中国消费行业：实地观察与思考（英文）.pdfVIP

OliviaPetronilho-SpecialistSales-EuropeanConsumerAC(44-20)3493-3709EuropeSpecialistSalesJPMORGAN

olivia.b.petronilho@

J.P.MorganSecuritiesplc29January2026

CHINACONSUMER-Thoughtsfromtheground

OliviaPetronilho

+442071342676

olivia.b.petronilho@

IthoughtworthsharinganemailfromLisaOtani[AsiaConsumerSpecSales]withsomeinterestingsnippetsonthe

ChineseconsumeraswellasthestrengthinlocalSpiritssharestodaypostheadlinesonstrongsalesintotheLunarNewYear

andpositivepricingdynamics.

OntheChineseconsumer,LisaflagsafewpositivetailwindsST,including1)Beijingcouldsetatargetforconsumptionasa%

ofGDPintheMarchFYP;2)Growingexpectationsforpolicysupportinproperty;and3)GoodSeasonality+CNY.

OnBaiju,shearguesstructuralissuesremain,seeinganoveralldeteriorationofbusinessactivityandrelateddemandofBaijiufor

bizentertainmentandthelackofconsumptionfromyoungergeneration.LiquorproductionvolumeinChinahasbeenon

decliningtrendformultipleyears.

Herfullemailisbelowwithmoreinterestingsnippets.Letmeknowincaseyou’dliketobeaddedtoherdistro

Hopethisisuseful!

Best

Olivia

CHINACONSUMER—Istoday’srallysustainable?LatestThoughts

LisaOtani

+85228008871

lisa.otani@

*SALESCOMMENTARY*

GiventheincomingontheChinaConsumersectorstrengthtoday-see3xpointson(1)WhathappenedtoBaijiustockstoday,(2)

WhyIthinkBaijiuisashort-termtradeandnotonetochaseand(3)WhyChinaConsumersectormaybeagoodLONGtradein

1

OliviaPetronilho-SpecialistSales-EuropeanConsumerAC(44-20)3493-3709EuropeSpecialistSales