摩根士丹利发表报告指，2025年第二季中国消费行业需求复苏尚未显现，公司层面销售和利润率趋势分化加剧。大摩预期高增长股将持续保持强劲势头，老铺黄金及泡泡玛特将有潜在盈利上升空间。在成熟品类中，盈利上升更可能来自利润率的改善，该行预期中国中免、康师傅控股及农夫山泉将有潜在上升空间。白酒行业预计表现疲弱，存在下行风险。海底捞、珀莱雅、华利和蒙牛预计盈利下行。行业首选股方面，包括高增长的泡泡玛特、巨子生物；具转势主题的伊利股份、周大福；韧性与回报主题有百胜中国、安踏。
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