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].

Group 1 - CITIC Securities maintains a "Buy" rating for Kuaishou (01024.HK), highlighting the company's growth in platform ecology and commercialization, with future profit margins expected to optimize [1] - Huachuang Securities maintains a "Strong Buy" rating for Li Auto (02015.HK), noting the company's strong competitiveness in the vehicle market and rapid AI transformation, with revised sales and revenue forecasts for 2025-2027 [1] - CMB International maintains a "Buy" rating for Budweiser APAC (01876.HK), indicating a recovery in sales and pricing in the Chinese market, while adjusting revenue and profit forecasts for 2025-2027 [1] Group 2 - JPMorgan maintains an "Overweight" rating for UBTECH (09880.HK), projecting a compound annual growth rate of 260% for its humanoid robot business from 2025 to 2027, with significant contributions to revenue [2] - Tianfeng Securities initiates a "Buy" rating for Hong Kong and China Gas (01083.HK), emphasizing its leading position in smart energy and strong profit forecasts for 2025-2027 [2] Group 3 - Guohai Securities maintains an "Outperform" rating for Laopu Gold (06181.HK), forecasting significant growth in sales and net profit for the first half of 2025, driven by brand influence and product optimization [3] Group 4 - CICC maintains an "Outperform" rating for MGM China (02282.HK), reporting strong performance in Q2 2025, with expectations for continued market share growth and product updates [4] - CICC maintains a "Hold" rating for Prada (01913.HK), anticipating above-industry revenue growth despite uncertainties related to the Versace integration [4] Group 5 - CITIC Securities maintains a "Buy" rating for New Oriental (09901.HK), reporting record revenue and profit in Q4 FY25, with a projected growth rate of 5%-10% for FY2026 [5] - CICC maintains an "Outperform" rating for Standard Chartered (02888.HK), noting better-than-expected Q2 2025 performance driven by non-interest income growth [5]

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 ...

Core Insights - On July 31, 2025, Meituan-W (03690), Alibaba-W (09988), and Xiaomi Group-W (01810) were the top three companies by trading volume in the southbound section of the Hong Kong Stock Connect, with trading amounts of 4.049 billion, 3.790 billion, and 3.694 billion respectively [1][2] - In the southbound section of the Shenzhen-Hong Kong Stock Connect, Xiaomi Group-W (01810), Meituan-W (03690), and Tencent Holdings (00700) led the trading volume, with amounts of 2.438 billion, 2.300 billion, and 2.086 billion respectively [1][2] Southbound Trading Activity - The top three active companies in the southbound section of the Hong Kong Stock Connect were: - Meituan-W (03690) with a trading amount of 4.049 billion and a net buying amount of +1.196 billion - Alibaba-W (09988) with a trading amount of 3.790 billion and a net buying amount of +0.654 billion - Xiaomi Group-W (01810) with a trading amount of 3.694 billion and a net buying amount of +0.368 billion [2] - The top three active companies in the southbound section of the Shenzhen-Hong Kong Stock Connect were: - Xiaomi Group-W (01810) with a trading amount of 2.438 billion and a net buying amount of +0.736 billion - Meituan-W (03690) with a trading amount of 2.300 billion and a net buying amount of +0.202 billion - Tencent Holdings (00700) with a trading amount of 2.086 billion and a net buying amount of +0.336 billion [2]

Group 1: Market Overview - On July 31, the Hong Kong stock market saw a net inflow of 13.126 billion HKD from northbound trading, with 7.604 billion HKD from the Shanghai Stock Connect and 5.522 billion HKD from the Shenzhen Stock Connect [2] - The most bought stocks included the Tracker Fund of Hong Kong (02800), Hang Seng China Enterprises (02828), and Meituan-W (03690) [2][3] - The most sold stocks were Laopuhuangjin (06181), CSPC Pharmaceutical Group (01093), and Shandong Molong Petroleum Machinery (00568) [2] Group 2: Active Stocks - The top net bought stocks included Meituan-W (03690) with 2.622 billion HKD, Alibaba-W (09988) with 2.222 billion HKD, and Xiaomi Group-W (01810) with 2.031 billion HKD [3] - The top net sold stocks included Shandong Molong (00568) with 940 million HKD and CSPC Pharmaceutical Group (01093) with 891 million HKD [3] Group 3: ETF and Sector Insights - Northbound trading showed strong interest in ETFs, with the Tracker Fund of Hong Kong (02800) receiving a net inflow of 2.405 billion HKD, Hang Seng China Enterprises (02828) with 1.781 billion HKD, and Southern Hang Seng Technology (03033) with 973 million HKD [6] - The technology sector is highlighted as a significant part of the Hong Kong market, accounting for nearly one-third, with a focus on potential revaluation driven by technology [6] Group 4: Company-Specific News - Meituan-W (03690) received a net inflow of 13.98 billion HKD, while Kuaishou-W (01024) and Alibaba-W (09988) received 13.82 billion HKD and 10.43 billion HKD respectively [6] - Semiconductor company SMIC (00981) saw a net inflow of 2.21 billion HKD amid concerns regarding Nvidia's chip security issues [7] - Meitu Company (01357) received a net inflow of 15.3 million HKD, with Morgan Stanley raising its target price by 140% [7] Group 5: Performance Expectations - Laopuhuangjin (06181) faced a net outflow of 2.78 billion HKD, with analysts questioning the sustainability of its profit growth [8] - Analysts expect Laopuhuangjin's revenue to grow by 26% year-on-year next year, with adjusted net profit expected to rise by 30% [8] - Xiaomi Group-W (01810) received a net inflow of 441 million HKD, while CSPC Pharmaceutical Group (01093) and Shandong Molong (00568) faced net outflows [8]

Group 1 - The core point of the news is that the Hong Kong stock market saw significant net inflows from Northbound trading, with a total net buy of HKD 131.26 billion on July 31, 2023, indicating strong investor interest in certain stocks [1] - The most actively bought stocks included the Tracker Fund of Hong Kong (02800), Hang Seng China Enterprises (02828), and Meituan-W (03690), while the most sold stocks were Laopuhuangjin (06181), CSPC Pharmaceutical Group (01093), and Shandong Molong (00568) [1][2] - The Northbound trading saw net purchases of HKD 76.04 billion through the Shanghai Stock Connect and HKD 55.22 billion through the Shenzhen Stock Connect [1] Group 2 - The Tracker Fund of Hong Kong (02800) received a net buy of HKD 24.05 billion, while Hang Seng China Enterprises (02828) and Southern Hang Seng Technology (03033) received net buys of HKD 17.81 billion and HKD 9.73 billion, respectively [5] - Meituan-W (03690) and Kuaishou-W (01024) were also popular among investors, with net buys of HKD 13.98 billion and HKD 13.82 billion, respectively [5] - Semiconductor company SMIC (00981) received a net buy of HKD 2.21 billion, while Meituan (01357) saw a net buy of HKD 15.3 million, following a significant target price increase by Morgan Stanley [6] Group 3 - Laopuhuangjin (06181) faced a net sell of HKD 2.78 billion, with concerns about the sustainability of its profit growth [7] - Xiaomi Group-W (01810) received a net buy of HKD 4.41 billion, while CSPC Pharmaceutical Group (01093) and Shandong Molong (00568) experienced net sells of HKD 1.13 billion and HKD 371 million, respectively [7]

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%。高盛表示，不太担心老铺黄金上 半年销售额低于预期，因为这可能主要是由于5月及6月下旬开设的新店贡献较小所致。 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，并预期公司明年收入按年增 长26%，加上毛率扩张和经营杠杆，带动经调整净利润按年升30%，又预计公司明年开设6家新精品 店，单店销售按年增6%。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%。该行将公司目标价下调4%至958港元，重申"买 入"评级。 老铺黄金(06181)再跌超10%，较月内高点1108港元已跌近四成。截至发稿，跌9.11%，报703港元，成 交额20.28亿港元。 ...