里昂：列安踏体育(02020)裕元集团(00551)及新秀丽(01910)为消费首选股

智通财经12-01

智通财经APP获悉，里昂发布研报称，展望中国消费板块将聚焦于细分领域的发展机遇，以及高端消费市道受惠于货币政策放松、股市改善及离岸融资增加的复苏进展，预期居民消费情绪与CPI数据将维持温和，预期企业将捕捉细分市场规模化、全球化扩张及高端消费复苏的机会，列出安踏体育(02020)、裕元集团(00551)及新秀丽(01910)三大首选股，其中裕元目标价由16港元升至18港元。

里昂预测明年中国运动服装零售额将同比增长3%至4%，相信大型品牌正优化零售渠道，并加强产品功能创新。该行又预测明年中国化妆品行业预期录得低至中单位数增长。黄金珠宝方面，金价于2025年下半年波动，产品涨价虽抵销增值税成本压力，但该行仍预期零售珠宝商销量或受影响。潮玩板块中，里昂认为泡泡玛特(09992)下一个催化剂或来自于Labubu以外的IP发展。另外，里昂亦建议投资者关注李宁(02331) 、颖通控股(06883)及中国中免(01880)的盈利改善情况。

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