Group 1 - The core viewpoint of the article emphasizes the emergence of new consumption trends driven by emotional value and the integration of supply-side innovations, highlighting a shift towards personalized and diversified consumption [2][4][10] - On the demand side, there is a significant increase in consumption focused on emotional value, with "self-pleasing" consumption projected to grow by 40.6% in 2024, and social consumption, represented by sports and entertainment goods, expected to rise by 11.1% [2][10][23] - The supply side shows a notable trend of integration across different fields, with the IP industry experiencing an average growth rate of 13.1% from 2019 to 2024, and the tourism and cultural sectors also expanding significantly [2][32][39] Group 2 - The rise of new consumption is attributed to generational changes, economic characteristics, and upgrades in consumption supply, with younger consumers (ages 18-34) being the primary drivers of emotional consumption [4][49][50] - The youth demographic is increasingly focused on emotional value due to factors such as high unemployment rates and increased work pressure, leading to a greater emphasis on self-pleasing and home-based consumption [4][61][62] - Supply-side improvements, including increased R&D investments in sectors like automotive and electrical machinery, are facilitating the intelligent upgrade of consumption offerings [4][62][68] Group 3 - Future growth potential for new consumption is reinforced by economic growth, demographic shifts, and improvements in consumption supply, with service consumption expected to rise as GDP per capita increases [6][74][83] - The trend of smaller family units and declining birth rates in developed countries is likely to further enhance new consumption demand, as seen in the U.S. and Japan [7][74][75] - The importance of "consumption-related infrastructure" is being elevated, with government spending in education, healthcare, and social security expected to support the enhancement of new consumption supply [8][102][106]

Group 1 - The central economic meeting has a "preview" effect on the main sectors for the upcoming year, with most sectors showing excess performance within 20 trading days after the meeting [2][36] - The main sectors for the year need to meet both the "pre-selection" effect of the meeting and industrial logic, with communication, electronics, home appliances, and automobiles showing significant gains [2][36] - The report suggests that the AI sector and new consumption will be the main themes for the upcoming year, with a potential early performance in Q1 due to the DeepSeek catalyst [2][36] Group 2 - The report indicates that when the economic cycle is in the Plinger phase 2-4, stocks generally perform well, with a focus on the sustainability of M1 recovery as a key indicator [3][41] - The social financing pulse has shown a rebound, with new government bonds increasing year-on-year, while new RMB loans have turned negative [3][41] - The report emphasizes the importance of monitoring external shocks, such as the US economic recession risk, as the AH market may continue to be revalued globally [3][41] Group 3 - The report highlights the performance of the AI sector, particularly with the upcoming GTC conference and the expected launch of the GB300 series, which may significantly enhance computing performance [12] - The global data center investment is projected to reach $57 billion in 2024, driven by AI demand, with a notable increase in the share of intelligent computing centers [12] - The report suggests that the demand for computing power remains strong, with a significant reduction in vacancy rates in data centers [12] Group 4 - The report discusses the strong performance of the rare earth sector, with prices steadily rising and expectations for policy support to boost confidence [21] - The report identifies strategic opportunities in the rare earth sector, particularly for companies like China Rare Earth, Guangsheng Nonferrous, and leading companies in the magnetic materials field [21] - The report notes that the prices of light rare earth oxides and heavy rare earth oxides have increased, indicating a tightening supply situation [21] Group 5 - The report outlines the high demand for photovoltaic materials, with a focus on the carbon fiber sector, which is expected to see continued growth due to the expansion of the renewable energy sector [22] - The report highlights the importance of electronic materials, particularly in the context of domestic substitution trends in upstream raw materials [22] - The report suggests that the wind power sector is experiencing significant growth, with a focus on the concentrated market for wind turbine blades [22]

作 者丨易佳颖 编 辑丨包芳鸣 蜜雪冰城的"甜蜜事业"再攀高峰。 3月3日，蜜雪冰城股份有限公司（简称"蜜雪冰城"）在香港交易所上市。蜜雪冰城每股发行 价为2 0 2 . 5 0港元，募资净额为3 2 . 9 1亿港元。截至当日收盘，蜜雪冰城大涨4 3 . 2 1%，总市值 1 0 9 3亿港元。 无论是此前招股期间荣膺"冻资王"的盛况，还是上市首日股价的亮眼表现， 蜜雪冰城都打破 了新式茶饮企业上市即破发的魔咒，为沉寂多时的茶饮资本市场注入了一股久违的活力。 "蜜雪冰城有着鲜明的价值创造的特质，对消费者、对生态合作伙伴的普惠是蜜雪冰城创造的 最核心价值。"高瓴投资团队解释道，2 0 1 9年前后，消费市场谈论最多的，是诸如消费升级、 新消费等话题。彼时，蜜雪冰城已凭借加盟模式开设了4 0 0 0多家门店，但由于其聚焦下沉市 场，门店装修风格和产品外观并不 "高大上"，因而未受到外界的广泛关注。 "蜜雪冰城与其他茶饮品牌有着本质区别。 "在接受2 1世纪经济报道记者采访时，从打新散户 到餐饮业内人士，再到专业投资机构，多位受访者不约而同地表达了这一观点。虽然他们给 出的理由各不相同——有的强调其完善的供应链体 ...

Core Viewpoint - The article discusses the challenges and opportunities for new consumer companies, particularly in the context of their IPOs in Hong Kong versus A-shares, highlighting the increasing trend of companies like Mixue Ice City choosing to list in Hong Kong due to stricter regulations in the A-share market [1][16][21]. Group 1: Market Trends - The Hang Seng Index has risen by 18.58% this year, with Hong Kong consumer ETFs increasing by 29.41%, indicating a strong market for new consumer companies [2][3]. - In 2024, several new consumer brands have flocked to the Hong Kong stock market for IPOs, with significant interest leading to high stock prices [3][11]. - Mixue Ice City achieved a record-breaking IPO subscription with a funding amount of HKD 1.77 trillion and a subscription multiple of 5125 times, marking it as a "frozen capital king" [5][8]. Group 2: Regulatory Environment - The tightening of IPO regulations in the A-share market has led to a significant decrease in the number of companies going public, with only 100 IPOs in 2024 compared to 313 in 2023, a drop of 68.05% [13][14]. - New consumer companies face significant barriers to listing in A-shares, categorized as "restricted" due to their low industry barriers [16][21]. - The Hong Kong stock market offers more lenient IPO conditions, making it an attractive option for new consumer companies [17][18]. Group 3: Investment Dynamics - The demand for private equity funds to exit their investments is a driving factor for companies like Mixue Ice City to pursue IPOs despite having sufficient capital [23][24]. - The average time from initial application to listing in Hong Kong is 393 days, with some companies completing the process in as little as 103 days [22]. - The trend of new consumer companies listing in Hong Kong has become a "new normal" due to the favorable regulatory environment and government support [21][19]. Group 4: Market Challenges - Despite the high subscription rates for IPOs, liquidity in the Hong Kong market remains a concern, with average daily trading volumes significantly lower than those in the A-share market [28][29]. - Some companies have opted for privatization due to the lack of trading liquidity in the Hong Kong market, indicating potential challenges for newly listed firms [30][31]. - The article highlights that even popular companies can experience volatility in stock prices post-IPO, with examples of companies facing low trading volumes despite high initial interest [32].

编辑丨钱杨 回顾创立 MAIA ACTIVE 的九年时间，欧逸柔脑中的画面是，"满地闪亮亮的碎屑"。她是新消费时期少数 成功的创业者之一，做出了某些层面可以挑战巨头的产品与品牌。2023 年，她决定将品牌卖给理想买家安 踏，收获了她能想象的最好结局。 一个关于创业和创伤的故事。 文丨朱丽琨 创业最后两年，她感觉到 MAIA 作为独立品牌生存前景会很难。卖掉公司让她如释重负，但又很伤感。 如今，欧逸柔觉得自己看得更清楚了：当时做对了什么，做错了什么，在哪里释放了最多的热情，又迷失 于什么。 她和品牌完整经历了没人投消费、所有机构疯狂投消费、再到热潮退却的全过程，"新消费最疯狂那几 年，所有人都不正常。" 比如，每年都在寻找拐点式增长，没有两倍增长不好意思对外说，"处在一种魔怔 的状态里"。 除此之外，她还有自己的问题需要理出头绪。"我其实不知道说这些大家会怎么看，会不会觉得，你都财 务自由了，还在这说什么呢？但创业时的创伤还没有解决。" 欧逸柔说。 12 月的一天，上海安福路，一间干净明亮、宽敞安静的白色屋子里，欧逸柔准备好回忆。她家中点缀着不 少鲜亮颜色的装饰品、家具，那些跳动的色彩让人想起 MAIA 产品的 ...

2 泽平宏观 下 深圳人才集团 S = 2 = 1 = 1 = 1 = 1 = 萬出友 2025|毕典经济 年 甘泽亚 波 秀 倒 坛 日本 0 1 2024年全力拼经济，拉开新一轮经济提振计划的序幕，宏观政策全面转向友好，优化房地产调 控，活跃资本市场，财政政策积极，货币政策宽松，提振信心，凝聚共识。 泽平宏观 在这个巨变的时代，光有勤奋还不够，比勤奋更重要的是顺势而为。 不要用战术上的勤奋，掩 盖战略上的懒惰。 2024 年即将过去了， 12 月 20 日，我将在改革开放的前沿阵地——深圳，和大家一起展望 2025 年，未来将有哪些新趋势？发生什么大事件？诞生哪些新机遇？ 泽平宏观/诚邀您参与 【 点燃希望 再出发2025中国经济十大预测 】 活动相关调研，本问卷共 9 问，希望您能抽出几分钟时间，将您的关切告诉我们。 12 月 20 日 19:00 ， 我们将在改革开放的前沿阵地——【深圳】与您一起讨论、分享， 共赴点燃希望： 再出发2025中国经 济十大预测 感谢您的参与,投票结果将于12.31公布，参与投票并分享本文至朋友圈，添加课程助理，即可参与点 燃希望, 再出发 2025 中国经济十大预测 福 ...