Group 1: New Consumption Trends - The rise of new consumption reflects a shift from traditional asset accumulation to emotional and personalized experiences, driven by generational changes in consumer preferences [2][4] - The "self-pleasing consumption" initiative in Shanghai emphasizes the importance of emotional value over basic functionality, indicating a significant change in consumer behavior [2] - Companies like Guangbo Co. and Mixue Ice City are leveraging flexible supply chains and rapid product iterations to capture growth in the new consumption sector [2] Group 2: Key Investment Themes in Technology - The commercialization of IP and the trend of "潮玩" (trendy toys) highlight the potential of emotional connections and cultural recognition in driving consumer engagement, with companies like Pop Mart and Aofei Entertainment leading the way [4] - The integration of traditional culture with modern design is revitalizing industries such as gold jewelry, with brands like Lao Pu Gold and Lao Feng Xiang achieving significant premium pricing through cultural and design attributes [4] - The pet economy is expanding due to changing family structures and increasing single populations, with companies like Zhongchong Co. and Petty Co. capitalizing on this trend [4] Group 3: Technological Advancements and Market Opportunities - The importance of domestic technology capabilities is underscored by the rise of Huawei's Ascend ecosystem, which is crucial for building a self-sufficient digital infrastructure [7] - The Chinese consumer electronics industry is positioned for growth, driven by a large affluent and middle-class population with strong purchasing power for innovative products [7] - The demand for computing power is surging due to advancements in AI and big data, creating opportunities in data centers and cloud services, with companies like Taicheng Light and Shenghong Co. playing significant roles [7]

Core Viewpoint - The new consumption trend originating from China is gaining global traction, with significant stock market performance in the new consumption sector, particularly the SHS New Consumption Index, which has risen by 72.67% from early 2024 to June 4, 2025, outperforming other indices [1][2]. Group 1: Market Performance - The SHS New Consumption Index has significantly outperformed the CS Consumption Index, which increased by 4.93%, and the China Securities White Wine Index, which decreased by 25.27% during the same period [1][2]. - Notable companies in the new consumption sector, such as Miko, Pop Mart, and Laopu Gold, have seen their stock prices reach new highs amid market volatility [2]. Group 2: Investment Trends - Many top-performing public funds have heavily invested in new consumption stocks, with examples including Pengyang Consumption Theme Mixed Fund A, which has seen a net value increase of 23% year-to-date [2]. - The Southern Hong Kong Growth Fund, which has increased by 36.68% this year, has significant holdings in Pop Mart, Laopu Gold, and Miko, collectively accounting for nearly 30% of its portfolio [2]. Group 3: Consumer Behavior and Market Dynamics - The rapid rise of new consumption sectors such as trendy toys, pet economy, and jewelry is attributed to the ability of local companies to meet previously unmet consumer demands through high-quality supply [3]. - The shift in consumer preferences from price-driven to value and experience-driven consumption is highlighted, with brands like Pop Mart and Miniso leading this transformation [3]. Group 4: Investment Strategy and Outlook - Investment strategies are evolving from a focus on sector-wide opportunities to a more fundamental approach, emphasizing companies that can create differentiated value and solidify product strength [1][7]. - The new consumption sector is characterized by companies in the growth phase, presenting both higher uncertainty and explosive growth potential compared to traditional consumption [5][6]. Group 5: Risk Assessment and Market Sentiment - Despite the significant stock price increases, some new consumption stocks are experiencing volatility, with examples like Pop Mart showing fluctuations of over 5% in a single day [7]. - Analysts suggest a potential divergence in performance among new consumption companies, with some facing bubble risks while others may continue to see upward revisions in earnings forecasts [7][8].

Group 1 - The core focus of macro policies in recent years has been on stimulating consumption, especially during holidays with significant incentives for purchasing various goods such as phones, cars, and appliances [1][2] - Despite the macroeconomic efforts, there is a perception that consumers are financially constrained, leading to a paradox where the consumption sector index has surged by 27.3% this year [4] - Notable consumer stocks have experienced substantial growth, with some entering bull markets [5][6] Group 2 - The previous consumption bull market featured companies like Moutai, which saw its stock price increase tenfold from 2017 to 2021, coinciding with a booming real estate market [7][8] - Moutai's revenue has continued to rise despite a decline in stock price, indicating a disconnect between market expectations and actual performance [10] - Current market dynamics favor companies that offer extreme cost-effectiveness and target lower-tier markets, exemplified by brands like Mixue Ice City and Wancheng Group [11][12] Group 3 - Mixue Ice City has concentrated 75% of its stores in third-tier cities, while Wancheng Group has over 10,000 stores, both benefiting from reduced costs through supply chain efficiencies [13][14] - Wancheng's stock has increased over tenfold since last July, and Mixue's stock price has more than doubled within three months of its Hong Kong listing [16][17] Group 4 - The second pricing logic for consumer stocks is the emotional value provided by IP-driven consumption, with the pet economy and Pop Mart as key examples [24][25] - The pet market in China is projected to grow at a compound annual growth rate of 13.3%, with the market size surpassing 300 billion yuan last year [25][26] - Pop Mart's stock has surged over tenfold since February 2024, driven by its strong appeal to the Z generation and its ability to resonate emotionally with consumers [34][37] Group 5 - The essence of consumption is identified as the pursuit of happiness, whether through traditional luxury items like Moutai or through more affordable options like Mixue Ice City and emotional purchases like pet products and collectibles [43]

一股"它经济"浪潮正在席卷全国。 每经智库研究员 吴林静 王捷 每经编辑｜杨欢 《2025年中国宠物行业白皮书（消费报告）》最新数据显示，2024年我国城镇"毛孩子"数量再创新高，犬猫总数突破1.2亿只，相当于每7个城镇常住居民就 拥有一只宠物；相关消费市场规模更是突破3000亿元大关，同比增长7.5%。 宠物经济已从单纯的消费现象，跃升为各地竞相布局的新兴产业。近期，被称为"最牛风投城市"，合肥抓住这一社会心态变迁，提出"宠物友好城市"建设， 还召开了壮大宠物经济赛道的座谈会，聚焦宠物产业高质量发展。 但放眼全国宠物经济版图，把宠物经济当做一门正经产业的，早有一些城市跑在了合肥之前。 合肥入局 当宠物消费正从"吃饱穿暖"向"精致养宠"跃升，"科创之城"合肥敏锐捕捉到这一生活方式的深刻变革。其2025年市政府工作报告中，直言要"壮大宠物经济 新赛道"。 第26届亚洲宠物展 图片来源：亚宠展官方 今年3月发布的《合肥市促进宠物经济高质量发展三年行动计划（征求意见稿）》（以下简称《三年行动计划》）显示： 促进宠物医药、食品、用品、服务、医疗等多业并举协调发展。到2027年，全市宠物经济规模与效益显著提升，宠物产业 ...

研究报告 Research Report 8 Jun 2025 中国 & 香港 & 美国可选消费 China (A-share) & Hong Kong & US Discretionary 可选消费 W23 周度趋势解析：本周零食板块景气度增强，部分新消费公司解禁在即板 块分化，股价波动增强 Analysis of weekly Discretionary Trends: Snacks Sector Prosperity Increases; Sector Diversification and Stock Price Volatility Rise as Some New Consumption Companies Approach Share Release Dates [Table_yemei1] 观点聚焦 Investment Focus | 股票名称 | 评级 股票名称 | 评级 | | --- | --- | --- | | 耐克 | Outperform 永辉超市 | Outperform | | 美的集团 | Outperform 苏泊尔 | Outperform | | 京东集团 | Ou ...

【导读】重仓新消费基金业绩亮眼，年内最多涨超65% 多只基金重仓新消费斩获亮眼业绩 今年以来，港股与A股市场新消费板块集体上涨。截至6月6日，沪深港新消费指数年内涨幅达15.71%， 同期消费指数下跌0.31%，沪深300指数下跌1.55%。 多个热点方向表现强劲，港股"新消费三姐妹"——泡泡玛特、蜜雪集团、老铺黄金尤为突出，股价连创 新高。 实际上，作为最具代表性的新消费龙头，泡泡玛特、老铺黄金等早已进入主动权益基金视野。Wind数 据显示，截至今年一季度末，共有182只基金重仓泡泡玛特，持仓总市值达87.8亿元，环比增加897.7万 股。老铺黄金被39只基金重仓，持股总市值为16.55亿元，不过，持仓环比减少了27.36万股。 得益于重仓新消费股，一批基金年内业绩可观。Wind数据显示，重仓泡泡玛特的基金今年以来平均净 值增长率为13.8%，其中39只基金涨超20%，119只涨超10%；重仓老铺黄金的基金年内净值平均涨幅为 16.94%，其中11只基金涨超20%，20只涨超10%。 从单只产品来看，吴远怡管理的广发成长领航一年持有A配置了泡泡玛特、老铺黄金等港股，年内净值 增长率达到65.18%；付娟、刘 ...

2025 年 6 月 8 日 行业研究 政策驱动去库降重，猪价短期压力显现 ——光大证券农林牧渔行业周报（20250602-20250608） 要点 本周猪价下跌。根据博亚和讯， 6 月 6 日全国外三元生猪均价为 14.05 元/kg， 周环比下跌 2.90%，15 公斤仔猪均价 34.51 元/公斤，周环比下跌 2.38%。根 据涌益咨询数据，本周商品猪出栏均重为 129.17kg，周环比下跌 0.01%，全国 冻品库容率为 13.80%，环比上升 0.01pct。节后消费需求疲软，白条走货滞 缓，大猪需求低迷，市场情绪偏弱。养殖端，政策驱动行业加速降重去库存， 南北多地供应增量，短期供强需弱格局将延续。 肉禽方面，本周毛鸡、鸡苗价格下跌。截至 6 月 6 日，白羽肉毛鸡价格为 7.32 元/公斤，周环比下跌 0.68%，鸡苗价格 2.84 元/羽，周环比下跌 1.05%。毛鸡 方面，近期屠宰企业鸡肉冻品库存升高，采购肉鸡积极性减弱，养殖端出栏宽 松，部分地区有压价现象，肉鸡价格偏弱。鸡苗方面，肉鸡价格下跌叠加夏季 高温因素，鸡苗以合同鸡为主，种鸡场订单放缓，鸡苗价格小幅回调。 农产品方面，本周玉米现货价 ...

行 业 及 产 业 农林牧渔 朱珺逸 (8621)23297818× zhujy@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 2025 年 06 月 08 日 5 月能繁母猪存栏小幅增长，重视优质猪企中 长期价值 看好 ——农林牧渔周观点（2025.6.2-2025.6.8） 行 业 研 究 / 行 业 点 评 证券分析师 盛瀚 A0230522080006 shenghan@swsresearch.com 朱珺逸 A0230521080004 zhujy@swsresearch.com 研究支持 朱珺逸 A0230521080004 zhujy@swsresearch.com 胡静航 A0230524090002 hujh@swsresearch.com 联系人 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 证 券 研 究 报 告 ⚫ 本周申万农林牧渔指数上涨 0.9%，沪深 300 上涨 0.9%。个股涨幅前五名：万辰集团（14.6%）、邦基科 技（14.1%）、永顺泰（10.5%）、罗牛山（7.8%）、ST 佳沃（7.6%），跌幅前五名：瑞普生物（- 1 ...

政策驱动去库降重，猪价短期压力显现 ——光大证券农林牧渔行业周报（20250602-20250608） 要点 本周猪价下跌。根据博亚和讯， 6 月 6 日全国外三元生猪均价为 14.05 元/kg， 周环比下跌 2.90%，15 公斤仔猪均价 34.51 元/公斤，周环比下跌 2.38%。根 据涌益咨询数据，本周商品猪出栏均重为 129.17kg，周环比下跌 0.01%，全国 冻品库容率为 13.80%，环比上升 0.01pct。节后消费需求疲软，白条走货滞 缓，大猪需求低迷，市场情绪偏弱。养殖端，政策驱动行业加速降重去库存， 南北多地供应增量，短期供强需弱格局将延续。 肉禽方面，本周毛鸡、鸡苗价格下跌。截至 6 月 6 日，白羽肉毛鸡价格为 7.32 元/公斤，周环比下跌 0.68%，鸡苗价格 2.84 元/羽，周环比下跌 1.05%。毛鸡 方面，近期屠宰企业鸡肉冻品库存升高，采购肉鸡积极性减弱，养殖端出栏宽 松，部分地区有压价现象，肉鸡价格偏弱。鸡苗方面，肉鸡价格下跌叠加夏季 高温因素，鸡苗以合同鸡为主，种鸡场订单放缓，鸡苗价格小幅回调。 2025 年 6 月 8 日 行业研究 农产品方面，本周玉米现货价 ...

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