Group 1 - The core viewpoint is that潮玩 (trendy toys) has evolved from being mere toys for young people to a cross-border cultural symbol, with Bubble Mart being a leading player in the Hong Kong stock market [1] - Bubble Mart's stock price reached a historical high on May 27, with a market capitalization of 300 billion HKD [1] - The Hengyue Fund has recognized the changing consumer trends and has made Bubble Mart its second-largest holding as early as June 2024, later increasing its position to the largest by the end of Q4 2024 [1] Group 2 - The fund manager, Song Jialing, views Bubble Mart as an "IP operation platform" rather than just a toy company, which may be a source of excess returns [1] - The trendy toy consumption sector is experiencing diverse development, with the fund employing a dynamic optimization strategy to track both mature companies like Bubble Mart and emerging firms with growth potential [1] - The fund adjusts its portfolio based on market changes and company fundamentals every quarter [1] Group 3 - Song Jialing argues that categorizing emerging consumption as a single investment track is inaccurate, as different segments like trendy toys, pet economy, and beauty products have distinct business logics and growth drivers [2] - Investment opportunities in emerging consumption are more about individual stock alpha rather than industry beta, with each segment having its unique valuation system and cyclical nature [2] - Public funds' overall allocation to the consumption sector is still significantly below historical highs, indicating market discrepancies in recognizing emerging consumption, which presents investment opportunities [2]
恒越基金宋佳龄详解新兴消费投资密码
Zheng Quan Ri Bao Wang·2025-05-28 13:12