Core Viewpoint - The article discusses the structural differentiation in the A-share market since Q2 2025, highlighting the significant rise in bank stocks and the new economy representative, Pop Mart, driven by the market's dual pursuit of "certainty" and "growth" [1]. Group 1: Bank Stocks - The low interest rate environment creates a "dividend anchoring effect," with the average dividend yield of listed banks at 5.08%, significantly higher than the 10-year government bond yield of 1.73%, attracting long-term funds like insurance and social security [3][4]. - Policy benefits and risk mitigation are evident as the central bank's rate cuts and easing measures reduce net interest margin pressure, while regulatory changes increase the weight of bank stocks in core indices, leading to passive fund inflows [4]. - The valuation recovery potential is clear, with the banking sector's price-to-book ratio at only 0.69, representing a 30% discount to historical averages, alongside a projected 4.5% growth in net profit for 2024, indicating strong earnings stability and valuation attractiveness [5]. Group 2: Pop Mart - The explosive growth of Z-generation consumer trends is highlighted, with Pop Mart's overseas revenue surging by 475%-480% in Q1 2025, accounting for nearly 40% of total revenue, significantly outpacing traditional IP companies [7]. - Global expansion and supply chain advantages are emphasized, with overseas stores generating 1.5 times the revenue of domestic ones, and a new factory in Vietnam reducing costs by 10%, positioning emerging markets as new growth drivers [8]. - The capital market's recognition of Pop Mart's "soft power" is reflected in its market capitalization surpassing Sanrio, with a stock price increase of over 22 times since the 2023 low, although its business model is highly dependent on Z-generation consumption habits [9]. Group 3: Market Comparison - Bank stocks are deemed more attractive for short-term investment due to stronger certainty from policy support and risk mitigation, with a controlled risk exposure and a projected non-performing loan rate of 1.62% for 2024 [11]. - Pop Mart presents significant long-term growth potential through IP innovation and global expansion, with the possibility of becoming a "Chinese version of Disney," although risks related to changing Z-generation preferences and competition must be monitored [12]. - The article concludes that bank stocks represent a defensive value play focused on "low risk + high dividend," while Pop Mart bets on "Z-generation + globalization" growth, suggesting that investors align their choices with their risk preferences [13].