强力升温逾三成！基金经理：这一维度是选股“硬逻辑”

Core Viewpoint - The article discusses the rebound of Pop Mart's stock price and highlights the broader recovery trend in the new consumption sector, emphasizing the importance of overseas expansion for Chinese consumer companies to overcome domestic demand bottlenecks [1][4]. Group 1: Pop Mart's Stock Performance - Pop Mart's stock price rebounded by 38% as of February 13, following a decline that saw it drop over 46% to a low of 174 HKD per share on January 19 [2][3]. - In the fourth quarter of 2025, public funds reduced their holdings in Pop Mart, with the number of shares decreasing from approximately 46.35 million to 37.59 million, and the number of funds holding the stock dropping from 180 to 123 [2]. - Some funds, such as Ruifeng Hong Kong Stock Core Value, increased their positions significantly, indicating potential gains if they do not reduce their holdings in the near future [2][3]. Group 2: New Consumption Sector Recovery - The new consumption sector is showing signs of recovery, with several stocks, including Luk Fook Holdings and Kweichow Moutai, experiencing significant price increases [4]. - The Chinese government's macroeconomic policies, focusing on expanding domestic demand and boosting consumption, are expected to provide strong support for the recovery of the consumption sector [4][5]. Group 3: Overseas Expansion as a Trend - The article highlights a consensus among fund managers regarding the importance of overseas expansion for consumer companies, viewing it as a key investment direction alongside AI technology [7]. - Companies that can enhance their value, brand strength, and global competitiveness are increasingly seen as worthy of attention in the current economic landscape [7][8]. - The ability to expand production capacity, technology, and cultural influence abroad is crucial for new consumer enterprises to succeed in international markets [8].