持仓秉承“万物皆消费” 多只消费主题基金逆市闪耀

Core Insights - The traditional consumption sector continues to face adjustments, while new consumption themes are also experiencing similar trends, although some thematic funds have achieved significant excess returns [1][2] - The performance disparity among consumption-themed funds is largely attributed to their stock holdings and the interpretation of "consumption" [2][3] Fund Performance - In 2023, the Hai Fu Tong Consumption Preferred Fund led the performance among active equity funds with a return of 82.25%, while several other funds also exceeded a 50% increase [2] - Conversely, funds like Xin Yuan Consumption Selection and Changxin Consumption Quantitative have underperformed, primarily due to their focus on traditional consumption stocks like liquor, which have not shown improvement after years of adjustment [3] Stock Holdings and Strategies - The Hai Fu Tong Consumption Preferred Fund has heavily invested in jewelry stocks, such as Zhuo Hong Ji, which has seen a year-to-date increase of over 150% [2] - The Yongying Emerging Consumption Intelligent Selection Fund has focused on new consumption stocks like Pop Mart, which has risen over 70% since the first quarter [2][3] - Funds that have adopted a broader definition of "consumption," including technology stocks, have outperformed traditional consumption-focused funds [4][5] Market Trends - The traditional consumption sector, represented by liquor stocks, has seen a decline, with the China Securities Liquor Index down approximately 8% year-to-date [3] - Despite the overall market challenges, there are signs of potential recovery in the consumption sector, particularly for liquor stocks, which may see a turnaround after four years of decline [7] New Consumption Focus - Fund managers remain optimistic about the new consumption sector, which is characterized by structural opportunities and is expected to benefit from macroeconomic factors such as policy support and liquidity [6] - The new consumption market is increasingly appealing to younger consumers, with trends in personalized and emotional consumption driving growth [6]