Core Viewpoint - Despite the Hang Seng Index's continuous rise since June, the new consumption sector, which once led the Hong Kong stock market, has experienced a significant downturn, with key stocks like Lao Pu Gold, Mixue Group, and Pop Mart seeing substantial market value losses, raising concerns about the sustainability of their business models [3][4][5]. Market Performance - The new consumption sector has faced a collective decline, with Lao Pu Gold's stock price dropping over 37% from its peak, and Mixue Group's stock falling 25% from its high [5][6]. - The market capitalization of these leading stocks has evaporated by over 150 billion HKD, with Lao Pu Gold, Mixue Group, and Pop Mart all experiencing significant losses in value [7][8]. Financial Results and Expectations - Lao Pu Gold projected a sales revenue increase of 240%-252% year-on-year for the first half of 2025, yet its stock price continued to decline post-announcement [7][8]. - Similarly, Pop Mart expected a revenue growth of no less than 200% for the same period, but its stock also faced downward pressure [7][8]. Capital Flow Dynamics - The outflow of southbound funds has been a critical factor in the market adjustment, with a net outflow of approximately 4.1 billion HKD from the new consumption sector from July 2 to July 30 [11][12]. - In contrast, southbound funds have shown significant net inflows into the financial and healthcare sectors, indicating a shift in investment focus away from new consumption [12][13]. Market Sentiment and Future Outlook - Analysts express divided opinions on the future of the new consumption sector, with some optimistic about long-term growth potential driven by consumer upgrades, while others caution against high valuation risks and the need for a more cautious approach [20][21]. - The sector's long-term prospects are seen as promising, but the current market dynamics suggest a need for careful evaluation of individual companies' business models and sustainability [17][20].

不过，南向资金当周累计成交7,636.41亿港元，较上周缩量近400亿，主要受恒指大盘连续调整影响。 个股方面，近7天南向资金： 大幅净买入：小米集团-W(01810.HK)36.70亿港元；腾讯控股(00700.HK)35.42亿港元；阿里巴巴-W(09988.HK)22.76亿港元； 美团- W(03690.HK)22.28亿港元；中国人寿(02628.HK)21.01亿港元；理想汽车-W(02015.HK)20.93亿港元；石药集团(01093.HK)16.64亿港元。 大幅净卖出：泡泡玛特(09992.HK)5.43亿港元；老铺黄金(06181.HK)2.79亿港元。 智通财经8月1日讯（编辑 冯轶）据Wind数据显示，本周南向资金累计净流入约590.20亿港元，流入规模环比上周增长约83%，创下4月中旬以来单周最高净 流入水平。 | | | | 南向 | | | | | --- | --- | --- | --- | --- | --- | --- | | 排名 股票代码 | 股票简称 | 净买入 排名 | | 股票代码 | 股票简称 | 净买入 | | 1 2800.HK | 图富基金 | 134 ...

Core Viewpoint - The new consumption sector in Hong Kong has experienced a significant downturn despite the overall rise of the Hang Seng Index since June, with major stocks like Lao Pu Gold, Mixue Group, and Pop Mart seeing substantial market value losses and price declines exceeding 30% from their peak [1][2][3]. Market Performance - The Hang Seng Index rebounded from a low of 23185.58 points on June 19 to a high of 25735.89 points on July 24, while the new consumption sector faced collective declines [2]. - Lao Pu Gold's stock price fell from a peak of 1108 HKD per share on July 8 to 690 HKD by August 1, marking a cumulative drop of over 37% [2]. - Mixue Group's stock price decreased from 618.5 HKD on June 5 to 463 HKD by August 1, a decline of 25% [2]. - The combined market value of Lao Pu Gold, Mixue Group, and Pop Mart dropped by over 150 billion HKD from their highs [3]. Capital Flow - A significant outflow of southbound funds has been identified as a key driver of the downturn in the new consumption sector, with a net outflow of 41.09 billion HKD from these stocks between July 2 and July 30 [5][6]. - In contrast, local Hong Kong intermediaries continued to increase their holdings, indicating a shift in investment strategy [6]. Company-Specific Issues - Lao Pu Gold and Mixue Group are facing scrutiny regarding their business models and operational sustainability, with concerns about high production costs and declining capacity utilization [10][11]. - Lao Pu Gold's production outsourcing increased from 36% in 2021 to 41% in 2023, while its R&D investment ratio decreased [10]. - Mixue Group's capacity utilization rates for key ingredients have been declining, raising questions about its operational efficiency [10]. Future Outlook - Industry analysts express divided opinions on the long-term potential of the new consumption sector, with some optimistic about its growth driven by consumer upgrades, while others caution against high valuation risks [11][12]. - The market is expected to see structural opportunities, with leading companies likely to outperform while weaker concepts may face challenges [13].

智通财经8月1日讯(编辑 童古 汤赞淇)以下为各家机构对港股的最新评级和目标价: 中信证券：维持快手买入评级 中信证券就快手-W(01024.HK)发布研报称，该公司在世界人工智能大会举办可灵AI生态论坛，发布创 意工作台"灵动画布"，并有众多个人和企业创作者分享使用体验。AI设计协作龙头Figma上市有望对快 手估值带来催化。中信证券认为快手平台生态和商业化保持增长动力，未来利润率有望持续优化。 华创证券：维持理想汽车强推评级 目标价127.29-152.75港元 华创证券就理想汽车-W(02015.HK)发布研报称，该公司在整车竞争方面整体竞争力强。此外，在AI时 代升维之战中，公司快速进行AI转型并持续推进AI布局，有望抢占AI竞争制高点，同时新车i8上市将开 启公司新车周期。将公司2025-27年销量下调为51/62/73万辆，营收下调为1430/1752/2071亿元，归母净 利下调为72/99/129亿元。 交银国际：维持百威亚太买入评级 目标价10.15港元 交银国际就百威亚太(01876.HK)发布研报称，该公司2025上半年业绩大致符合预期，2季度跌幅环比收 窄，其中2季度中国市场销量回落， ...

值得注意的是，瑞银此前发表报告称，根据该行与投资者的对话，买方对老铺黄金2025年的盈利预期为 40亿至60亿人民币，即按年增长170%至300%，该行认为预期似乎偏高，并且老铺黄金面临金价波动、 各店财报分化以及毛利率可能按年下降的短期下行风险，另一个下行风险则是股东的潜在获利回吐。 消息面上，7月27日，老铺黄金发布业绩预告，预计2025年上半年实现含税收入138亿至143亿元，同比 增长240%至252%；净利润22.3亿至22.8亿元，同比增长279%至288%。美银证券发表研究报告称，市场 将更加关注老铺黄金盈利增长的可持续性，该行预计公司今年下半年的收入将达到138亿元人民币，同 比增长178%，经调整净利润料达27亿元人民币，同比增长206%。 智通财经APP获悉，老铺黄金(06181)再跌超4%，较7月创下的历史高点1108港元已跌近四成。截至发 稿，跌4.23%，报678.5港元，成交额6.71亿港元。 ...

7月31日恒生指数下跌1.60%，南向资金全天合计成交金额为1704.75亿港元，其中，买入成交918.01亿 港元，卖出成交786.75亿港元，合计净买入金额131.26亿港元。具体来看，港股通（深）累计成交金额 616.04亿港元，买入成交335.63亿港元，卖出成交280.41亿港元，合计净买入金额55.22亿港元；港股通 （沪）累计成交金额1088.71亿港元，买入成交582.38亿港元，卖出成交506.34亿港元，合计净买入金额 76.04亿港元。 从连续性进行统计， 有3只股获南向资金连续3天以上净买入，连续净买入天数较多的有腾讯控股、阿 里巴巴-W、小米集团-W，连续净买入天数分别为6天、5天、5天。以其间净买入金额统计，净买入金 额最多的是小米集团-W，合计净买入为30.37亿港元，其次是腾讯控股合计净买入为27.05亿港元，阿里 巴巴-W合计净买入为26.73亿港元。 7月31日南向资金成交活跃股 | 代码 | 简称 | 成交金额（万港元） | 成交净买入（万港元） | 今日涨跌幅（%） | | --- | --- | --- | --- | --- | | 02800 | 盈富基金 | 2 ...

7月31日恒生指数下跌1.60%，报收24773.33点，全天南向资金通过港股通渠道合计净买入131.26亿港 元。 证券时报·数据宝统计，7月31日港股通全天合计成交金额为1704.75亿港元，成交净买入131.26亿港元。 具体来看，沪市港股通成交金额1088.71亿港元，成交净买入76.04亿港元；深市港股通成交金额616.04 亿港元，成交净买入55.22亿港元。 成交活跃股方面，沪市港股通前十大成交活跃股中，美团-W成交额为40.49亿港元，成交金额居首；其 次是阿里巴巴-W、小米集团-W，成交金额分别为37.90亿港元、36.94亿港元。以净买卖金额统计，盈 富基金净买入额为24.05亿港元，净买入金额居首，该股收盘股价下跌1.56%。净卖出金额最多的是中芯 国际，净卖出1.01亿港元，收盘股价上涨1.79%。 深市港股通前十大成交活跃股中，成交额居首的是小米集团-W，成交金额24.38亿港元；其次是美团- W、腾讯控股，成交金额分别为23.00亿港元、20.86亿港元。以净买卖金额统计，有8只股为净买入，净 买入金额最多的是快手-W，净买入10.32亿港元，该股收盘上涨6.35%。净卖出金额最多 ...

智通财经APP获悉，2025年7月31日当天，美团-W(03690)、阿里巴巴-W(09988)、小米集团-W(01810)位 居沪港通（南向）成交额前3位，成交额分别为40.49 亿元、37.90 亿元、36.94 亿元；小米集团- W(01810)、美团-W(03690)、腾讯控股(00700) 位居深港通（南向）成交额前3位，成交额分别为24.38 亿 元、23.00 亿元、20.86 亿元。 沪港通（南向）十大活跃成交公司 | 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 美团-W(03690) | 40.49 亿元 | +11.96 亿元 | | 阿里巴巴-W(09988) | 37.90 亿元 | +6.54 亿元 | | 小米集团-W(01810) | 36.94 亿元 | +3.68 亿元 | | 腾讯控股(00700) | 34.44 亿元 | +9664.82 万元 | | 中芯国际(00981) | 32.01 亿元 | -1.01 亿元 | | 快手-W(01024) | 26.50 亿元 | +3.51 亿元 | | 盈富基金(02800) | ...

7月31日港股市场，北水成交净买入131.26亿港元，其中港股通(沪)成交净买入76.04亿港元，港股通(深)成交净买入55.22亿港元。 北水净买入最多的个股是盈富基金(02800)、恒生中国企业(02828)、美团-W(03690)。北水净卖出最多的个股是老铺黄金(06181)、石药集团(01093)、山东墨 龙(00568)。 | 排名 | 股票代碼 | 名稱 | 買入金額 (HKD) | 賣出金額 (HKD) | | --- | --- | --- | --- | --- | | 1 | 03690 | 美團 - W | 2,622,274,620 | 1,426,324. | | 2 | 09988 | 阿里巴巴 - W | 2,221,660,110 | 1,568,114. | | 3 | 01810 | 小米集團 - W | 2,031,169,230 | 1,663,169. | | 4 | 00700 | 騰訊控股 | 1,770,165,250 | 1,673,517, | | 5 | 00981 | 中芯國際 | 1,549,775,325 | 1,651,186, | | ଚ | 0 ...

智通财经APP获悉，7月31日港股市场，北水成交净买入131.26亿港元，其中港股通(沪)成交净买入76.04亿港元，港股通(深)成交净买入55.22亿港元。 北水净买入最多的个股是盈富基金(02800)、恒生中国企业(02828)、美团-W(03690)。北水净卖出最多的个股是老铺黄金(06181)、石药集团(01093)、山东墨 龙(00568)。 | 排名 | 股票代碼 | 名稱 | 買入金額 (HKD) | 賣出金額 (HKD) | | --- | --- | --- | --- | --- | | 1 | 03690 | 美團 - W | 2,622,274,620 | 1,426,324, | | 2 | 09988 | 阿里巴巴 - W | 2,221,660,110 | 1,568,114, | | 3 | 01810 | 小米集團 - W | 2,031,169,230 | 1,663,169, | | 4 | 00700 | 騰訊控股 | 1,770,165,250 | 1,673,517. | | 5 | 00981 | 中芯國際 | 1,549,775,325 | 1,651,186, ...