CITIC Securities: Consumer Sector Offers More Contrarian Value Now; Prioritize Cyclical Reversal Plays in the Short Term

36Kr learned that a CITIC Securities research report says that after further adjustments since the start of 2026, pessimistic expectations for the consumer sector have been largely reflected in both prices and positioning. Looking ahead to 2027, we maintain a neutral view on residents' employment, income expectations, and the macroeconomic environment, but the negative drag from real estate on consumer confidence is expected to weaken at the margin, while easing industry competition and rising shareholder returns among leading companies are providing more certain structural support. Outperformance of consumer stocks over the medium term still requires fundamental verification; for now, the sector offers more contrarian allocation value characterized by "weak demand, high odds." The report recommends prioritizing cyclical reversal plays in aquaculture, livestock, and dairy in the short term, gradually increasing exposure to leading baijiu makers whose supply and demand are expected to reach a new equilibrium, and using high-dividend consumer leaders as a value base position. In the second half of the year, attention will turn to allocation opportunities once growth-oriented consumer expectations bottom out. Over the long term, the firm continues to focus on new products/categories, new technologies, new channels, and new markets.