财通基金贾雅楠：消费投资需紧扣“时代贝塔”，关注情绪消费、出海与AI硬件新机遇

Core Insights - The current investment opportunities in the new consumption era are centered around three main directions: emotional-driven new demands from young people, the strategic upgrade of Chinese consumer brands from "capacity going abroad" to a systematic approach involving "technology, brand, and culture," and the new growth curve in consumer electronics hardware driven by AI [1][5]. Group 1: Young Consumer Trends - The main consumer force has shifted to the post-95s and post-00s generations, characterized by "high wealth security and low psychological security" [6]. - Data indicates that 75.7% of young people are willing to pay a premium for interests, 63.9% use e-commerce daily, and 70% rely on KOL recommendations, with a savings rate below 15% [6]. - This generation's consumption behavior is marked by impulsiveness, high frequency, weak brand loyalty, and low price sensitivity, leading to the emergence of emotional consumption sectors such as gaming, trendy toys, and pets [6]. Group 2: Strategic Upgrades for Brands - In the context of domestic growth slowdown, going abroad has become a strategic necessity for consumer brands [2][6]. - Successful international expansion requires building a systematic capability that includes "capacity + technology + brand + culture," which encompasses overseas production layout, high-value R&D, brand operation, and cultural soft power output through trendy toys and games [2][6]. Group 3: AI in Consumer Electronics - AI is reshaping the supply side of consumer electronics, with projections indicating that the AI hardware market will reach $31.2 billion by 2025, growing at 22%, significantly outpacing the overall consumer electronics market growth of about 2% [2][6]. - Devices with cognitive/AI capabilities, such as AI PCs, AI smartphones, and AI glasses, are becoming focal points for capital and industry chains, opening up new business opportunities [2][6].