CITIC Securities: Social Retail Growth Rate Rebounds, Consumption Improvement Expands

36Kr reports that CITIC Securities indicated that China's total social retail sales reached 4.2433 trillion yuan in September 2026, up 1.1% year-on-year, with the growth rate rising by 0.7 percentage points from the previous month. Given that certain consumer sectors currently have low holdings and valuations alongside high dividends and potential policy expectations, there are phased allocation opportunities. The firm recommends focusing on four main lines: agriculture benefiting from a supply-side turnaround, essential consumption in valuation troughs, service consumption with long-term expansion, and new consumption offering long-term structural opportunities.