Golden Ten Data reported on June 4 that CITIC Securities' investment strategy for the consumer industry in the second half of 2024 believes that since the beginning of 2024, consumption is still weak overall, showing a "watershed" around March, and holiday consumption is better than the off-season on weekdays. Considering the base, and it is expected that the economic recovery in the second half of the year will lead to a rebound in the economy and a rebound in CPI to reduce price pressure, CITIC Securities believes that consumption will pick up. On the investment side, consumption allocation is still critical in the short term due to changes in economic expectations, and the strengthening of the signal and trend establishment of the recovery trend is expected to enhance the market's expectation of a rebound in consumption, thereby driving valuation repair; In the medium term, we will focus on structural trends such as rational consumption, happy life, and technological iteration, as well as incremental opportunities for going overseas and sinking.