传统消费正淡出公募十大重仓股 何处寻觅新的“长坡厚雪”

Core Insights - The latest report on public mutual funds for Q4 2025 reveals a significant shift in the top ten holdings of active equity funds, with technology and new energy stocks occupying nine positions, leaving only one for traditional consumer stock, Kweichow Moutai [1][2] Group 1: Traditional Consumer Stocks - Traditional consumer stocks have been sidelined, with only Kweichow Moutai remaining in the top ten holdings of active equity funds, while the other nine are technology and new energy stocks [2] - As of the end of 2025, 1,048 funds held Kweichow Moutai, with a total market value of 118.203 billion yuan, and nearly 300 active equity funds had significant positions in it [2] - Some funds have maintained long-term positions in Kweichow Moutai and other liquor stocks, with certain funds holding them for up to 36 quarters, but these assets have underperformed in recent years [3] Group 2: New Consumer Trends - New consumer trends, particularly in sectors like collectibles, the "millet economy," and medical beauty, have gained traction among new-generation fund managers since 2024 [4] - For instance, Pop Mart, a representative new consumer stock, had 123 funds holding it by the end of 2025, with significant positions taken by active equity funds [4] - Another popular new consumer stock, Mixue Group, has also attracted attention, with several funds holding substantial shares [4] Group 3: Investment Perspectives - The divergence in investment strategies between traditional and new consumer stocks reflects a broader shift in market demand and technological advancements [5] - Fund managers express optimism about the future of consumption, particularly in service sectors like entertainment and gaming, which are expected to drive growth [6][7] - There is a belief that the market's previous pessimism towards consumption was irrational, and future opportunities may arise from sectors that directly benefit from income redistribution, such as mass consumer goods [7]