新消费行业点评报告：微信蓝包打开消费新场景，关注节日催化

Investment Rating - The report maintains a "Recommended" investment rating for the consumer discretionary sector, indicating that the industry index is expected to outperform the benchmark index by more than 10% [5]. Core Insights - The WeChat platform is enhancing its e-commerce capabilities through the introduction of a "gift-giving" feature, which is expected to create new consumption scenarios and stimulate user engagement during key festive periods [2][12]. - The WeChat Mini Store leverages the vast user base of WeChat, with a combined average monthly active users (MAU) reaching 1.382 billion as of Q3 2024, providing significant opportunities for user conversion and engagement in the e-commerce ecosystem [2][9]. - The report highlights the strong gift attributes of certain product categories, such as snacks, beauty products, trendy toys, and small home appliances, which are expected to benefit from the upcoming Spring Festival gifting season [3][15]. Summary by Sections WeChat Mini Store Development - The WeChat Mini Store has transitioned from relying on public traffic from short videos to integrating more private scenarios, allowing for better user engagement and product visibility across various WeChat platforms [2][9]. - The introduction of the "gift-giving" feature aims to connect online gift purchases with social interactions, enhancing the emotional value of gifting and potentially increasing e-commerce consumption habits among users [12][15]. Product Categories to Watch - The report identifies key product categories with strong gifting potential, including snacks, beauty products, trendy toys, and small home appliances, with brands like 可复美, 自然堂, and 苏泊尔 leading in their respective segments [3][15]. - Specific sales figures indicate strong performance, such as 可复美's red collagen bucket selling 12,000 units and 自然堂's revitalizing gift box reaching 22,000 units as of January 7, 2025 [15]. Investment Recommendations - The report suggests focusing on consumer goods companies with strong brand power and online operations, particularly in the beauty and small appliance sectors, as well as e-commerce operation companies [4][20]. - Recommended companies include 巨子生物, 珀莱雅, and 苏泊尔, among others, which are well-positioned to capitalize on the new e-commerce opportunities presented by WeChat [4][20].