Huaxi Securities: It is recommended to focus on high-prosperity growth tracks, as well as the turning point in the service industry prosperity track under the support of policies and technology.

Huaxi Securities research report indicates that looking forward to 2026, it is recommended to focus on the high prosperity growth track and the service industry inflection point track supported by policies and technology. Specifically, it includes: 1. Service consumption responds to new policy and industry demand resonance, which is expected to drive industry inflection points, including duty-free shopping, elderly tourism, child-rearing consumption, etc. 2. The new consumption logic has a long demand chain, and the prosperity level is expected to be maintained. Currently, the industry leaders' valuations are relatively low, with enough flexibility in 2026, including trendy toys, tea drinks, fashionable gold jewelry, health products, etc. 3. Retail format innovation + going global opens up new growth space. 4. AI+ applications are expected to see various developments in 2026, accelerating from themes to commercialization.