Core Insights - The pet economy is experiencing rapid growth, with pets becoming important emotional companions and family members, leading to an expanding consumer market [1] - Analysts predict that new consumption habits and brand strength will continue to foster the emergence of new pet-related brands in the domestic market [1] Market Overview - The pet consumption market in China is projected to reach 300.2 billion yuan by 2024, with a year-on-year growth of 7.5%, and the number of urban pets (dogs and cats) expected to exceed 120 million [1] - The overall scale of the pet economy in China reached 592.8 billion yuan in 2023, marking a year-on-year increase of 20.1%, with expectations to grow to 1.15 trillion yuan by 2028 [1][2] Consumer Demographics - The post-2000 generation has become the core consumer group in the pet industry, with a pet ownership penetration rate of 24% among those over 20 years old, significantly higher than other age groups [2] - An estimated 15 million individuals will enter the 20+ age group annually over the next decade, which will further increase pet ownership rates [2] Company Strategies - Companies like Tianyuan Pet and Zhongchong Co. are actively expanding their product lines and enhancing their e-commerce capabilities to strengthen brand presence and sales channels [2][3] - Zhongchong Co. maintains a dual-channel sales strategy, utilizing both online and offline platforms, and collaborates with various retail chains to enhance market reach [3] - Yuanfei Pet is building a new domestic market team focused on e-commerce platforms, aiming to establish a dual-line strategy of "self-owned + agency" brands [3] Investment Opportunities - Pet food consumption is expected to account for approximately 52.8% of total urban pet spending in China by 2024, with pet medical services and products also showing significant growth potential [4] - The compound annual growth rates for pet food, pet supplies, pet medical services, and pet services from 2019 to 2024 are projected at 4.1%, 7.8%, 13.9%, and 4.2% respectively, indicating a robust growth trajectory for the pet medical sector [4] - The pet industry is anticipated to surpass 400 billion yuan by 2027, driven by evolving consumer trends such as emotional spending and rational pet ownership [4]

作者 | 刀锋 数据支持 | 勾股大数 据（www.gogudata.com） 6月5日以来，A港股两市多只新消费龙头同时出现大幅调整，其中，老铺黄金3个交易日累跌逾11%，润本股份累 跌近15%，潮宏基累跌16%，曼卡龙累跌超17%。 新消费趋势性行情从今年3月开启，从黄金饰品、化妆品到宠物及新潮玩等，其中不少细分领域的概念龙头股普遍 翻倍，出现了极致抱团现象。 然而近期，不少新消费概念龙头都纷纷转为出现突然高位下跌，这是抱团瓦解的开始，还是大涨中继的插曲？ 01 在此之前，新消费概念包括珠宝首饰、宠物经济以及茶饮等行业赛道，它们之所以被市场认可，主要是市场底层迎 来新逻辑的驱动。 首先，宏观政策基调，刺激内需消费稳定经济增长。早在 2024年末政治局会议、中央经济工作会议，便确定了 2025年政策主基调——大力提振消费、提高投资效益、全方位扩大国内需求。 这是首次将消费列在投资之前，背后意味着逆周期调节重心从投资生产端转向了消费需求端。 其次，经过多轮关税加征与博弈，更让市场确信了通过刺激内需对冲外部经贸压力的逻辑。这一点也容易凝聚市场 共识，亦是新消费持续上涨最底层的政策逻辑。 同时，新消费各大领域景气 ...

Group 1 - The consumer sector is experiencing strong gains, with the Consumer 80 Index rising over 0.8% [1] - Several stocks, including Baili Tianheng and Ailis, have seen significant increases, with Baili Tianheng up over 7% and Ailis up over 5% [1] - The recent 1 trillion yuan reverse repurchase operation by the central bank has improved liquidity and is expected to benefit sectors related to domestic demand [3] Group 2 - The central bank's liquidity injection is aimed at stimulating consumption and investment, aligning with the government's focus on prioritizing the recovery and expansion of consumption [3] - Sectors such as home appliances, automobiles, and services like tourism and dining are expected to benefit from favorable policies [3] - The Consumer ETF (SH510150) offers comprehensive coverage across various consumption sectors, including food, beverage, and healthcare, making it a strategic investment option [5] Group 3 - The pig farming sector has seen a decline in prices, with the average price dropping to 14.05 yuan per kilogram as of June 6, indicating a continued downward trend [7] - The reduction in pig prices and weights suggests a potential decrease in profitability for pig farming, leading to a slowdown in production capacity growth [9] - The livestock farming ETF (SH516670) includes a significant proportion of stocks related to pig farming, making it a relevant investment vehicle in the current market [5]

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]

【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 ...

| | 研究院副副 | 福岡市 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 15:0 | CENSE CORPI | | | | | | | | | EMIS 9制的 | 000558880 | | | 智能在线网址：彩金利用网登录登录 彩票网址官网 | | | GIOULE GAMERS O | | A | 1805 | 0351 1950 374,2500 | | | | | | | | 2017 | 品番組 | CEO TRUD | | | | | | | | 25-32 | TERE | CBS33355 | | CATALOW | | | | | | | 加 | SED. JA229 | | | | | | | | | 品是本站 | 503 1000 | | | | | | | | | 113 | 289 920.00 | | 05 00 11 | | | | | | પાટ ગુ | 118248 | 22500 | | | | | | | | | 800 | SERVE | | GENERA ...

2、板块概念方面，算力、农药、油气、煤炭等板块领涨；IP经济、美容护理、体育产业、宠物经济等 板块领跌； 3、两市共2091只个股上涨，60只个股涨停；2792只个股下跌，无个股跌停；14只股票炸板，炸板率 25%。 1、市场早间震荡调整，三大指数小幅下跌。算力概念股延续反弹，南凌科技、美利云、宁波建工等涨 停。农药股继续走强，苏利股份、先达股份、长青股份涨停。油气、煤炭等周期股拉升，大有能源、仁 智股份、福达合金等涨停。下跌方面，体育概念股走低，金陵体育、康力源跌超10%。个股跌多涨少， 沪深京三市超2900股飘绿，上午半天成交7633亿。午间收盘沪指跌0.06%，深成指跌0.18%，创业板跌 0.48%。 ...

本周以来，A股市场持续回暖，热点不断。 6月5日盘后龙虎榜显示，在近期黄金珠宝、数字货币、新消费等热门概念股走热背后，机构是重要资金力量。 机构激烈博弈黄金珠宝板块 本周以来，黄金珠宝类公司交易热度火爆，龙虎榜显示，机构激烈参与该板块相关热门股博弈，一些股票被机 构大额净买入。 珠宝首饰企业潮宏基（002345.SZ）本周多次登上龙虎榜，该公司在本周二、周三连续两个涨停后，于6月5日 （周四）跌停。近几日龙虎榜显示，机构仍在持续买入潮宏基。潮宏基由于今年珠宝消费走热而成为大牛股， 今年以来股价涨幅高达169%。 潮宏基6月5日龙虎榜显示，当日买入前五席位中有3席为机构，卖出前五中有1席为机构，机构合计买入1.13亿 元，合计卖出0.34亿元。因此，当日机构净买入额为0.79亿元，呈现逆势买入趋势。此外，潮宏基6月4日龙虎 榜数据显示，近三个交易日（5月30日至6月4日），潮宏基买入及卖出前五席位中各出现3家机构，机构合计买 入1.73亿元，卖出1.18亿元。 萃华珠宝（002731.SZ）也在本周被机构大力买入。萃华珠宝在6月5日因连续三个交易日内，涨幅偏离值累计 达到20%而登上龙虎榜。龙虎榜数据显示，本周 ...

本周A股市场持续回暖，热点不断。 最新龙虎榜数据显示，黄金珠宝、数字货币、新消费等热门概念股火热背后，机构在激烈博弈。 激烈博弈黄金珠宝板块 本周，黄金珠宝类股票交易火爆，龙虎榜显示，机构激烈参与该板块相关热门股博弈，机构大额净买入 其中一些股票。 部分数字货币概念股 6月5日，数字货币概念股表现亮眼，盘后龙虎榜显示，多只相关概念股近期成交中也多有机构身影。 一些数字货币概念股被机构净卖出。例如，四方精创当天因换手率超30%而上榜，当天上涨了10.74%。 龙虎榜显示，四方精创当日买入及卖出前五席位中各出现两家机构，机构合计净卖出0.55亿元。 不过，也有个股仍被机构持续买入。例如，御银股份本周以来涨近28%，公司主要从事自有物业打造的 产业园运营业务和智能金融设备行业相关运营服务。龙虎榜数据显示，6月5日，御银股份买入、卖出前 五席位中机构数量分别为4家、2家，机构净买入额为1.07亿元。 中信证券近期研报称，近期中国香港地区、美国均不同程度推进稳定币相关法案立法进程。稳定币法案 有望间接助推香港地区金融行业数字货币相关支付、结算接口建设，拥有数字货币、数字人民币跨境结 算以及供应链金融项目经验的金融IT（ ...