Huatai Securities: In the consumer sector, we suggest focusing on structural opportunities such as the rise of domestic brands, AI+ consumption, emotional consumption, and undervalued high dividend blue-chip leaders.

According to a research report by Huatai Securities, the National Bureau of Statistics reported that in November, the total social retail sales increased by 1.3% to approximately 4.4 trillion yuan, with a decrease in growth rate by 1.6 percentage points compared to the previous month. This was lower than Wind's consensus expectation, mainly due to the pre-promotion period of "Double 11" sales, as well as the increase in the base effect of consumer goods such as home appliances and furniture. Excluding automobiles, the retail sales of consumer goods increased by 2.5% year-on-year. Looking ahead, with the continued deepening of the consumption revitalization special action and the increase in high-quality supply, domestic consumption is expected to continue a moderate recovery trend. In the consumer sector, it is recommended to pay attention to structural opportunities such as the rise of domestic products, AI+ consumption, emotional consumption, and undervalued high dividend blue-chip leaders.