从茅台转向泡泡玛特，基金经理换了消费观

Core Viewpoint - The rise of Pop Mart has led to a shift among fund managers from traditional consumer stocks like Kweichow Moutai to new consumption sectors, indicating a growing interest in emerging consumer trends and sectors such as trendy toys, experiential economy, and beauty products [2][12]. Group 1: New Consumption Performance - New consumption equity funds have shown impressive returns, with some achieving over 60% this year [3][11]. - The new consumption index has significantly outperformed traditional consumption indices, with the Huazheng Shanghai-Hong Kong New Consumption Index rising by 15.13% and the Hong Kong Stock Connect consumption index increasing by 23.13% [9]. - Pop Mart's stock price has surged dramatically, reaching a historical high of 248.80 yuan, representing a year-to-date increase of 175.53% [9][10]. Group 2: Fund Manager Shifts - A significant number of funds have begun to increase their holdings in Pop Mart, with 207 funds reported to be heavily invested in the company as of the first quarter of 2025 [13]. - Fund managers are increasingly reallocating from traditional consumer stocks to new consumption stocks, with notable funds like Invesco and Shunwei showing strong returns after investing in new consumption companies [14][15][16]. - The shift is attributed to the slowing growth of traditional consumption and the higher growth potential of new consumption leaders [17][18]. Group 3: Characteristics of New Consumption - New consumption companies are characterized by their adaptability to changing economic environments and consumer behaviors, focusing on emerging demands and innovative business models [4]. - The investment logic for new consumption differs from traditional consumption, with new consumption companies offering higher growth potential but also higher volatility [21][24]. - Fund managers emphasize the importance of sustainable growth and valuation in new consumption sectors, with a focus on sectors like trendy toys, pets, and cosmetics [24].