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 ...

Economic Overview - In the first quarter, China's GDP grew by 5.4% year-on-year, indicating a stable employment situation with an average urban survey unemployment rate of 5.3% [1] - The urban survey unemployment rate decreased to 5.2% in March, down by 0.2 percentage points from the previous month [1] Employment Trends - Demand for mechanical engineers and automation engineers in industrial automation increased by 40% and 10% year-on-year, respectively [1] - The demand for algorithm engineers and machine learning positions rose by 44% and 18% year-on-year [1] Talent Acquisition in Technology Sector - Huagong Technology Industry Co., Ltd. plans to recruit 500 PhDs and 2,000 master's degree holders over the next five years to enhance innovation [2] Recruitment Events - The "Million Talents Gathering in South Guangdong" spring recruitment event featured over 20,000 quality job positions from 683 leading enterprises and research platforms, focusing on fields like AI, electronic information, and renewable energy [3] - Guangdong Renhe Robotics Technology Co., Ltd. expressed urgent demand for high-end talents, particularly algorithm engineers and decision-making engineers [3] New Employment Opportunities - The first quarter saw significant growth in job demand in online life services, logistics, elderly care, and resident services, with increases of 43%, 35%, 17%, and 10% year-on-year, respectively [3] - The aging population, with over 220 million people aged 65 and above, has created a substantial gap in the workforce for elderly care services [5] Emerging Job Roles - The development of the long-term caregiver profession aims to attract more talent to the elderly care industry and improve service standards [5] - The cultural, tourism, and sports sectors are also experiencing growth, with the creative industry employing over a million people [8] International Trade and Talent Demand - Increased overseas investments and partnerships have led to a 14% year-on-year rise in job postings related to international business, primarily in East Asia and Southeast Asia [9] Changes in Job Market Dynamics - There is a noticeable shift in recruitment patterns, with companies from regions like the Yangtze River Delta and Shandong increasing their presence [13] - The demand for roles in banking, accounting, logistics, and property management is on the rise, alongside traditional sectors [13]

长江证券指出，在国际宏观扰动下，把握布局科技产业趋势的窗口期，应对策略：1）首先，以史为 鉴，参考2018年特朗普实施关税正式落地的A股市场表现，自主可控+扩内需+稳定类（如公用事业等红 利板块）+反制行业表现较好。2）考虑到目前A股、港股和美股市场均已大幅调整，短期情绪达到较低 的位置，其中美股的波动率VIX指数攀升至历史较高位置，预计短期市场或出现阶段性反弹。3）未来 市场风险偏好的持续提升需等待国内外政策的变化，一是美国债券和股市流动性问题或倒逼美联储释放 更多流动性，二是国内出口数据若出现较大变化，或需更多货币财政政策支持，三是贸易关系的变化。 未来潜在风险点是中概股相关的金融政策，或对港股市场产生风险偏好的压制。在宏观扰动下，把握布 局产业趋势的窗口期，重点关注恒生科技指数、AI+（含机器人）和新消费方向。 公开信息显示，恒生科技指数ETF（513180）在A股上市的同赛道ETF中规模和流动性双双领先，支持 T+0交易。恒生科技指数ETF（513180）兼具新科技与新消费属性，在外围扰动下具备韧性：1）新科 技：恒生科技代表了中国AI核心资产，成分股深度聚焦AI产业链的上中下游，其中阿里、腾讯、小 ...

这是新消费智库第 2 6 2 0 期文章 新消费 新消费导读 1.统一重启小茗同学 2.PLAY COMME des GARÇONSxCONVERSE新联名发布 3.费列罗巧克力推出复活节系列 4.吾岛推出美拉德无蔗糖希腊酸奶 5.伊利推出尚补坊五黑酸奶&美呦酸奶两款新品 6.时尚二手平台Faume获800万欧元融资 7.爱敬集团将出售核心子公司爱敬工业 8.温氏股份等在海南投资成立饲料公司 9.星尘智能完成A轮及A+轮数亿元融资 10.印度DTC时尚品牌Out z idr成功融资350万美元 11.MLB推出2025夏季复古T恤系列 12.Cos tco正式上线同城配送服务 13.科丝美诗泰国新工厂开工 14.雪花啤酒与美团歪马送酒达成自营商品代工合作 15.Coach成为WNBA官方指定手袋 1. 统一重启小茗同学 近日 ，小茗同学的品牌概念实现全新升级，致力于打造一款同学专属的缤纷果味茶；如今时隔一年，小茗同学再次迎来 "大变身"， 从果味茶升级到果汁茶。 （食品板） 2. PLAY COMME des GARÇONSxCONVERSE 新联名发布 近日， PLAY COMME des GARÇONS ...

编辑：竺天 审核： Single 来源：新消费智库 新消费导读 "方便面鼻祖"入华40年后"水土不服"。 这是新消费智库第 2 6 2 0 期文章 作者 ： l y y 日清，号称 "泡面鼻祖"， 它曾 在中国市场把 一杯泡面 打造成了 " 精致速食 " 。 早在 1984 年便进入香港开展业务， 1994 年开始在 内地扩张，在广东顺德建厂。几十年来，日清凭借让中国消费者耳目一新的产品体验，受到消费者的青睐，营收一度超过 40 多亿港元， 却 又在短短三年间， 尽显颓势 。 被称为 "泡面鼻祖"的日清食品近期发布的 2024 财年年报 显示， 2024 年 1 月 1 日 -2024 年 12 月 31 日 ，日清食品 实现营业收入 38.12 亿港元，同比下降 0.56% 。 这是日清食品自 2022 年实现 40.25 亿港元营收之后，连续第二年收入下滑。 尽管报告期内日清食品毛利率小幅提升至 34.4% ，但净利润大幅下滑了 39.1% ，仅为 2.01 亿港元，净利润率下滑至 5.3% 。 在报告期内，日清食品报告期内，公司计提了约 1.359 亿港元的非现金减值，其中包括中国内地及香港长寿面、非油 ...

Core Insights - The AI Fund Guangfa Hong Kong and Shenzhen New Opportunities Stock (001764) reported a profit of 42.15 million yuan for Q1 2025, with a weighted average profit per fund share of 0.0675 yuan. The fund's net value growth rate was 7.97%, and the fund size reached 637 million yuan by the end of Q1 2025 [2][15]. Fund Performance - As of April 18, the fund's unit net value was 1.028 yuan. The fund manager, Li Yaozhu, oversees nine funds, with the Guangfa Hong Kong Stock Connect Growth Selected Stock A achieving the highest one-year return of 15.32%, while Guangfa Ju You Flexible Allocation Mixed A recorded the lowest at -7.17% [2][3]. Investment Strategy - The fund's management emphasized a focus on China's new consumption sector, particularly in Hong Kong stocks. The shift in consumer behavior towards quality of life and spiritual needs is expected to create new consumption giants. The fund aims to identify companies with brand advantages that provide high-quality products, particularly those reflecting Chinese cultural elements in sectors like trendy toys, luxury goods, tea drinks, cosmetics, and medical beauty [3]. Comparative Performance - As of April 18, the fund's performance metrics include a three-month net value growth rate of 6.87%, ranking 7 out of 74 comparable funds; a six-month growth rate of -6.79%, ranking 60 out of 74; a one-year growth rate of 9.37%, ranking 28 out of 74; and a three-year growth rate of -7.72%, ranking 40 out of 73 [3]. Risk Metrics - The fund's Sharpe ratio over the past three years was 0.3336, ranking 32 out of 73 comparable funds. The maximum drawdown over the same period was 43.41%, with the largest single-quarter drawdown occurring in Q1 2022 at 30.1% [8][10]. Investment Concentration - The fund has a high concentration in its holdings, with the top ten stocks consistently representing over 60% of the portfolio for nearly two years. As of Q1 2025, the top ten holdings included Tencent Holdings, Xiaomi Group-W, Alibaba-W, Pop Mart, Lao Pu Gold, BYD Co., Mao Ge Ping, Juzi Biology, TCL Electronics, and Ninebot [19].