Core Viewpoint - The consumer sector in A-shares and Hong Kong stocks is showing structural investment opportunities due to low valuations and emerging growth potential, driven by improving income expectations and the re-emergence of wealth effects [1][6]. Group 1: Investment Opportunities - Two types of investment opportunities are highlighted: traditional consumer leaders with stable dividends and low historical valuations, such as liquor and home appliances, which offer a safety margin due to their high ROE characteristics [3][4]. - The "new consumption" sector is also emphasized, focusing on the rise of domestic brands and emerging consumption trends like emotional consumption, cost-effective consumption, and service consumption upgrades [4][6]. Group 2: Market Outlook - The improvement in residents' income expectations and the re-emergence of wealth effects are seen as catalysts for a potential recovery in the consumer sector, with a possible recovery window in the second half of 2025 due to policy support and profit base effects [6][8]. - The active equity investment forum at the 富国论坛 showcased the core competitiveness of 富国基金 in active equity investment, emphasizing a research-driven, bottom-up approach to identify alpha opportunities in the consumer sector and structural opportunities in Hong Kong stocks [6][8]. Group 3: Performance and Strategy - 富国基金 has demonstrated strong long-term performance, with a cumulative return of 953.86% over nearly two decades for its active equity products, positioning itself among the industry leaders [8]. - The company aims to enhance its professional investment capabilities to help investors capture certain opportunities amid global changes, contributing to the high-quality development of China's capital market [8].

Group 1: Core Insights - The 12th Fortune Forum focused on the transformation of the A-share market from a "stock economy" to a "new model," indicating a shift in investment strategies and consumer dynamics [1][2] - The forum attracted over 300 institutional investors and industry experts offline, with online viewership exceeding 160,000, highlighting the growing interest in proactive equity investment [1] - Key speakers provided insights into the recovery of the A-share market, emphasizing the importance of identifying growth-oriented sectors, particularly in AI-enabled manufacturing and inventory cycle reversals [2] Group 2: Key Themes from Speakers - Chen Jie highlighted that the A-share market is entering a recovery phase, with Q1 2025 profit growth turning positive after four years of decline, driven by low inventory levels and a recovering real estate market [2] - Zhou Wenbo discussed the undervaluation of the consumer sector, noting that the current PE percentile is at a near ten-year low, suggesting significant structural investment opportunities [3] - Zhang Feng emphasized the resilience of the Hong Kong stock market despite foreign capital outflows, advocating for a GARP (Growth at a Reasonable Price) strategy to select high-growth, stable cash flow companies [4][5] Group 3: Investment Strategies - Chen Jie recommended focusing on sectors with upward elasticity and growth potential, particularly in AI and manufacturing, to capitalize on the recovery cycle [2] - Zhou Wenbo suggested balancing "valuation safety margins" with "growth certainty" in the consumer sector, anticipating a recovery window in the second half of 2025 [3] - Zhang Feng's investment approach involves selecting stocks with high earnings growth, stable cash flows, and low leverage, aiming for long-term sustainable returns [5]