Key Takeaways:
- Citi recommends 10 large-cap Chinese consumer stocks after consumption plan
- Top picks include ANTA SPORTS, MIDEA GROUP and Atour Lifestyle Holdings
- China targets RMB60 trillion in retail sales by 2030 under new blueprint
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Citi names 10 consumer stocks after China's RMB60 trillion plan
Citi Research recommended 10 Chinese consumer stocks, saying China's first consumption-focused five-year plan will improve sentiment.
"Consumption needs to play a more prominent role as a driver of growth as China pursues high-quality development," Zhou Mi, a senior researcher at the Chinese Academy of International Trade and Economic Cooperation, said.
The State Council approved the 15th Five-Year Plan to Boost Consumption, targeting total retail sales of consumer goods to reach around RMB60 trillion ($8.85 trillion) by 2030. China's retail sales hit 50.1 trillion yuan in 2025, crossing the 50-trillion-yuan mark for the first time, data from the National Bureau of Statistics showed.
The plan marks a strategic shift toward making household spending a stronger engine of economic growth as China seeks to build a more resilient, demand-driven economy by 2030. Citi's top picks are ANTA SPORTS, MIDEA GROUP and Atour Lifestyle Holdings, with the full list including LI NING, CHOW TAI FOOK, MENGNIU DAIRY, HAIDILAO, TSINGTAO BREW, BOSIDENG, CHINA RES BEER and WH GROUP.
The blueprint calls for expanding services consumption in areas such as elderly care, childcare, healthcare, culture, tourism, sports and education. It also outlines measures to nurture new growth drivers by accelerating digital, green, experiential and inbound consumption.
Citi said the policy direction could drive institutional capital rotation into the Chinese consumer discretionary sector during recent sector rotation by investors. The broker's favored stocks span sportswear, home appliances, jewelry, dairy, restaurant and beverage sectors, offering broad exposure to China's domestic consumption recovery.
The plan places strong emphasis on enhancing household spending power through high-quality employment, steady income growth and a stronger social security system. Stronger fiscal and financial support is needed, including broader measures that directly benefit consumers and increased government spending on social welfare, according to the plan.
The recommendation suggests institutional investors see China's consumption sector as a beneficiary of policy support. Investors will watch for follow-up measures from the NDRC and Ministry of Commerce that could provide further triggers for the sector.
This article is for informational purposes only and does not constitute investment advice.
[1] ＜Research＞Citi Expects Improved Sentiment for CN Consumer Stocks, Recommends 10 Large Consumer Stocks[2] Blueprint to boost consumption unveiled[3] China aims to spur consumption in first five-year blueprint[4] State Council approves China's first dedicated 5-year plan to boost consumption[5] China's Ambitious Plan for Boosting 60 Trillion Yuan in Retail Sales by 2030
