新消费，还能涨吗？

Core Insights - The new consumption sector has emerged as a hot topic in the capital market during the first half of the year [1] - Following significant gains, the new consumption sector has experienced varying degrees of pullback [2] - There is a noticeable divergence among leading new consumption stocks, with some like Pop Mart continuing to rise while others like Laopu Gold have seen declines [3] Performance Summary - Pop Mart reported revenue of 13.876 billion yuan, a year-on-year increase of 204.4%, and a net profit of 4.71 billion yuan, up 362.8% [6] - Laopu Gold achieved revenue of 12.354 billion yuan, a 251% increase, and a net profit of 2.35 billion yuan, up 291% [6][8] - Pop Mart's stock surged by 20% within a week following the announcement of new product launches [6] Market Trends - The State Council's recent meeting emphasized the need to "systematically clean up restrictive measures in the consumption sector," signaling a focus on stabilizing consumption and promoting domestic demand [5] - Traditional consumption is being revisited, with a notable recovery in the liquor sector [5] Consumer Behavior - The rise of the Z generation has shifted consumer preferences towards emotional value and practical low-cost products, with 64% prioritizing emotional satisfaction in purchasing decisions [14] - The aging population is expected to create new opportunities in the silver economy, with a projected 300 million people aged 60 and above in China by 2025 [16][18] Future Outlook - The silver economy is gaining attention, with a growing demand for personalized products among older consumers [19] - Brands like Zhi Li Jian have successfully captured the elderly footwear market, indicating potential for growth in this segment [20] - The new consumption landscape is characterized by diverse consumer needs and the potential for explosive growth in emerging categories [24]