背景下,消费在过往几年的回调后,“低预期低估值”+“消费韧性特征下的企稳趋势”预计将提升消费配置的资金偏好。有别于过去大基建时代的投资逻辑,当前消费领域呈现出三条趋势主线:1) 回归理性、品质升级与消费平替并行;2)...
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