金吾财讯 | 华泰证券认为消费行业正经历从规模扩张向质量升级的深刻变革。在政策红利推动、技术迭代与消费者偏好及习惯变化等多重因素作用下，行业当下呈现总体高质量增长、内部多级分化等发展态势：1）人：以Z世代、银发族及女性群体为代表的新消费主力群体正推动消费需求向个性化、品质化方向迭代；2）货：国货品牌及体验型消费景气度延续，感官体验成为链接消费者与产品的核心触点；3）场：内容电商正重塑渠道格局，营销加速向去中心化转型，精准化、场景化渠道快速崛起。该机构认为大市值消费龙头有望凭借品牌、IP及渠道优势实现强者恒强，而聚焦细分需求的“小池子里的大鱼”，则有望凭借差异化产品和精准营销在细分领域建立壁垒，实现错位成长。该机构继续看好2025年下半年大消费板块基本面逐步修复与龙头估值重估，重申消费板块的结构性机会及四条新消费投资主线：1）国货崛起下的新消费投资机遇；2）高成长性的情绪消费赛道；3）蓬勃发展的银发经济；4）AI+消费。
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.