河豚家族创始人段然在2024年寻求融资时，经常遇到投资人收到商业计划书后没有下文的情况。但今年形势逆转，不少投资人主动上门洽谈。 7月11日，河豚家族宣布完成3000万元B轮融资。该企业既有终端餐饮品牌"肆月河豚"餐厅，同时还有养殖、宰杀加工河豚的全产业链。 2025年年中，消费投资热度开始回升。华映资本、启承资本、光点资本等机构均表示，今年内部上会的消费项目数量正在提升。 "今年又开始出现抢项目的情况，热门项目甚至抢不到份额。"北京某中大型投资机构的投资总监Joyce说，上一次出现这种情况还是在2021年。 过去3年间，消费投资经历过"至暗时刻"。IT桔子相关数据显示，2022年，消费品行业融资数量较上一年减少了约43%，且在这一年中，C轮及以上融资事件 仅占到5%。 2023年，消费投融资更是一度降至冰点。据消费创投智库沥金与中国轻工企业投资发展协会联合统计，2023年消费行业投融资事件数大幅下降，只有683 起，同比下滑30.4%。这一情况在2024年仍未好转，消费领域全年投融资事件为719起，同比微涨5.3%，仍低于2022年的982起。 多位投资人告诉经济观察报，消费投资升温是最近一个季度的事情。由 ...

港股新消费概念日内走低，老铺黄金(06181.HK)跌超10%，泡泡玛特(09992.HK)、古茗(01364.HK)、沪 上阿姨(02589.HK)、蜜雪集团(02097.HK)等个股跟跌。 ...

Market Overview - US President Trump has issued new tariff policy letters to 14 countries, leading to a rebound in Hong Kong stocks, with the Hang Seng Index rising 1.09% to 24,148.07 points, ending a three-day decline [1] - The total trading volume for the day was HKD 213.29 billion, indicating active market participation [1] - The Hong Kong Monetary Authority has withdrawn HKD 59.072 billion in liquidity since June 28, tightening liquidity expectations in the short term [1] Blue Chip Performance - Xinyi Solar (00968) led blue-chip gains, rising 5.43% to HKD 2.91, contributing 1.04 points to the Hang Seng Index [2] - Kuaishou-W (01024) and Chow Tai Fook (01929) also saw significant increases of 5.16% and 4.42%, respectively [2] - However, Orient Overseas International (00316) and China Biologic Products (01177) experienced declines, dragging down the index [2] Sector Highlights - Large tech stocks rebounded, with Kuaishou rising over 5% and Meituan and JD.com both increasing over 2% [3] - Stablecoin concept stocks surged, with Jinyong Investment (01328) skyrocketing 533.17% after announcing a partnership with AnchorX [3] - The Macau gaming sector showed strong performance, with total gaming revenue for the first six days of July reaching MOP 4.3 billion, indicating a robust recovery [6] Solar Industry Insights - The solar sector saw strong gains, with New Special Energy (01799) up 12.65% and GCL-Poly Energy (03800) up 10.81% [5] - Recent government meetings emphasized the need to address low-price competition and improve product quality in the solar industry, suggesting potential for supply-side reforms [5] Gaming Sector Developments - Macau's gaming stocks continued to rise, with Wynn Macau (01128) up 6.4% and MGM China (02282) up 3.29% [6] - Morgan Stanley's report indicated that Macau's gaming revenue is expected to see double-digit year-on-year growth in July, marking a cyclical turning point for the industry [6] New Consumption Trends - New consumption stocks performed well, with brands like Blukoo (00325) and Cha Ba Dao (02555) seeing significant increases [6][7] - Gold stocks also rebounded, with Tongguan Gold (00340) rising 6.37% [7] Stablecoin Regulatory Developments - Jinyong Investment announced a strategic partnership with AnchorX to explore potential collaborations in digital asset management and stablecoin applications [4] - The Hong Kong Monetary Authority is consulting the market on regulatory guidelines for stablecoins, with expectations for a limited number of licenses to be issued [4] Logistics Sector Performance - Jitu Express-W (01519) reached a new high, with a reported 23.5% year-on-year increase in package volume for Q2 2025 [9] - The company achieved a total package volume of 139.9 billion for the first half of 2025, reflecting strong growth in the logistics sector [9] AI and Technology Sector Insights - Hongteng Precision (06088) saw an increase of 8.82%, driven by growing demand for AI-related solutions [10] - The company is expected to benefit from its parent group's resources and the increasing demand for AI computing power [10]

智通财经APP获悉，美国对各国90天豁免期本周结束，市场持续关注美国关税谈判。港股三大指数今早 走低，恒科指午后实现翻红。截止收盘，恒生指数跌0.12%或28.23点，报23887.83点，全日成交额为 1937.9亿港元；恒生国企指数跌0.01%，报8608.54点；恒生科技指数涨0.25%，报5229.56点。 华西证券指出，现阶段恒生指数市盈率上升较快，有需要消化的空间。今年上半年累计涨幅偏大和机构 较为拥挤的港股资产未来容易出现进一步的回调，未来一段时间仍不建议无分化追高。港股市场中估值 偏低、基本面较好且贸易问题冲击较小的局部低位资产存在随着波动回调而带来的低吸的结构性机会。 蓝筹股表现 金沙中国(01928)领涨蓝筹。截至收盘，涨3.85%，报18.32港元，成交额6.43亿港元，贡献恒指2.58点。 澳门6月博彩收入同比增长19%至211亿澳门元，超出市场预期。大摩预期澳门7月博彩收入将达204亿澳 门元，同比增长10%，而今年全年博彩收入则达2380亿澳门元，同比增长5%。 其他蓝筹股方面，华润置地(01109)涨3.45%，报28.5港元，贡献恒指4.78点；理想汽车-W(02015 )涨 ...

老铺黄金 20250706 摘要 老铺黄金定位为中国高客单奢侈品黄金珠宝品牌，截至 2024 年底拥有 36 家直营门店，实现收入约 85 亿元，同比增长 168%，归母净利润约 14.7 亿元，同比增长 254%。预计 2025 年归母净利至少 45 亿以上。 中国古法金市场规模从 2018 年的 130 亿元增长到 2023 年的近 1,600 亿元，复合增长率达 65%，预计 2024 年至 2028 年仍保持 25%以上 的增速，老铺黄金作为领导者，受益于此趋势。 老铺黄金采用全直营模式，门店主要位于一线和新一线城市高端购物中 心，覆盖率超过 80%，在高净值人群中具备与国际一线珠宝品牌媲美的 知名度和市场认知度。 北京 SKP 门店表现突出，第一季度已实现 7.8 亿销售额，达到去年全年 水平，成熟门店未来电效预计可达 10 亿元，平效远超 Tiffany、梵克雅 宝等品牌。 公司计划在 2025 年和 2026 年新增 10 家自营门店，并将在中国香港、 中国澳门、新加坡及日本继续扩展门店，海外市场具备深挖空间。 Q&A 为什么东吴证券继续看好老铺黄金的股价创新高？ 老铺黄金成立于 2009 年， ...

2025.07. 01 本文字数：1520，阅读时长大约3分钟 作者 | 第一财 经 齐琦 沪上一位交易人士告诉记者，今年来，受金价大涨、消费升级、港股回暖等多重因素共振，老铺黄金 股价持续冲高。但当前该股市盈率（PE）已达到109倍，远超周大福（22倍）、老凤祥（8倍）等 同行业个股，溢价显著，后期估值或面临修正。 高位加仓，多只基金"顶格"持有 截至2025年一季度末，老铺黄金的公募持仓呈现明显分化态势。 富国基金以158.86万股(持股市值10.69亿元)居持仓榜首，较2024年末大幅增持113.75万股。该公 司名下富国消费精选30A在上涨中加仓，一季度增持6.31万股，持股数增至至51.07万股。 老铺黄金（06181.HK）股价持续冲高，公募基金持仓两极分化。 7月1日，老铺黄金股价再刷新高，收报1008港元/股，涨幅14.9%，盘中最高触及1035港元/股。 年初至今，老铺黄金累计涨幅已经高达321.5%。 老铺黄金上市以来，吸引了不少基金进场建仓。但随着股价一路上扬，既有基金重仓押注甚至触及持 仓上限，也有基金趁高落袋，或直接清仓离场。 第一财经据Wind统计，截至一季度末，17家公募基金的4 ...

Core Viewpoint - The stock price of Laopu Gold (06181.HK) has been rising significantly, leading to a divergence in public fund holdings, with some funds aggressively increasing their positions while others are cashing out or reducing their stakes [1][3][12]. Group 1: Stock Performance - On July 1, Laopu Gold's stock price reached a new high of 1008 HKD per share, with a 14.9% increase, and has seen a year-to-date rise of 321.5% [2][3]. - The stock's dynamic PE ratio has reached 68 times, significantly higher than competitors such as Chow Tai Fook (22 times) and Lao Feng Xiang (8 times), indicating a notable premium and potential for valuation correction [3][12]. Group 2: Fund Holdings - As of the end of Q1 2025, 17 public funds held a total of 46 funds heavily invested in Laopu Gold, with 2 funds increasing their holdings, 10 reducing, and 34 entering as new heavy investors [3][11]. - The top holder, Fortune Fund, increased its holdings by 113.75 thousand shares to 158.86 thousand shares, with a market value of 1.069 billion HKD [4][5]. - In contrast, GF Fund reduced its holdings by 19.61 thousand shares, maintaining a position of 73.13 thousand shares, with a market value of 491 million HKD [6][11]. Group 3: Fund Performance - Funds heavily invested in Laopu Gold have shown strong performance, with some, like Xin Ao You Xiang Life A, increasing nearly 50% year-to-date, while others like GF Value Core A and Southern Hong Kong Growth have risen by 37.86% and 36.91%, respectively [8][12]. - A significant number of funds have begun to reduce their positions, with 10 funds heavily invested in Laopu Gold in Q1 significantly cutting back in Q2, indicating a shift in sentiment [10][11]. Group 4: Market Sentiment and Future Outlook - The divergence in fund holdings reflects differing views on Laopu Gold's valuation, with some funds adopting a "step-by-step profit-taking" strategy amid concerns over high valuations and potential market corrections [9][12]. - The market's future direction will depend on Laopu Gold's ability to sustain high growth rates to justify its elevated valuation, especially in light of potential fluctuations in gold prices and consumer recovery [12].

证券研究报告：纺织服饰 | 公司点评报告 发布时间：2025-07-01 股票投资评级 增持|首次覆盖 个股表现 -200% 0% 200% 400% 600% 800% 1000% 1200% 2024-07 2024-09 2024-11 2025-02 2025-04 老铺黄金 恒生指数 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（港元） | 1,008.00 | | --- | --- | | 总股本/流通股本（亿股）1.73 | | | 总市值/流通市值（亿港 | 1,740.58 | | 元） | | | 52 周内最高/最低价 | 1008/ 239.80 | | 资产负债率(%) | 38.1336 | | 市盈率 | 95.1983 | | 第一大股东 | 北京红乔金季咨询顾问 | | 有限公司 | | 研究所 分析师:李鑫鑫 SAC 登记编号:S1340525010006 Email:lixinxin@cnpsec.com 老铺黄金 (6181.HK) 古法龙头，再下一城 ⚫ 事件 开店：2025 年 6 月 21 日老铺黄金海外首店在新加坡金沙购物中 心启幕；2025 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 1,200.00 [1][7]. Core Views - The company is experiencing strong growth momentum driven by rapid store expansion both domestically and internationally, particularly in high-end markets [1][2]. - The premium gold jewelry market is expanding, with the company leading the trend through product innovation and high craftsmanship [2]. - The company has successfully opened new stores in key locations, enhancing its brand positioning and targeting high-net-worth customers [3]. - Strong same-store sales growth is observed, with a significant increase in online sales contributing to overall revenue growth [4]. - Profit forecasts have been adjusted upwards due to sustained high demand and successful overseas market entry, with net profit projections for 2025-2027 increased by 40%-43% [5][12]. Summary by Sections Store Expansion and Upgrades - As of the end of 2024, the company has established 36 self-operated stores in 15 major cities, focusing on high-end shopping centers [3]. - Recent openings include stores in Beijing, Shenzhen, and Singapore, with plans for further expansions [3]. Sales Performance - The company reported a same-store revenue growth of over 120.9% in 2024, with a remarkable 170% growth in the first five months of 2025 [4]. - Online sales through platforms like Tmall and JD.com reached HKD 12.8 billion in early 2025, marking a 333% year-on-year increase [4]. Financial Projections - Revenue forecasts for 2025-2027 have been significantly raised, with expected revenues of RMB 23.6 billion, RMB 29.2 billion, and RMB 35.4 billion respectively [10][12]. - The adjusted net profit for 2025 is projected at RMB 4.9 billion, reflecting a 233.6% increase from the previous year [12][17]. Market Positioning - The company is recognized as the leading brand in traditional handcrafted gold jewelry, continuously innovating with products that blend heritage craftsmanship with modern aesthetics [2]. - The brand's positioning in high-end markets is reinforced by its strategic store locations and product offerings [3].

Group 1 - The Hang Seng Index closed down by 0.87% and the Hang Seng Tech Index fell by 0.72% [1] - New consumption concept stocks continued to show strong performance, with Lao Pu Gold (06181.HK) rising by 14.94% and Youbao Online (02429.HK) increasing by 53.85% [1]