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Core Viewpoint - The consumer sector is experiencing significant structural differentiation, with new consumption companies like Pop Mart and Lao Pu Gold outperforming traditional sectors like liquor, which has seen a decline in stock prices [1][2][3] Group 1: Market Performance - Pop Mart's stock has surged 5.6 times over the past year, while Guizhou Moutai's stock has dropped nearly 40% from its peak four years ago [1] - The consumer theme funds have shown a performance gap of 53 percentage points this year, with some funds heavily investing in new consumption stocks while others maintain positions in traditional liquor stocks [1][4] - Lao Pu Gold's stock has increased over 11 times in the past year, and both Pop Mart and Ruo Yu Chen have seen stock price increases exceeding 5.6 times [3] Group 2: Fund Manager Strategies - Fund managers exhibit clear divergence in strategies, with some increasing their positions in new consumption stocks while others remain committed to traditional liquor stocks [5][9] - Some funds, like the Yi Fangda High-Quality Selection, have significantly increased their holdings in liquor stocks, while others have shifted focus to new consumption stocks like Pop Mart [5][6] - The performance of funds heavily invested in liquor stocks has lagged, with some experiencing declines of over 20% this year [4][6] Group 3: Consumer Preferences and Market Dynamics - The decline in the liquor sector is attributed to cyclical factors rather than a fundamental change in long-term value logic [2][9] - The current market dynamics suggest that younger consumers are less inclined to consume liquor, but this is not the primary reason for the sector's struggles [7][9] - The liquor sector's challenges are linked to macroeconomic factors, including weak effective demand and limited consumption scenarios [7][9] Group 4: Investment Outlook - Despite the ongoing decline in the liquor sector, there is a growing interest in bottom-fishing opportunities, with significant inflows into liquor-themed index products [6] - Analysts suggest that the current consumer market is at a turning point, with potential for recovery in traditional consumption sectors if the macroeconomic environment stabilizes [9][10] - The new consumption sector is viewed with caution due to its reliance on discretionary spending and rapidly changing consumer preferences [9][10]