谁最不想让泡泡玛特下跌？

Core Viewpoint - The article discusses the shift in investment focus from traditional liquor stocks like Kweichow Moutai to trendy collectibles like Pop Mart's Labubu toys, highlighting the performance of fund manager Hu Xinwei and the challenges faced by his fund management company, Huatai Fund [1][4][14]. Group 1: Fund Performance and Strategy - Hu Xinwei's management of the Huatai 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]. - In contrast, Hu Xinwei's other fund, Huatai Consumption Upgrade, achieved a return of approximately 20% this year due to a strategic reduction in Moutai holdings and increased investment in Pop Mart [4]. - The performance disparity among Hu Xinwei's funds has raised concerns about fairness towards investors, as some funds have significantly outperformed others [4][8]. Group 2: Company Challenges and Market Position - Huatai Fund has seen a decline in its industry ranking, dropping to 9th place with a revenue of 4.828 billion yuan, down 10.12% year-on-year, while net profit increased by 9.33% to 1.548 billion yuan [5]. - The company has struggled with a lack of balance in its product offerings, overly focusing on active investment strategies while neglecting passive products, which has limited its market competitiveness [12]. - Huatai's late entry into the index fund market has resulted in a loss of competitive advantage, as passive index fund assets surpassed active equity fund assets for the first time [12]. Group 3: Investment Philosophy and Future Outlook - Hu Xinwei's investment philosophy has evolved to emphasize dividend yield and a more diversified sector allocation, moving away from a heavy reliance on consumer staples [8]. - The article suggests that Hu Xinwei's aggressive investment in Pop Mart may represent a high-stakes gamble for his career, while Huatai Fund faces a critical need to rebuild its research and investment trust [14]. - The article categorizes fund managers into four types based on their investment strategies, with Hu Xinwei identified as a "trend chaser" who has significantly increased his holdings in Pop Mart [9][16].