Offshore marketing feedback: focus on policy/sentiment inflection while fundamental recovery to take time; looking for differentiated stock ideas

研报英文原文证据摘录

Offshore marketing feedback: focus on policy/sentiment inflection while fundamental recovery to take time; looking for differentiated stock ideas

Equity Research

17 July 2026 | 9:46PM HKT

CHINA CONSUMER STAPLES

Offshore marketing feedback: focus on policy/sentiment inflection while

fundamental recovery to take time; looking for differentiated stock

ideas

We met numerous offshore investors during our marketing trip in Singapore and Leaf Liu

+852-3966-4169 | leaf.liu@gs.com

Hong Kong over the past week post our Consumer Staple Preview/Corp Day, Goldman Sachs (Asia) L.L.C.

discussing China consumption, staples subsector pecking orders and key stock Christina Liu

ideas. Investor feedback indicated that the weak 2Q trends were well expected, and +852-2978-6983Goldman Sachs (Asia)| christina.liu@gs.comL.L.C.

expectations have been lowered for 2H26. Both L-T/momentum investors are more Valerie Zhou

agile in terms of adjusting/rotating positions, and are alert for any sector +852-2978-0820Goldman Sachs (Asia)| valerie.zhou@gs.comL.L.C.

rotation/policy direction that may serve as catalysts for sentiment inflection into

3Q26 on staple sectors, despite a general belief that a fundamental recovery will

likely still take time.

Investors are looking for differentiated stock ideas: On the single-stock front,

Mengniu, Busy Ming/Wanchen, Nongfu, Haitian-H, Moutai were still the most

discussed stocks during our marketing trip, while Yihai/Gujing are perceived as

more differentiated stock ideas. Sector preference: Investors generally agree with

our sector preference of Condiments (resilience/share gain) and Dairy (S/D

rebalance), while they still sit on sideline for beer.

n 1) Mengniu is well owned by both value funds/HFs based on our marketing