Jing Shun Great Wall Zhang Huan: New consumer investment in 2026 may migrate to both ends.

Zhang Huan, fund manager at Jingdong Great Wall Research Department, pointed out that in 2026, new consumption investments may shift towards the "two ends": first, categories where market demand is just starting and still in the early stages, including health products and oral health products with new functional ingredients, medical aesthetics innovative materials, pet health products, etc.; second, categories where supply release is relatively orderly, and even expected to clear out, with relatively balanced supply and demand, including functional beverages, low-sugar health food and drinks, traditional golden products, as well as snack bulk and high-end beauty services, among them preferred brands or platform-type companies with high growth certainty.