宏观:国内消费韧性较强,结构性呈现弱复苏。2021 年至今居民资产负债表走弱导致消费行业总体承压,量有韧性、价格偏弱;但总体对比美日地产危机阶段、国内消费韧性仍较强,并且实体消费和线上消费增速已趋于同步。我们认为我国消费行业及购物中心行业仍有较大发展空间,主要源于:1)总量方面,随着经济发展、人均GDP 的提升,人均零售额和人均商业面积均有提升空间,并且我国居民资产负债率见顶有望、带动消费复苏;2...
Source Link宏观:国内消费韧性较强,结构性呈现弱复苏。2021 年至今居民资产负债表走弱导致消费行业总体承压,量有韧性、价格偏弱;但总体对比美日地产危机阶段、国内消费韧性仍较强,并且实体消费和线上消费增速已趋于同步。我们认为我国消费行业及购物中心行业仍有较大发展空间,主要源于:1)总量方面,随着经济发展、人均GDP 的提升,人均零售额和人均商业面积均有提升空间,并且我国居民资产负债率见顶有望、带动消费复苏;2...
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