According to a CICC research report, the current resilience of the Chinese economy, especially consumption, continues to be compressed, and residents' marginal consumption tendencies are low. Once factors such as the epidemic and real estate ease and improve expectations, the consumer sector, which was suppressed in the previous period, is expected to rebound and repair.

level of listed companies, China's consumer leaders still have a high quality of growth compared horizontally to the world, and valuation premiums have been fully compressed, and they are still highly attractive. Specifically,

we can focus on the following three main lines: 1) travel service industries affected by the epidemic and with room for future repair, such as restaurants, hotels, tourism, aviation, etc.;

2) policies to strengthen support for real estate chain restoration, such as home appliances, home appliances, etc.;

3) Pharmaceuticals, medical devices, and the Internet, which have relatively sufficient stock price adjustments, need to be clear, and are in an important part of responding to the epidemic.

medium term, all kinds of consumption in China, such as “clothing, food, lodging, travel, well-being, and recreation”, will continue to be further “refined” in the direction of “more comfortable, more convenient, cleaner, more beautiful and healthier”, and still have great investment value.