汇添富不能接受泡泡玛特下跌

Core Viewpoint - The article discusses the shift in investment focus from traditional liquor stocks like Kweichow Moutai to newer consumer products like Pop Mart's Labubu toys, highlighting the performance of fund manager Hu Xinwei and the challenges faced by his fund management company, Huitianfu [1][4][12]. Group 1: Fund Performance and Strategy - Hu Xinwei's management of the Huitianfu Consumption Industry Mixed Fund saw a significant decline, with the fund's net value dropping from a peak of 9.977 yuan to 4.591 yuan, representing a decline of over 50% [1][4]. - In contrast, Hu's other fund, Huitianfu Consumption Upgrade, achieved approximately 20% returns this year due to a strategic reduction in Moutai holdings and increased investment in Pop Mart [4][5]. - The disparity in performance among Hu's funds has raised concerns about fairness to investors, as some funds have significantly outperformed others [4][5]. Group 2: Company Challenges and Market Position - Huitianfu's overall market position has deteriorated, with its 2024 revenue at 4.828 billion yuan, down 10.12% year-on-year, and a net profit of 1.548 billion yuan, up 9.33% [4][10]. - The company has seen a decline in its ranking within the industry, dropping to 9th place, primarily due to cost-cutting measures and a focus on increasing efficiency [4][10]. - Huitianfu's investment strategy has been criticized for being overly concentrated in specific sectors like consumption and technology, leading to missed opportunities in emerging industries [10][11]. Group 3: Investment Philosophy and Future Outlook - Hu Xinwei's investment philosophy has evolved to emphasize dividend yield and a more balanced asset allocation, moving away from a heavy reliance on consumer stocks [7][8]. - The article suggests that Hu's recent aggressive investment in Pop Mart may represent a high-stakes gamble for his career, as the market dynamics could shift rapidly [12]. - The need for Huitianfu to rebuild its research and investment trust is highlighted as a critical challenge for its survival in the competitive fund management landscape [12].