Core Viewpoint - Beyond Meat, known as the "first stock of plant-based meat" and previously backed by Bill Gates, has quietly closed its flagship stores on major e-commerce platforms in China, indicating a significant retreat from the market [1][19]. Company Overview - Beyond Meat was founded in 2009 and went public in 2019, experiencing a stock price surge of 163% on its debut. It has notable investors including Bill Gates and Leonardo DiCaprio [3][5]. - The company launched its first end-to-end production facility outside the U.S. in Jiaxing, Zhejiang, in 2021, aiming to cater to the Chinese market with localized products [5][10]. Market Performance - As of November 30, 2023, Beyond Meat's official flagship store on Tmall is no longer searchable, and its Pinduoduo store is also non-functional, indicating a complete withdrawal from the Chinese market [1][3]. - The company has faced declining revenues, with a drop from $419 million in 2022 to $326 million in 2024, and a cumulative loss of $864 million during the same period [10]. Product Pricing and Consumer Perception - Beyond Meat's products are priced above local alternatives, with plant-based meat products costing over 60 yuan per kilogram, comparable to domestic beef prices, which has deterred consumers [3][10]. - Consumer feedback highlights dissatisfaction with the taste and texture of plant-based meat, with many describing it as inferior to real meat [11][13]. Industry Trends - The plant-based meat sector in China has seen a decline in investment and interest since late 2021, with many startups facing financial difficulties and some brands going bankrupt [11][16]. - Despite the challenges, the market for plant-based meat in China is projected to grow, with estimates suggesting a market size of approximately $7.6 billion by 2024, potentially reaching $38.5 billion by 2033 [16].

Group 1 - The Hong Kong stock consumer sector showed strong fluctuations, with the Hong Kong consumer ETF (513230) rising over 1% [1] - Leading stocks included Lao Pu Huang Jin, which surged nearly 5%, and Tongcheng Travel, which increased by approximately 3.5% [1] - Other notable gainers were Alibaba, Chow Tai Fook, Shenzhou International, Smoore International, and China Resources Beer, while Xiaomi Group, Miniso, Mixue Group, and Li Auto experienced declines [1] Group 2 - Mixue Ice City has introduced a "breakfast series" in select cities, including Dalian, Xi'an, Nanning, and Hangzhou, featuring products priced at 5 yuan [1] - The breakfast initiative is seen as an attempt to leverage the supply chain and expand consumption scenarios, reflecting a trend towards all-day operations in the new tea beverage and restaurant sectors [1] - This move may encourage more brands to explore category extensions and expand their operational scenarios [1] Group 3 - Zhongyou Securities remains optimistic about consumer investment opportunities, highlighting two categories: new consumption opportunities and cyclical recovery plays [2] - New consumption opportunities include sectors like trendy toys, gold and jewelry, and new tea beverages, which align with current consumer trends towards personalization and cultural export [2] - Cyclical recovery plays focus on sectors such as liquor and travel, which may benefit from ongoing consumer stimulus policies and economic recovery [2]

鹏扬基金吴西燕： 在稳健与创新之间寻找平衡 ◎记者 闫刘梦 近日，鹏扬基金股票投资部基金经理吴西燕在接受上海证券报记者采访时，对消费行业演进、传统产业 价值、市场估值偏好等热点问题进行了分析。 对于受周期影响的传统行业，吴西燕以烟机灶具和车灯为例，称其投资价值源于行业格局与效率提升。 烟机灶具行业虽增长缓慢且受地产周期制约，但行业竞争格局良好，带来了较高的ROE。 "头部公司不断推陈出新、提价销售，各家公司在各自的领域深耕，形成了很好的行业秩序，大家在保 障业务的同时也享有较高的利润率。"她说。 吴西燕还表示，车灯行业受益于新能源车升级，"单车价值量提升"与"工程师红利"共同推动企业份额和 利润率增长。此外，有的公司提前布局新能源车领域并积累订单，随着自身产能利用率提高和行业整体 价值量增大，进一步推高了利润率。 坚守基本面 面对当前市场对高成长赛道的偏好和蓝筹股估值承压的情况，吴西燕坦言，追逐热点的主题投资是一种 对于高成长的偏好，是投资者对市场情绪和远期基本面风险的暴露。她也表示："这是市场生态的一部 分，要以开放审慎的态度对待。" 吴西燕认为，未来投资须在政策导向与产业基本面中寻找平衡点，尤其关注高端制 ...

Core Insights - The article highlights the latest trends and product launches in the new consumption sector, showcasing innovations across various brands and categories [2][13]. Product Launches - Balabala has introduced a new line of children's shoes designed for three growth stages: pre-walking (0-9 months), walking (6-20 months), and steady walking (21-48 months), focusing on foot protection and precise fitting [6]. - Let Tea launched a new product, "Cherry Pomegranate Jasmine Tea," emphasizing health, aesthetics, and emotional value, aiming to become a benchmark for sugar-free fruit teas [6]. - Hema has released "Yellow Skin Lemon Tea," made with Guangdong's seedless yellow skin fruit, combining it with various lemon juices for a sweet and sour taste [6]. - LEGO introduced the 10366 Tropical Aquarium set, featuring vibrant colors and a playful design [6]. - Yang Zhanggui has launched "Noodle and Vegetable Egg PLUS," available in three flavors, with a large portion size of 130g [9]. - Wei Dongli has introduced "Probiotic Mineral Sparkling Water," enriched with vitamins and minerals, suitable for various consumption scenarios [9]. - Li Mountain Goat has launched two specialized food products targeting high-pressure professionals and weight management needs [9]. - The collaboration between Si Nian Foods and My Little Pony has resulted in "My Little Pony Magic Dumplings," featuring three flavors and a unique 3D design [12]. - Wang Wang has introduced a "Low GI Yogurt" for seniors, containing 2.6 billion probiotics and high dietary fiber [12]. - BODORME has launched a children's makeup line, featuring a whimsical design and plant-based moisturizing ingredients [12]. Industry Events - Pampers has launched a new ultra-small diaper specifically designed for premature infants weighing less than 500 grams, set to be available in select hospitals by 2025 [14]. - OATLY has introduced a ready-to-drink iced coffee series, including flavors like Iced Latte and Iced Caramel Macchiato, made with Arabica coffee and oat base [14]. - Fat Dong Lai has established a new trading company with a registered capital of 1 billion RMB, focusing on various retail and entertainment activities [14]. - Kiri has invited a Michelin pastry chef to collaborate on high-end dessert offerings in China [14]. - Huawei's AI emotional companion toy has sold out shortly after its launch, indicating strong consumer interest [14]. - The collaboration between Chou Bao and Zootopia 2 has resulted in a new product series, including themed snacks and merchandise [14]. - Tasting has reopened its pizza business in China, indicating a strategic shift back to its original offerings [14]. - The company Fu Gui Niao has been officially dissolved, marking the end of its operations in the footwear industry [18]. Investment Trends - Elon Musk's xAI has completed a strategic financing round of $15 billion, focusing on AI applications in scientific research [21]. - American company Lumia, specializing in health-monitoring wearables, has secured an additional $7 million in funding [21]. - Aplós, a non-alcoholic spirits brand, has raised $5 million (approximately 35.53 million RMB) to expand production and retail channels [23]. - Zhuo Yu Technology has received a strategic investment of 3.6 billion RMB from China FAW Group [23]. - "Laimu Technology," a robotic lawn care company, has completed a multi-million A+ round of financing [24]. - Perelel, a women's health supplement brand, has raised $27 million (approximately 192 million RMB) in strategic growth financing [25]. - Star Motion Era, a Tsinghua University incubated company, has completed a 1 billion RMB A+ round of financing [25]. - Hyper Shell, a consumer-grade exoskeleton brand, has raised a total of $70 million in Pre-B and B rounds [25]. - Danish biotech company Chromologics has completed a €7 million (approximately 57.22 million RMB) financing round [27]. - Ling Universe has secured 200 million RMB in Pre-A round financing, focusing on companion robots for home use [27]. Food Industry Developments - Haotemai has entered the coffee market, offering various freshly brewed coffee products in select stores [28]. - Starbucks in Shenzhen has launched a new breakfast series across over 300 locations, featuring cost-effective meal options [31]. - Tyson Foods announced the closure of a major beef plant in Nebraska, affecting approximately 3,200 employees [31]. - The upgraded egg tofu from Xinqi has been launched in Sam's Club, featuring improved ingredients and packaging [33]. - Pepsi has announced a limited online release of its probiotic cola for Black Friday, with plans for a full launch next year [36]. - Blue Bottle Coffee has opened its first store in Hangzhou, offering exclusive products and a unique design inspired by traditional Jiangnan architecture [37].

Investment Rating - The textile and apparel industry is rated as "Neutral" [2] Core Views - The textile and apparel sector underperformed the market, with the SW textile and apparel index rising by 2.8% from November 24 to November 28, lagging behind the SW All A index by 0.2 percentage points [3][4] - Retail sales for clothing, shoes, and textiles reached 1,205.3 billion yuan from January to October, showing a year-on-year growth of 3.5% [3][21] - Textile and apparel exports in October amounted to 22.26 billion USD, down 12.6% year-on-year, with specific declines in textile yarns and fabrics by 9.0% and clothing by 16.0% [3][25] - Cotton prices increased slightly, with the national cotton price B index at 14,858 yuan/ton, up 0.8% [3][32] - Australian wool prices showed significant increases, with the index at 978 cents/kg, up 32.0% year-on-year [3][34] Summary by Sections Industry Performance - The textile and apparel sector's performance was weaker than the market, with the SW textile and apparel index increasing by 2.8%, while the SW apparel and home textiles index rose by 3.0%, and the SW textile manufacturing index increased by 2.7% [3][4] Recent Industry Data - Retail sales for clothing, shoes, and textiles totaled 1,205.3 billion yuan from January to October, reflecting a 3.5% year-on-year increase [3][21] - In October, textile and apparel exports were 22.26 billion USD, a decline of 12.6% year-on-year, with textile yarns and fabrics down 9.0% and clothing down 16.0% [3][25] - Cotton prices rose slightly, with the national cotton price B index at 14,858 yuan/ton, up 0.8% [3][32] - Australian wool prices increased, with the index at 978 cents/kg, up 32.0% year-on-year [3][34] Sector Insights - The report highlights the strong performance of specific companies within the non-woven fabric industry, recommending continued investment in the entire non-woven fabric supply chain [3][8] - The report notes that the outdoor sports segment is expected to see growth, with companies like Bosideng and Anta being highlighted for their potential [3][9] - The report emphasizes the importance of new consumer trends and the potential for recovery in domestic demand in 2026 [3][10]

当下消费已经从过去的"千人一面"，走向了今天的"千人千面"。当大众市场被无数个细分领域解构，新 消费趋势与消费动向不断涌现。曾博伟将眼光投向了宠物经济。"宠物旅游正变得越来越火热。去年我 们与美团联合发布的报告中就已关注到这一'新玩法'。如今，越来越多的景区、酒店甚至商场，都会特 别注明对宠物开放。"曾博伟表示，携带宠物出游的群体在旅游市场中的比重正逐渐增大，这个细分市 场的增长速度非常快，潜力巨大。 中国旅游协会休闲度假分会副会长曾博伟。 对于"新消费与好生活"的核心矛盾与本质思考，曾博伟认为《格调：社会等级与生活品味》一书中对社 会等级与生活品味关系的探讨与上述议题恰好契合。书中提到，不同社会等级对"品位"的定义截然不同 ——高收入群体可能以"袖口磨出缝、带线头"为格调，而保龄球被视为中产的"低品位"选择。"这本书 的译者在后记中引用了法国思想家罗兰·巴特的一句话，我深有同感。罗兰·巴特认为，'好生活'是'有一 定的钱，但不必太多；有一定的权力，但也不必太多'。因此，我认为未来的'好生活'，其核心应该是拥 有更多的闲暇。" 新消费浪潮正悄然重塑我们的日常。它早已超越购物行为本身，成为关乎生活方式、价值认同 ...

Core Insights - The 2025 Analyst Conference was held on November 28, gathering experts, scholars, and leaders from various financial sectors to explore investment opportunities through economic cycles [1] - Li Xunlei, Chief Economist at Zhongtai International, emphasized the shift from traditional consumption to new consumption patterns, indicating that boosting traditional sectors may not be realistic [1] Group 1: Consumption Trends - Li Xunlei highlighted that traditional consumption, such as liquor, has significantly declined, with China's liquor consumption dropping from 15 million tons a decade ago to only 4 million tons currently [1]

Core Insights - Triumph, a German lingerie brand, announced its exit from the Chinese mainland market by the end of 2025, marking the end of the "underwire era" in the country [5][6][11] - The shift in consumer preferences towards comfort and local brands has led to a decline in Triumph's market presence, with 78.4% of consumers now opting for wire-free bras [6][10] - The rise of domestic brands like Ubras and Jiao Nai has capitalized on the changing consumer trends, achieving significant market share and sales growth [10][12] Company Overview - Triumph International Group, established in 1886, was one of the first international lingerie brands to localize production in China, with a peak of over 1,000 stores [7][11] - The brand was once perceived as a luxury in the Chinese market, but its relevance has diminished as consumer preferences shifted towards comfort and affordability [8][9] Market Dynamics - The lingerie market in China is undergoing a transformation, with local brands capturing 90% of the top 20 sales during the recent Double 11 shopping festival [10][12] - The market is characterized by a fragmented landscape, with the top five brands holding only 6% market concentration, indicating a highly competitive environment [15] Consumer Behavior - Younger consumers are increasingly favoring local brands over international ones, driven by a desire for comfort and affordability [8][9] - The traditional focus on shaping and underwire has been replaced by a demand for comfort, with many consumers now preferring wire-free and sports-style lingerie [6][10] Industry Trends - The lingerie industry is witnessing a bifurcation, with new brands rapidly emerging while traditional brands like Triumph face declining sales and market share [11][12] - The rise of "white label" products poses a significant challenge to both established and new brands, as price competition intensifies in the fragmented market [15]

这是新消费智库第 2 7 1 8 期文章 新消费导读 大健康食品，或者我们广泛科学定义的保健品，在美国一般被称之为膳食 营养补充剂，在中国一般称之为大健康食品、或保健功能食品。在日本则 称之为保健功能性食品，其属于一种相对较复杂的介于食品与药品之间的 一种复杂品类。 所以在中国消费品市场中，一直处于一种相对复杂位置：因为品牌良莠不 齐，以及其功能性上一定程度缺乏实证医学效果和广告法规规范的严格性 之 下 ， 消 费 者 很 难 具 备 清 晰 的 产 品 辨 别 能 力 ， 容 易 成 为 购 买 的 "被消费 者"，俗称被割韭菜了。 从新消费智库研究视角而言，我们认为国内外的保健品，无论它有什么特定的称谓，其底层品类特性都逃不脱下列的核心特征： 1 、产品一般由原料进行研发驱动。围绕着额某种特殊原料进行产品创新开发，原料营销成为大健康食品竞争的原生驱动出发点。 比如国内的药食同源类物质，这一类可以在普通食品，目前官方收录的大概有 106 种食材，在我们日常生活中较为常见，如一般大众认知都 了解的如山药、山楂、枸杞子、百合等。后续又陆续将铁皮石斛、西洋参、天麻等原料加入该目录。 还有一类是维生素与矿物质为代表 ...

Investment Rating - The report maintains a strong buy rating for the new consumption industry [3] Core Insights - New consumption is characterized by new demand from emerging consumer groups like Generation Z and a shift from leverage-driven consumption to income-driven consumption among older demographics [5][17] - The supply side benefits from China's robust manufacturing capabilities and the internet's ability to reshape business models and efficiency [5][17] - The report highlights two main investment opportunities: aggressive new consumption sectors such as trendy toys and gold jewelry, and defensive cyclical sectors like liquor and travel [5][4] Summary by Sections New Consumption: What is New Consumption? - New consumption has gained traction in recent years, initially a term from the primary market, now widely recognized [17] - It encompasses both new demand from younger consumers and a shift in older consumers' preferences towards more rational spending [17][21] New Demand: Stars Gather to Form Light - Emotional consumption and the rise of national trends are significant drivers, with luxury attributes associated with products [46] - The report identifies key sectors: IP toys, gold jewelry, and new tea drinks, which align with current consumer trends [5][4] New Supply: Old Trees Sprout New Buds - The report emphasizes that industries with easier pathways develop first, while more challenging sectors follow as technology and information improve [33] - It discusses the efficiency gains in retail and service sectors through standardization and technological advancements [33] Investment Recommendations - The report suggests focusing on two types of opportunities: aggressive new consumption sectors (e.g., trendy toys, gold jewelry) and defensive cyclical sectors (e.g., liquor, travel) [5][4] - Specific companies to watch include Pop Mart, Mijia, and various tea brands [5][4] Emotional Consumption and National Trends - Generation Z's emotional consumption is highlighted, with a significant portion willing to pay for emotional value [21][23] - The report notes the increasing acceptance of Chinese brands among younger consumers, contrasting with older generations' preferences [21][22] Gold Jewelry Market - The gold jewelry market is projected to grow significantly, with ancient gold jewelry gaining popularity due to its cultural significance [86][87] - The market size for ancient gold jewelry is expected to reach 4,214 billion by 2028, with a compound annual growth rate of 21.8% [86][87] IP Toy Market - The report outlines the rapid growth of the IP toy market, with a projected market size of 1,741 billion by 2024, reflecting a compound annual growth rate of 13.6% [69][70] - The emotional value associated with IP toys is a key driver of consumer interest and market expansion [78][79]