Each generation has its own 'Moutai'!
Since 2025, a capital carnival led by new consumption has been unfolding in the Hong Kong stock market.
Today, $Mixue Group (02097.HK)$, $Pop Mart (09992.HK)$, $Lao Pu Gold (06181.HK)$, and $Mao Geping (01318.HK)$ have joined hands to set a new historical high, thus the three consumption sisters have been upgraded to four consumption sisters.
How to view this round of 'new consumption' market?
Behind this phenomenal popularity is the strong rise of the 'emotional consumption' era!
According to the Securities Daily, the explosive popularity of new consumption stocks in Hong Kong also reflects the underlying logic of the rise of new consumption in China.
First, the innovation in new consumption supply subverts industry logic.
New consumption companies create demand through supply, subverting the logic of traditional industries. A significant aspect of supply innovation is product-level innovation. In the past, products were often uniform, meeting the most basic needs of the public. Today, a batch of new consumption companies is rewriting the game rules with disruptive supply innovations, constructing an innovation matrix that includes technology research and development, cultural empowerment, and ecological collaboration.
Specifically, Mixue Group stands out in the tea drink market with its extreme cost-performance strategy, crushing high-priced competitors with its products priced between 2 to 8 yuan, establishing a business model of 'low price but high profit,' reflecting the perfect combination of 'high cost-performance' and 'submerged market.'
Secondly, new consumption demand is layered, reshaping market structure.
The essential difference between new consumption and traditional consumption lies in its shift from 'material satisfaction' to 'emotional resonance.' The competitive focus in the consumer market has shifted from channel competition to how to accurately position in segmented tracks.
It can be seen that the generational replacement of consumption is accelerating, with Generation Z accounting for 47% of the total consumer population. Their 'self-gratifying consumption' and 'social consumption' lead the transformation of consumption concepts and reshape market structure. For example, Pop Mart has become the social currency and new favorite for young people with its IP matrix, constantly launching new products and hits, revealing the changes in the consumption concepts of today's youth: placing more emphasis on emotional value and experience economy in the consumption process and being willing to pay for interests and unique experiences.
Finally, the diversification of new consumption models forces a major transformation of the supply chain.
Whether buying a cup of freshly made lemon tea or pulling a limited edition blind box, these seemingly simple new consumption experiences are backed by the efficiency transformation of China's manufacturing supply chain. The diversification of new consumption models is rewriting the logic of the supply chain. When Mixue Group uses self-built cold chain logistics to reduce the cost per cup to 3 yuan, the 'price war' of traditional tea brands has lost its meaning. When orchard data connects directly to the milk tea shop's refrigerator, the traditional supply chain has evolved into a real-time responsive value network, and the ultimate goal of this transformation is to build a value symbiosis between 'consumer - enterprise - supplier.'
So why does this round of funds favor Hong Kong stock consumption? According to a research report by the American Fund, it is due to scarcity and high growth.
Currently, most component stocks in the Hong Kong Stock Connect Consumer Index are at historically low valuation levels; compared to the strict profit thresholds of A-shares, Hong Kong stocks allow different rights for the same shares and accept unprofitable companies, opening doors for new consumption forces. Policies such as the State Council's 'Five Measures to Benefit Hong Kong' further optimize the listing environment, attracting emerging brands to queue up for Hong Kong. In addition, since the beginning of this year, boosting consumption and expanding domestic demand have become the top priorities for development, making the consumer sector one of the investment hotspots.
What other new consumption concept stocks are worth paying attention to?
Wu Yuanyi, manager of the GF Value Core Fund, stated that in the new consumption sector, new consumption models emerge endlessly across various fields, such as 'millet economy' and national trend consumer goods, reflecting the transformation and progress in the consumer sector driven by the development of the times.
Jiang Weihua, manager of the Yongying New Consumption Smart Selection Fund, stated that each era has its own enterprises; those that are proactive in discovering unmet consumer needs will always be rewarded by the market. Many traditional consumer categories have had their needs well met, while the demand gap for self-gratifying categories remains large, and we maintain positive attention on these new fields.
(One generation has its own 'Moutai'! The 'new consumption three sisters' of Hong Kong stocks are continuously hitting new highs, what other opportunities are worth capturing?) It also organizes some new consumption companies in the Hong Kong stock market for investors' reference:
Among them, the millet economy includes $Pop Mart (09992.HK)$, $Blukoo (00325.HK)$, and $Miniso (09896.HK)$;
Beauty and care include $Mao Geping (01318.HK)$, $Giant Biological (02367.HK)$, and $Shangmei Co. (02145.HK)$;
Ancient gold ornaments include $Lao Pu Gold (06181.HK)$;
In the dining and tea drink sectors, including $Mixue Group (02097.HK)$, $Guming (01364.HK)$, $Chabaidao (02555.HK)$, $Naixue's Tea (02150.HK)$, $Auntie Hu in Shanghai (02589.HK)$, $Weilong Delicious (09985.HK)$, $Guoquan (02517.HK)$, and $Dashiholding (01405.HK)$;
New energy vehicles include $Xiaomi Group-W (01810.HK)$, $Li Auto-W (02015.HK)$, $XPeng Motors-W (09868.HK)$, $NIO-SW (09866.HK)$, and $Leap Motor (09863.HK)$, etc.