茅台“基金铁粉”转战泡泡玛特，茅台没有泡泡玛特香？

Core Viewpoint - Guizhou Moutai, a benchmark in the Chinese stock market, has seen a shift in investor focus towards Pop Mart, known as "plastic Moutai," as fund managers reduce their holdings in Moutai and increase their investments in Pop Mart due to its significant stock price growth and appeal to younger consumers [1][3][11]. Group 1: Guizhou Moutai's Performance - Moutai's stock price was 2465.23 yuan in 2021, with a market capitalization of 3.1 trillion yuan, which remains unmatched [1]. - The stock price has shown a decline from 1524 yuan on January 2, 2025, to 1509.96 yuan on June 4, 2025, indicating a decrease of 1% [11]. - Moutai's revenue growth has slowed, with targets for 2025 set at only 9% growth, marking the first time in nine years that the annual growth target has been reduced to single digits [14]. Group 2: Pop Mart's Rise - Pop Mart's stock price increased from 9.8 HKD in October 2022 to 246 HKD by June 2025, representing a more than 20-fold increase [6]. - The company reported a revenue of 13.04 billion yuan in 2024, with a year-on-year growth of 106.92%, and a net profit of 3.125 billion yuan, up 188.77% [12][13]. - The number of funds holding Pop Mart increased from 13 at the end of 2023 to 207 by the end of the first quarter of 2025, reflecting growing institutional interest [8]. Group 3: Fund Manager Behavior - Notable fund managers, including those from Southern Fund and Huatai PineBridge, have shifted their focus from Moutai to Pop Mart, with significant reductions in Moutai holdings [3][11]. - Fund managers are increasingly attracted to Pop Mart's innovative business model, which appeals to younger consumers seeking new experiences and social currency [11][12]. - The shift in investment strategy is linked to the changing consumption patterns of Generation Z, who favor novelty and emotional engagement over traditional brand loyalty [11][12]. Group 4: Market Trends and Challenges - The overall market for traditional consumer goods, including Moutai, is experiencing a slowdown, with many investors seeking opportunities in new consumption models [11]. - Pop Mart's membership repurchase rate has declined from 58% in 2019 to 49.4% in 2024, raising concerns about its long-term sustainability [9][12]. - Moutai's recent cross-industry investments, including in AI technology, indicate a strategic shift to adapt to changing market dynamics and consumer preferences [14][18].