银河基金施文琪解码新消费变革：供给等三因素催生投资新机遇

Group 1 - The consumer industry is undergoing a critical period of simultaneous iteration across three dimensions: retail efficiency revolution on the supply side, the rise of emotional consumption on the demand side, and content e-commerce innovation in communication media, each presenting unique investment opportunities [1] - Traditional retail is focusing on two core directions: quality enhancement and discount strategies, with large supermarket retailers acting as "consumer advocates" to reshape retail logic, while discount channels emphasize "consumer democratization" with a growing focus on price-performance ratio [1] - The primary consumer group aged 25-45 is characterized by cultural confidence and a willingness to pay for emotional value, prioritizing emotional experiences and psychological satisfaction over mere practicality in their shopping habits [1] Group 2 - The iteration of communication media is providing unprecedented opportunities for new consumer brands, particularly in the beauty and personal care sector, where domestic brands have advantages in price-performance ratio, consumer insights, and rapid product innovation [2] - The investment opportunities in new consumption are shifting from total volume to structural changes, indicating a transition from channel-driven to consumer-led and product-centric dynamics, with the interplay of supply, demand, and media forming a new consumer ecosystem [2] - The company aims to continuously seek new investment opportunities to capture prospects in the new consumption wave [2]