12月22日，港股市场新消费概念股走强，其中，蜜雪集团涨近10%，老铺黄金涨超5%，锅圈涨超4%， 布鲁可、泡泡玛特、古茗涨超3%，沪上阿姨、毛戈平、卫龙美味涨超2%。 | 代码 | 名称 | 涨跌幅 √ | 最新价 | 总市值 | 年初至今涨跌 | | --- | --- | --- | --- | --- | --- | | 02097 | 奢雪集团 | 9.97% | 434.400 | 1649.06亿 | 114.52% | | 06181 | 老铺黄金 | 5.24% | 692.500 | 1221.49亿 | 209.43% | | 02517 | 锅圈 | 4.49% | 3.490 | 91.95亿 | 96.09% | | 00325 | 布鲁可 | 3.75% | 71.850 | 178.58亿 | 19.06% | | 09992 | 泡泡玛特 | 3.58% | 199.800 | 2683.2亿 | 125.10% | | 01364 | 古客 | 3.04% | 25.060 | 595.97亿 | 178.14% | | 02589 | 沪上阿姨 | 2.84% | 94. ...

本文源自：金融界AI电报 港股新消费板块震荡走强，蜜雪集团(02097.HK)涨超10%，老铺黄金(06181.HK)、锅圈(02517.HK)双双 涨超5%，布鲁可(00325.HK)、古茗(01364.HK)、泡泡玛特(09992.HK)等个股跟涨。 ...

新消费概念股普遍活跃，截至发稿，蜜雪集团(02097)涨7.29%，报423.8港元；老铺黄金(06181)涨 5.02%，报691港元；锅圈(02517)涨5.09%，报3.51港元；泡泡玛特(09992)涨3.89%，报200.4港元；布鲁 可(00325)涨2.96%，报71.3港元；沪上阿姨(02589)涨2.78%，报94.15港元。 东兴证券指出，2025年新消费投资情绪经历了从狂热到谨慎的过程。2026年政策的持续加码有望提振消 费信心，对于新消费领域的投资将从纯粹的短期叙事回归商业模式与盈利壁垒，投资者会倾向寻找那些 真正能够构建稳固的商业模式，盈利模式可持续的公司。该行认为新消费行业会向三个趋势和两个维度 的方向发展。三个趋势是健康化、新实用主义和情绪消费，两个维度是智能化和消费出海，建议积极关 注相关方向的投资机会。 消息面上，近期消费有关政策频出。中央经济工作会议提出八项明年经济工作的重点任务，其中第一项 重点任务为坚持内需主导，建设强大国内市场。12月15日，《求是》杂志发表文章《扩大内需是战略之 举》，文章强调要"牢牢把握扩大内需这一战略基点"，阐明了扩大内需对发展全局的基础支撑作用 ...

东兴证券指出，2025年新消费投资情绪经历了从狂热到谨慎的过程。2026年政策的持续加码有望提振消 费信心，对于新消费领域的投资将从纯粹的短期叙事回归商业模式与盈利壁垒，投资者会倾向寻找那些 真正能够构建稳固的商业模式，盈利模式可持续的公司。该行认为新消费行业会向三个趋势和两个维度 的方向发展。三个趋势是健康化、新实用主义和情绪消费，两个维度是智能化和消费出海，建议积极关 注相关方向的投资机会。 智通财经APP获悉，新消费概念股普遍活跃，截至发稿，蜜雪集团(02097)涨7.29%，报423.8港元；老铺 黄金(06181)涨5.02%，报691港元；锅圈(02517)涨5.09%，报3.51港元；泡泡玛特(09992)涨3.89%，报 200.4港元；布鲁可(00325)涨2.96%，报71.3港元；沪上阿姨(02589)涨2.78%，报94.15港元。 消息面上，近期消费有关政策频出。中央经济工作会议提出八项明年经济工作的重点任务，其中第一项 重点任务为坚持内需主导，建设强大国内市场。12月15日，《求是》杂志发表文章《扩大内需是战略之 举》，文章强调要"牢牢把握扩大内需这一战略基点"，阐明了扩大内需对发 ...

港股新消费概念股集体走高，蜜雪集团、老铺黄金、布鲁可涨超4%，卫龙美味、古茗、泡泡玛特涨超 3%。 | 代码 | 名称 | 最新价 | 涨跌幅 > | | --- | --- | --- | --- | | 02097 | 蜜雪集团 | 414.200 | 4.86% | | 00325 | 布鲁可 | 72.200 | 4.26% | | 06181 | 老铺黄金 | 685.000 | 4.10% | | 09992 | 泡泡玛特 | 199.700 | 3.53% | | 02015 | 理想汽车-W | 67.450 | 3.06% | | 09985 | 卫龙美味 | 11.550 | 3.13% | | 01364 | 古客 | 25.060 | 3.04% | | 02517 | 据 | 3.410 | 2.10% | | 09868 | 小鹏汽车-W | 78.150 | 1.96% | | 05252 | 茶白道 | 7.200 | 1.12% | 个股消息面上，北京时间12月20日，蜜雪冰城洛杉矶好莱坞店正式营业。据悉，门店位于星光大道"中 国剧院"对面，凭借1.19美元冰淇淋等平价产品与 ...

Core Viewpoint - New consumption concept stocks are experiencing a broad increase, indicating a positive market sentiment and potential growth in the sector [1][2] Stock Performance - Notable stock increases include: - Cha Bai Dao (02555) up by 5.76% - Guo Quan (02517) up by 4.50% - Lao Pu Gold (06181) up by 4.14% - Miniso (09896) up by 3.00% - Hu Shang A Yi (02589) up by 2.84% - Juzi Biotechnology (02367) up by 2.97% [1][2] Industry Outlook - According to Huatai Securities, the differentiation between new and old consumption will continue into 2025, driven by changes in "people, goods, and venues" and technological advancements [1][2] - The report anticipates that consumer policies will stimulate supply and demand potential, leading to a steady recovery in domestic demand and continued industry differentiation in 2026 [1][2] Investment Focus - The report suggests focusing on four main investment themes: 1. Rise of domestic brands: Attention on潮玩 (trendy toys), beauty and personal care, and gold jewelry brands competing in both domestic and international markets [1][2] 2. Technology-enabled consumption: Emphasis on the rapid increase in smart product penetration rates due to technological and product innovation [1][2] 3. Emotional consumption: Monitoring growth potential in service consumption, ready-to-drink beverages, pets, and new tobacco products [1][2] 4. Undervalued high-dividend blue-chip leaders: Focus on opportunities for marginal recovery while balancing risk and reward [1][2]

Group 1 - Citic Securities maintains a "Buy" rating for Kuaishou-W (01024.HK), highlighting the significant upgrade of Kuaishou's AI capabilities, which is expected to drive commercial growth and optimize platform ecology and profit margins [1] - CICC maintains an "Outperform" rating for Hang Lung Properties (00101.HK) with a target price of HKD 9.46, noting the company's strategic expansion in Wuxi, which will increase retail space by 38% and enhance its luxury positioning [1] - Citic Securities maintains a "Buy" rating for Giant Bio (02367.HK) with a target price of HKD 44, despite a downward adjustment in profit forecasts due to sales pressure during the Double Eleven shopping festival [1] Group 2 - Citic Securities maintains a "Buy" rating for Xiaomi Group-W (01810.HK), reporting a significant increase in automotive business revenue, which reached RMB 28.3 billion, a year-on-year growth of 197.9%, marking its first profitable quarter [2] - Citic Securities maintains a "Buy" rating for Kelun-Biotech (06990.HK), emphasizing the company's collaboration with Crescent on ADC and dual antibody development, which includes an upfront payment of USD 80 million and potential milestone payments of up to USD 1.25 billion [3] - Citic Securities maintains a "Buy" rating for Virginie (02199.HK) with a target price of HKD 3.5, reporting a 25.7% year-on-year growth in net profit despite tariff disruptions, driven by strong performance in activewear and new business expansions [4] Group 3 - Tianfeng Securities maintains a "Buy" rating for Jiangnan Buyi (03306.HK), forecasting a revenue and net profit growth of 4.6% and 6.0% respectively for FY25, supported by a growing high-spending membership base [5] - Tianfeng Securities maintains a "Buy" rating for Kelun-Biotech (06990.HK), projecting a narrowing of net losses to a profit of RMB 561 million by 2027, highlighting the potential of its ADC product [6] - Everbright Securities maintains a "Buy" rating for Laopu Gold (06181.HK) with a target price of HKD 804.64, reporting a substantial increase in revenue and net profit for the first half of 2025, driven by the growing market for traditional gold products [7][8]

Core Viewpoint - The stock of Laopu Gold (06181.HK) has seen an increase of nearly 4%, currently trading at 646.5 HKD with a transaction volume of 365 million HKD [2] Group 1 - Laopu Gold's stock price rose by 3.86% as of the latest report [2] - The trading volume for Laopu Gold reached 365 million HKD [2]

Core Viewpoint - The report from Rothschild indicates that Lao Pu Gold's revenue is expected to surpass that of Richemont's jewelry business in the Chinese market by 2025, highlighting the company's unique success in the luxury goods sector [1] Group 1: Company Performance - Lao Pu Gold's stock has risen nearly 4%, currently trading at 646.5 HKD with a transaction volume of 365 million HKD [1] - The company has been achieving record high performance, driven by the increasing demand for gold as a hedge against inflation and the collectible value of traditional gold [1] Group 2: Market Analysis - According to Everbright Securities, the acceleration in gold prices since 2023 has led to a heightened consumer interest in gold investments [1] - The report emphasizes that the favorable market conditions are expected to continue, contributing to Lao Pu Gold's ongoing success [1] Group 3: Valuation and Ratings - The target price for Lao Pu Gold is set at 804.64 HKD, with projected price-to-earnings (PE) ratios of 27, 20, and 15 for the years 2025 to 2027 [1] - The company has been given an initial "Buy" rating based on relative and absolute valuation methods [1]

Group 1 - The core viewpoint of the article highlights that Lao Pu Gold (06181) is expected to surpass Richemont's jewelry business revenue in the Chinese market by 2025, according to a report from Rothschild [1] - Lao Pu Gold's stock has seen a nearly 4% increase, currently trading at 646.5 HKD with a transaction volume of 365 million HKD [1] - The report emphasizes that the success of Lao Pu Gold in China is a unique case, driven by rising gold prices and increased consumer demand for gold as a store of value [1] Group 2 - According to Everbright Securities, the performance of Lao Pu Gold has been continuously reaching historical highs due to the growing popularity of traditional gold, which holds both intrinsic and collectible value [1] - The company has been assigned a target price of 804.64 HKD, with projected price-to-earnings ratios (PE) of 27, 20, and 15 for the years 2025 to 2027 [1] - The initial rating for Lao Pu Gold is set as "Buy" based on relative and absolute valuation methods [1]