Group 1 - The core assets that have seen explosive growth in the first half of 2025 are gold, innovative pharmaceuticals, and Pop Mart, with gold rising approximately 30%, innovative pharmaceuticals in A-shares up 20%, and Hong Kong's innovative pharmaceuticals up 50%, while Pop Mart surged 220% [1][2] - All three assets have outperformed market expectations and surpassed 99% of other assets [2] Group 2 - To determine if an asset can continue to rise, it is crucial to assess whether it is a wealth consensus in society [3] - Real estate has historically been the strongest wealth consensus over the past 20 years, leading to significant appreciation and investment returns [5] Group 3 - Innovative pharmaceuticals are seen as a potential growth sector but lack the economic support and transformative impact of real estate or the internet [7] - Pop Mart does not meet the criteria for wealth consensus as it is not widely understood or accepted by the majority of society [8][9] Group 4 - Gold is identified as the only asset among the three that qualifies as a wealth consensus, serving as a reliable safe-haven asset during economic downturns [11][12] - Gold has a limited supply with mining costs between $200-$300, enhancing its asset properties [13] Group 5 - An asset's price increase can be categorized as either value overshooting or value returning to normal; real estate is currently experiencing value overshooting [14][15] - Both gold and innovative pharmaceuticals are viewed as undergoing a value return process [16] Group 6 - The rise in gold prices is attributed to the weakening of the dollar and global economic challenges, while innovative pharmaceuticals are benefiting from previously low valuations and strong performance in the sector [17][18] - The potential for innovative pharmaceuticals to expand into overseas markets could further enhance their value [19] Group 7 - Pop Mart is characterized as a classic case of value overshooting, with a significant price increase in a short period, indicating a likely substantial correction [20] - The sustainability of Pop Mart's IP value requires time and broader societal acceptance to determine if it can achieve long-term recognition [22] Group 8 - Overall, gold is viewed as the most stable asset, followed by innovative pharmaceuticals, while Pop Mart is expected to face a significant correction after its recent surge [23][24] - It is recommended to allocate the majority of funds to stable income-generating assets rather than seeking short-term high returns [25][26]

Core Viewpoint - The article discusses three assets that have seen significant growth in the first half of 2025: gold, innovative pharmaceuticals, and Pop Mart, highlighting their performance and potential for future investment [1][2]. Group 1: Asset Performance - Gold has increased by approximately 30% over the past six months [1]. - The innovative pharmaceutical index in the A-share market has risen by 20%, while the Hong Kong innovative pharmaceutical index has surged by 50% [1]. - Pop Mart has experienced an extraordinary increase of 220% in the Hong Kong market over the same period [1]. Group 2: Wealth Consensus - The ability of an asset to sustain growth is largely dependent on whether it is recognized as a wealth consensus by society [3]. - Real estate has historically been the strongest wealth consensus over the past 20 years, leading to significant appreciation and investment returns [5]. - Innovative pharmaceuticals are seen as a potential growth sector but lack the broad societal consensus that real estate once had [7]. - Pop Mart does not meet the criteria for wealth consensus, as its appeal is limited to a niche market and lacks widespread understanding and acceptance [8][9]. Group 3: Value Assessment - The article emphasizes the importance of distinguishing between value overshooting and value recovery when assessing asset price movements [14]. - Gold and innovative pharmaceuticals are viewed as undergoing a value recovery process, with gold's price being suppressed historically by the strength of the dollar [16][17]. - The innovative pharmaceutical sector is experiencing upward momentum due to previously low valuations and strong performance exceeding expectations [18][19]. - In contrast, Pop Mart is characterized as experiencing value overshooting, with unsustainable price increases leading to anticipated corrections [20]. Group 4: Investment Recommendations - The article suggests that gold is the most stable asset among the three, with innovative pharmaceuticals following, while Pop Mart is expected to face significant corrections [23][24]. - It is recommended that investors allocate the majority of their funds to stable income-generating assets rather than seeking short-term high returns [25]. - Investors are encouraged to consider gold and high-interest deposit-type assets for more secure investment strategies [26].