Liu Yiheng, manager of Chuangjin Hexin Consumer Themed Fund, pointed out that the US market in the 70s of the last century and the Japanese market in the 90s all gave birth to a number of outstanding new consumer companies in a consumer macro context similar to the current China. Currently, new consumer industries in China, such as retail discounts, IP consumption, personal care, weight loss, medicine, cultural tourism and sports, etc. are all in the early stages of development or growth, and the valuation level is low compared to the historical level of Japan and the US. Judging from the experience of Japan and the US, the new consumer industry is supported by stable performance, so the valuation system is relatively stable. The lowest PE valuation in history is about 10 times, and the highest PE valuation depends on the business model of each industry segment. For example, flexible IP consumption, affordable restaurants, etc. can be given 100 times when the boom is high, and retail discounts, personal care, etc. with strong certainty are about 30 times higher.

Liu Yiheng, manager of Chuangjin Hexin Consumer Themed Fund, pointed out that the US market in the 70s of the last century and the Japanese market in the 90s all gave birth to a number of outstanding new consumer companies in a consumer macro context similar to the current China. Currently, new consumer industries in China, such as retail discounts, IP consumption, personal care, weight loss, medicine, cultural tourism and sports, etc. are all in the early stages of development or growth, and the valuation level is low compared to the historical level of Japan and the US. Judging from the experience of Japan and the US, the new consumer industry is supported by stable performance, so the valuation system is relatively stable. The lowest PE valuation in history is about 10 times, and the highest PE valuation depends on the business model of each industry segment. For example, flexible IP consumption, affordable restaurants, etc. can be given 100 times when the boom is high, and retail discounts, personal care, etc. with strong certainty are about 30 times higher.