增持后，JPMorgan Chase & Co.最新持好仓数目为162,610,871股，持好仓比例由10.92%上升至11.10%。 | 股份代號: | 01910 | | --- | --- | | 上市法國名稱: | 新秀麗集團有限公司 | | 日期 (日 / 月 / 年): | 07/07/2025 - 07/08/2025 | | 表格序號 | 大股東/董事/最高行政人員名 作出披露的 買入 / 賣出或涉及的 每股的平均價 | | | | 持有權益的股份數目 佔已發行的有關事件的日 相關法 | | | --- | --- | --- | --- | --- | --- | --- | | | | 股份题目 | | 做、标上部分期。 | 有投票權股 期(日/月/ | 程 | | | | | | | 177 = 778 5 | | | CS20250806E00280 | JPMorgan Chase & Co. 1101(L) HKD 16.0992 | | 2.653.138(L | 162.610.871(L) | 11.10(L) 01/08/2025 | | | | | | | 20,833, ...

格隆汇8月7日丨根据联交所最新权益披露资料显示，2025年8月1日，新秀丽(01910.HK)获T. Rowe Price Associates, Inc. and its Affiliates在场内以每股均价 16.05港元增持139.38万股，涉资约2237.05万港元。 增持后，T. Rowe Price Associates, Inc. and its Affiliates最新持股数目为8321.16万股，持股比例由5.90%上升至6.01%。 | 股份代號: | 01910 | | --- | --- | | 上市法國名稱: | 新秀麗集團有限公司 | | 日期 (日 / 月 / 年): | 07/07/2025 - 07/08/2025 | | 最格序號 | 大股東/董事/最高行政人員名 作出披露的 買入 / 賣出或涉及的 每股的平均價 | | | 持有權益的股份數目 佔已發行的有關事件的日 相關法 | | | --- | --- | --- | --- | --- | --- | | | 股份题目 | | | 做 * 标上 配 * 唯一 | 五十三届老龄明(日) | | | | | | | 17 ...

Group 1 - The core index of the CSI Hong Kong Stock Connect Textile, Apparel, and Jewelry Composite Index is reported at 1922.06 points, with a recent one-month decline of 4.00%, a three-month increase of 9.13%, and a year-to-date increase of 13.10% [1] - The index is compiled based on the classification standards of the CSI industry, reflecting the overall performance of different industry securities within the Hong Kong Stock Connect [1] - The top ten weighted stocks in the index include Li Ning (15.18%), Shenzhou International (15.11%), Anta Sports (14.03%), Lao Pu Gold (12.04%), Chow Tai Fook (9.28%), Samsonite (7.96%), Bosideng (7.29%), Jiu Xing Holdings (3.71%), Yue Yuen Industrial (3.57%), and Xtep International (3.4%) [1] Group 2 - The industry composition of the index shows that apparel accounts for 57.20%, jewelry and luxury goods account for 24.16%, and footwear and accessories account for 18.65% [2] - The index sample is adjusted biannually, with adjustments implemented on the next trading day following the second Friday of June and December each year [2] - In the event of special circumstances affecting the index sample, such as delisting or mergers, the sample will be adjusted accordingly [2]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: Samsonite Group S.A. 新秀麗集團有限公司 呈交日期: 2025年8月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01910 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 3,500,000,000 | USD | | 0.01 | USD | | 35,000,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 3,500,000,000 | USD | | 0.01 | USD | | 35, ...

Group 1 - The core event is the launch of the C-LITE limited edition graffiti shell suitcase by Samsonite Group on JD.com, featuring significant discounts and promotional activities [1][3] - The suitcase is a collaboration with Belgian artist Vexx, incorporating high-saturation graffiti designs into the classic shell suitcase, enhancing both practicality and style [3] - The promotional event includes various discounts, such as a price matching with JD.com's 618 sales and an additional discount of 1888 yuan on selected items [1][5] Group 2 - The C-LITE suitcase is made from innovative CURV material, making it more durable and suitable for carry-on at 20 inches [3] - The event features live streaming sessions with company executives providing practical packing tips and showcasing various travel scenarios [3] - Other highlighted products include a 20-inch Samsonite rod case priced at 999 yuan and a lightweight American Tourister case with custom silent wheels [3]

Investment Rating - The report maintains an optimistic outlook for the Hong Kong stock market, particularly for new IPOs and sectors like new consumption and innovative pharmaceuticals [8]. Core Insights - The report highlights that the recent subsidies from food delivery e-commerce platforms directly benefit coffee, tea, and advertising channels [8]. - The education sector remains robust, with leading institutions expanding market share and developing AI products for international education [3][19]. - The luxury goods sector is experiencing slight pressure from macroeconomic factors, but brands with strong innovation capabilities are still seeing growth [20]. - The coffee and tea industry is in a growth cycle, with coffee demand remaining strong, while tea faces short-term challenges due to increased competition [27]. - E-commerce is under pressure with slowing growth rates, but instant retail is emerging as a new battleground [31]. - The travel and OTA sectors are seeing limited impact from recent subsidies, with a focus on undervalued leading players [8]. - Music streaming platforms are identified as quality internet assets driven by domestic demand, with ongoing developments in subscription services [36]. - The virtual asset market is on an upward trend, supported by traditional financial institutions entering the space [40]. - The real estate market is under pressure, particularly in major cities, with a focus on opportunities in companies like Beike [8]. - The automotive service market is experiencing a decline, with a continued focus on ecosystem changes [8]. Summary by Sections 1. Education - The K12 education sector remains highly prosperous, with leading institutions reporting good summer enrollment progress and a focus on AI product development [3][19]. - The education index saw a decline of 1.78% during the reporting period, outperforming the Hang Seng Technology Index but underperforming other major indices [10]. 2. Luxury Goods - The luxury goods sector is slightly pressured by macroeconomic factors, with notable growth in brands with strong innovation [20]. - Key luxury stocks showed positive performance, with Samsonite and Prada increasing by 5.61% and 6.09% respectively [20]. 3. Coffee and Tea - The coffee sector remains in a growth cycle, with strong demand and a high frequency of consumption [27]. - The tea sector faces short-term challenges due to increased competition and supply growth [27]. 4. E-commerce - The e-commerce sector is experiencing a slowdown, with significant competition impacting profitability [31]. - Instant retail is becoming a new focus, with major platforms launching aggressive subsidy plans [31]. 5. Travel and OTA - The travel sector is seeing limited impact from subsidies, with a focus on undervalued leading players [8]. 6. Music Streaming - Music streaming platforms are identified as high-quality assets driven by domestic demand, with ongoing developments in subscription services [36]. 7. Virtual Assets - The virtual asset market is on an upward trend, with traditional financial institutions increasingly entering the space [40]. 8. Real Estate - The real estate market is under pressure, particularly in major cities, with a focus on opportunities in companies like Beike [8]. 9. Automotive Services - The automotive service market is experiencing a decline, with a continued focus on ecosystem changes [8].

Market Overview - The market experienced a strong performance yesterday but faced a quick decline today, with the Hang Seng Index closing down 0.61% [1] - UBS warned that the current short squeeze in the US stock market may be nearing its end, with their tracked short squeeze index rising 43% recently [1] - Apollo Global's chief economist predicts a slowdown in US GDP growth to 1.2% by 2025, with inflation remaining around 3% and unemployment potentially rising to 4.4% or higher [1] Economic Indicators - Concerns were raised by Jerome Powell regarding the reliability of economic data collected by US government agencies, suggesting potential overestimations due to budget cuts [1] - The Hong Kong Monetary Authority bought HKD 94.2 billion (approximately RMB 86.13 billion) to support the currency, indicating liquidity tightening in the market [2] Sector Performance - The securities sector failed to maintain its upward momentum, with leading firms like Guotai Junan International seeing a drop of over 4% [3] - The Hong Kong government announced a new policy to promote digital assets, aiming to position the city as a global innovation hub in this field [3] - Consumer sectors are gaining attention, with the "Hong Kong Happy Shopping Festival" set to offer over HKD 1.9 billion in discounts, attracting significant participation from brands [5] Company Developments - Rongchang Bio announced a deal with VorBio for USD 125 million in cash and warrants, but the market reacted negatively, viewing the price as too low [4] - Li Ning's major shareholder has been increasing their stake, which is expected to support the company's operational stability [8] - Li Ning's revenue from running products is projected to grow by 25% in 2024, with core categories like running, basketball, and training accounting for 64% of retail revenue [9] Stock Movements - Stocks in the aviation sector are expected to rise due to increased ticket bookings for the summer travel season, with domestic bookings up about 5% year-on-year [7] - The military sector saw gains following comments from Trump regarding potential conflicts, with companies like China Shipbuilding Defense and AVIC rising over 6% and 1.68% respectively [6] - The weakening US dollar has led to a rise in commodity stocks, with companies like Minmetals Resources and China Hongqiao seeing increases of over 4% [5]

Investment Rating - The report maintains a positive outlook on the Hong Kong stock market, indicating a strong risk appetite and suggesting investment opportunities in various sectors, particularly in virtual assets and Web 3.0 [3][10]. Core Insights - The Hong Kong stock market is experiencing a significant increase in risk appetite, with improved asset quality and trading volume, highlighting the value of asset trading platforms [3][10]. - There is a notable uptrend in multiple sectors such as AI, new consumption, and innovative pharmaceuticals, with a particular focus on small and mid-cap stocks in media and consumer sectors [3][10]. - The report emphasizes the ongoing development of virtual assets and the Web 3.0 market, driven by stablecoin policies and recent IPOs, suggesting that more regulatory frameworks will emerge [3][10]. - The trend of Chinese companies returning to Hong Kong for IPOs is gaining momentum, with increased trading of companies like NetEase and Ctrip in the Hong Kong market [3][10]. - The valuation of overseas Chinese assets remains influenced by US-China trade relations and the broader economic environment, necessitating close monitoring of trade policies and domestic economic changes [3][10]. Summary by Sections Education - The K12 education sector maintains high growth, with leading institutions reporting over 20% revenue growth during the winter training period, and an increase in non-academic course retention rates [5][11]. Luxury Goods - The luxury goods market shows slight pressure due to macroeconomic factors, but brands that align with demand trends are performing well, with cautious price increases observed [5][20]. Coffee and Tea Drinks & OTA - Coffee and tea remain key categories for delivery platforms, with strong performance from major brands like Luckin Coffee, which continues to expand its store presence [5][25]. E-commerce - The e-commerce sector faces slight pressure, but major platforms like Alibaba and JD.com are expected to benefit from ongoing promotional activities [5][26]. Streaming Platforms - Music streaming platforms are viewed as high-quality internet assets, with sustained profitability driven by scale effects [5][34]. Virtual Assets & Internet Brokers - The stablecoin leader Circle's IPO saw a 168% increase on its first day, marking a significant event in the virtual asset space [5][38]. Real Estate Transactions - Recent data shows a slight decline in second-hand housing transactions in major cities, suggesting a need for caution in the real estate market [5][50]. Automotive Services - The automotive aftermarket is under pressure, with traditional fuel vehicle service visits declining, while new energy vehicle service visits are increasing [5][45].

Core Viewpoint - The company is experiencing pressure on its performance due to macroeconomic uncertainties, with a projected revenue decline in Q2 and stable profit margins. However, there are positive signs in specific regions like India and strong growth for TUMI in Europe and China [1][2]. Financial Performance - In Q1 2025, the company's revenue decreased by 7.3% year-on-year to $800 million, with a currency-neutral decline of 4.5%. The gross margin fell by 1 percentage point to 59.4%, and the adjusted EBITDA margin decreased by 2.8 percentage points to 16%. Net profit dropped by 42.6% to $50 million, with a net profit margin of 6.1% [2]. - The company expects Q2 revenue to decline in the mid-single digits year-on-year, with profit levels remaining similar to Q1. The second half of the year is anticipated to have a lower base compared to the first half, but uncertainties remain high [2]. Regional Performance - Revenue changes by region in Q1 2025 were as follows: Asia -7%, North America -8%, Europe +4.4%, and Latin America 0%. North American revenue was impacted by early shipments, with a true decline of 5.2% when excluding this effect. China saw a 5% decline due to a high base, while India experienced a turnaround with a 2.6% increase [2]. - TUMI showed strong growth in Europe and China, with TUMI's revenue in China increasing by 10.9% due to new store openings. The company plans to open flagship stores in major cities [3]. Strategic Outlook - The company maintains a strong position as the world's largest luggage brand, with potential for long-term growth in the Asia-Pacific region. The dual listing overseas is expected to aid in valuation recovery. Profit forecasts for 2025 and 2026 are $254 million and $289 million, respectively, with a PE valuation of 15X for 2025, translating to a target price of HKD 20.29 per share [1].

Investment Rating - The report assigns an "Accumulate" rating to the company [5]. Core Views - The company is expected to face pressure in Q1 2025 due to macroeconomic uncertainties, with a projected mid-single-digit decline in revenue and stable profit margins in Q2. However, revenue growth in India has turned positive, and TUMI is experiencing strong growth in Europe and China [3][10]. Financial Summary - Revenue is projected to decline from $3,589 million in 2024 to $3,367 million in 2025, representing a -6% change. By 2026, revenue is expected to recover to $3,506 million, followed by $3,671 million in 2027 [9]. - Gross profit is forecasted to decrease from $2,152 million in 2024 to $2,003 million in 2025, with a slight recovery to $2,089 million in 2026 and $2,194 million in 2027 [9]. - Net profit is expected to drop significantly from $346 million in 2024 to $254 million in 2025, with a gradual increase to $289 million in 2026 and $345 million in 2027 [9]. - The report anticipates a PE ratio of 15x for 2025, translating to a target price of HKD 20.29 per share based on a USD to HKD exchange rate of 7.8 [10]. Regional Performance - In Q1 2025, revenue changes by region were as follows: Asia -7%, North America -8%, Europe +4.4%, and Latin America 0%. Notably, North America experienced a decline of -5.2% when excluding the impact of early shipments [10]. - TUMI's revenue in Europe and China showed resilience, with growth rates of 11.1% and 10.9% respectively, driven by new store openings [10]. Valuation and Comparison - The report includes a comparison of the company's valuation with peers, indicating a PE of 7.8 for the company in 2025, which is competitive compared to other luxury brands [11].