Consumption is generally divided into two parts:

Compulsory consumption is daily consumption. Without these things, one cannot live well.

Daily consumption usually includes food, drinks and household goods (such as paper, etc.). ).

Optional consumption is to improve the consumption of life.

For example, cars, home appliances, travel and entertainment are all optional consumption. The demand for these products is not so strong.

In the past 10 years, the CSI consumer index has increased by 245%.

In the past 10 years, the optional index of the whole index has increased by 2 1.25%.

The reason why compulsory consumption is far ahead of optional consumption is that the profit of compulsory consumption has increased rapidly.

In 20 10, the net profit of compulsory consumption industry was 33.5 billion yuan.

20 19 year net profit of compulsory consumption industry178.7 billion yuan.

The net profit of compulsory consumption increased rapidly, mainly because the leading stocks in the big consumption field were mainly concentrated in the compulsory consumption field.

On the other hand, in the field of optional consumption, except Midea, Gree and China China Travel Service (China International Travel Service), other performances are average.

Consumer goods are mainly used to meet daily needs and are rarely affected by the economic cycle.

You don't eat because of the economic downturn?

The epidemic is coming, aren't you going to eat?

Sino-American relations are tense, so you won't eat?

No matter when and where, the consumer industry will not collapse. And with the rise of prices, consumer goods earn more and more money.

This is the long-term investment logic of the consumer industry.

E Fund's small and medium-sized mixed (11001) and E Fund's blue-chip selected mixed (005827).

As the top 1 fund manager of domestic top 1 fund companies, Zhang Kun is a household name. Not long ago, he just became the first fund manager in China to manage assets of over 100 billion yuan.

His value investment is the same as Buffett's. In terms of investment style, Zhang Kun insists on choosing the right track, concentrating on holding shares and holding them for a long time. Reflected in the performance of the fund, short-term fluctuations may be large, but long-term returns are considerable.

There are two representative works:

E Fund's small and medium-sized stocks all invested in A shares, and the top four heavyweight stocks were all liquor stocks, which rose 7.7 times in 8 years and 4 months, ranking 4/530 in the same period.

E Fund Blue Chip selected A shares and Hong Kong stocks, and bought well-known white horse stocks such as Meituan, Tencent, Hong Kong Stock Exchange and Yihai International, which doubled in two years and five months, ranking 45/2598 in the same period.

If you choose one, it is recommended to choose E Fund Blue Chip Select.

However, at present, both funds have quota mechanisms. E Fund's small and medium-sized stocks can only buy up to 2,000 per day, and E Fund's blue chips can only buy up to 5,000 per day. In addition, E Fund's small and medium-sized scale exceeds 40 billion, and E Fund's blue-chip selection scale also exceeds 60 billion. If the fund size is too large, it may affect the income.

Jingshun Great Wall Emerging Growth Mix (260 108) and Jingshun Great Wall Domestic Demand Growth Mix (260 104).

Liu Yanchun, the grand slam winner of authoritative awards in the industry, such as Golden Bull Award, Golden Rooster Award and Star Fund. He has been employed for nearly 12 years, and his performance in the first eight years is average. In the last four years, he has become one of the most sought-after fund managers in the market by relying on heavy spending. At present, the scale of funds under management is as high as 78.3 billion, and the yields of the six funds under management have doubled.

In terms of investment, Liu Yanchun basically does not make macro timing, and its stock position is maintained at around 90% all the year round. The turnover rate is low, once you take a fancy to the high-quality target, you will hold it for a long time. In terms of industry configuration, the industry rotation style is obvious, and different consumer industries will be configured according to different market conditions. Generally speaking, liquor is the main industry, and other industries will implement a balanced allocation according to market conditions.

Jingshun Great Wall has been growing rapidly, serving for 5 years and 302 days, with accumulated income of 3 15.67%, ranking 5/802 in the same period.

Jing Shun Great Wall's domestic demand increased, working for 2 years and 359 days, and its accumulated income was 206. 13%, ranking11069 in the same period.

If you choose one, it is suggested to choose Jingshun Great Wall, where domestic demand increases, the scale is moderate and the income is relatively high.

E Fund Consumer Industry Stock (1 10022)

Xiao Nan and Zhang Kun are called "E Fund Gemini" by investors, and he is also the consumer king of A-share market. Since 14, we have been focusing on the consumption field. Its representative work, E Fund's consumer industry, has created a rate of return of 5.6 times in 8 years and 4 months, with an annualized rate of return as high as 25.5%, ranking1180 in the same period.

Xiao Nan's investment style is similar to that of Zhang Kun, and he is also a firm advocate of long-term value investment. However, compared with Zhang Kun, its industry distribution is more single, and it is basically concentrated in the consumer industry. Industry configuration is dominated by liquor, followed by consumer industries such as home appliances.

Investing in Xiao Nan's fund needs to pay attention to two points. On the one hand, the current size of this fund is nearly 35 billion, and too large a scale may affect its performance. On the other hand, liquor stocks account for a high proportion, and now the valuation of liquor is generally high, so we need to be alert to the bubble risk.

Huitianfu Consumption Industry Mix (000083)

Hu Xinwei, Master of Engineering in Tsinghua University, winner of Golden Bull Award. 20 1 1 Joined Huitianfu Fund and has been engaged in the research of food and beverage, agriculture, light industry manufacturing and other consumer-related industries for a long time. I have been a fund manager for nearly 5 years, and my annualized career return is 24.68%.

In terms of investment, Hu Xinwei tends to downplay timing, maintain high position operation and high concentration of shares, and mainly control retracement through industry diversification. In terms of industry configuration, it is relatively balanced and scattered, mainly concentrated in liquor, food, beverage, household appliances and other industries.

The representative work is the mixed consumption industry of Huitianfu. After working for 4 years and 302 days, the accumulated income was 323.44%. This performance is definitely among the best in the consumer industry.

Penghua Consumption You Xuan Mixed (206007)

Wang is definitely an "old driver" in the field of consumption. China graduated from the National People's Congress and worked in China Merchants Fund in food and beverage, commercial retail, agriculture, forestry, animal husbandry and fishery, automobile and other industries. After joining Penghua Fund in May 2009, he has done research in food and beverage, agriculture, forestry, animal husbandry and fishery, commercial retail, paper making and packaging. Started as a fund manager on 20 10, and worked for more than 10 years.

Wang is a determined long-term value investor. He tends to be a leading company with a high-quality investment record. Once he finds a good investment target, he will hold it firmly and hold it for a long time.

The masterpiece is Penghua's consumption optimization. He worked for 10 years and 40 days, and experienced two rounds of bulls and bears. Cumulative income is 428.20%, annualized income is 17.89%, and excess income is remarkable.

The theme of Yin Hua's prosperity (1800 12)

Jiao Wei is an experienced "investment veteran", with more than 20 years of experience in securities industry and 5 years of investment experience. At present, it manages three products, with a total management scale of nearly 27 billion yuan and an average annualized income of 20.38%.

Jiao Wei's investment philosophy can be summarized in one sentence: "Focus on the ability circle to make long-term stable investment and cooperate with great enterprises for a long time." Reflected in the investment operation, the investment targets are mostly high-quality track leading stocks, with very high share concentration and low turnover rate. It can be said that it is full of aggression.

The masterpiece is the theme of Yin Hua's affluence, which belongs to a trump card fund of Yin Hua Fund and has won the Golden Bull Fund Award for seven times. After two years and 39 days in charge of Jiao Wei, the accumulated income was 239.25438+0%, ranking 102/2669 in the same period.

Rich country consumption theme combination (5 199 15)

Wang Yuanyuan is a cutting-edge fund manager of Wells Fargo Fund. Although his working hours are short, his performance is excellent. As a fund manager for 3 years and 233 days, the annualized income of his career is as high as 40.438+0%.

As a female fund manager, she is more sensitive to big consumption and has unearthed many unique bull stocks, such as Zhongshun Jierou and Hexing Packaging. In terms of investment, Wang Yuanyuan insists on high position operation, and the stock position fluctuates between 80% and 90% all the year round. The industry configuration is relatively balanced and decentralized, and the ability to control exit is outstanding. In terms of performance, the income is higher and the retreat is smaller.

His masterpiece blends the consumption theme of rich countries. After working for 3 years and 233 days, the accumulated income was 227.84%, and the peers ranked 44/2 105 in the same period.

Huaxia Consumption Upgrade Flexible Configuration Mix A(00 1927)

Huang, Master of Finance, Fudan University, joined Huaxia Fund on 2011. He has been a researcher in the home appliance industry, a researcher in the retail industry, and the head of the consumer group. He is currently the director of the investment research department of Huaxia Fund. As a fund manager for five years, all the products she manages have achieved positive returns.

Huang is a typical value investment style, preferring large-cap stocks, with a low turnover rate, and the proportion of heavy stocks remains at around 60%. From the perspective of industry configuration, it is mainly concentrated in food and beverage, household appliances and medicine.

The masterpiece is the flexible allocation of consumption upgrading in China. After working for 5 years, after a round of bull-bear test, the accumulated income is 233.90%, the annualized income is 26.67%, and the excess income is obvious.

Huitianfu Blue Chip Steady Mix (5 19066)

Lei Ming, Master of Management, Huazhong University of Science and Technology, winner of Golden Bull Award. He has been in business for nearly 7 years, with an average annual return of 27.9%. He is a very powerful Mesozoic player, and the income of the three funds currently managed has doubled.

In terms of investment, Lei Ming insists on top-down stock selection, and the industry configuration is relatively balanced. From the current position, it includes not only liquor, food, electrical appliances and other consumer industries, but also other industries such as medical care and media, and its performance is relatively stable.

The representative work is Huitianfu Blue Chip, who worked for 6 years and 30 days, with a cumulative income of 360.99%, ranking 22/644 in the same period.

Jiashixin Consumer Stock (00 1044)

Before investing, Tan Li worked as a buyer's researcher for more than ten years, and began to be the manager of Public Offering of Fund on 20 17. She has worked for nearly four years, with an average annualized income of 29.87%. At present, she manages seven funds, all of which are positive returns.

Tan Li is a typical value investment style, less chasing market hotspots, preferring to invest in the value target with low attention in the reverse direction, and doing well in the market with institutional collapse and market style switching. In terms of industry configuration, the food industry is the first choice, and other sub-sectors are more balanced.

The representative work is Jiashixin Consumption, working for 3 years and 299 days, with accumulated income of 168. 15%, ranking 56/659 in the same period.

New Consumption Driving Force of Bank of Communications (5 197 14)

Han, Master of Finance, Shanghai University of Finance and Economics, has 14 years experience in securities funds. Over the years, he has been deeply involved in the field of large consumption and achieved good results. At present, there are five funds under management, of which four funds that have been managed for more than two years have all doubled their returns.

In terms of investment, Han belongs to the growth style and is keen on pursuing sustainable absolute returns. In terms of industry configuration, food and beverage (mainly liquor) is always the first heavy industry, in balance with household appliances, clothing, medicine, biology and other industries.

The masterpiece is the new consumption drive of Bank of Communications. Service for 2 years 164 days, cumulative income 166.28%, ranking 109/994 in the same period. It is worth mentioning that the yield of this fund in the last year is as high as 12 1.56%, which is second only to E Fund's blue chip selection in Zhang Kun.

Huaxia xinxing consumption mixed A(005888)

Sun Yijia is the champion fund manager in the field of consumption in 2020. The yield of emerging consumption in China in 2020 is as high as 104.08%, which is the consumer active fund with the highest yield last year. Sun Yijia 12 years working experience and 5 years experience in public offering management. Before 20 10, he was in charge of food and beverage industry research in CICC, and his team won the third and fourth place in 2009 and 20 10 as new wealth analysts in food and beverage industry.

In terms of investment, Sun Yijia has always focused on the growth of consumption trajectory, adhered to long-term framework and methods, and played down short-term fluctuations. From the perspective of industry configuration, liquor, household appliances and food industries are the main industries.

The representative work is Huaxia Emerging Consumption, which has been employed for 2 years and 89 days, with a cumulative income of 239.2 1% and a yield of 120. 12% in the latest year. It is worth noting that this fund can not only invest in the A-share market, but also invest in the Hong Kong stock market.

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90% of Xiaobai Play Fund lost money, and the fundamental reason was that it didn't understand. They bought a good fund, but they couldn't take it, let alone "chasing up and killing down" and investing indiscriminately.

To this end, Uncle Wang has carefully compiled the following investment strategies-

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