This year will focus on expanding the implementation of the two new policies and actively develop the emerging economy, ice and snow economy, and Silver economy. Under the guidance of policies, what transformations will occur in the Consumer Industry? Fund manager Pang Wenjie from Beixin Ruifeng shares the following three points: 1. The old-for-new policy includes more digital products, which have great marginal changes and strong technology attributes, aligning with the direction of technological innovation and new productive forces. Moreover, policies will continue to promote this direction; 2. The consumption structure will shift from Commodity consumption to Service consumption. Consumers were not accustomed to paying for services in the past, but with the recovery of the economy and income, the proportion of service-oriented consumption will increase, including Dining, tourism, and Retirement; 3. Attention should be paid to categories and brands with pricing power, as these categories and brands will benefit over a longer cycle during the Consumer goods upswing. Historically, the segments with continuous price increase capabilities mainly include Air Conditioners, Baijiu(Chinese Liquor), kitchen appliances, and Condiments. These are particularly worth noting for investors during the consumer upswing cycle. Additionally, for snack foods that have weaker pricing power, there is also a process of brand concentration.