产品力、品牌力、渠道力是消费品企业的核心竞争要素，消费行业投资关键在于遴选在这三方面具有相对优势的企业。我国宏观经济快速增长和结构转型、消费市场不断深化、城镇化率持续提升，为消费行业提供了良好的发展环境。2012年，我国消费行业整体呈现高速成长态势，可选、升级消费增速快于必需消费，消费品牌化日益明显，渠道变革为居民消费注入新的活力。展望2013年，消费行业投资机会与风险，商贸零售挖掘差异化经营公司，食品饮料关注龙头白酒，纺织服装寻找具有创新因子的品牌，餐饮旅游关注资源优质性和营运体系的效率，化妆品挑选具有渠道和产品优势公司，奢侈品关注高端白酒和黄金珠宝企业。
Product, brand and distribution are the core competences of the companies in consumer goods industry. Those companies who have the comparative advantages in these areas should be the top choice to invest. The fast growing economy, the continuous expanding consumer goods market and the urbanization pace provide a very good environment for consumer goods industry. In 2012, the consumer goods industry saw rapid growth overall. Discretionary consumer goods outperformed necessary counterparts. Consuming branding became prevalent. Distribution evolution brings new energy to household consumption. Looking ahead to 2013, there are tremendous investment opportunities in consumer goods industry. We recommend keeping a close eye on several areas, such as searching differentiating companies in retail, following the top alcohol companies in food and beverage industry, seeking innovating companies in textile, paying attention to natural resources and efficiency in tourism industry, choosing better product and distribution cosmetic companies, and looking for high-end alcohol and gold jewelry companies in luxury industry.
