Core Insights - The new consumption wave is significantly impacting the Z generation's emotional spending habits, leading to a hot performance in the secondary market [1] - Two main driving forces behind the rise of new consumption are the generational shift in consumer demographics and the transformation of consumption concepts [1] Group 1: Market Dynamics - The main consumer group is shifting from the 70s and 80s generations to the Z generation, who prioritize emotional value and personalized experiences in their spending [1] - There is a transition from blindly pursuing brand premiums to prioritizing quality-price ratios, which has directly contributed to the rise of domestic brands [1] Group 2: Characteristics of New Consumption - New consumption focuses on personalized needs of niche markets rather than the mass market [1] - Growth in new consumption is less affected by macroeconomic fluctuations compared to traditional consumption [1] - Traditional consumption emphasizes "stock optimization," while new consumption focuses on "incremental creation," suggesting a potential for independent market performance [1] Group 3: Investment Research Framework - The investment research framework includes micro-observation, logical validation, and value assessment, starting with online data tracking for high-growth products [2] - Identifying common patterns among high-growth products and conducting in-depth research on relevant targets is essential [2] - Channel and grassroots research are conducted to understand consumer perceptions of products, followed by financial analysis including profit forecasts [2] Group 4: Valuation Perspectives - There is a need for a balanced view on the valuation of new consumption companies, as some have seen significant stock price increases while maintaining high growth rates [2] - Conversely, some companies that have recently gone public may experience price fluctuations due to market sentiment, potentially leading to bubble risks [2] Group 5: Risk Management Strategies - The company employs a dual approach to manage portfolio risks by selecting stocks with sustainable performance and adjusting positions based on market risk preferences [2]
景顺长城基金张欢:新消费板块有望走出独立行情
Zheng Quan Ri Bao Wang·2025-05-22 06:14