Core Insights - Over 630 "fixed income +" products have reached new net asset value highs this year, with a net value growth rate exceeding 10% for some products [1][2] - The "fixed income +" strategy is becoming more refined due to increased market volatility and challenges in asset allocation [1][4] Performance of "Fixed Income +" Products - As of April 25, over 60% of "fixed income +" products have positive year-to-date net value growth rates, with some funds like FuGuo JiuLi Stable Allocation A achieving a growth rate of 10.55% [2] - The overall performance of "fixed income +" products is attributed to the favorable performance of convertible bonds and bonds, with the China Convertible Bond Index recording a return of 1.67% this year [2][3] Market Conditions and Challenges - The rapid decline in bond yields has led to a net value increase for fixed income products, while equity markets face risks due to tariff policies [3] - Increased asset volatility has made timing and asset switching more challenging, necessitating a more precise approach to the "fixed income +" strategy [4] Investment Strategy Adjustments - Investment strategies are shifting towards more diversified and tactical approaches, focusing on low-volatility assets and adjusting allocations based on market conditions [4][5] - Fund managers are emphasizing the importance of macro hedging and risk parity strategies to achieve stable long-term returns in uncertain market environments [5] Focus Areas for Investment - In the current market, fund managers suggest focusing on structural opportunities in AI technology, new consumption, and value dividend stocks [5][6] - Fixed income investments should prioritize government bonds, local government bonds, and policy financial bonds for stable returns, while also considering convertible bonds for their dual characteristics [6]

这是新消费智库第 2 6 2 3 期文章 新消费导读 1. 元气森林上新 霸气汽水 2. 霸王茶姬新品全国上新 3. 王老吉上线「闪充」电解质水 4. 宜简推出新品藿香可乐 5. 茉酸奶推出 MoreYogurt 牧场奶仓新店型 6. 王老吉乔迁大吉定制罐正式上线 7. 厨电品牌 Geek 获 4 千万卢比投资 8. 营养品牌 Good Monk 完成 200 万美元融资 9. 喜茶上新木姜子滇木瓜 10. 唐久上新自有品牌酸梅汤 11. 珀莱雅官宣品牌代言人易烊千玺 12. 蔻驰成为 WNBA 官方手袋合作伙伴 1. 元气森林上新 霸气汽水 13. 国货香氛品牌椿山闭店 . . . . . . 一周新品 元气森林官宣推出 " 霸气汽水 " ，有冰红茶汽水、冰红茶可乐两款产品。新品瓶身采用复古红 & 蓝色包装，冰红茶与碳酸气泡结合，带来 酸甜畅爽体验。 （食业头条） 2. 霸王茶姬新品全国上新 近 日，霸王茶姬宣布 "万象春和"新品全国上新。该产品有百香碧螺万象春和、及纯茶版万象春。同时，携手艺术家共同打造"万象春和"艺 术家款包材，上线"一起画春天"主题活动。 （ 小食代 ） 3. 王老吉上线「闪充」电解质 ...

Group 1 - Recent consumer policies and the upcoming "May Day" holiday are boosting retail, dining, and food and beverage sectors, leading to increased stock activity and historical highs for new consumer stocks [1][2] - The travel data for this year's "May Day" holiday is optimistic, with institutions favoring opportunities in hotels, dining, and new retail sectors [1][8] Group 2 - New consumer stocks are showing strong performance, with notable companies like Zhongchong Co., Guibao Pet, Pop Mart, and Weilong reaching historical highs, indicating a potential new consumer cycle [2][7] - New consumption characteristics include "word of mouth," "tradeable," and "easy to create memes," which differentiate it from traditional consumption [5][6] Group 3 - Fund managers are increasingly shifting their focus from traditional consumption to new consumption, as evidenced by the top holdings in various consumer-themed funds, which include new consumer stocks [6][7] - The upcoming "May Day" holiday is expected to catalyze consumer spending, with a focus on tourism and dining sectors, as well as a positive outlook for hotel and retail industries [8][9] Group 4 - The tourism and dining sectors are particularly favored, with high growth potential in the current market environment, and institutions are advised to focus on quality stocks in these areas [9]

作者 | 贾梦雅 编辑 | 江江 值班编辑｜ 宝珠 视觉 | 顾芗 在信息快速更迭、技术持续演进的当下，中国消费市场正处于深度重构的关键阶段。 2024年，全国社会消费品零售总额达到487895亿元，同比增长3.5%，消费仍是拉动经济的重要引擎。但 在经济增速放缓与生活成本上升的背景下，消费者变得更加理性、克制，也更强调选择和价值。 由此带来的是市场运行逻辑的显著变化：产品结构呈现"极致性价比"与"IP个性化"两极分化，渠道从单 一触达走向多平台协同，消费者行为愈加圈层化、需求更趋多样化，传统营销模式难以为继。 在这个节点上，企业如何精准捕捉注意力、适应需求变化，并利用新技术提升效率，成为摆在所有市场 参与者面前的现实课题 在新旧交替的十字路口，南风窗邀请香港科技大学商学院终身教授、博士生导师王文博，就当下消费市 场的发展趋势、背后逻辑及企业应对策略展开对话。 变化中的信息、渠道、产品和消费者 南风窗：从您个人的观察来看，近两年来，中国的消费市场出现了哪些新趋势？ 王文博：消费主要就几个要件：信息、渠道、产品和消费者，总体来说，我观察到的消费市场的变化是 信息多元化、渠道融合化、产品两极化和消费者圈层化。 信 ...

作者 | 贾梦雅 编辑 | 江江 值班编辑｜ 宝珠 视觉 | 顾芗 在信息快速更迭、技术持续演进的当下，中国消费市场正处于深度重构的关键阶段。 2024年，全国社会消费品零售总额达到487895亿元，同比增长3.5%，消费仍是拉动经济的重要引擎。但 在经济增速放缓与生活成本上升的背景下，消费者变得更加理性、克制，也更强调选择和价值。 由此带来的是市场运行逻辑的显著变化：产品结构呈现"极致性价比"与"IP个性化"两极分化，渠道从单 一触达走向多平台协同，消费者行为愈加圈层化、需求更趋多样化，传统营销模式难以为继。 在这个节点上，企业如何精准捕捉注意力、适应需求变化，并利用新技术提升效率，成为摆在所有市场 参与者面前的现实课题 在新旧交替的十字路口，南风窗邀请香港科技大学商学院终身教授、博士生导师王文博，就当下消费市 场的发展趋势、背后逻辑及企业应对策略展开对话。 变化中的信息、渠道、产品和消费者 南风窗：从您个人的观察来看，近两年来，中国的消费市场出现了哪些新趋势？ 王文博：消费主要就几个要件：信息、渠道、产品和消费者，总体来说，我观察到的消费市场的变化是 信息多元化、渠道融合化、产品两极化和消费者圈层化。 信 ...

Investment Rating - The industry investment rating is "Overweight" (maintained) [1][89] Core Insights - The report analyzes the characteristics of "New Consumption," which includes the formation of new consumption habits and the breaking of new brands into mainstream markets [3][6] - Key features of new consumption include "word-of-mouth" marketing, tradability, and the ability to create memes [20][30] - The report emphasizes the importance of understanding the "emotional value" that young consumers seek, which is primarily "voice rights" and "aesthetic rights" [48] - The selection criteria for a "New Consumption ETF Index" focus on the formation of new consumption habits and the breaking of new brands, with a notable emphasis on Hong Kong stocks over A-shares [49][52] Summary by Sections New Consumption Causes - New consumption arises from either the formation of new consumption habits or the breaking of new brands into broader markets [7][9] - Examples of new consumption habits include the rise of collectible toys, branded pet food, and ready-to-drink tea [8][14] - The breaking of new brands is illustrated by "Old Paved Gold" transitioning from a niche brand to a luxury brand and "Pop Mart" becoming a popular collectible brand [18][19] Characteristics of New Consumption - New consumption is characterized by "word-of-mouth" marketing, where users become brand advocates [21][32] - The tradability of products and the ability to create memes are crucial for brand promotion and consumer engagement [28][30] - The report highlights that successful new consumption brands often leverage IPOs and secondary markets to enhance their tradability and brand visibility [41][42] Young Consumers and Emotional Value - Understanding the emotional value sought by young consumers is critical for investing in new consumption [47][48] - The report identifies that young consumers desire brands that provide them with aesthetic and voice rights, which can lead to stronger brand loyalty and market penetration [48] ETF Index Selection Criteria - The selection for the "New Consumption ETF Index" is based on the emergence of new consumption habits and the breaking of new brands [51] - The report notes that the index will likely have a higher weight in Hong Kong stocks compared to A-shares, reflecting the market dynamics [52] Industry Characteristics - The report categorizes various sectors within new consumption, including collectibles, beauty and personal care, ready-to-drink tea, new energy vehicles, pet products, emerging toys, new home appliances, medical aesthetics, and bulk snacks [53] - Each sector is analyzed for its growth potential and the characteristics that align with new consumption trends [53][54][59][62][68][70][72][76][79][82]

Core Viewpoint - The pet food sector is experiencing significant growth, with leading companies achieving record stock prices and high profit growth rates, attracting attention from fund managers shifting focus to new consumption areas [1][2][4]. Group 1: Company Performance - Leading companies in the pet food sector, Guai Bao Pet and Zhong Chong Co., have seen their stock prices reach historical highs, with year-to-date increases exceeding 30% [2]. - Guai Bao Pet reported a 2024 revenue of 5.245 billion yuan, a year-on-year increase of 21.22%, and a net profit of 625 million yuan, up 45.68% [2]. - Zhong Chong Co. achieved a 2024 revenue of 4.465 billion yuan, a 19.15% increase, and a net profit of 394 million yuan, up 68.89% [2]. Group 2: Market Trends - The pet food market is the largest segment within the pet industry, benefiting from the overall growth of the pet economy, characterized by high repurchase rates and low price sensitivity [2][3]. - Fund managers are increasingly focusing on new consumption sectors, including pet products, as traditional consumer stocks show relatively flat performance [4][6]. Group 3: Investment Insights - The pet food sector is highlighted for its substantial market potential, accounting for nearly half of the total pet economy, which is valued in the hundreds of billions [3]. - The industry is undergoing a positive structural change, with many companies emerging from intense price competition, leading to a more favorable market environment for brands with strong capabilities [3][4]. - Fund managers are actively seeking companies that can meet the evolving demands of consumers, emphasizing the importance of product and brand strength in the new consumption landscape [6][8].

Investment Rating - The industry investment rating is "Add" (maintained) [1][89] Core Insights - The report analyzes the characteristics of "New Consumption," which includes the formation of new consumption habits and the breaking of new brands into mainstream markets [3][6] - Key features of new consumption include "word-of-mouth" marketing, tradability, and the ability to create memes [20][30] - The report emphasizes the importance of understanding the "emotional value" that young consumers seek, particularly their desire for "voice" and "aesthetic rights" [47][48] - The selection criteria for a "New Consumption ETF Index" focus on the formation of new consumption habits and the breaking of new brands, with a notable emphasis on Hong Kong stocks over A-shares [49][52] Summary by Sections New Consumption Characteristics - New consumption is characterized by the formation of new habits and the breaking of brands into wider markets, with examples including collectible toys and branded pet food [8][9] - The report highlights the rapid increase in retail penetration of new energy vehicles, which rose from 5.8% in 2020 to 47.6% in 2024 [14][16] - The emotional value sought by young consumers is crucial for investment in new consumption, with a focus on brands that provide aesthetic and communicative power [48][49] New Consumption Index Selection - The index pool for new consumption should consider both the formation of new consumption habits and the breaking of new brands, with a preference for stocks with significant market capitalization [51][52] - The report identifies specific sectors such as collectibles, beauty and personal care, ready-to-drink tea, new energy vehicles, pet products, emerging toys, new home appliances, medical beauty, and bulk snacks as key areas of focus [53] Sector Analysis - Collectibles: Brands like "Old Shop Gold" and "Pop Mart" exemplify the characteristics of new consumption, with strong trading and meme-creating potential [58] - Beauty and Personal Care: Brands like "Maogeping" and "Ruyuchen" are highlighted for their strong market presence and rapid growth [61] - Ready-to-Drink Tea: The market is dominated by brands like "Mixue" and "Guming," which are experiencing significant growth [66] - New Energy Vehicles: Brands such as "Li Auto" and "Xpeng" are emerging as leaders in this rapidly growing sector [69] - Pet Products: Companies like "Guibao Pet" and "Zhongchong" are capitalizing on the strong social attributes of pet ownership [71] - Emerging Toys: Brands like "Blok" and "Aofei Entertainment" are noted for their strong market presence and social engagement [73] - New Home Appliances: Companies like "Anker Innovation" and "Ninebot" are leading in innovative home appliance solutions [76] - Medical Beauty: Brands like "Jinbo" and "Juzi" are noted for their innovative products and market growth [79] - Bulk Snacks: Companies like "Wancheng Group" and "Salted Fish" are rapidly expanding their market presence [82]

从目前趋势看，海外营收可能很快超越国内，泡泡玛特曾希望打造公司第二曲线，其CEO王宁希望在海 外市场再造一个泡泡玛特，这些都逐步成为现实。 近日，港股的"潮玩第一股"泡泡玛特（09992.HK）公布2025年第一季度业绩，继续延续此前的优秀。 数据显示，一季度公司整体收益（未经审核）同比增长165%-170%，其中国内收益同比增长 95%-100%，海外收益同比暴增475%-480%，接近5倍之多，海外的潮玩市场可谓卖爆了。 具体来看，海外各区域中，亚太（指中国以外的其他亚洲及大洋洲国家和地区）地区收益同比增长 345%-350%，美洲地区收益同比增长895%-900%，欧洲地区收益同比增长600%-605%。 上述一季度公告虽未有更详细的数据，但整体表现靓丽，延续去年的"高光"。 此前，泡泡玛特发布2024年业绩情况，公司去年实现营收130.4亿元，同比增长106.9%，其中，中国内 地营收79.7亿元，同比增长52.3%；海外及港澳台业务营收50.7亿元，同比增长375.2%，收入占比高达 38.9%。 4月23日，泡泡玛特开盘一度冲高逾5%，最高涨至188港元/股，创下历史新高，然而随后便戛然而止， 股 ...

4月22日晚，泡泡玛特在港交所公告最新业务状况，2025年第一季度整体收益（未经审核）同比增长 165%—170%，其中中国收益同比增长95%—100%，海外收益同比增长475%—480%。 从股价表现来看，4月22日，泡泡玛特大涨6.93%，股价再创新高，报收175.9港元/股，总市值达2362亿 港元。2024年以来，该公司股价涨幅超过7.7倍，而若从2022年10月最低点算起，股价已大涨超17倍。 值得一提的是，今年一季度，泡泡玛特受到越来越多公募基金经理的关注，如易方达基金萧楠、南方基金 史博、汇添富基金胡昕炜、富国基金王园园、永赢基金高楠等。"以潮玩为代表的新消费正在加速渗透， 情绪消费将是2025年消费投资的重要机会。"谢治宇在兴全合宜一季报中如是表示。 一季度海外增速近5倍 "潮玩第一股"一季度海外业绩增速炸裂！ 4月22日，泡泡玛特在港交所公告2025年第一季度最新业务状况，海外业务表现极为亮眼，增速近5倍。 公告显示，泡泡玛特2025年第一季度整体收益（未经审核）较2024年第一季度同比增长165%—170%， 其中中国收益同比增长95%—100%，海外收益同比增长475%—480%。中国各 ...