半两财经｜大消费复苏 新消费崛起 资本市场消费板块成“宠儿”

Group 1: Consumer Sector Recovery - The consumer sector has become a "darling" of the capital market, driven by strong rebounds in traditional consumption and the rise of new retail, signaling economic recovery in China [1][2] - The consumption sector experienced a bull market due to favorable policies aimed at boosting consumption, with various regions implementing action plans to stimulate consumer spending [2][4] - Notable stock performances include Pop Mart, which saw a price increase of over 190% this year, and Lao Pu Gold, which reported a 168% year-on-year revenue growth [2][3] Group 2: Economic Data and Policy Support - In May, the retail sales of consumer goods increased by 6.4% year-on-year, with significant growth in categories like home appliances and audio-visual equipment, which rose by 53% [3] - Local governments have introduced measures such as employment stabilization, consumption vouchers, and paid leave to enhance consumer spending and strengthen domestic circulation [4][5] - The Guangdong province has initiated a "2025 Welfare Childcare Voucher" program to support families, while other regions are focusing on subsidies for marriage and childbirth [4][5] Group 3: New Consumption Trends - The "new consumption" sector is thriving, with significant growth in beauty care, pet economy, and personalized products driven by demand upgrades and policy support [6][7] - Companies in the pet sector, such as Zhongchong Co. and Guai Bao Pet, have reported impressive revenue growth rates of 18.9% and 27% respectively from 2020 to 2024 [7] - The jewelry sector, particularly Lao Pu Gold, has seen revenue and net profit growth of 166% and 254% year-on-year, indicating a strong market position despite rising gold prices [7] Group 4: Investment Opportunities - Analysts suggest focusing on structural investment opportunities in the consumer sector, including new consumption, emotional consumption, silver economy, and AI-enabled consumption [8] - The Chinese consumer market is shifting towards "consumption stratification," with consumers willing to pay for quality at reasonable prices, driven by the preferences of the Z generation [8][9] - The food sector, particularly snacks, dairy products, and beverages, is expected to attract significant investment due to favorable domestic demand policies [9]