“老树开新花”！基金重仓股，跨界潮玩！

Core Viewpoint - "Emotional value" is becoming a pivotal factor in driving stock prices and attracting public fund investments in the context of valuation reshaping in the consumer sector and traditional industries struggling to retain institutional funds [1] Group 1: Shift in Investment Logic - Public fund managers are reassessing the "pan-consumption" landscape, with new consumption characterized by emotional value becoming one of the few high-growth sub-sectors [1] - The trend of public funds favoring the潮玩 (trendy toys) sector is rapidly penetrating upstream and downstream of the industry chain and cross-industry fields [2] - Retail giants and companies from various sectors are entering the潮玩 business, enhancing their valuation potential through this transformation [1][2] Group 2: Performance of Key Companies - Miniso's TOP TOY brand has shown impressive performance, with revenue increasing by 111% year-on-year in the first three quarters of 2025, attracting significant institutional investment [2] - Companies like Blucor and Qimeng Island are successfully leveraging global IP operations to penetrate markets in North America and Europe, leading to new valuation logic in the capital market [3] - Game stocks, despite lackluster performance, are seeing increased institutional interest due to their潮玩 business, with companies like 贪玩 (Tanwan) securing exclusive IP rights and demonstrating strong stock resilience [3] Group 3: Valuation Restructuring - Traditional consumer companies entering the潮玩 sector represent a "dimension elevation" in valuation logic, as they combine mature supply chains with IP operation potential [4] - Companies like 广博股份 (Guangbo) are experiencing a valuation reshaping window due to their strategic positioning in the潮玩 market [4] Group 4: Emerging Trends in Fund Management - Public fund managers are increasingly focusing on companies with full industry chain capabilities and global perspectives, as they transition from "Chinese manufacturing" to "Chinese brands" and "Chinese IP" [6] - The investment logic is becoming more refined, with a focus on companies that can create a complete IP ecosystem and possess strong channel control and promotional capabilities [7]