【华西可选消费】2026年度投资策略：服务消费+新消费有望比翼齐飞

正视可选消费&海外研究01-05

核心观点：► 26年行业展望：（1）情绪消费高景气度延续。Z世代消费群体，商品消费逐步过渡到商品+情绪消费并重需求，消费者买单意愿强，情绪消费有望迎来持续高景气发展阶段；（2）服务型消费成为重要的促内需抓手。政策端持续强调服务消费潜力，包括养老、育儿、旅游、离岛免税等，25年政策端正持续发力，目前效果正逐步显现（例如离岛免税迎来强势增长），26年迎来结构性增长亮点；（3）AI应用商业化加速发展。...

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