Core Viewpoint - The new consumption sector, represented by beauty, IP toys, and pet economy, has shown strong performance this year, leading to impressive results for actively managed equity funds heavily invested in these leading stocks [1][3]. Group 1: Performance of New Consumption Sector - The new consumption index in the Shanghai and Shenzhen markets has increased by 15.71% year-to-date as of June 6, while the broader consumption index has decreased by 0.31% and the CSI 300 index has dropped by 1.55% [3]. - Notable stocks in the new consumption sector include Pop Mart, Mixue Group, and Laopu Gold, which have reached new highs [3]. - As of the end of Q1, 182 funds were heavily invested in Pop Mart, with a total market value of 8.78 billion yuan, an increase of 897,700 shares quarter-over-quarter. Laopu Gold was held by 39 funds, with a total market value of 1.655 billion yuan, but saw a decrease of 273,600 shares [3]. Group 2: Fund Performance - Funds that are heavily invested in Pop Mart have an average net value growth rate of 13.8% this year, with 39 funds increasing over 20% and 119 funds over 10%. Funds invested in Laopu Gold have an average net value growth of 16.94%, with 11 funds over 20% and 20 funds over 10% [3][4]. - Specific funds such as Guangfa Growth Navigator managed by Wu Yuanyi achieved a net value growth rate of 65.18%, while Shenwan Lingxin managed by Fu Juan and Liu Han saw a growth rate of 58.05% [4]. Group 3: Investment Strategy and Insights - Fund managers emphasize the importance of selecting individual stocks over a broad sector perspective, as the growth narratives within the new consumption sector vary significantly [4][5]. - Zhang Huan from Invesco Great Wall highlights the need to observe online data to identify high-growth products and their commonalities [4]. - The future growth points in the new consumption sector are expected to include supply-driven demand and domestic substitution, with a focus on high-potential companies in areas like trendy toys, personal care, and pet economy [6].