Guojin Securities: Dividend defense first, focusing on stimulating chains of high new consumption and traditional consumption

Guojin Securities pointed out that the current recommended focus order for the durable consumer industry is: dividend defense > new consumption high prosperity > traditional consumption stimulus chain. Dividend defense comes first: with unclear policy signals from the political bureau meeting, priority should be given to high-dividend defensive stocks. Direction of new consumption high prosperity: consumption upgrading drives new consumption subdivision opportunities, focus on related stocks. Traditional consumption stimulus chain: under the backdrop of increased stable growth policies, focus on traditional consumption that directly benefits from subsidy policies and has low valuations, and focus on finding opportunities with policy catalysis + marginal recovery, such as possible expansion and efficiency improvement of national subsidies, and focus on sectors like bicycles; with increased services consumption, pay attention to tourism, etc.