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: 巨子生物控股有限公司 呈交日期: 2025年8月4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) | 02367 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | USD | | 0.00001 | USD | | 50,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 5,000,000,000 | USD | | 0.00001 | USD | | 50,000 | 本月底法定/註冊股本總額 ...

Investment Rating - The industry investment rating is "Buy" for companies with strong functional attributes and emotional consumption characteristics, particularly those with good digital infrastructure [4][9]. Core Insights - The report emphasizes that digital capabilities will become a core competitive advantage for consumer goods companies in the future [3]. - The domestic market is expected to continue experiencing consumption differentiation, with intense competition among existing players. Local brands with strong functional and emotional attributes are likely to perform better [4][9]. - The report highlights the importance of digitalization and artificial intelligence as strategic focuses for overseas consumer brands, which are increasingly investing in product innovation and operational efficiency [9]. Summary by Sections Industry Overview - The textile and apparel industry is undergoing transformation, with a focus on brands that possess genuine brand power [8]. - Traditional luxury brands are facing sales pressure in the Chinese market, with many reporting declines in sales [9]. Investment Recommendations - The report suggests focusing on companies in the outdoor sports, beauty, and jewelry sectors that exhibit strong functional attributes and emotional consumption characteristics, such as Anta Sports, Bosideng, and Proya [4][9]. - The report notes that brands with strong efficacy and emotional value continue to see good growth in the Chinese market, contrasting with the struggles of traditional luxury brands [9]. Market Dynamics - The report indicates that the Asia-Pacific market, particularly China, accounts for a significant portion of overseas brands' revenue, making localization strategies essential for these brands [9]. - The report also mentions that the application of digitalization and AI is becoming increasingly important for enhancing product innovation and consumer engagement [9].

| 代码 | 名称 | 最新价 | 涨跌幅 ▽ | | --- | --- | --- | --- | | 02145 | 下美股份 | 81.500 | 7.73% | | 06181 | 老铺黄金 | 731.500 | 6.01% | | 09863 | 零跑汽车 | 61.250 | 4.88% | | 02367 | 巨子生物 | 57.200 | 2.97% | | 01364 | 古茗 | 23.620 | 2.92% | | 09992 | 泡泡玛特 | 250.000 | 2.80% | | 01810 | 小米集团-W | 54.500 | 2.06% | | 09985 | 卫龙美味 | 12.160 | 1.50% | | 09868 | 小鹏汽车-W | 72.350 | 1.47% | | 01405 | 达势股份 | 85.250 | 1.31% | | 01318 | 毛戈平 | 100.400 | 0.80% | | 09896 | 名创优品 | 37.180 | 0.35% | | 09866 | 蔚来-SW | 37.920 | 0.32% | | 02097 | 蜜雪集 ...

Core Insights - The Invesco Great Wall Hong Kong Stock Connect Global Competitiveness C Fund (012228) has a latest net value of 0.8108 yuan, with a weekly return of -3.14%, a three-month return of 6.14%, and a year-to-date return of 17.87% [1] - The fund was established on August 12, 2021, and managed by Zhou Hanying, with a total scale of 250 million yuan as of June 30, 2025 [1] - The top ten stock holdings of the fund include Tencent Holdings, Alibaba-W, Pop Mart, Xiaomi Group-W, Giant Bio, Zijin Mining, NetEase Cloud Music, China Pacific Insurance, SMIC, and SF Holding, accounting for a total of 47.14% of the portfolio [1]

Investment Rating - The report maintains a "Positive" investment rating, highlighting the favorable momentum in new consumption sectors, particularly in beauty care, gold, trendy toys, and freshly brewed tea drinks [4]. Core Insights - The new consumption landscape reflects the evolving consumer preferences of the younger generation, emphasizing the importance of understanding these narratives for capturing growth opportunities in new consumption companies [80]. Beauty Care Sector - The high-end beauty segment is expected to grow faster than the mass market, with projected CAGR for high-end skincare and makeup at 9.6% and 10.8% respectively from 2023 to 2028, compared to 8.2% and 6.7% for mass-market products [5][9]. - Domestic brands are gaining market share, with the national beauty market share reaching 50.4% in 2023, surpassing foreign brands [15][18]. Gold Jewelry Sector - The gold jewelry market in China is projected to grow from 820 billion yuan in 2023 to 1,140 billion yuan by 2028, with a CAGR of 6.8% [19]. - The ancient gold segment shows strong growth potential, with a CAGR of 21.8% expected from 2023 to 2028, despite a slowdown in growth rates [24][25]. Trendy Toys Sector - The trendy toy market in China reached 626 billion yuan in 2023, with a CAGR of 31.24% from 2019 to 2023, indicating rapid growth [40]. - The market concentration is increasing, with the top five companies' market share rising from 22.8% in 2019 to 26.4% in 2021 [46]. Freshly Brewed Tea Drinks Sector - The freshly brewed tea drink market in China was valued at 517.5 billion yuan in 2023, accounting for 36.3% of the beverage market, with expectations to reach 1,163.4 billion yuan by 2028 [67]. - The market for freshly brewed tea drinks is anticipated to maintain its position as the largest segment within the freshly brewed beverage category, with a projected CAGR of 17.3% from 2023 to 2028 [71][75].

Core Viewpoint - The Hang Seng Healthcare Index (HSHCI) has shown positive performance, with significant increases in constituent stocks, indicating a favorable market environment for healthcare investments [3][4]. Group 1: Market Performance - As of July 28, 2025, the HSHCI rose by 0.64%, with notable gains from stocks such as MicroPort Medical (up 9.51%) and Eddy Health Holdings (up 3.93%) [3]. - The Hang Seng Healthcare ETF (513060) opened higher, increasing by 1.22% to a latest price of 0.66 yuan, and has accumulated a 0.92% rise over the past week [3]. - The ETF recorded a turnover of 0.79% during the trading session, with a transaction volume of 61.18 million yuan, and an average daily trading volume of 2.815 billion yuan over the past week, ranking first among comparable funds [3]. Group 2: Policy and Industry Outlook - The national procurement policy is expected to expand from pharmaceuticals to medical devices, potentially leading to performance reversals in high-value consumables and in vitro diagnostics sectors [4]. - The medical device sector is anticipated to benefit from a recovery in procurement activities this year, with expectations of an earnings turning point in the third quarter [4]. Group 3: ETF Performance Metrics - The latest size of the Hang Seng Healthcare ETF is 7.656 billion yuan, placing it in the top third among comparable funds [4]. - The ETF has seen a net value increase of 29.88% over the past two years, with a maximum monthly return of 28.34% since inception [4]. - The ETF's Sharpe ratio for the past year is 2.30, indicating strong risk-adjusted returns [4]. Group 4: Valuation and Tracking Accuracy - The HSHCI's latest price-to-earnings ratio (PE-TTM) is 31.72, which is below 84.29% of the historical data over the past three years, suggesting a low valuation [6]. - The ETF has the highest tracking accuracy among comparable funds, with a tracking error of 0.060% over the past year [6]. - The top ten weighted stocks in the HSHCI account for 60.54% of the index, including companies like BeiGene and WuXi Biologics [6].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report highlights a moderate recovery in the beauty and cosmetics sector, with a notable performance in hair care and color cosmetics, indicating a stable growth trajectory [7][35] - The medical aesthetics sector is expected to gain momentum from the introduction of innovative products, particularly in the field of collagen and hair loss treatments [30][46] Summary by Sections Market Review - In June, the beauty and personal care index fell by 3.61%, ranking 31st among all primary industries, underperforming the market [14] - The medical aesthetics sector saw significant stock price increases for companies like Meili Tianyuan Medical Health (+64.4%), Yonghe Medical (+50.0%), and Sihuan Pharmaceutical (+13.3%) [20][26] - For the first half of 2025, the medical aesthetics sector recorded substantial gains, with Jinbo Biological (+124.6%), Yonghe Medical (+83.3%), and Meili Tianyuan Medical Health (+69.9%) leading the way [20][26] Medical Aesthetics - Jinbo Biological launched the world's first recombinant type III humanized collagen gel, HiveCOL, which is expected to revolutionize tissue regeneration [30] - Sihuan Pharmaceutical introduced new products targeting skin quality improvement and contour shaping, while Kedi's external finasteride spray received approval, marking a significant advancement in hair loss treatment [31][32] Cosmetics - The retail sales of cosmetics in the first half of 2025 reached 229.1 billion yuan, reflecting a year-on-year growth of 2.9% [35] - Online sales of cosmetics amounted to 267.83 billion yuan, growing by 11.1%, while offline sales decreased by 4.1% to 228.44 billion yuan [36] - The report emphasizes the strong performance of domestic brands in the online market, particularly on platforms like Douyin and Tmall [40][43] Investment Recommendations - The report recommends focusing on leading domestic beauty brands that are expected to gain market share, particularly in high-growth segments [46][47] - Key recommendations include companies like Shangmei Co., Ltd., Maogeping, and Pulaia, which are well-positioned to benefit from the ongoing trends in the beauty market [50]

Core Viewpoint - The hair care market is experiencing significant growth, with online transaction value reaching 340.37 billion yuan in the first half of 2025, marking a year-on-year increase of 20.67% [4][5]. Market Performance - The hair care segment outperformed other beauty categories, driven by a 131.5% surge in men's hair care and steady performances from international brands like Kérastase, L'Oréal, and Pantene [2][4]. - The overall beauty market saw a total online transaction value of 3,060.39 billion yuan, with hair care being one of the fastest-growing segments [5]. Segment Breakdown - The hair care subcategories showed robust growth: - Hair cleansing: 179.72 billion yuan, up 21.56% - Hair care: 74.00 billion yuan, up 19.59% - Hair dyeing and perming: 57.44 billion yuan, up 17.20% - Hair styling: 20.76 billion yuan, up 16.64% - Men's hair care: 5.12 billion yuan, up 131.50% [7]. Brand Landscape - The market share of the top five brands (CR5) decreased from 19% in 2024 to 16%, indicating increased competition from emerging domestic brands and private labels [8]. - New domestic brands like Off&Relax and others are gaining traction, with several entering the top 20 rankings [11]. Consumer Trends - There is a shift towards efficacy-driven products, with consumers seeking solutions for specific scalp issues and multi-functional products [14][19]. - The introduction of "face-care level" ingredients in hair care products is becoming a trend, enhancing the overall consumer experience [19][21]. Innovation and New Products - Over 25 brands launched new products in the first half of 2025, with a focus on scalp care and multi-functional benefits [13]. - Brands are emphasizing rapid effectiveness, with products claiming visible results in as little as one to three minutes [17]. Future Outlook - The competition in the hair care market is expected to intensify, particularly in the areas of anti-hair loss and scalp care, with a focus on patented technologies and quick results [26][29]. - The potential for growth in differentiated segments like scalp oils is significant, as brands explore new opportunities [23][26].

Group 1 - The new consumption concept stocks in the Hong Kong market experienced a decline, with notable drops in specific companies [1] - Old Poo Gold (06181.HK) fell over 6%, indicating significant market reaction [1] - Other companies such as Gu Ming (01364.HK), Bluco (00325.HK), and Juzi Bio (02367.HK) also saw declines exceeding 4% [1]

Group 1 - The core point of the article highlights the performance and management details of the Green Fund's Green Hong Kong Stock Connect Selected Mixed C Fund, which experienced a significant decrease in net assets by 55.76% to 0.07 billion yuan as of June 30, 2025 [1] - The fund manager, Liu Zan, has a strong background in finance, holding a master's degree in science from the State University of New York and has held various positions in asset management since 2009 [1] - The fund has shown impressive returns, with a 3-month yield of 21.12%, a 1-year yield of 62.68%, and an overall yield of 55.51% since inception [2] Group 2 - Recent changes in fund size indicate no subscriptions but some redemptions, leading to a total fund size of 0.02 billion units and a net asset value of 0.02 billion yuan as of June 30, 2025, reflecting a net asset change rate of -24.80% [2] - The top ten stock holdings of the fund account for a significant portion of the portfolio, with a combined weight of 87.11%, including companies like Shenzhou International and China Gas [2] - Green Fund Management Co., Ltd. was established in November 2016 in Beijing, focusing on capital market services with a registered capital of 200 million yuan [2]