美银:2026中国消费行业展望——基本面承压,但股价具配置价值

信息量有点大
Jan 13

2026 年中国消费行业将延续近四年的下行周期,基本面仍面临就业、消费信心、地产等多重压力,耐用品消费可能在上半年承压,但股价表现或与基本面出现分化。低估值、高股息属性叠加行业结构性机会,使消费板块具备配置吸引力,宏观层面的刺激、地产、股市及 CPI 四大因素将成为关键催化剂。一、行业现状:下行周期持续,基本面仍存压力当前消费下行周期已持续近四年,与1980 年代以来三次下行周期平均四年的时长持平...

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