博时基金王诗瑶：解析LABUBU爆火背后的新消费投资逻辑

Core Viewpoint - The rise of new consumption, driven by technology and policy, is reshaping consumer behavior and market dynamics, particularly among the Z generation [1][2]. Group 1: Drivers of New Consumption - The dual drivers of policy and technology, including the "trade-in" policy and the application of AI and big data, are accelerating the integration of online and offline channels [2]. - The demand for consumption upgrades, particularly from the Z generation, is pushing the growth of emotional value sectors such as trendy toys and pet economy [2]. - The potential of lower-tier markets is being unlocked, with high-cost performance domestic brands optimizing supply chains to penetrate these areas, leading to significant growth for certain industries and companies [2]. Group 2: Differences from Traditional Consumption - New consumption is characterized by a focus on "emotional value" and "supply creating demand," catering to the self-satisfaction and social needs of the Z generation, contrasting with traditional consumption that relies on material needs and demographic dividends [3]. - In terms of valuation methods, new consumption's high growth potential supports higher valuations, while traditional consumption is anchored by stable cash flows and dividend yields [4]. - The risk characteristics differ, with new consumption being highly volatile and sensitive to market emotions, whereas traditional consumption is more defensive but shows weak demand growth [4].