Core Viewpoint - The current Chinese new consumption industry is in its early or growth stages, similar to the U.S. in the 1970s and Japan in the 1990s, with a low valuation level compared to historical levels in Japan and the U.S. [1] Group 1: Industry Insights - The new consumption sectors in China include retail discount, IP consumption, personal care, weight loss, medical beauty, and cultural tourism, all of which are developing [1] - Historical lowest PE ratio for stable performance in new consumption industries is approximately 10 times, while the highest PE ratio varies by sub-industry [1] - High-growth sectors like IP consumption and affordable dining can reach PE ratios of up to 100 times during favorable market conditions, while more stable sectors like retail discount and personal care can achieve around 30 times [1]

来源：嘉御资本 每日｜荐读 论坛： 新一批敲钟人，已在路上 荐读： 重新发现香港：科创时代的新蓝图 榜单： 全国首只AIC产业母基金来了 热文： 投资人"忙疯了" 2025年12月5日， 嘉御资本2025年投资人年会在上海陆家嘴成功举办。大会上，嘉御资本宣布完成多支新基金的募集设立，总规模超过40亿元人 民币。参与基金的主要投资人包括长沙、宁波、天津和长三角地区等高度市场化的引导基金、生态联动的上市公司产业资本和市场领先的人民币母基 金，以及多位基金老投资人的持续支持。 据悉，本次新募集的基金矩阵，全面覆盖了嘉御资本前瞻布局的领域，包括AI基础建设、新消费产业、跨境电商品牌出海、生命科技等多个核心赛 道，旨在系统性地把握中美AI"软硬兼施"、全球供应链重构及新消费范式下的结构性机会，形成协同有力的投资生态体系。 ...

随着2026年即将成立15周年之际，嘉御资本也将迎来有史以来最为密集的IPO收获期。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，嘉御资本2025年投资人年会日前在上海陆家嘴成功举办。大会上，嘉御资本宣 布完成多支新基金的募集设立，总规模超过40亿元人民币。参与基金的主要投资人包括长沙、宁 波、天津和长三角地区等高度市场化的引导基金、生态联动的上市公司产业资本和市场领先的人民币 母基金，以及多位基金老投资人的持续支持。 嘉御资本创始合伙人、董事长卫哲先生表示："感谢所有新老投资人的信任。投资就是传递信任，嘉 御资本14年来始终秉承'以终为始'和不变的3R原则，恪守为投资人创造回报（Return）、严控风险 （Risk）、赢得多方尊重（Respect）的初心所在。" 在当前全球和中国经济步入存量时代，而科技革命驶入"快车道"的交叉口，拐点初现，把握新机。 本次新募集的基金矩阵，全面覆盖了嘉御资本前瞻布局的领域，包括AI基础建设、新消费产业、跨境 电商品牌出海、生命科技等多个核心赛道，旨在系统性地把握中美AI"软硬兼施"、全球供应链重构 及新消费范 ...

Group 1: Overview of Changsha's Economic Landscape - Changsha is recognized as a vibrant "city that never sleeps," with a significant focus on boosting consumption, particularly in the new retail sector [1] - The city is also known as the "capital of engineering machinery," with over 30% of the national market share, housing five companies listed among the global top 50 engineering machinery firms [1] Group 2: New Consumption Brands - The success of the tea brand "Chayan Yuese" is attributed to its cultural depth and brand recognition, utilizing a "slow philosophy" to counteract industry restlessness [2][3] - Chayan Yuese integrates traditional Chinese culture into its products, creating a unique brand identity that resonates with younger consumers [3][5] - The brand emphasizes quality and a slow-paced approach, maintaining a cautious stance on large-scale delivery and focusing on in-store experiences [6][8] Group 3: Water Sheep Co. (Shuiyang Co.) - Water Sheep Co. has transformed from relying on e-commerce to becoming a leader in the beauty industry, leveraging a unique "CP model" to introduce over 50 international brands into China [11][12] - The company has invested heavily in self-research and production, establishing a smart manufacturing facility capable of producing over 2 billion face masks annually [14][16] - Water Sheep Co. has developed a robust R&D team, creating over 8,000 proprietary formulas and applying for more than 400 patents [16] Group 4: Starbond Intelligent Equipment - Starbond Intelligent Equipment has evolved from relying on imports to becoming a global leader in aerial work platforms, with products sold in nearly 100 countries [19][22] - The company has implemented advanced technologies, such as laser cutting and welding, significantly improving production efficiency and reducing costs [21] - Starbond's transformation has been supported by local government initiatives, providing tailored services to facilitate its growth [23] Group 5: Government Support and Ecosystem - Changsha's government has established a "super incubator" for new consumption brands, providing comprehensive support through research, consulting, and investment services [25][28] - The city has implemented a "1+3" service model to enhance the new consumption industry, focusing on resource integration and talent support [30][31] - The local government has also introduced policies to promote digital transformation and innovation within the engineering machinery sector [34][36] Group 6: Cultural and Demographic Advantages - Changsha's youthful population, with an average age of 37, serves as a strong foundation for new consumption growth [37] - The city's cultural heritage encourages innovation and resilience among local businesses, fostering a unique consumer environment [37][38] - The collaborative approach between government and enterprises has created a supportive ecosystem for new consumption brands to thrive [38][40]

Core Insights - The new consumption industry is characterized by the integration of new technologies, aesthetics, products, and services, catering to a new generation of consumers [1][2] - The rapid technological advancements and the emergence of new aesthetic concepts are driving a global revolution in consumption, with significant implications for product and service innovation [1] - The rise of the new consumption industry is closely linked to the development of China's private economy, which has a vast potential yet to be fully realized [5][6] Group 1: New Consumption Industry Characteristics - The new consumption industry is defined by a focus on single product revolutions, emphasizing continuous innovation in specific categories to meet the demands of the new generation [2] - The industry is experiencing a geometric increase in global patent applications since 2007, indicating rapid technological evolution and cross-industry innovation [1] - New aesthetic concepts influenced by digital experiences and immersive media are reshaping consumer perceptions and expectations [1] Group 2: Economic Implications - China has 120 million private economic entities, but less than 1% are engaged in strategic new industries, highlighting a gap in the market [5] - The new consumption industry offers a wide array of opportunities, with examples from global leaders in beauty, food, and apparel sectors [5] - The potential for China to transition from a manufacturing powerhouse to a leader in new consumption brands and industries is significant, provided it leverages technological advancements effectively [5][6] Group 3: Future Directions - The first New Consumption Industry Development Conference aims to create a platform for sharing exemplary cases and fostering collaboration among various stakeholders [7] - The conference will annually release a report featuring 108 top cases to enhance understanding of the new consumption revolution and its dynamics [6][7] - The "14th Five-Year Plan" period is seen as a critical time for integrating the new consumption industry into broader economic strategies, promoting the development of new industrial clusters [7]

Summary of Conference Call Records Industry Overview - The conference call primarily discusses the light industry sector and its response to the easing of tariffs between China and the United States, highlighting potential investment opportunities and risks in this context [1][3][9]. Key Points and Arguments Companies Benefiting from Tariff Easing - **Yutong Technology** is expected to benefit from overseas capacity transfer and a high dividend strategy, showing a potential for rebound despite previous stock price declines due to supply chain concerns. The company reported steady growth in Q1 2025, with expectations for double-digit profit growth in Q2 [1][4]. - **Eternal Art Co.** and other export-oriented companies are expanding their market share overseas. Their Q1 performance was strong, but stock prices have not fully reflected this, indicating a strong margin of safety and potential for price recovery [1][5]. - Companies like **Craftsmanship**, **Jia Yi Home**, and **Zhejiang Natural** represent the trend of Chinese manufacturing going global. Their strong performance has not been adequately valued, and with easing tariffs, they may see valuation recovery, particularly **Jiangxin** and **Jia Yi** [1][6]. - **Zhiou Technology** focuses on developing its own brand, and any tariff reductions could directly enhance its profit margins, making it a key focus. Similar potential is noted for **GoerTek** [1][7]. Market Dynamics and Investment Opportunities - Companies with high market attention and consistent performance, such as **Compensation Management Company** and **Jia Ying**, may see their price-to-earnings ratios recover from around 15 times to between 18 and 20 times, providing a rationale for current investments [1][8]. - The long-term outlook suggests that the complex nature of China-U.S. relations may lead to recurring tariff issues. Export-oriented companies should focus on expanding into non-U.S. markets while also considering those that have succeeded in the U.S. and are looking to expand globally [1][9]. Impact on Specific Industries - The paper industry, as a part of the domestic consumption cycle, is expected to benefit indirectly from eased tariffs. Current paper prices are at historical lows, and companies like **Sun Paper** and **Xianhe Co.** are recommended for investment [2][10][11]. - The new consumption sector is highlighted as a significant investment opportunity, with a focus on emerging trends that are less dependent on traditional economic indicators [12][13]. Short-term Investment Strategies - Short-term investment opportunities include companies with significant stock price declines due to tariffs, such as **Yutong**, **Eternal Group**, and **Jianlin Industrial**. Additionally, export chain companies with strong performance but lagging stock prices, like **Jianfa** and **Eternal Art**, are also highlighted as potential beneficiaries of tariff easing [1][14]. Recommendations for Future Investments - The light industry and new consumption sectors are identified as future trends worth monitoring. Investment should focus on companies that can significantly benefit from easing tariff policies [1][15]. Other Important Insights - The conference call emphasizes the importance of diversifying investments away from over-reliance on the U.S. market, suggesting a strategic focus on companies capable of expanding into Europe, the Middle East, and Southeast Asia [9].