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“新消费宝藏基”恒越匠心的可持续性密码,或已被恒越内需复制
Cai Fu Zai Xian·2025-05-29 09:05

Core Insights - The performance of actively managed equity funds has shown significant divergence in the first half of the year, with a few funds focusing on emerging consumption and innovative pharmaceuticals standing out among those targeting the North Exchange and robotics/AI sectors [1] - The Hengyue Craftsmanship Fund has achieved a net value increase of 53.61% over the past six months, ranking 15th among 4,500 similar funds, while the average return for similar funds was only 3.46% [1] - The fund manager, Song Jialing, has been appointed to manage the Hengyue Domestic Demand Fund, which has mirrored the performance of the Hengyue Craftsmanship Fund since her appointment [2] Fund Performance - The Hengyue Craftsmanship Fund's top ten holdings are concentrated in emerging consumption sectors, including brands like Pop Mart and Laoputang Gold, indicating a focused investment strategy [1] - The Hengyue Domestic Demand Fund has seen a net value increase of 12.76% in the past month, surpassing the Hengyue Craftsmanship Fund's performance [2] Emerging Consumption Trends - The new consumption trend began around 2020-2021, initially focusing on cosmetics and skincare, and is now expanding into other sectors such as personal care, pet products, and health supplements [3] - The stock prices of companies in sectors like trendy toys, gold jewelry, and pet economy have significantly increased, driven by new product launches and enhanced brand influence [3] - There is potential for further earnings upgrades as many companies have yet to fully realize their growth potential [3] Investment Strategy - The investment strategy emphasizes early identification of consumer trends, focusing on emotional consumption and cost-effective alternatives [4][5] - The new consumption sector's stock performance is closely tied to earnings releases, with a low risk of market bubble due to the strong correlation between stock prices and performance data [4] - The target demographic for emerging consumption includes younger generations (post-90s and post-00s), who prioritize emotional value and cost-effectiveness in their purchasing decisions [5] Future Opportunities - The new consumption sector is expected to continue producing new investment opportunities, driven by cultural trends and demographic changes [6] - The Hengyue Craftsmanship and Domestic Demand Funds will adapt their portfolios flexibly, based on ongoing research and market conditions, to capitalize on high-certainty stocks [6]