Core Viewpoint - The new consumption sector in Hong Kong has seen significant growth, with stocks like Pop Mart rising over 150% this year, driven by a shift in investment strategies among private equity firms towards new consumer products [1][2] Group 1: Market Dynamics - The rise of new consumption is fundamentally a supply-side transformation, with high demand in niche markets such as trendy toys, pet food, and high-end beauty products [1][2] - External factors have prompted a shift of funds towards domestic consumption, as traditional sectors like liquor and home goods are closely tied to real estate [1][2] - The generational shift in consumer behavior, with younger consumers prioritizing emotional value and personal satisfaction, is a key driver of this trend [2][3] Group 2: Investment Strategies - Private equity firms are refining their investment strategies, focusing on new consumption as a primary target, emphasizing the importance of emotional value and product innovation [2][3] - A systematic approach to identifying new consumption companies involves five critical questions regarding emotional value, target demographics, innovation capabilities, international potential, and growth stage [2][3] - The investment community recognizes the need to differentiate between genuine growth companies and those with inflated valuations, leading to a consensus on a "goose the genuine, discard the false" strategy [4][5] Group 3: Future Outlook - The new consumption sector is viewed as a blue ocean market with substantial growth potential, particularly in areas like pet economy and beauty products [5] - The ongoing evolution of consumer preferences, driven by younger generations, suggests that the new consumption revolution is just beginning [5]