1、 Watchlist the stock on Insights Direct to receive prompt updates ed-JS/sa-CS/AH China consumption-the 5E style Over the next decade,we believe sector winners could be characterised by the 5E framework:Experiential,Emotional,Exclusive,E-proficient&Excellence Accelerated urban growth,Gen Z-driven sub

2、cultures(e.g.,“Guzi”,“Guochao”),government stimuli,demand from the silver economy and a growing affluence group,along with more therapeutic spending amid AI-related job fears could all spark newer and enduring consumption trends We rank 15 sub-segments through our 5E lens,balancing medium-term outlo

3、oks with near-term catalysts to identify our top picks,including Pop Mart,Midea,Mixue,Anta,Luk Fook,Galaxy,CR Beer and YUM China.Demand reshapingDemand reshaping.We believe Chinas consumer evolution over the next decade will be defined by five structural pillars,our 5E framework:ExperientialExperien

4、tial shifts(prioritising activities over ownership),EmotionalEmotional drivers(Guochao nationalism and spiritual wellness),ExclusiveExclusive tastes(personalisation combating mass-market fatigue),E E-proficientproficient behaviours(digital fluency driving live commerce/resale markets),and a focus on

5、 ExcellenceExcellence(premium quality and health efficacy).These interrelated forces could dictate market dynamics through 2035 and beyond.NearNear-term catalyststerm catalysts.We also rank industries by their near-term outlook,spotlighting fast growers and resilient performers.Pop toys and retail b

6、everages lead with stronger expansion and scalable models,while home appliances ride on trade-in subsidies to boost growth.Despite mixed trends in sportswear and luxury,selected leaders remain well-positioned through brand strength and global strategies.Macau gaming gains from tourism;restaurants th