Zhongjin: Optimistic about the growth opportunities of strong internal comprehensive leading enterprises and high-growth segmented leading enterprises.

CICC pointed out that the recent intensive listing of tea/beverage and catering companies has improved the sector's performance. In the current consumption environment, with no clear turning point, companies with their own growth momentum have outperformed in terms of stock price performance and thus have received relatively high valuation levels. In contrast, the valuation of leading companies that are highly correlated with the macroeconomic cycle remains lower than historical levels. Looking ahead to the second half of 2025, we are optimistic about the growth opportunities for comprehensive leaders with strong internal capabilities and high-growth segment leaders in the service consumption sector, which enjoy their own growth and potential policy support.