新消费正在崛起！行情低迷，消费基金都可“艳压群芳”

Core Viewpoint - The performance differences among consumer-themed funds indicate that fund performance is derived not from betting on sectors but from stock selection capabilities [1][2][4]. Group 1: Consumer Fund Performance - A number of consumer-themed funds have shown unexpected structural opportunities, ranking among the top in the market despite an overall lackluster consumer sector [2][4]. - Funds focusing on service-oriented consumption are expected to drive domestic economic growth, countering some negative impacts from tariffs [2][10]. - The Southern China Emerging Economy Fund achieved a 24% return this year, with a cumulative return of 91.04% over the past three years, ranking seventh among all funds [4][5]. Group 2: Stock Selection vs. Sector Betting - The performance of funds is more closely related to the fund manager's ability to select individual stocks rather than the sector they are invested in [7][8]. - Many poorly performing funds this year were heavily invested in popular technology sectors, highlighting the importance of stock selection [7][8]. - The Southern Hong Kong Flexible Fund, managed by Xiong Xiaoya, achieved a 30% return this year by focusing on the consumer sector, with 9 out of its top 10 holdings in new consumption [8][9]. Group 3: Structural Opportunities in New Consumption - New consumption, particularly service-oriented, is gaining traction among fund managers, indicating structural opportunities despite an overall weak consumer environment [10][11]. - The performance of sectors like beauty care and retail reflects the inevitable growth of new consumption driven by domestic demand [10]. - Analysts suggest that the rise of domestic consumption policies and the potential for new consumption companies to generate excess returns are significant opportunities [11].