基金经理说 | 泉果基金孙伟：关税扰动外需，提振内需重要性凸显

Core Viewpoint - The importance of strengthening domestic circulation and expanding the domestic consumption market has become increasingly prominent in the context of ongoing pressures on external demand due to the "reciprocal tariffs" incident in April 2025, leading to potential new opportunities in the consumer sector [2][6]. Product Operation - As of March 31, 2025, the stock allocation of the "Quanguo Consumption Opportunity" fund is 72.86% of its net asset value, with Hong Kong stocks accounting for 15.83%. The fund has increased its allocation to domestic consumption sectors such as automobiles, beer, and pharmaceuticals, while maintaining previous investments in internet and high-end manufacturing sectors [3]. - The top ten holdings of the fund include Tencent Holdings (5.51%), CATL (3.47%), Midea Group (3.23%), and others, reflecting a diversified investment strategy focused on high-potential sectors [3]. Market Perspective - Economic indicators such as industrial added value, retail sales of consumer goods, fixed asset investment, and manufacturing investment have shown slight acceleration in growth during the first quarter of 2025, indicating a continuation of the recovery trend from the previous quarter [4][5]. - Despite ongoing structural pressures, signs of recovery are emerging, with positive changes in metrics like express delivery orders, travel numbers, and hiring wages, suggesting a potential for more positive data in the future [5]. Impact of Tariff Policies - The recent tariff policies have highlighted the importance of domestic demand, making it essential to enhance internal circulation and expand the domestic consumption market. The introduction of the "Special Action Plan to Boost Consumption" in March 2025 is expected to gradually enhance consumer capacity [6][7]. Future Investment Focus - The company plans to focus on fast-growing and high-prospect emerging consumption sectors, including: - Products and services that enhance emotional value for consumers, such as cultural and creative industries, pet economy, and silver economy [8]. - Integration of technological innovations, with AI and other technologies creating new consumption scenarios [8]. - Products that align with mature consumer perspectives, emphasizing cost-effectiveness and value [8]. - The potential for growth in the overseas consumption sector, as Chinese consumer goods companies leverage their competitive advantages in international markets [8].