『产品运作』 内需板块占比提升 Q：泉果消费机遇整体运作情况如何？ 孙伟： 北京大学经济学学士、金融学硕士，14年证券从业经验，8年投资管理经验。目前管理产品为泉果消费机遇混合型证券投资基金（以下简称"泉果消费机 遇"，代码：022223）。 前言： 经历了2025年4月美国"对等关税"风波引发的市场剧烈震荡后，在出口等外需方面持续博弈承压的背景下，强化内循环、扩容内需消费市场的重要性愈发凸 显。在提振内需的政策预期下，消费板块是否有望迎来新行情？当下消费行业有哪些新变化？ 让我们一起回顾2025年一季度泉果消费机遇的产品运作，听听基金经理孙伟如何看待关税冲击下，大消费板块的投资机遇。 泉果消费机遇成立于2024年9月27日，考虑到基金成立时间还不长，以及经济复苏进程和国际形势的复杂，本季度股票仓位并没有明显上升。截至2025年3月 31日，泉果消费机遇组合股票仓位占基金资产净值的72.86%，基本与上季度末持平，其中港股占基金资产净值比例为15.83%。 具体到行业层面，消费中内需板块的占比有所提升，比如整车、啤酒、医药等子行业，原有的互联网、高端制造业以及部分新质生产力的方向基本维持此前 的配置，同时还布 ...

Group 1: Business Overview - The company focuses on creative design, driven by the "Big IP + Technology" strategy, covering two main business segments: "Comprehensive Marketing" and "IP Cultural Creation" [2][3] - Comprehensive Marketing provides integrated marketing services including gifts, digital marketing, new media advertising, and WEB3 marketing to well-known enterprises across various industries [3] - IP Cultural Creation offers a range of cultural creative products, including licensed souvenirs, physical and digital IP products, and virtual IP scenarios, leveraging both international and domestic IPs [3] Group 2: Future Development Plans - The company aims to ensure stable growth in B-end marketing while significantly expanding C-end IP cultural business to create a second growth curve [3] - New projects include expanding IP resource reserves, developing a series of C-end retail products, and establishing a multi-channel retail layout combining offline stores, online e-commerce, and new retail [3][5] Group 3: Regional Revenue Insights - In 2024, revenue in North China increased by 92.34%, while revenue in Southwest China decreased by 84.68%, attributed to changes in client business within those regions [4] - The increase in North China was primarily driven by financial clients, while the previous high in Southwest China was due to the Chengdu Universiade and strong liquor client revenues [4] Group 4: Competitive Advantages - The company maintains a competitive edge through integrated service capabilities, including advertising creativity, product design, IP resources, supply chain management, and digital marketing [4] - Key advantages include a comprehensive marketing capability, top-tier creative design skills, strong supply chain resources, and a robust client base consisting of leading enterprises [4] Group 5: New Media Marketing Strategies - To address rising traffic costs and media fragmentation, the company focuses on efficiency and integrated marketing, leveraging AI tools for smart analysis and optimization across the marketing chain [5] - The integration of new media marketing with gift products enhances overall marketing service capabilities, improving client marketing effectiveness and brand influence [5] Group 6: IP Cultural Business Expansion - The company has signed agreements with notable IPs such as Universal Pictures, NBA, and KakaoFriends for cultural product development and sales [5][6] - Plans for 2025 include deepening collaborations with local cultural tourism departments and museums, expanding the variety and quantity of quality IPs, and launching impactful products [5][6] Group 7: Event Licensing and Retail Plans - The company has secured licensing for the 2025 Chengdu World Games and the Greater Bay Area Games, focusing on product development and sales based on past successful experiences [6][8] - Plans for 2025 include expanding self-operated offline channels and establishing various retail formats, including cultural life museums and specialty stores [8]

Group 1: Tourism and Outdoor Activities - The rise of personalized services in tourism, such as "one-on-one" or small group experiences, reflects the trend of consumption upgrading in the cultural tourism sector [1] - The number of domestic tourists in Jilin Province for the ice and snow season is projected to reach 170 million by 2024-2025, up from 52.05 million in the 2015-2016 season, indicating significant growth in ice and snow tourism [2] - The demand for ski rescue personnel is increasing as diverse skiing activities lead to higher injury rates, highlighting the need for improved safety measures in ski resorts [2] Group 2: New Occupations and Economic Impact - Food exploration influencers have generated over 133.3 billion yuan in economic benefits for offline businesses, showcasing their role in boosting employment in small and medium-sized cities [3] - The cultural and creative industry has significant employment potential, with sales of cultural products reaching 190 million yuan in 2024, driven by new roles like product planning and operation [3] - The introduction of new occupations, supported by government policies, has led to a rise in new employment forms, with approximately 84 million new form workers in China, accounting for 21% of the total workforce [3][4] Group 3: Industry Transformation and Support - New occupations are seen as both a growth point for employment and a reflection of consumption upgrades, indicating a connection between industry transformation and the emergence of new job roles [4] - The development of new industries and business models is supported by the increasing number and quality of new occupation practitioners, which accelerates the growth of new productive forces [4]

Group 1 - The film "The Vast Horizon is My Love" is set to be released during the May Day holiday in 2025, with filming locations spanning over 40 regions from Inner Mongolia to Hunan, which are now promoting tourism routes themed around the movie [1] - Qingxi Village in Hunan, a filming location for the movie, has introduced a new interactive experience combining literature and performance, allowing visitors to engage with the story and enjoy immersive literary experiences [3] - The integration of film and tourism has boosted local consumption, with discounts offered to tourists holding movie tickets at various attractions during the holiday [5] Group 2 - In Quanzhou, visitors often purchase local cultural and creative products as souvenirs, enhancing their experience of the film's landmarks [6] - Popular tourist spots in Quanzhou, such as the East and West Towers and Zhonglou, frequently see visitors taking photos with local creative products, showcasing a new way to engage with the city [9] - A local creative store in Quanzhou has developed 300 unique products inspired by local culture, with one popular item selling over 500 units in a single day during the holiday [12] Group 3 - The holiday period has seen a surge in diverse cultural tourism experiences, including VR viewing, industrial heritage tours, and technology-driven light shows, stimulating the holiday economy [15] - The introduction of a composite VR cinema in Beijing's 798 Cultural Park offers immersive experiences across various themes, attracting consumers [18] - Industrial tourism is gaining popularity, with cultural districts in old industrial cities like Hengyang and Chongqing drawing visitors through a blend of retro industrial aesthetics and modern culture [20] Group 4 - Night tourism is on the rise in Jiangsu's Huai'an, featuring immersive night tours combined with technology-driven light shows, creating a captivating visual experience for visitors [23] - A cultural event in Xi'an, featuring a large-scale performance of traditional Qin opera, showcases the region's rich cultural heritage and attracts both locals and tourists [26]

Group 1 - The Chengdu-themed promotion event was held on April 29, 2025, focusing on deepening economic cooperation between Chengdu and Japan under the theme "Mountain-Sea Dialogue, Win-Win Future" [1] - The event highlighted the opportunities for collaboration in cultural exchange, industrial innovation, and investment, as outlined by the Economic and Commercial Counselor of the Chinese Consulate in Osaka [1] - The "Chengdu-Japan Economic and Trade Cooperation Opportunity List (2025)" was released in Tokyo, identifying key areas for cooperation such as cross-border e-commerce, digital energy, and technological innovation [1] Group 2 - Chengdu's government emphasized its advantages as an international consumption center, free trade pilot zone, and high-tech zone, expanding cooperation with Japanese enterprises in sectors like healthcare, intelligent manufacturing, green low-carbon initiatives, and cultural creativity [1] - The trade volume between Chengdu and Japan reached 33.3 billion yuan in 2024, indicating a strong economic relationship [1] - The event showcased various local products, including specialty agricultural items and cultural creative products, attracting significant attention from Japanese business representatives [1] Group 3 - The next steps for Chengdu and Japan involve enhancing bilateral investment, collaborative technological efforts, and talent exchange in areas of industrial complementarity, innovation synergy, and cultural communication [2] - The event was supported by multiple organizations, including the China Council for the Promotion of International Trade in Japan and various local government bodies in Chengdu [2]

Core Viewpoint - The article discusses the rising trend of cultural and creative products (文创产品) in China, emphasizing their role in enhancing cultural appreciation and consumer engagement while blending traditional and modern elements [1][2][3]. Group 1: Cultural Impact - Cultural and creative products serve as a medium to convey humanistic values, allowing consumers to engage with cultural heritage in innovative ways [2][3]. - The phrase "a ghost, the ghost of communism, is haunting Europe" illustrates the historical significance and potential impact of cultural narratives, highlighting the importance of interpretation in understanding cultural texts [1]. Group 2: Market Dynamics - The popularity of cultural products is driven not only by their aesthetic appeal but also by their ability to resonate with consumers on a deeper cultural level, creating a new demand in the market [2][3]. - Successful cultural products, such as the National Museum's refrigerator magnets, have sold over one million units, indicating a strong consumer interest in products that reflect historical and cultural narratives [2]. Group 3: Youth Engagement - The article notes that cultural products can enhance cultural confidence among younger generations, encouraging them to participate in cultural preservation and innovation [3]. - Young creators are increasingly integrating traditional cultural elements into modern designs, exemplified by a designer inspired by ancient artifacts who won awards for their contemporary interpretations [3].

Core Insights - The integration of aerospace technology with cultural industries is being actively explored, creating new pathways and models for development [1][2][25] - The "Hua Xia Roaming+" strategy was launched, combining aerospace science fiction, cultural heritage, and commercial scenarios to innovate urban space activation [1][6] - The establishment of the Aerospace Sci-Fi Industry Innovation Alliance and the launch of a billion-level aerospace cultural technology industry fund signify a deepening integration of aerospace IP with traditional culture [6][14] Aerospace and Cultural Industry Integration - The "Aerospace Cultural +" industry ecosystem conference gathered over 200 representatives to discuss the integration of aerospace culture and industry [2] - Experts shared insights on transforming aerospace IP from laboratories to consumer markets and the growth trajectory of the cultural industry [2][4] Aerospace and Low-altitude Economy - The "Aerospace Intelligent +" industry conference focused on the synergy between aerospace technology and the low-altitude economy, highlighting their mutual support [7][14] - A report indicated that airspace below 1,000 meters is expected to be gradually decentralized to city-level management, facilitating low-altitude economic activities [11][12] Urban Renewal Empowered by Aerospace IP - The conference on aerospace technology and future urban industry explored innovative paths for urban space activation through the integration of aerospace technology, cultural heritage, and commercial scenarios [15][19] - Experts presented cases demonstrating how aerospace technology can activate cultural heritage and commercial scenarios, emphasizing its potential as a new growth driver for urban economies [17][19] AI Reshaping Aerospace Sci-Fi Creation - The conference on sci-fi film and animation explored the dual engines of "Aerospace Sci-Fi + AI Creation," discussing the future of cultural technology integration [21][23] - The event highlighted the evolution of Chinese sci-fi and the importance of aerospace IP in building a shared cultural narrative [21][23]

Group 1 - The Chengdu World Games is approaching, and its licensed merchandise is gaining national attention with the opening of the Beijing flagship store [1][3] - The Beijing flagship store features over 360 licensed products, including limited edition items and AI mascots based on local cultural elements [2][3] - The AI mascots, "Shubao" and "Jinzai," represent a significant innovation in merchandise, allowing for interactive experiences with users [2][8] Group 2 - The World Games, established in 1981, aims to provide a platform for non-Olympic sports and has become a significant event in the global sports landscape [3] - The Chengdu World Games has launched 16 product categories, including toys and ceramics, with a total of 41 retail locations [3][6] - The Beijing store is part of a larger cultural and sports exchange initiative, located in a unique "Double Olympic Park" that promotes Olympic spirit and cultural creativity [6][7] Group 3 - The collaboration with ropet® has introduced the first AI mascots in World Games history, showcasing a blend of technology and traditional merchandise [8][11] - Ropet®'s AI toys can learn and adapt to user preferences, enhancing the interactive experience compared to traditional plush toys [11] - The AI mascots have already seen success in the US and Japan, priced at $299 and 42,000 yen respectively, indicating a strong market potential [11]

Core Viewpoint - The article discusses the challenges and opportunities for new consumer companies, particularly in the context of their IPOs in Hong Kong versus A-shares, highlighting the increasing trend of companies like Mixue Ice City choosing to list in Hong Kong due to stricter regulations in the A-share market [1][16][21]. Group 1: Market Trends - The Hang Seng Index has risen by 18.58% this year, with Hong Kong consumer ETFs increasing by 29.41%, indicating a strong market for new consumer companies [2][3]. - In 2024, several new consumer brands have flocked to the Hong Kong stock market for IPOs, with significant interest leading to high stock prices [3][11]. - Mixue Ice City achieved a record-breaking IPO subscription with a funding amount of HKD 1.77 trillion and a subscription multiple of 5125 times, marking it as a "frozen capital king" [5][8]. Group 2: Regulatory Environment - The tightening of IPO regulations in the A-share market has led to a significant decrease in the number of companies going public, with only 100 IPOs in 2024 compared to 313 in 2023, a drop of 68.05% [13][14]. - New consumer companies face significant barriers to listing in A-shares, categorized as "restricted" due to their low industry barriers [16][21]. - The Hong Kong stock market offers more lenient IPO conditions, making it an attractive option for new consumer companies [17][18]. Group 3: Investment Dynamics - The demand for private equity funds to exit their investments is a driving factor for companies like Mixue Ice City to pursue IPOs despite having sufficient capital [23][24]. - The average time from initial application to listing in Hong Kong is 393 days, with some companies completing the process in as little as 103 days [22]. - The trend of new consumer companies listing in Hong Kong has become a "new normal" due to the favorable regulatory environment and government support [21][19]. Group 4: Market Challenges - Despite the high subscription rates for IPOs, liquidity in the Hong Kong market remains a concern, with average daily trading volumes significantly lower than those in the A-share market [28][29]. - Some companies have opted for privatization due to the lack of trading liquidity in the Hong Kong market, indicating potential challenges for newly listed firms [30][31]. - The article highlights that even popular companies can experience volatility in stock prices post-IPO, with examples of companies facing low trading volumes despite high initial interest [32].