Market Overview - The US 90-day exemption period is ending this week, leading to ongoing market focus on US tariff negotiations [1] - The Hang Seng Index closed down 0.12% at 23,887.83 points, with a total turnover of HKD 193.79 billion [1] - The Hang Seng Tech Index rose by 0.25% to 5,229.56 points, indicating mixed performance across indices [1] Blue Chip Performance - Sands China (01928) led blue-chip stocks, rising 3.85% to HKD 18.32, contributing 2.58 points to the Hang Seng Index [2] - Macau's June gaming revenue increased by 19% year-on-year to MOP 21.1 billion, exceeding market expectations [2] - Other notable blue-chip movements included China Resources Land (01109) up 3.45% and Ideal Automotive (02015) up 2.8% [2] Sector Highlights Stablecoin Sector - The stablecoin concept is gaining traction, with companies like Guotai Junan International (01788) rising 10.77% [3] - The Hong Kong Stablecoin Regulation is set to take effect on August 1, with limited licenses expected to be issued [3] Beverage Sector - Tea beverage stocks surged, with Cha Bai Dao (02555) up 11.04% amid a competitive delivery market [4] - The delivery battle between Alibaba and Meituan has significantly boosted tea beverage consumption [4] Real Estate Sector - The housing market is under scrutiny, with a focus on stabilizing expectations and activating demand [5] - Analysts suggest that the third quarter will be crucial for policy direction affecting the real estate market [5] Gaming Sector - Gaming stocks continued to rise, with MGM China (02282) up 2.38% and overall positive sentiment in the Macau gaming market [6] - Morgan Stanley forecasts a 10% year-on-year increase in Macau's July gaming revenue [6] Power Sector - Power stocks saw a general increase, driven by record electricity demand due to high temperatures [7] - The maximum national electricity load reached 14.65 billion kilowatts, marking a significant year-on-year increase [7] Gold Sector - Gold stocks faced pressure, with Shandong Gold (01787) down 5.96% as gold prices fell below USD 3,310 per ounce [7] - The decline in gold prices is attributed to reduced expectations for US interest rate cuts [7] Notable Stock Movements - H&H International Holdings (01112) issued a profit warning, falling 7.14% [8] - Jihong Co. (02603) saw a significant rise of 11.62%, with projected net profit growth of 97.25% to 108.21% for the first half of 2025 [9] - Lao Pu Gold (06181) reached a new high, reflecting strong growth potential compared to industry peers [10] - FWD Group (01828) debuted on the market, closing up 1.05% with a net fundraising of approximately HKD 29.53 billion [11]

Market Overview - The A-share market experienced fluctuations, with the Shanghai Composite Index closing up 0.02% and the ChiNext Index down over 1% [3][4] - A total of 3,255 stocks rose, while 1,978 stocks fell, with a total trading volume of 12,270.67 billion CNY [4][5] Electric Power Sector - Electric power stocks surged against the market trend, with companies like ShaoNeng Co., China Huadian Corp, and Shimao Energy hitting the daily limit [5][6] - The increase in electricity demand was driven by high temperatures across multiple regions, leading to a record high in national electricity load on July 4 [5] Charging Pile Sector - The charging pile sector saw significant gains, with companies like Aotexun hitting the daily limit [12][13] - A notice from the National Development and Reform Commission emphasized the need for scientific planning and construction of high-power charging facilities, aiming for over 100,000 such facilities by the end of 2027 [15][17] - The notice also highlighted the integration of charging facilities with local economic development and the importance of smart management and technology upgrades in the charging infrastructure [16][17] Real Estate Sector - Real estate stocks experienced a rally, with companies like Yuhua Development and Shahe Co. reaching their daily limits [8] - The Ministry of Housing and Urban-Rural Development called for accelerated construction of safe, comfortable, and green housing to stabilize market expectations and activate demand [8] Cross-Border Payment and Stablecoin Sector - Stocks related to cross-border payments and stablecoins showed volatility, with companies like Zhongyi Technology and Jingbeifang hitting the daily limit [7]

Market Overview - The US stock market was closed on July 4th for Independence Day [1] Hong Kong Stock Market Highlights - Yum China (09987) rose over 3% after announcing the establishment of an innovation fund to convert operational needs into practical applications [2] - H&H International Holdings (01112) fell over 7%, expecting a 45% to 65% decline in net profit for the first half of the year [2] - China Rare Earth Holdings (03788) surged nearly 9% as it plans to spin off its gold business for independent listing on the Hong Kong Stock Exchange, potentially seeking financing before the spin-off [2] - Health Road (02587) jumped over 18% as its controlling shareholder voluntarily extended the lock-up period, focusing on digital health services [2] - Smoore International (06969) increased over 5% with the launch of Glo Hilo in Japan, maintaining high profit margins [2] - Tencent Music (01698) rose nearly 3% as institutions noted that recent acquisition plans would enhance overall content supply [2] - Jihong Co., Ltd. (02603) surged over 7%, with a projected net profit increase of over 55% year-on-year for the first half [2] - Solar stocks collectively declined, with Xinyi Solar (00968) down 4.86%, Fuyao Glass (06865) down 3.88%, New Energy (01799) down 3.19%, and Xinyi Glass (00868) down 2.64% [2] Other Notable Movements - Kuaishou-W (01024) rose over 3% as it plans to launch a live streaming initiative across multiple cities to create a collaborative ecosystem [3] - Gold stocks faced pressure, with Shandong Gold (01787) down 5.09%, China Gold International (02099) down 3.44%, Lingbao Gold (03330) down 2.68%, and Chifeng Jilong Gold (06693) down 2.33% [3] - China Shipbuilding Defense (00317) increased over 3% after the approval of a merger and acquisition restructuring plan, optimizing resources in the shipbuilding industry [3] - Medical device stocks saw a broad increase, with Spring Medical (01858) up 6.36%, Yongsheng Medical (01612) up 7.27%, Xinwei Medical-B (06609) up 3.55%, and Microneuroscience (02172) up 1.12% [3] - Some stablecoin concept stocks rose, with Victory Securities (08540) up 6.9%, Guotai Junan International (01788) up 5.15%, Yika (09923) up 2.59%, and China Everbright Holdings (00165) up 1.96% [3] - SF Express City (09699) rose nearly 7% amid intensified competition in the food delivery sector, with expectations of increased order volume [3] - HSSP International (03626) fell over 20% after being named by the Hong Kong Securities and Futures Commission for high stock concentration [3] Strategic Partnerships and New Listings - Shengye (06069) opened nearly 15% higher after forming a strategic partnership with Stand Robot to enhance its robotics industry chain [4] - Beverage stocks opened high, with Cha Bai Dao (02555) up 15%, Nayuki's Tea (02150) up 9.87%, Gu Ming (01364) up 5.77%, Hu Shang Ayi (02589) up 2.99%, and Mixue Group (02097) up 2.92% [4] - FWD Group (01828) had a flat opening on its first day of listing, being a life insurance company under Li Zeqiang's control [4]

每经记者｜徐肖逍 每经编辑｜董兴生 据央视新闻报道，蜜雪冰城、霸王茶姬等中国茶饮品牌正在走出国门，成为海外民众的消费新宠。外媒评价称，中国产品已经告别复刻西方品牌的时代。7 月2日，外交部发言人毛宁对此回应表示：中国品牌凭借科技含量、文化底蕴、设计灵感以及融通中外的情感价值，正在赢得越来越多海外消费者的青睐。 从"中国制造"到"中国品牌"，为什么当下引人瞩目的是茶饮品牌？中国食品产业分析师朱丹蓬在接受《每日经济新闻》记者采访时表示，中国茶饮行业在供 应链整合、产品创新、数字化运营等方面已达到全球领先水平；茶饮出海不仅是企业行为，更是中国消费升级与产业链升级的具象化体现，成为大国品牌输 出的重要载体。 对于中国品牌出海营销的具体实践，清华大学国家形象传播研究中心城市品牌研究室执行主任眭谦建议，中国企业应该善于借助当地文化符号，巧妙利用当 地文化资源策划传播主题，输出受众感兴趣的、能接受的内容，"到哪个坡，唱哪个歌"，实现精准传播，提高传播效能。 图片来源：每日经济新闻 资料图 在眭谦看来，茶饮作为快消品，准入门槛较低、市场扩张快，更容易在海外渗透进当地民众的日常生活，形成日常的传播效应和更高的感知度。这些茶饮品 ...

上 半 年 ， A 股 IPO 募 集 总 额 达 373.55 亿 元 ， 同 比 增 长 14.96%； 港 股 IPO 融 资 规 模 达 974.25 亿 元 ， 同 比 激 增 688.56%。 作者： 牛钰 封图：图虫创意 从年初的"松动"信号到年中节点，IPO（首次公开发行）市场节奏和主线的变化一直牵动着资本市 场的神经。回头来看，在政策优化和市场复苏的双向加持下，2025年IPO市场的活跃度骤起，融资 项目与规模显著回暖。 Wind数据显示，截至6月30日，上半年A股共有51只新股上市，同比增加7家，IPO募集总额达 373.55亿元，同比增长14.96%。其中，9只新股募资金额超过10亿元，中策橡胶（603049.SH）首 发募资金额最高，达40.66亿元。 港股IPO市场更是火热"出圈"，上半年共有43家企业成功上市，IPO融资规模达1067.13亿港元（约 合人民币974.25亿元），同比激增688.56%。按交易所排名，港交所的IPO融资规模位居全球榜 首，居于其后的纳斯达克交易所在上半年有79宗IPO（剔除特殊目的收购公司），筹资约90.74亿 美元（约合人民币650.32亿元）。 ...

Group 1 - The IPO market in China has seen significant activity in the first half of 2025, with a total of 51 new stocks listed on the A-share market, raising a total of 37.355 billion yuan, a year-on-year increase of 14.96% [2] - The Hong Kong IPO market has also experienced a surge, with 43 companies successfully listed, raising 1,067.13 million HKD (approximately 974.25 million yuan), a staggering increase of 688.56% year-on-year [2][4] - The top five IPO projects in Hong Kong by financing amount include major companies such as CATL and Hengrui Medicine, with CATL raising 410.06 million HKD (approximately 374.39 million yuan), making it the highest globally [4][5] Group 2 - Seven A-share companies have successfully listed in Hong Kong, raising a total of 770.17 million HKD (approximately 703.39 million yuan), accounting for 72.17% of the total IPO financing in Hong Kong for the first half of the year [5] - The A-share market has seen a competitive landscape with 26 brokers assisting in 51 IPOs, with CITIC Securities leading with six projects [10][12] - The number of IPO applications received by the three major exchanges in China has expanded significantly, with a total of 177 applications in the first half of 2025, surpassing the total for the entire year of 2024 [10] Group 3 - The performance of the stock market has been closely linked to the warming of the IPO market, with the Shanghai Composite Index rising by 2.76% in the first half of 2025 [4] - The trend of A-share companies listing in Hong Kong reflects a new characteristic, with leading companies adopting a dual-platform strategy and focusing on hard technology and new consumption sectors [6][7] - The leading brokers in the Hong Kong IPO market include CICC, Huatai Securities, and CITIC Securities, with notable growth in business volume compared to foreign investment banks [8][9]

Group 1 - The trend of companies "going overseas" is becoming an important strategic choice for seeking broader development space and enhancing international competitiveness, with Hong Kong playing a unique role as an international financial and trade center [1] - The Hong Kong Economic and Trade Office in Shanghai has established a special team to assist mainland enterprises in exploring overseas markets through Hong Kong, leveraging its low tax rates, financial center advantages, and government support policies [3][4] - Hong Kong is viewed as a testing ground for mainland dining brands, with over 20 Chinese restaurant brands expected to enter Hong Kong in 2024, highlighting its role as a preferred location for companies to expand their brand influence [4][5] Group 2 - The trend of new consumption enterprises, such as Mixue Ice City, listing in Hong Kong is expected to continue, as Hong Kong provides a connection between mainland and international financial markets, making it a favorable place for financing [5] - Hong Kong's GDP increased by 3.1% in the first quarter compared to the same period last year, and the number of visitors to Hong Kong exceeded 16 million in the first four months of the year, indicating a recovery in economic activity [5]

Group 1 - The core viewpoint of the report is that the company, Mixue Group, is expected to maintain strong same-store sales growth and store openings in the domestic market, leading to an upward revision of net profit forecasts for 2025 and 2026 by 7% to 5.45 billion and 6.51 billion yuan respectively [1] - The current stock price corresponds to a P/E ratio of 33 and 28 times for 2025 and 2026, with an 18% increase in the target price to 555 HKD, indicating an upside potential of 8% [1] - The company is expected to benefit from a stable consumption environment and product upgrades, with same-store sales growth in 2025 projected to exceed the 1% level of 2024 [4] Group 2 - In Q2, most tea beverage brands experienced rapid same-store sales growth, with brands like Gu Ming and Cha Bai Dao recording double-digit percentage growth [3] - The recent easing of price competition on delivery platforms is expected to improve the competitive landscape in the long term, although it may cause short-term disruptions to same-store sales [3] - The company has signed over 6,000 stores nationwide as of June 27, compared to nearly 4,000 at the end of 2024, indicating a strong expansion strategy [4] Group 3 - The company is actively exploring overseas markets, with plans to open its first store in Brazil in 2025 and establish a supply chain factory for localized production [5] - The company is also focusing on product innovation and supply chain capabilities in markets like Indonesia and Vietnam, which are currently in an adjustment phase [5] - The company aims to maintain strong profitability despite potential margin pressures from its long-term strategy of mutual benefit with franchisees [4]

Group 1 - The core viewpoint of the article is that the Hong Kong Stock Exchange (HKEX) has regained its position as the world's leading IPO market, with a significant increase in fundraising activities in the first half of 2025 [2][14]. - According to Ernst & Young's report, HKEX's IPO fundraising accounted for 24% of the global total in the first half of 2025, surpassing both NASDAQ and NYSE [2]. - The number of IPOs and the amount raised in Hong Kong are expected to grow by 33% and 711% respectively compared to the same period last year [2]. Group 2 - As of June 20, 2025, HKEX had 31 IPO projects with a total fundraising of 884 billion HKD, exceeding the total amount raised in the previous year [2]. - The average fundraising amount for IPOs in Hong Kong in 2023 was only 6.77 million HKD, marking a ten-year low, with only one IPO exceeding 5 billion HKD [3]. - The IPO market in Hong Kong has seen a turnaround this year, with several notable IPOs contributing to the market's recovery [3][4]. Group 3 - Notable IPOs this year include the toy company Bluc, which set a record with a subscription amount of 877.5 billion HKD, and the beverage company Mixue, which raised 1.84 trillion HKD in subscriptions [4][8]. - The performance of newly listed companies like Mixue and InnoCare has significantly improved market sentiment, with Mixue's stock price rising by 153.6% from its issue price [8][9]. - The influx of southbound capital through the Stock Connect program has reached a record net inflow of 186 billion HKD in the first half of 2025, indicating strong investor interest [9][13]. Group 4 - The structure of the Hong Kong stock market is changing, with a shift towards sectors such as healthcare, technology, and consumer goods, which have shown strong performance [11][12]. - The Hang Seng Index has seen significant gains, reaching its highest levels since 2021, driven by strong performances from various sectors [11]. - The article highlights the potential for continued growth in the Hong Kong IPO market, with expectations for over 50 new economy companies to list in the second half of 2025, potentially raising over 160 billion HKD [13][14].

2025 年 6 月 30 日 耐用消费品及服装: 中性 证券研究报告 / 首次覆盖报告 蜜雪集团 (2097 HK, 买入, 目标价: HK$660.00) 确定性源自对极致性价比模式的深刻理解 性价比定位确保广阔受众，合理利润分配成就万店加盟：蜜雪从最初的刨冰果断转向更具 规模且更易标准化的现制茶饮赛道，以及定位极致性价比紧抓下沉市场庞大需求无不体现 其独到的市场洞察力；平衡标准化与受众群体构造单店模型也为后续连锁扩张奠定了坚实 根基。作为首家突破万店的茶饮品牌，蜜雪的渠道扩张则演绎了加盟模式"持续寻求利润 分配最优解"的生意本质——初期尽量降低加盟商的准入成本与充分让利迅速展店，而后 随门店数量不断提升积极变革管理模式与渠道策略，确保门店运营高度标准化与单店盈利 相对稳定，持续调整利润分配方案。在管理没有跟上扩张速度的时候蜜雪暂停扩张、变革 管理，在选择多、粘性低的餐饮赛道依然可以迅速重拾品牌势能、重启扩张，展现了不俗 的纠错能力。公司四万余家加盟店的开拓与行业领先的盈利能力并非偶然，而是水到渠成 的必然结果。 高效撬动外部营销资源，供应链上延下伸降本增效：蜜雪先与深耕餐饮营销的华与华合作 打造视听记忆 ...