--- title: "\"Big Banks\" JP Morgan: The top picks for consumer stocks in the Year of the Horse are LAOPU GOLD, GUMING, MNSO, YUM China, and POP MART" type: "News" locale: "en" url: "https://longbridge.com/en/news/272932740.md" description: "JP Morgan's report points out that the five major investment themes in China's consumer sector for 2026 include moderate end demand, price deflation, differentiated demand from younger demographics, overseas expansion, and the challenges and opportunities of an aging population. It is expected that between 2025 and 2030, fields such as intellectual property, beverages, and fast-food restaurants will achieve significant sales growth. The investment targets recommended by Morgan include LAOPU GOLD, Luckin Coffee, GUMING, Miniso, YUM China, and POP MART, while advising to avoid Budweiser APAC and Yanghe Distillery" datetime: "2026-01-19T04:19:21.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/272932740.md) - [en](https://longbridge.com/en/news/272932740.md) - [zh-HK](https://longbridge.com/zh-HK/news/272932740.md) --- # "Big Banks" JP Morgan: The top picks for consumer stocks in the Year of the Horse are LAOPU GOLD, GUMING, MNSO, YUM China, and POP MART JP Morgan's report indicates that the five major investment themes for China's consumer sector in 2026 are: (1) terminal demand remains moderate, with upward space for stimulus policies; (2) price deflation and competition accelerate industry consolidation; (3) younger demographics focus on differentiated design, experience, and social value; (4) overseas expansion to offset domestic growth weakness; (5) population aging brings challenges and opportunities. Regarding the compound annual growth rate of sector sales from 2025 to 2030, JP Morgan believes that intellectual property, beverages, fast food restaurants, sportswear, and small home appliances will lead the way, while large home appliances, dairy products and infant formula, textiles, clothing, and liquor will be at the bottom. JP Morgan's preferred buy targets are: LAOPU GOLD (06181.HK) (gold prices, differentiated design, and expansion potential), Luckin Coffee (LKNCY.US) (consumer-centric vision, market share increase, and digitalization), GUMING (01364.HK) (regional diversification, supply chain, and new products), Miniso (09896.HK) (strong products, experience-driven, and store expansion), YUM China (YUMC.US) (strong performance of KFC and Pizza Hut and good shareholder returns), and POP MART (09992.HK) (buyers overly pessimistic, rapid growth of non-Labubu IP, attractive valuation). JP Morgan recommends avoiding the following targets: Budweiser APAC (01876.HK) and Yanghe Brewery (002304.SZ) ### Related Stocks - [09992.HK](https://longbridge.com/en/quote/09992.HK.md) - [MNSO.US](https://longbridge.com/en/quote/MNSO.US.md) - [09896.HK](https://longbridge.com/en/quote/09896.HK.md) - [06181.HK](https://longbridge.com/en/quote/06181.HK.md) - [YUMC.US](https://longbridge.com/en/quote/YUMC.US.md) - [09987.HK](https://longbridge.com/en/quote/09987.HK.md) - [01364.HK](https://longbridge.com/en/quote/01364.HK.md) ## Related News & Research - [Pop Mart (SEHK:9992) Stock Valuation After Global Expansion Push Beyond Labubu Collaborations](https://longbridge.com/en/news/289605367.md) - [Pop Mart Defends Overseas Growth After $28 Billion Market Value Wipeout](https://longbridge.com/en/news/289369671.md) - [POP MART’s LABUBU makes a surprise appearance at the 2026 FIFA World Cup opening ceremony](https://longbridge.com/en/news/289540628.md) - [Pop Mart Shares Rise as Company Unveils Overseas Expansion Plans](https://longbridge.com/en/news/288023611.md) - [China's Pop Mart warns of 2026 profit margin pressure from higher costs](https://longbridge.com/en/news/286185719.md)