长城基金余欢：关注高速发展阶段的新消费领域

Group 1 - The new consumption trend is gaining momentum, characterized by products that cater to emotional value rather than just traditional needs, with significant interest from younger consumers [1] - The Z generation is becoming a crucial consumer group, showing strong willingness to spend and optimistic about future consumption, with 78% of respondents in a McKinsey survey expressing positive outlook [1] - The overall consumption scale is expected to quadruple to 16 trillion yuan over the next decade as the majority of the Z generation enters the workforce [1] Group 2 - The new consumption sector includes various subfields such as trendy toys, beauty care, and pet food, which are currently experiencing rapid growth [2] - The investment focus is on growth stocks, particularly in the technology and internet sectors, as well as industries benefiting from AI advancements [2] - The competitive landscape in the new consumption space is improving, with companies entering a profit release phase and potential for valuation re-evaluation [2]