Core Insights - The report highlights the ongoing trends in new consumption sectors, emphasizing opportunities in discount retail, bulk snacks, cross-border e-commerce, domestic beauty products, entertainment economy, and outdoor consumption [2][3][5] Consumption Trends - Post-1990s Japan experienced four major consumption trends: the rise of "value-for-money" consumption, increased popularity of low-cost home entertainment, a surge in vocational education demand due to unemployment, and the emergence of outdoor consumption [3][4] - In recent years, China's consumption structure has also evolved, presenting new investment opportunities, particularly in value-for-money consumption sectors such as discount retail and cross-border e-commerce [3][4] Performance of New Consumption Companies - Several new consumption companies, including Mixue Group, Blucoco, and Guming, have successfully listed on the Hong Kong Stock Exchange, showing impressive performance with stock price increases of 83.8%, 109.1%, and 162.4% respectively since their listings [5][7] - The report notes that the entertainment economy is gaining traction, with companies like Pop Mart reporting a revenue growth of 106.9% and a net profit growth of 188.8% in 2024 [4][5] Investment Opportunities - The report suggests that the new consumption industry trends are still ongoing, and there are opportunities for selective investment in key sectors such as discount retail, bulk snacks, cross-border e-commerce, domestic beauty products, entertainment economy, and outdoor consumption [2][5] - The performance of new consumption companies in Hong Kong is expected to catalyze similar movements in the A-share market, providing further investment opportunities [5]