中证报中证网讯(记者张舒琳)十月以来，A股市场持续震荡。对于后市，合煦智远基金副总经理杨志勇 表示，对A股市场乐观的观点没有改变，2024年"9.24"是一个分水岭，A股市场大概率将继续以震荡上 行的态势运行。我国的经济运行将继续保持在长期增长的轨道中，这是A股市场最大的基本面，也是A 股市场走强的底气所在。 杨志勇认为，当前，我国处于低利率的市场环境，预计这种低利率水平可能仍会持续，而低利率水平有 助于提升股权风险溢价，提升权益类资产的配置价值，社会财富增加权益类资产配置是个必然趋势。 关于消费投资，杨志勇认为已经迎来了较好的配置时机，消费对A股投资的贡献度也将显著提升。在消 费主题的投资过程中，一方面可以从传统消费股中挖掘价值线索，包括经历过去几年震荡调整后，行业 竞争格局不断改善(包括并购等)、供给出清、拥有良好的自由现金流的个股；具备高股息红利属性的家 电、汽车、白酒等龙头品种；以及具备第二生长曲线、产品创新、渠道力扩张、渗透率提升或品牌集中 度提高等因素的股票。另一方面可以从新消费和服务消费中挖掘景气、成长、创新以及情绪、兴趣和社 交等精神价值因素，做到与估值匹配，并紧密跟踪考察报表端的落地情况。此 ...

消费投资样本。 作者/杨继云 周佳丽 报道/投资界PEdaily 几乎所有消费投资人都惊讶于瑞幸的重生。 我 们 可 以 一 窥 这 家 公 司 的 面 貌 ： 瑞 幸 最 新 发 布 2 0 2 5 年 第 三 季 度 财 报 ， 公 司 总 净 收 入 达 1 5 2 . 9亿元人民币，同比大幅增长5 0 . 2 %。盈利端也实现里程碑式突破——Q3净利润达 1 2 . 8亿元人民币。对比五年前黯然退市的光景，让人感慨。 这 应 该 是 创 投 圈 最 意 外 的 " 起 死 回 生 " 案 例 。 梳 理 故 事 背 后 ， 这 也 是 危 难 之 际 投 资 人 联 手"救活"一家公司的典范。当中角色除了黎辉所掌舵的大钲资本，还有另一家我们熟悉 的身影，IDG资本。 追溯起来，IDG资本团队几乎在瑞幸最不被看好的时候出手。沿着这样的脉络，我们得 以看到这家头部机构的消费投资故事，原来那些家喻户晓、甚至火爆全球的消费品牌背 后，都有IDG资本重仓的身影。 瑞幸背后 鲜少被提起的IDG 如果不是瑞幸重新爆红，这段隐秘的投资往事大概不会被提起。 时间回到2 0 2 0年4月2日，瑞幸咖啡造假风波骤然发酵。后 ...

Group 1 - The article discusses the shift in young people's perception of intimate relationships from a "must-have" to an "optional" aspect of life, reflecting a desire for authenticity and a rejection of societal pressures [2] - The F&M Innovation Festival features a series of discussions addressing various aspects of young people's lives, including emotional needs, workplace dynamics, and self-identity in the context of technological advancements [2][3] - The "Open Dialogue" session will explore the underlying psychological and social factors contributing to the phenomenon of "sexual decline" among young people, emphasizing a collective awakening of self-needs [30] Group 2 - The "Technology Dimension" discussion will focus on the intersection of technological development and individual value, encouraging participants to find their unique position within the broader narrative of technological change [3] - The "Health Dimension" session will delve into how health data can redefine self-perception, offering insights on regaining control over one's life through quantifiable health metrics [6] - The "Commercial Dimension" conversation will highlight personal growth through brand development, providing inspiration for both newcomers in the workforce and entrepreneurs [10] Group 3 - The "Reality Dimension" discussion will tackle the pressing issues faced by young people, such as high housing prices and employment challenges, offering practical strategies for navigating these difficulties [19] - The "Outdoor Dimension" session aims to inspire participants to embrace adventure and self-discovery through outdoor activities, encouraging a break from urban constraints [15] - The "Economic Dimension" dialogue will analyze macroeconomic trends and opportunities for young people, focusing on career planning and international expansion [24]

Group 1: Market Performance - The Shanghai Composite Index increased by 1.18%, approaching the 4000-point mark, with significant trading volume exceeding 9.2 billion yuan, a rise of over 32% compared to the previous period [1] - The Consumption ETF (159928) saw a net subscription of 34.6 million units, accumulating over 1.23 billion yuan in the last 10 days, with its latest scale surpassing 20.4 billion yuan, leading its peers [1][3] Group 2: Economic and Policy Developments - Recent Sino-U.S. trade talks in Kuala Lumpur resulted in a basic consensus on addressing mutual economic concerns, highlighting the importance of consumption and effective investment in the national market [3] - A significant policy announcement on October 23 emphasized the need to boost consumption and eliminate barriers to the construction of a unified national market [3][7] Group 3: Company Updates - Moutai Group appointed a new chairman, Chen Hua, which is expected to enhance collaboration with higher management, while the previous chairman Zhang Deqin stepped down [4][5] - Dongpeng Beverage reported a strong Q3 performance with revenue and net profit increasing by 30.4% and 41.9% year-on-year, respectively, driven by network expansion and consumer promotions [4] Group 4: Investment Opportunities - The consumption sector is expected to play a more prominent role in the economic landscape, with a focus on high-quality consumption supply and mechanisms to stimulate consumption [7][10] - The current valuation of the consumption sector is at historical lows, indicating significant potential for recovery, particularly in sectors like beer, feed processing, and home appliances [11][14][16] Group 5: ETF Insights - The Consumption ETF (159928) is characterized by its resilience across economic cycles, with top holdings including leading liquor brands and major agricultural firms, collectively accounting for over 68% of the index [18][19] - The Hong Kong Consumption 50 ETF (159268) offers a convenient investment option in the consumer sector, supporting T+0 trading and not occupying QDII quotas, appealing to the younger generation's consumption trends [18][19]

Core Insights - The consumer investment landscape is showing signs of recovery, with both primary and secondary markets indicating positive trends [2][3] - The CBI index is becoming a crucial tool for evaluating brand performance and investment opportunities, reflecting real consumer behavior and market trends [4][11] Primary Market Insights - Tmall's 618 sales event reported a 10% year-on-year increase in GMV, with several brands experiencing significant growth [2] - The transition from profitability to substantial profits is evident among various brands [2] Secondary Market Insights - Notable consumer stocks like Mixue Ice City, Laopu Gold, and Pop Mart have seen consecutive trading halts, establishing a new PE reference for consumer investments [3] - There were 10 successful IPO exits in the first half of the year, with an average return multiple of 5.1 times [3] Investment Trends - The investment logic has shifted, with institutions now favoring brands that have demonstrated the ability to scale from niche to mass markets [8][19] - Brands with overseas expansion capabilities and AI application potential are increasingly favored by investors [8][19] CBI Index and Brand Evaluation - The CBI index incorporates various metrics, including search volume and transaction growth among younger consumers, providing a comprehensive view of brand performance [4][11] - The index highlights that brands focusing on specific market segments and consumer needs are more likely to succeed [13][15] Brand Investment Principles - The principles for investing in brands have evolved, with a greater emphasis on sustainable profitability rather than just GMV [6][22] - Brands that can establish barriers to entry and demonstrate technological innovation are more attractive to investors [8][22] Market Dynamics - The focus has shifted from large-scale brands to niche markets, where brands can effectively address specific consumer pain points [15][22] - Emotional marketing and product innovation are key factors influencing consumer purchasing decisions [17][22] Conclusion - The current environment presents a favorable opportunity for investment in consumer brands, particularly those that have survived market challenges and demonstrated resilience [6][22]

Core Insights - Natural Hall Group, a beauty brand based in Shanghai, has completed a new financing round with a valuation exceeding 7 billion RMB, marking its status as a domestic beauty unicorn [4][5] - The investment from Jiahuacapital, amounting to 300 million RMB, signals a recovery in consumer investment, emphasizing the sector's resilience and importance in China's economy [4][6] - Natural Hall has become the third-largest domestic cosmetics group in China, with annual revenues exceeding 4.5 billion RMB [4][10] Financing and Valuation - Jiahuacapital's investment is part of a larger financing round totaling over 700 million RMB, with a post-investment valuation of 7.14 billion RMB for Natural Hall [5][6] - The financing round includes participation from global beauty giant L'Oréal, indicating strong confidence in the brand's potential [4][5] Company Growth and Strategy - Natural Hall has undergone a significant digital transformation, with online sales accounting for 68.8% of total sales, particularly excelling in the rapidly growing content e-commerce sector [7][10] - The company has developed a comprehensive five-year strategic plan with the support of Jiahuacapital, focusing on enhancing digital decision-making and operational efficiency [7][10] Founder's Background - The founder, Zheng Chunying, transitioned from a civil servant to an entrepreneur, establishing Natural Hall in 2001 with a vision to create a world-class Chinese cosmetics brand [8][10] - The Zheng family holds approximately 87.82% of the voting rights in Natural Hall, with plans for an IPO on the Hong Kong Stock Exchange [11][12] Market Context - The domestic beauty market in China is experiencing significant growth, with a market share of approximately 55.2% for domestic brands as of 2024, indicating a shift towards market concentration [13] - Despite macroeconomic pressures, the beauty sector remains a stable investment area, driven by the fundamental human desire for beauty and self-care [15][16]

Core Viewpoint - The article highlights the successful financing round of the Chinese beauty brand, Chando, which has become a unicorn with a valuation exceeding 70 billion RMB, marking a significant milestone in the domestic beauty industry [3][4][5]. Financing and Valuation - Chando Group recently completed a financing round with a total amount exceeding 700 million RMB, with investment from China Huaxin Capital and global beauty giant L'Oréal [3][4]. - The post-investment valuation of Chando is approximately 71.4 billion RMB, establishing it as a new domestic beauty unicorn [5]. Company Growth and Performance - Chando has emerged as the third-largest domestic cosmetics group in China, with annual revenues exceeding 4.5 billion RMB [3][11]. - The company has shown consistent revenue growth from 4.29 billion RMB in 2022 to 4.60 billion RMB in 2024, with net profits of 1.39 billion RMB, 3.02 billion RMB, and 1.90 billion RMB during the same period [11]. Investment Strategy and Support - China Huaxin Capital has been deeply involved with Chando since 2021, conducting extensive research and providing strategic support, including the establishment of a comprehensive budget management system focused on ROE [6][7]. - The capital firm has positioned itself as a "co-creator" with Chando, helping the company enhance its digital decision-making capabilities and improve advertising efficiency [7]. Market Context and Future Outlook - The domestic beauty market is experiencing a shift towards brand concentration, with local brands capturing approximately 55.2% market share as of 2024, indicating a transition from "group rise" to "leading concentration" [14]. - Despite macroeconomic pressures, the demand for quality and reasonably priced beauty products remains strong, suggesting a robust future for domestic beauty brands [14][15]. - The article notes a resurgence in consumer investment, particularly in the Hong Kong stock market, with several domestic beauty brands preparing for IPOs [14][15].

Core Viewpoint - The article emphasizes the importance of staying updated with the latest trends and developments in the investment sector, particularly in the context of venture capital and investment opportunities [1] Summary by Relevant Sections - The article highlights the dynamic nature of the investment landscape, suggesting that investors should continuously adapt their strategies to capitalize on emerging opportunities [1] - It discusses the significance of networking and building relationships within the investment community to gain insights and access to potential deals [1] - The piece also points out the role of technology in transforming investment practices, indicating that firms leveraging innovative tools are likely to outperform their competitors [1]

Core Viewpoint - The article highlights the successful IPO of BeBeBus, a notable player in the baby products market, which reflects a broader trend of consumer investment opportunities in China, particularly in the mid-to-high-end segment of the market [3][17]. Company Overview - BeBeBus, founded in 2018 in Ningbo, China, quickly gained popularity with its innovative baby stroller, which was launched in 2019 and achieved over 1 million RMB in sales within the first month [5][6]. - The company targets urban parents aged 25-35, focusing on quality and aesthetics over price, which has led to a differentiated product strategy [6][8]. - By 2022, BeBeBus reported revenues of 507.2 million RMB, with adjusted net profits increasing over sixfold to 73.57 million RMB, and a gross margin of approximately 50% [8][9]. Investment Background - The first external investor in BeBeBus was Tiantu Investment, which recognized the brand's potential during the 2020 618 shopping festival when it achieved significant sales [12][13]. - Tiantu Investment's strategy involved deep research into the baby products sector, leading to a successful partnership with BeBeBus that helped the company grow from a valuation of 300 million RMB to 2 billion RMB [13][15]. Market Trends - The article notes a resurgence in consumer investment in Hong Kong, with brands like BeBeBus benefiting from changing consumer preferences towards quality and value [17][19]. - The investment landscape has evolved post-pandemic, with a shift towards innovative investment strategies and a focus on sectors like biotechnology and low-altitude economy [18][19].

Core Insights - The conference held in Xiamen, China, focused on five key sectors: artificial intelligence, low-altitude economy, advanced manufacturing, new energy, and consumer goods, aiming to discuss development paths and industry future [1] - The event emphasized the collaboration between government, capital, and industry to address pain points and bottlenecks in industrial development [1] Company Overview - The company, founded in 1989, is the largest investment institution focused on the consumer sector globally, managing approximately $37 billion across nine different investment strategies [4] - The company has invested in over 300 representative consumer brands over the past 30 years, emphasizing long-term partnerships with enterprises [4] Investment Strategy - The company adopts a "Glocal" approach, combining global methodologies and consumer insights with local market applications, particularly in China [5] - The focus is on building brands that convey emotional value and resonate deeply with consumers, leveraging China's strong supply chain capabilities and mature digital commerce [5] Market Focus - The company prioritizes investments in China and the United States, while also exploring opportunities in Japan, India, Australia, New Zealand, Europe, and South America [4] - The company identifies sustainable consumer behavior trends, such as "contactless" payments and the rise of "solo economy," to guide investment decisions [8] Brand Development - The company aims to assist local emerging brands in achieving dual upgrades in branding and distribution, helping them secure advantageous positions in broader markets [9] - The company emphasizes the importance of emotional value in branding, illustrated by successful collaborations like the partnership between Heytea and FENDI [10] Localization Strategy - The company recognizes the need for localized understanding in the Chinese market, tailoring strategies to different regional consumer preferences and characteristics [11] - The company integrates local capabilities with global experience to support the growth of outstanding Chinese brands into industry leaders on a global scale [11]