Core Viewpoint - The current Chinese new consumption industry is in its early or growth stages, similar to the U.S. in the 1970s and Japan in the 1990s, with a low valuation level compared to historical levels in Japan and the U.S. [1] Group 1: Industry Insights - The new consumption sectors in China include retail discount, IP consumption, personal care, weight loss, medical beauty, and cultural tourism, all of which are developing [1] - Historical lowest PE ratio for stable performance in new consumption industries is approximately 10 times, while the highest PE ratio varies by sub-industry [1] - High-growth sectors like IP consumption and affordable dining can reach PE ratios of up to 100 times during favorable market conditions, while more stable sectors like retail discount and personal care can achieve around 30 times [1]