Core Insights - The government work report emphasizes the importance of boosting consumption and expanding domestic demand as a top priority for 2025, highlighting consumption as the "main engine" of economic growth [1] Group 1: Structural Changes in Consumption Market - The consumption market is undergoing a profound structural transformation, with domestic demand being a long-term strategy for economic upgrading [1] - Recent trends show a shift in consumption performance, with inward and growth-oriented consumption sectors becoming more attractive for investment [1] Group 2: New Consumption Trends - The "high-growth consumption new track" initiative reflects macroeconomic and demographic changes, with service consumption increasing significantly as GDP per capita rises [1] - New consumption models are emerging across various fields, with examples like the integration of culture and tourism, and the rise of smart consumption scenarios [1] Group 3: Consumer Behavior and Emotional Value - Consumers are increasingly valuing emotional aspects of consumption, with trends in self-satisfaction and social consumption gaining traction [2] - The complexity of modern consumer needs is evident, with a blend of desires for happiness, health, solitude, and social interaction influencing purchasing decisions [2] Group 4: Investment Opportunities in Traditional Consumption - Traditional consumption sectors are currently undervalued, with many companies increasing dividend payouts, indicating a shift towards quality dividends [2] - The ongoing policies to stimulate domestic demand are opening up valuation recovery opportunities for traditional consumption "white horse" stocks [2] Group 5: Investment Framework for Consumer Goods - The growth of consumer goods companies can be categorized into three stages: product explosion, channel adjustment, and platform phase, providing a systematic methodology for evaluating growth potential [2] Group 6: Future Consumption Investment Landscape - Future consumption investments will require a blend of technological insights and humanistic understanding, focusing on the impact of AI and IoT on consumption scenarios and the emotional value shifts among Generation Z [3]
捕捉情绪价值驱动下的新消费投资机遇——专访中金消费升级基金经理高大亮
Zheng Quan Ri Bao·2025-05-29 16:07