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<Research>JPM: Top Picks for Yr of Horse in CN Consumers Include Laopu, Gu Ming, Miniso, Yum China, Pop Mart
Recommend 28 Positive 49 Negative 15 |
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The five major investment themes for China's consumer sector in 2026 are: (1) End-demand remains lukewarm, with upside for policy stimulus; (2) Price deflation and competition accelerate industry consolidation; (3) Young demographics focus on differentiated design, experience, and social value; (4) Overseas expansion offsets domestic growth weakness; (5) Aging population presents challenges and opportunities, JPMorgan's report indicated. JPMorgan's top buy picks are: LAOPU GOLD (06181.HK) (gold price, differentiated design, and expansion potential); Luckin Coffee (LKNCY.US) (consumer-centric vision, market share gain, and digitization); GUMING (01364.HK) (regional diversification, supply chain, and new products); MNSO (09896.HK) (strong products, experience-driven, and store expansion); Yum China (YUMC.US) (strong KFC and Pizza Hut performance and good shareholder returns); and POP MART (09992.HK) (overly pessimistic buyers, rapid growth of non-Labubu IP, attractive valuation). JPMorgan suggested avoiding: BUD APAC (01876.HK) and YANGHE (002304.SZ). AASTOCKS Financial News Website: www.aastocks.com |
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