China Consumer (H): BofA China Conference: AI vs. everything else

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China Consumer (H): BofA China Conference: AI vs. everything else

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China Consumer (H)

BofA China Conference: AI vs. everything

else

Industry Overview

Waning consumer interests; a bifurcated landscape 19 May 2026

During BofA China Conference in Shenzhen and Consumer Tour in Hangzhou/Qiandao

EquityLake last week, we met >30 China consumer companies and various experts. We

Chinahighlight key investor/expert feedback as follows. 1) Interests in China Consumer have

Consumerwaned. Only two consumer names appeared in the Top 10 requested company list: Busy

Ming (#4) and Li Ning (#6), vs. six in our 2025 China Conference. AI/Tech, Industrials, EV Chen Luo, CFA >>

and Materials dominated, each offering varying degrees of AI exposure. The market Research Analyst Merrill Lynch (Hong Kong)

appears to be bifurcated into two camps: AI vs. everything else. 2) Investors are +852 3508 2009

concerned with non-linear consumer recovery trajectory (especially weakness post CNY chen.luo@bofa.com

across sectors) and rising cost pressures (from 2H26 onwards). 3) As easy comps will LucyResearchYu >>Analyst

kick in soon, the market is anxiously monitoring high-frequency datapoints. 4) “New Merrill Lynch (Singapore)

consumption” was a key market theme in 2025, while 2026 has been marked by a lack of +65lucy.yu@bofa.com6678 0417

clear themes for China Consumer, though snack food discounters still appear to draw Ronald Leung, CFA >>

significant interest. Research Analyst

Merrill Lynch (Hong Kong)

+852 3508 3728

ronald.leung@bofa.comTidbits of different consumer segments

1) Snack food discounters, selected condiment/snacks and dairy companies are among Jack Chen >>

Research Analyst

the few staple categories with solid/improving momentum.