纺服轻工2025年中期投资策略报告:供给创新 新消费的底色

中信建投证券
14 Jun

核心观点2024 年消费整体景气度偏弱且内部结构分化。我们认为在消费疲软、人口见顶的大环境下,消费的投资机会正从总量走向结构甚至是个股,需求侧要密切关注新的趋势,如新的人群正在成长起来(二次元成长一代等)、消费心理变迁(消费理性化、满足情绪价值等),更为重要的是关注供给侧如何创新来满足这些新需求甚至有时候是供给创造需求。建议围绕以上消费趋势关注具备产品创新、技术创新、品牌创新、供应链创新能力的企业...

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