New consumer "surged like a new force," fund managers discussed the changing investment logic.

Data shows that as of April 28, the return rate of many consumer-themed funds has exceeded 20% so far this year. Analyzing the holdings of these funds reveals that the outperformance of stocks in the new consumer track has become an important source of excess returns. Some industry insiders have indicated that the strong performance of the new consumer track suggests that the "traditional consumption prosperity framework transmitted by the real estate chain is temporarily malfunctioning." Against the backdrop of consumer upgrades, structural expansion has become the market's main theme. Investors should pay attention to the continuous innovation in consumer categories and the diversified demands of consumers, and use a forward-looking perspective to seize new opportunities in the domestic market.