外部扰动下内需重要性凸显把握消费赛道投资新机遇——访泉果消费机遇基金经理孙伟

Core Viewpoint - The importance of domestic demand has become more prominent under external disturbances, highlighting new investment opportunities in the consumption sector [2][5]. Investment Strategy Evolution - The investment strategy has evolved from traditional value investing to a focus on industry prosperity and fundamental analysis, reflecting a deeper understanding of market cycles [3][4]. - The turnover rate has increased, with a greater emphasis on industry conditions rather than solely on undervalued stocks [3]. - A more nuanced understanding of mean reversion has developed, prioritizing industry prosperity before identifying specific investment opportunities [4]. New Consumption Trends - Since 2021, new consumption trends have emerged, enhancing the investability of sectors with strong performance indicators [6]. - Three categories of new consumption investment opportunities are identified: emotional consumption, mature consumption products, and the "going out" consumption sector [6]. International Market Potential - Chinese brands are increasingly entering international markets, demonstrating competitive advantages in various sectors such as milk tea, new energy vehicles, and cultural products [7]. - The "going out" consumption strategy differs from traditional exports, focusing on higher value-added products and showcasing the strength of Chinese brands abroad [7]. Investment Focus Areas - Four key investment directions are highlighted: the internet, emerging consumption sectors (including cultural trends, pets, AI+ consumption, and the silver economy), "going out" consumption, and consumer electronics [8]. - The current portfolio allocation remains cautious, with a stock position of 72.86% of net fund assets, reflecting a stable approach amid economic uncertainties [8]. Market Recovery Signals - Recent economic data indicates signs of recovery, such as increased delivery orders, travel activity, and hiring trends, suggesting potential positive developments in various industries [8].