Towards the end of the year, the style of the A-share market quietly “changed”. The trend of the “slow bull” market blew from the technology sector to consumer and retail. After technology stocks collectively reached a phased high level, the consumer sector, which had previously been relatively stagnant, ushered in a round of supplementary gains. However, this wave of markets showed distinct characteristics: among the leading stocks, public funds rarely had heavy holdings, and sectors such as liquor, which are concentrated in institutional holdings, are still weak. After undergoing long-term adjustments, the traditional consumer sector, represented by the liquor and dairy industries, was viewed by many fund managers as a “defensive choice” in shaking the market; while the new consumer sector showed a situation where high prosperity and high valuations coexisted, screening targets with a continuous “moat” became the key. At the same time, “going overseas”, especially the ability to deeply cultivate the European and American markets, is becoming an increasingly important factor for institutions to consider when laying out consumer stocks.

Towards the end of the year, the style of the A-share market quietly “changed”. The trend of the “slow bull” market blew from the technology sector to consumer and retail. After technology stocks collectively reached a phased high level, the consumer sector, which had previously been relatively stagnant, ushered in a round of supplementary gains. However, this wave of markets showed distinct characteristics: among the leading stocks, public funds rarely had heavy holdings, and sectors such as liquor, which are concentrated in institutional holdings, are still weak. After undergoing long-term adjustments, the traditional consumer sector, represented by the liquor and dairy industries, was viewed by many fund managers as a “defensive choice” in shaking the market; while the new consumer sector showed a situation where high prosperity and high valuations coexisted, screening targets with a continuous “moat” became the key. At the same time, “going overseas”, especially the ability to deeply cultivate the European and American markets, is becoming an increasingly important factor for institutions to consider when laying out consumer stocks.