富国基金周文波：消费板块或迎价值重估，把握“新老交替”投资机遇

Core Viewpoint - The consumer sector in A-shares and Hong Kong stocks is showing structural investment opportunities due to low valuations and emerging growth potential, driven by improving income expectations and the re-emergence of wealth effects [1][6]. Group 1: Investment Opportunities - Two types of investment opportunities are highlighted: traditional consumer leaders with stable dividends and low historical valuations, such as liquor and home appliances, which offer a safety margin due to their high ROE characteristics [3][4]. - The "new consumption" sector is also emphasized, focusing on the rise of domestic brands and emerging consumption trends like emotional consumption, cost-effective consumption, and service consumption upgrades [4][6]. Group 2: Market Outlook - The improvement in residents' income expectations and the re-emergence of wealth effects are seen as catalysts for a potential recovery in the consumer sector, with a possible recovery window in the second half of 2025 due to policy support and profit base effects [6][8]. - The active equity investment forum at the 富国论坛 showcased the core competitiveness of 富国基金 in active equity investment, emphasizing a research-driven, bottom-up approach to identify alpha opportunities in the consumer sector and structural opportunities in Hong Kong stocks [6][8]. Group 3: Performance and Strategy - 富国基金 has demonstrated strong long-term performance, with a cumulative return of 953.86% over nearly two decades for its active equity products, positioning itself among the industry leaders [8]. - The company aims to enhance its professional investment capabilities to help investors capture certain opportunities amid global changes, contributing to the high-quality development of China's capital market [8].