突然大跌！“泡泡玛特”们见顶了吗？

Core Viewpoint - The new consumption sector, represented by companies like Pop Mart, Laopu Gold, and Mixue Group, has become a focal point in the market, attracting significant attention and debate as stock prices continue to rise [1][3]. Market Dynamics - Recent stock price corrections were observed, with Pop Mart dropping over 6%, Laopu Gold down 6.67%, and Mixue Group falling 5.58% [2]. - Analysts believe the current enthusiasm for new consumption is driven by a shift in capital towards high-growth assets due to sluggish traditional consumption growth and changing consumer policies [3][4]. Growth Drivers - New consumption is characterized by its aggressive growth, appealing to younger consumers' emotional and experiential needs, which traditional consumption struggles to meet [4][6]. - The government's "expand domestic demand" strategy supports new consumption, making it a safe haven for capital amid uncertainties [7]. Valuation and Pricing - New consumption stocks are valued based on growth potential and emotional premium, allowing for some pricing premium compared to traditional consumption stocks [8][9]. - The pricing logic for new consumption emphasizes emotional value, brand innovation, and high growth, which resonates with the Z generation's preferences [10]. Long-term Outlook - Despite short-term trading congestion and valuation pressures, new consumption remains a core direction for China's consumption upgrade and supply innovation [11][12]. - The market is expected to differentiate between leading companies with technological advantages and those lacking substance, with the former likely to continue outperforming [11][12].