Group 1 - The current Hong Kong stock market new consumption sector is in a phase of heat digestion, following significant gains in the first half of the year [1][2] - Consumer preferences are shifting towards personalized and rational consumption, with trends such as "self-gratification" and "social consumption" leading the change [2][4] - Despite short-term overheating in some areas of new consumption, the macro trend towards personalized and value-for-money consumption remains unchanged, with continued growth expected in categories like trendy toys, beauty products, and pet-related items [1][4] Group 2 - Historical insights from Japan suggest that the transformation of consumer concepts may continue, with a shift from material to spiritual needs as income rises [3] - The Hong Kong stock market's new consumption sector has a more balanced industry distribution compared to the A-share market, which is dominated by traditional consumption sectors like liquor and home appliances [4] - The new consumption sector in Hong Kong is expected to attract public funds due to its scarcity and alignment with current consumption trends, with potential policy support to further enhance consumption [4]