◎记者 赵明超 从近期市场表现看，部分消费龙头股逐步企稳反弹，大量资金借道ETF入场，消费板块是否迎来转机？ 多家基金公司表示，消费股的投资逻辑正在快速迭代，机构布局不仅看重估值和业绩，也看重消费体验 和服务，投资逻辑正在从"适配需求"转为"创造需求"，看好锐意创新的公司。 多只消费主题ETF份额创新高 在当前的快速轮动行情中，前期滞涨的消费板块，迎来市场关注。11月10日，大消费板块表现强势，其 中白酒板块迎来久违的大涨，当日鹏华酒ETF涨幅罕见超过4%。 从近期大消费板块的市场走势看，部分标的表现抢眼。以饮料行业的欢乐家为例，11月10日至11日，连 续两个交易日涨停，11月12日，再度上涨7.32%。从龙虎榜数据来看，在11日买入金额最大的前五名席 位中，出现多家机构。部分港股新消费公司也迎来反弹，最近4个交易日，沪上阿姨股价涨幅超30%。 与此同时，公募基金还在加大消费主题基金布局力度，从产品类型来看，包含多只主动权益类基金，这 表明当前基金公司更倾向于主动挖掘投资机会。 向新而行 投资逻辑生变 从过往市场走势看，在临近年底时，往往会迎来行情切换。近期消费板块的反弹，究竟是短期反弹还是 否极泰来后的持 ...

Core Viewpoint - The article emphasizes that the growth in the travel industry should shift from merely competing for existing market share to innovatively expanding the global market through collaboration and demand creation [2][13]. Group 1: Creating New Demand - The travel industry faces intense competition, and the proposed strategy is to create new demand rather than engage in price wars [4]. - Three new dimensions are highlighted for creating demand: - **New Scenarios (Event)**: Travel for events has emerged as a strong consumer motivation, with over 500 events available daily across more than 50 destinations, leading to a 12% increase in overall consumption [5]. - **Targeting New Demographics (Elderly)**: The elderly demographic is identified as a new market, with their spending power being three times that of younger consumers. Their travel patterns help balance seasonal fluctuations in the industry [5]. - **Expanding New Markets (Emerging)**: Collaborations with popular IPs like "Honor of Kings" and POP MART have resulted in a 479% increase in destination search interest, effectively reaching previously indifferent potential users [6]. Group 2: Building an Ecosystem - In an era of information overload, trust has become the most valuable resource. The company is transitioning from a mere traffic distributor to an ecosystem builder by establishing transparent and trustworthy standards [8]. - Initiatives include the "white-box" standard for family-friendly hotels, which helps parents quickly identify quality accommodations [8]. - These standards enhance user experience and promote service standardization across the industry, with initiatives like "Trip Select" improving user satisfaction by 15 percentage points [9]. Group 3: Value Co-Creation - As domestic market competition intensifies, the company advocates for a shift from internal growth to value co-creation with global partners, particularly in the recovering inbound tourism market [10]. - Data indicates that by mid-2025, China's inbound tourism recovery rate will reach 123%, significantly surpassing the global average of 104%, with the company's inbound tourism business experiencing 100% year-on-year growth [11]. - The company is focused on creating a co-creative service ecosystem to facilitate inbound tourism, utilizing AI translation technology and a global payment network to enhance service delivery [11].

Core Insights - The central theme of the article revolves around "Change," which is not only a developmental mandate for Xiaomi but also a survival challenge for individuals in the workforce [1][4]. Group 1: Xiaomi's Transformations - Xiaomi has undergone three significant cognitive leaps that have allowed it to navigate economic cycles and break through ceilings [3]. - The changes have empowered Xiaomi to not just respond to current challenges but to seize future opportunities [4]. Group 2: Lessons for Workers - Workers can learn from Xiaomi's grand narrative of change by building their own "transferability" in uncertain environments [6]. - The shift from a "screwdriver" mentality to a "USB" survival approach emphasizes the need for adaptability and diverse skill sets [6]. Group 3: Key Changes in Xiaomi's Strategy - Transitioning from "channel-driven" to "technology-driven," Xiaomi has moved from being perceived as an "assembly factory" to a company focused on core technologies, enhancing its brand value [7]. - The evolution from "single product hits" to "ecosystem synergy" has diversified Xiaomi's growth logic, reducing reliance on any single product's success [7]. - Moving from "chasing trends" to "creating demand," Xiaomi has shifted its role in the industry from a follower to a demand creator through technological innovation [7]. Group 4: Steps to Initiate Change - The article outlines three actionable steps for initiating change: cognitive awakening, incremental actions, and systematizing change [9][13]. - The first step involves extreme situational thinking to break cognitive inertia and stimulate intrinsic motivation for change [13]. - The second step focuses on finding a "Minimum Viable Product (MVP)" to test new skills or ideas with minimal cost and rapid feedback [13]. - The final step emphasizes the importance of habitualizing change to ensure continuous improvement [13].