[CITIC Securities: The consumer sector currently has more left-side allocation value and the short-term priority layout cycle reverses direction] On November 2, CITIC Securities Research reported that after further adjustments since 2026, the pessimistic expectations of the consumer sector have been fully reflected in prices and allocations. Looking forward to 2027, CITIC Securities maintains a neutral judgment on residents' employment, income expectations and the overall macro environment. However, the negative drag of real estate on consumer confidence is expected to weaken marginally. The easing of industry competition and the improvement of leading shareholder returns are providing more certain structural support. The mid-term outperformance of consumption still needs to be verified by fundamentals, and currently it has the value of left-hand allocation of "weak demand, high odds". It is recommended that the short-term priority be given to the direction of cycle reversal in breeding, animal husbandry, dairy products, etc., and the phased increase in supply and demand is expected to form a new balanced top liquor, and use high-dividend consumer leaders as the bottom position of value; in the second half of the year, focus on allocation opportunities after growth consumption expectations bottom out. In the long term, we will continue to develop new products/categories, new technologies, new channels, and new markets.