今年以来，A股市场回暖，很多私募业绩水涨船高。然而，私募管理人办公室里的气氛却冷暖不一。 作为国内主观多头策略私募的头部机构，同犇投资精准布局新消费赛道，今年以来业绩稳居行业前列， 但募资依然艰难；重阳投资、毕盛投资等机构捷报频传，新发产品规模节节攀升；蒙玺投资等多家知名 量化私募一举跨越百亿门槛…… 当同犇投资基金经理童驯看着产品净值曲线持续上扬却难引资金活水，当上海某中型私募市场负责人在 路演资料堆满的办公桌前为募资焦头烂额，一个尖锐的行业悖论浮出水面：业绩回暖的暖风，为何难以 融化私募机构募资的坚冰？结构性分化，正成为私募募资端最刺眼的注脚。 客户心态逐渐转变 "净值回来了，但大部分客户的信任还没回来。"童驯的声音在电话里带着一丝沙哑。成立于2014年并在 前一轮A股大牛市中发展壮大的同犇投资，对于今年股票私募行业的募资"怪象"，感触颇多。 凭借对港股市场与新消费个股的精准布局，同犇投资旗下产品今年以来的收益率超70%，在大型股票私 募中持续领先。然而，当被问及募资情况时，童驯却披露了尴尬的现实情况：扣除净值上涨带来的被动 规模增长，主动申购公司产品的资金十分有限。"2024年之前，我们的产品回撤幅度比 ...

□本报记者 王辉 今年以来，A股市场回暖，很多私募业绩水涨船高。然而，私募管理人办公室里的气氛却冷暖不一。 作为国内主观多头策略私募的头部机构，同犇投资精准布局新消费赛道，今年以来业绩稳居行业前列， 但募资依然艰难；重阳投资、毕盛投资等机构捷报频传，新发产品规模节节攀升；蒙玺投资等多家知名 量化私募一举跨越百亿门槛…… 当同犇投资基金经理童驯看着产品净值曲线持续上扬却难引资金活水，当上海某中型私募市场负责人在 路演资料堆满的办公桌前为募资焦头烂额，一个尖锐的行业悖论浮出水面：业绩回暖的暖风，为何难以 融化私募机构募资的坚冰？结构性分化，正成为私募募资端最刺眼的注脚。 客户心态逐渐转变 "净值回来了，但大部分客户的信任还没回来。"童驯的声音在电话里带着一丝沙哑。成立于2014年并在 前一轮A股大牛市中发展壮大的同犇投资，对于今年股票私募行业的募资"怪象"，感触颇多。 凭借对港股市场与新消费个股的精准布局，同犇投资旗下产品今年以来的收益率超70%，在大型股票私 募中持续领先。然而，当被问及募资情况时，童驯却披露了尴尬的现实情况：扣除净值上涨带来的被动 规模增长，主动申购公司产品的资金十分有限。"2024年之前，我 ...

Core Insights - The article emphasizes the need to understand evolving consumer behaviors in the context of macroeconomic uncertainties, inflation, geopolitical tensions, and technological disruptions, highlighting a shift from pandemic-induced consumption to a new stable norm [1] Group 1: Changes in Consumer Behavior - Consumers are spending more time alone online, with nearly 90% of the additional 3 hours per week in the U.S. dedicated to solitary online activities, leading to a decline in face-to-face social interactions [2][3] - In China, there is a dual focus on family and social relationships while "self-consumption" trends are rising, with categories like personal care and home entertainment becoming dominant [2][3] Group 2: Trust Dynamics - Despite high usage of social platforms, consumers exhibit low trust in these platforms for purchase recommendations, preferring advice from friends, family, and verified reviews [4][5] - Brands must shift from traditional advertising to building trust through authentic word-of-mouth and verifiable social content, as the context of who says what is more critical than the message itself [5] Group 3: Gen Z Consumer Trends - Gen Z is now a dominant consumer group, characterized by financial fragility yet a willingness to spend on self-expression and social currency, particularly in beauty, fashion, and wellness sectors [6][7] - This generation seeks brands that resonate with their values and cultural identities, emphasizing the need for brands to align with their ideals rather than merely adopting a youthful image [8] Group 4: Local Brand Preference - There is a significant shift towards local brands, with 47% of consumers preferring them, especially in food, beauty, and daily consumer goods, driven by a desire for familiarity and trust amid global uncertainties [9] - The rise of local brands in China reflects deeper cultural connections and a response to geopolitical tensions, indicating that global brands must localize their strategies to remain relevant [9] Group 5: Value Calculation Changes - Consumers are becoming more strategic in their spending, often trading off between categories, with over 79% engaging in "non-linear downgrading" to justify purchases in non-essential categories [11] - In China, the trend of "self-care" post-pandemic indicates that consumers are not just looking for discounts but for rationalizations of their spending, focusing on emotional and identity-driven purchases [11] Conclusion - The article concludes that understanding the complexities of human behavior is crucial for brands in navigating the evolving consumer landscape, emphasizing the importance of emotional resonance and genuine connections over mere transactional relationships [12][13]

Core Viewpoint - The release of the "Consumption Boost Special Action Plan" marks the beginning of a significant initiative aimed at restoring consumer confidence for 1.4 billion people in China, focusing on trust rebuilding, supply upgrades, and institutional innovation [1] Group 1: Trust Breakthrough - The market share of domestic milk powder has increased from less than 30% a decade ago to over 68% today, reflecting a significant transformation in Chinese manufacturing [2] - The shift in consumer sentiment towards domestic brands is supported by quality data, with domestic milk powder's bacterial count being only 1/10 of the EU standard and protein content exceeding it by 20% [2] - Government-issued consumption vouchers are seen as a means to rebuild market trust through "government credit endorsement" [2] Group 2: Supply Breakthrough - Only 20% of Chinese consumers meet the recommended daily milk intake, indicating a significant gap in milk product consumption habits among over 1 billion people [3] - Innovations such as A2 protein milk powder and zero-sugar yogurt by Junlebao are aimed at tapping into this potential market [3] - Local initiatives like "night economy" and "concert economy" in Hunan and Jiangsu are designed to create new consumer demand [3] Group 3: Institutional Breakthrough - 62% of consumers believe that distinguishing product quality is too costly, highlighting a barrier to consumer confidence [9] - Policies aimed at increasing income and reducing burdens, such as dynamic adjustments to minimum wages and skill training subsidies, are being implemented [9] - The central bank is increasing consumer loan availability and trialing childcare subsidies to alleviate family financial burdens [11]