谁最不想让泡泡玛特下跌？

Core Viewpoint - The article discusses the shifting investment focus from traditional consumer stocks like Kweichow Moutai to emerging brands like Pop Mart, highlighting the performance and strategies of fund manager Hu Xinwei and the challenges faced by his fund management company, Huitianfu [3][5][15]. Group 1: Investment Performance - Hu Xinwei's management of the Huitianfu Consumption Industry Mixed Fund saw a significant decline, with the fund's net value dropping from a peak of 9.977 yuan to 4.591 yuan, representing a decline of over 50% [5][7]. - In contrast, Hu's other fund, Huitianfu Consumption Upgrade, achieved approximately 20% returns this year due to a strategic shift away from Moutai and increased investment in Pop Mart [5][8]. - Huitianfu's overall revenue for 2024 was 4.828 billion yuan, a year-on-year decline of 10.12%, while net profit was 1.548 billion yuan, a year-on-year increase of 9.33% [5][13]. Group 2: Fund Management Challenges - Huitianfu has seen a decline in its industry ranking, dropping to 9th place, primarily due to a focus on cost-cutting and efficiency improvements [5][13]. - The company has faced criticism for the disparity in performance among its funds, raising concerns about fair treatment of investors [5][11]. - The article notes a talent gap within Huitianfu, with several star fund managers struggling to maintain performance, leading to a loss of investor confidence [11][14]. Group 3: Investment Strategy and Market Position - Hu Xinwei's investment strategy has evolved to include a focus on dividend yield, indicating a shift in evaluation standards for consumer leaders [8][9]. - The article categorizes fund managers into four types based on their investment styles, with Hu being labeled as a "trend follower" for his aggressive investment in Pop Mart [10][12]. - Huitianfu's product lineup has been criticized for being overly concentrated in certain sectors, missing opportunities in emerging industries like new energy and semiconductors [13][14].