白酒崩塌，新消费崛起：萧楠、张坤“跌倒”，农冰立、吴远怡“吃饱”

Core Viewpoint - The resurgence of Pop Mart, a brand that started with "blind boxes," indicates a revolutionary transformation in the traditional consumer landscape, as it achieved impressive growth in early 2025 with revenue increases of 95-100% in China and 475-480% overseas [2][4]. Group 1: Performance of Fund Managers - Fund managers like Li Yaozhu, Nong Bingli, and Zhou Wenbo have excelled by capturing the new consumption wave, with their funds showing significant net value increases despite overall pressure in the consumer sector [6]. - In contrast, star managers such as Xiao Nan, Zhang Kun, and Sun Wei, who previously thrived on traditional consumer staples like liquor and condiments, have seen their performance decline, indicating a shift in the consumer landscape [9][10]. Group 2: Market Dynamics - The consumer sector is no longer a unified front, as traditional giants face growth bottlenecks while new entities like Pop Mart emerge rapidly [10][11]. - The valuation of traditional consumer stocks, including white goods and beverages, has dropped significantly, with many leading companies at five-year lows in terms of price-to-earnings ratios [12][14]. Group 3: Investment Trends - The new consumption sector, led by companies like Pop Mart, Old Peking Gold, and Mixue Group, has dominated the Hong Kong market in 2025, with stock price increases of 160.1%, 275.9%, and 185.9% respectively [25]. - The changing consumer demographics, particularly the rise of the post-95 and post-00 generations, have shifted preferences towards personalized and diversified products, moving away from traditional brand loyalty [27][33]. Group 4: Fund Performance and Strategy - Funds that have invested in Pop Mart, such as Invesco's Consumer Select 30, have seen substantial returns, with the fund's performance ranking high among peers [23][44]. - Fund managers who have successfully pivoted towards new consumption brands, like Nong Bingli and Wu Yuanyi, have reaped significant rewards, highlighting the importance of understanding emotional and experiential value in consumer products [50].