Core Viewpoint - The upcoming investment research conference on July 11 will introduce the "One Rating" series, a new professional stock evaluation system by Yicai, providing investors with a fresh reference dimension [2]. Group 1 - The event will be live-streamed from 18:10 to 19:20, featuring various investment research experts analyzing market trends and investment directions [3][7]. - The conference will focus on current investment hotspots and discuss several key topics, including the balance between change and stability in investments, the dynamics of old and new consumer markets, and the future of high-dividend stocks [8][9]. - Specific discussions will include the rapid rise of Chinese innovative pharmaceuticals and the core driving forces behind this trend, as well as opportunities in technology stocks [9].

Group 1 - The article discusses the contrasting performance between "new consumption" and "old consumption" sectors in the Chinese capital market, highlighting the rapid rise of stocks related to new consumption, such as Pop Mart, Laopu Gold, and Mixue Ice City, while traditional sectors like liquor and dairy are underperforming [3]. - New consumption is defined as a new model of consumer goods and services centered around the needs of the younger generation, characterized by the rise of domestic brands, spiritual and self-satisfying consumption, and high growth trends [3]. - The article attributes the rapid rise of new consumption to multiple driving factors, including generational shifts, internet promotion, and economic development alongside consumption downgrading [3].

Core Insights - The article discusses the transformation in the consumer industry, highlighting the shift from "channel-driven" to "emotion-driven" purchasing behavior, particularly in the context of new consumption trends [1][6][10] Group 1: New vs. Old Consumption - New consumption relies more on product strength, while old consumption is heavily dependent on channel strength [5][11] - New consumption encompasses categories like beauty care, trendy toys, and bulk snacks, along with certain companies from traditional and internet sectors [5][11] - The emergence of new consumption is a result of both changing consumer demands and rapid evolution in communication and sales channels [6][10] Group 2: Investment Framework - The core of consumer goods investment lies in brand power, which is defined as the combination of product and channel strength [2][5] - Companies with strong brand power typically exhibit higher net profit margins and faster turnover rates, contributing to high return on equity (ROE) [2] - Investment should focus on smaller companies that are in the process of building brand power, as this phase often correlates with the highest growth potential [2] Group 3: Changes in Consumer Behavior - The evolution of communication media has shifted consumer roles from passive recipients to active seekers of products that suit their preferences [8][9] - The rise of e-commerce has transformed sales channels, allowing consumers to directly access desired products without relying on local retailers [9][10] - New consumption products are characterized by distinct heterogeneity, appealing to specific audiences who appreciate their uniqueness [9][11] Group 4: Future Trends - The investment in new consumption is fundamentally a contest of aesthetic appreciation and understanding of lifestyle [11] - The beauty care industry is seen as a leading indicator for new consumption investment, with its marketing strategies and product approaches likely influencing other sectors in the future [11]

Group 1 - The article discusses the contrasting performance of new and old consumer brands, highlighting the rise of Pop Mart and the decline of Moutai, indicating a significant shift in market dynamics [1][2] - Pop Mart's market value reached 300 billion HKD, while Moutai's valuation fell below 2 trillion, suggesting a dramatic change in investor sentiment towards these brands [1] - The article warns that if Pop Mart fails to deliver 10 billion in net profit and 20% growth next year, its high valuation may not be sustainable [1] Group 2 - The article emphasizes the cyclical nature of the market, where once-popular assets can quickly lose favor, cautioning against blindly following market trends [2] - It highlights the importance of analyzing data rather than being swayed by price movements, as many stocks may appear strong but lack fundamental support [2] Group 3 - A key indicator for assessing stock value is introduced, referred to as the "orange bar," which reflects institutional activity and can signal the true strength of a stock [4][6] - The article illustrates that a stock with a disappearing orange bar during a downturn may indicate a weak rebound, while a stock with dense orange bars during a decline suggests resilience [6] Group 4 - Institutions often employ a strategy of driving down stock prices to force retail investors to sell, allowing them to accumulate shares before a rebound [8] - The article provides an example of how this strategy can create opportunities for savvy investors who recognize the signs of a "golden pit" in the market [8] Group 5 - The article concludes that understanding market dynamics requires a focus on data and funding flows, rather than just price charts, to avoid being misled [10][12] - It advocates for the use of quantitative tools to navigate the market effectively, especially for retail investors facing information asymmetry [12]