From chasing the dragon head to focusing on track layout, institutions are stirring up a research frenzy on the rising consumer power.

With the rise of trendy IPs and the pet economy, Chinese trends in the golden age and new tea drinks continue to break through boundaries, making new consumer investments one of the hottest themes in the capital market this year. Although the valuation of some leading stocks has sparked market controversy and the stock prices have fluctuated significantly, sharp institutional investors have already shifted their focus to the vast new consumer market, trying to find the "next Pinduoduo". Since the second quarter, multiple new consumer companies have shown strong growth, attracting hundreds of public funds, insurance asset management, foreign funds and other mainstream investment institutions to conduct intensive research.