Group 1 - The emergence of the "third consumption society" in China is characterized by personalized and diversified consumption preferences, driven by younger generations such as those born in the 1990s and 1995s [1] - Public funds are increasingly investing in "self-indulgent" consumption companies, with 207 public funds including Pop Mart among their top ten holdings as of Q1 2025 [1] - The trend of "self-indulgent" consumption is attracting significant attention from public funds, with companies like Mixue Group and Laopu Gold also seeing substantial fund allocations [1] Group 2 - Southbound funds are actively betting on the consumption upgrade, with a net inflow of HKD 63.7 billion into the new consumption sector from April 8 to June 9 [2] - The current Chinese consumer market is exhibiting characteristics of "consumption stratification," where consumers are willing to pay for quality at low prices and justified premiums [2] - The Z generation's consumption willingness and ability, along with their focus on "value for money" and "quality for price," are driving the new consumption wave in China [2] Group 3 - There is significant growth potential in self-indulgent consumption, with service consumption in China still relatively low compared to Japan and the U.S. [3] - Historical data shows that service-related expenditures in Japan and the U.S. have consistently increased, indicating a trend that China could follow [3] - Currently, service industry expenditure accounts for only 46.1% of China's total consumption spending, suggesting room for substantial growth [3]