茅台走下神坛，“新王”登基！

Group 1 - The core focus of macro policies in recent years has been on stimulating consumption, especially during holidays with significant incentives for purchasing various goods such as phones, cars, and appliances [1][2] - Despite the macroeconomic efforts, there is a perception that consumers are financially constrained, leading to a paradox where the consumption sector index has surged by 27.3% this year [4] - Notable consumer stocks have experienced substantial growth, with some entering bull markets [5][6] Group 2 - The previous consumption bull market featured companies like Moutai, which saw its stock price increase tenfold from 2017 to 2021, coinciding with a booming real estate market [7][8] - Moutai's revenue has continued to rise despite a decline in stock price, indicating a disconnect between market expectations and actual performance [10] - Current market dynamics favor companies that offer extreme cost-effectiveness and target lower-tier markets, exemplified by brands like Mixue Ice City and Wancheng Group [11][12] Group 3 - Mixue Ice City has concentrated 75% of its stores in third-tier cities, while Wancheng Group has over 10,000 stores, both benefiting from reduced costs through supply chain efficiencies [13][14] - Wancheng's stock has increased over tenfold since last July, and Mixue's stock price has more than doubled within three months of its Hong Kong listing [16][17] Group 4 - The second pricing logic for consumer stocks is the emotional value provided by IP-driven consumption, with the pet economy and Pop Mart as key examples [24][25] - The pet market in China is projected to grow at a compound annual growth rate of 13.3%, with the market size surpassing 300 billion yuan last year [25][26] - Pop Mart's stock has surged over tenfold since February 2024, driven by its strong appeal to the Z generation and its ability to resonate emotionally with consumers [34][37] Group 5 - The essence of consumption is identified as the pursuit of happiness, whether through traditional luxury items like Moutai or through more affordable options like Mixue Ice City and emotional purchases like pet products and collectibles [43]