证券时报·数据宝统计显示，6月5日港股通（包括沪市港股通及深市港股通）成交活跃股合计成交307.84 亿港元，占当日港股通成交金额的28.51%，净卖出金额21.25亿港元。 上榜的成交活跃股中，美团-W成交额为45.46亿港元，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40.19亿港元、38.09亿港元。 以上榜次数统计，6月5日上榜个股中，近一个月上榜次数最多的是阿里巴巴-W、美团-W等，近一个月 均上榜22次，最受港股通资金关注。 老铺黄金为近一个月首次上榜，当日港股通成交额为8.72亿港元，成交净买入2.37亿港元，该股当日收 盘下跌9.05%。（数据宝） 6月5日港股通成交活跃股榜单 6月5日上榜港股通成交活跃榜个股中，老铺黄金为近一个月首次上榜。 | 证券代 | 证券简称 | 成交金额（亿 | 净买入金额（亿 | 近一个月上榜 | 最新收盘价 | 日涨跌幅 | | --- | --- | --- | --- | --- | --- | --- | | 码 | | 港元） | 港元） | 次数 | （港元） | （%） | | 00700 | 腾讯控股 | 32.10 | -1 ...

Core Viewpoint - The "new consumption forces" in the Hong Kong stock market have experienced a collective pullback after a period of exuberance, influenced by profit-taking ahead of the "618" shopping festival, a wave of stock unlocks, and valuation discrepancies with A-share counterparts [1][3][14]. Group 1: Market Performance - As of June 5, notable declines were observed in stocks such as Lao Pu Gold (down over 9%), Mixue Group (down over 7.7%), and Maogeping (down over 6.6%) [2]. - Despite the recent pullback, the valuation of these "new consumption stocks" remains significantly higher than their A-share peers, with Lao Pu Gold's price-to-earnings (PE) ratio at 107.9 times, compared to 15.96 times for its A-share competitor Lao Fengxiang [1][9]. - Year-to-date performance shows substantial gains for these stocks, with Lao Pu Gold up 315%, Mixue Group up 112.24%, and Pop Mart up 175.53% [2]. Group 2: Factors Influencing Valuation - The high valuations of Hong Kong's "new consumption forces" are attributed to several key factors, including concentrated shareholding structures that create a "scarcity effect" [15]. - For instance, Lao Pu Gold's major shareholders control approximately 92.99% of the company's shares, while Mixue Group's founders hold over 80% [15]. - The ability of these companies to reconstruct the young consumer ecosystem is also a significant factor, as they focus on emotional value and experiential marketing [15][16]. Group 3: Comparison with A-share Peers - The PE ratios of Hong Kong's leading consumption stocks are markedly higher than those of their A-share counterparts, with Maogeping's PE at 65.72 times compared to 21.6 times for its A-share competitor Perlay [10]. - Despite lower valuations, A-share companies like Perlay have higher revenue and net profit figures, indicating a divergence in performance metrics [11][12]. Group 4: Market Trends and Future Outlook - Analysts suggest that the strong performance of Hong Kong's "new consumption forces" could have a demonstrative effect on A-share markets, potentially leading to a shift in consumer focus from traditional to new consumption categories [17]. - The ongoing valuation recovery in the Hong Kong market, with the Hang Seng Technology Index PE at approximately 20.17 times, indicates a positive trend for these stocks [16]. - However, the sustainability of this trend remains uncertain, as the business models of these companies have yet to be fully validated in the market [18].

Core Viewpoint - The recent pullback of Hong Kong's "new consumption forces" follows a period of exuberance, driven by profit-taking ahead of the "6.18" shopping festival, a wave of stock unlocks, and valuation discrepancies that have raised market caution [2][4][12]. Group 1: Market Performance - On June 5, notable consumer stocks such as Lao Pu Gold, Mixue Ice City, and Pop Mart experienced significant declines, with Lao Pu Gold dropping over 9%, Mixue Group down over 7.7%, and Mao Ge Ping down over 6.6% [3]. - Despite the pullback, the valuations of these "new consumption stocks" remain significantly higher than their A-share counterparts, with Lao Pu Gold's price-to-earnings (P/E) ratio reaching 107.9 times, far exceeding A-share competitors [2][9]. - As of June 4, Lao Pu Gold's market capitalization was HKD 171.6 billion, with a year-to-date increase of 315%, while Pop Mart and Mixue Group saw increases of 175.53% and 112.24%, respectively [3][9]. Group 2: Valuation Discrepancies - The high valuations of Hong Kong's "new consumption forces" are attributed to several factors, including concentrated shareholding, which creates a natural "scarcity effect" [14][15]. - Lao Pu Gold's major shareholders control 92.99% of the company's shares, while Mixue Group's founders hold over 80% [15]. - The valuation premium for these companies is also supported by their strong performance in the young consumer market, focusing on emotional value and innovative marketing strategies [15][16]. Group 3: Future Implications - Analysts suggest that the performance of Hong Kong's new consumption leaders could influence A-share markets, with the potential for a ripple effect in consumer sectors [12][17]. - The ongoing valuation recovery in Hong Kong, with the Hang Seng Technology Index's P/E ratio at approximately 20.17 times, indicates a trend of re-evaluation of assets [16]. - The new consumption sector in Hong Kong is seen as a potential leader, with the possibility of expanding into A-share markets, although the sustainability of this trend remains uncertain [17].

Market Performance - Jinli Permanent Magnet (06680) rose over 17% due to significant increases in overseas medium and heavy rare earth prices, which are expected to gradually transmit to the domestic market [1] - Zhixing Technology (01274) increased over 3% after securing a platform-based logistics vehicle contract with a leading domestic brand [1] - Weimeng Group (02013) surged over 9% as its upgraded Weimeng Guide Agent product is anticipated to benefit from the growth of WeChat e-commerce [1] - Zhaoke Ophthalmology-B (06622) gained over 8% following FDA approval for a new drug trial application for cyclosporine eye gel [1] - Zai Ding Pharmaceutical (09688) rose over 5% after reporting excellent data from the low-dose group of ZL-1310 [1] - Lianlian Digital (02598) saw a mid-session increase of over 5% as it partnered with BVNK to provide stablecoin payment solutions for its merchants [1] - Reading Group (00772) increased over 7% after acquiring a 26.67% stake in Yihua Kaitian, with its IP+AI strategy expected to unlock more value [1] - NIO opened nearly 4% higher, projecting a year-on-year revenue growth of 11.8%-15% for Q2 [1] - Kuaishou-W (01024) rose over 6% as its Kecing AI recently launched a new 2.1 series model, with institutions optimistic about its profitability [1] - Meituan (03690) surged over 3%, reaching a nearly two-month high, with southbound funds continuing to accumulate for 13 consecutive days [1] US Market Highlights - Applied Digital (APLD.US), a stock related to Nvidia, surged nearly 30%, with a 94% increase over three trading days, as long-term contracts are expected to generate $7 billion in revenue [2] - Tesla (TSLA.US) fell 3.55% due to declines in both the Chinese and European automotive markets, with a 15% year-on-year drop in China's May wholesale sales of new energy passenger vehicles [2] - MongoDB (MDB.US) saw a nearly 15% increase in after-hours trading following better-than-expected Q1 results and an $800 million stock buyback plan [2] - Broadcom (AVGO.US) rose over 3% before earnings, reaching a new historical high, with Morgan Stanley stating that AI is operating at full speed, expecting strong Q2 results [3] - Meta increased over 3% as it was reported to be accelerating the development of ultra-lightweight open-headset projects [3] - Guidewire Software (GWRE.US) surged over 16% after exceeding Q3 earnings expectations and raising its guidance [3] - Dollar Tree (DLTR.US) fell over 8% after warning of potential 50% declines in adjusted earnings due to tariffs and weak consumer spending [3] - STMicroelectronics (STM.US) rose nearly 11% amid reports that Italy and France are considering splitting its joint management rights [3]

Core Viewpoint - The stock price of Laopu Gold (stock code: "06181") experienced significant volatility, initially surpassing 1000 HKD before dropping to 918.5 HKD, reflecting a 7.6% decline, while the company's market capitalization remains at 158.6 billion HKD [2]. Company Overview - Laopu Gold is a brand promoting the "Ancient Method Gold" concept, recognized by the China Gold Association, and specializes in handcrafted gold jewelry [5]. - The company went public on the Hong Kong Stock Exchange in June 2024, issuing 19.45 million shares at an initial price of 40.5 HKD, raising approximately 788 million HKD [2]. Financial Performance - Laopu Gold's revenue has shown substantial growth, with figures of 1.46 billion RMB in 2021, 1.5 billion RMB in 2022, 3.68 billion RMB in 2023, and 9.8 billion RMB in 2024 [6][7]. - The gross profit for the same years was 521 million RMB, 542 million RMB, 1.33 billion RMB, and 3.5 billion RMB respectively [6][7]. - The net profit for 2024 reached 1.47 billion RMB, a significant increase from previous years [7]. Market Position - Laopu Gold's stock price has increased nearly 24 times since its listing, making it one of the fastest-growing companies in the Hong Kong market, alongside brands like Pop Mart and Mixue [4]. - The company has strategically positioned its 36 self-operated stores in high-end shopping malls, competing with luxury brands such as Hermes and Cartier [5]. Shareholder Structure - The company has a family-oriented ownership structure, with significant stakes held by family members of the founder, Xu Gaoming, and institutional investors like Tencent and Southern Fund [8][9]. - Tencent holds a 4.16% stake, while Southern Fund and Yuanfeng Fund each hold 1.25% [10].

Core Viewpoint - CICC has raised the target price for Laopu Gold (06181.HK) by 22% to HKD 1,079.06, maintaining an "outperform" rating for the industry [1] Group 1: Financial Performance - CICC has increased its forecast for Laopu Gold's net profit attributable to shareholders for 2025 and 2026 by 42% and 48%, respectively, to RMB 4 billion and RMB 5.7 billion [1] Group 2: Product and Market Strategy - Laopu Gold launched new products, including the Gourd Baby and Seven Sons Gourd series, effectively combining traditional Chinese cultural elements with exquisite manufacturing techniques [1] - The company is actively opening new stores in high-end commercial areas, with larger store sizes compared to traditional outlets, which is expected to enhance the consumer shopping experience [1] - The company plans to accelerate store openings in 2025, with significant improvements in location and size [1]

Company Overview - On May 30, 2025, the company launched new products, the Gourd Baby and Seven Sons Gourd series, effectively combining traditional Chinese cultural elements with exquisite craftsmanship [1] - The new Seven Sons Gourd product showcases the brand's innovation in creativity and craftsmanship, utilizing traditional gourd elements and featuring seven colors, enhancing both individual and collectible value [1] Store Expansion - The company is accelerating its store openings in 2025, with new locations in high-end shopping areas such as Shenzhen MixC, Beijing SKP-S, and Shanghai Harbour City, with some stores reaching 300-400 square meters [2] - The improved location and larger store size are expected to enhance brand influence, product display, and customer experience, maintaining the brand's high-end positioning [2] Market Conditions - Gold prices experienced a brief decline from late April to mid-May but returned to an upward trend, benefiting the company as its products are sold at fixed prices [2] - In Q1 2025, gold prices increased by 19%, and by 7% in Q2 as of June 3, 2025, which is favorable for the sales of the company's gold products [2] Financial Forecast and Valuation - Due to strong sales performance and contributions from new stores, the company raised its net profit forecast for 2025/26 by 42%/48% to 4 billion/5.7 billion yuan, with current stock price corresponding to 39/27 times P/E for 2025/26 [2] - The target price has been increased by 22% to 1,079.06 HKD, reflecting a 12% upside potential from the current price, while maintaining an outperform rating in the industry [2]

Group 1 - As of June 3, a total of 105 stocks reached their 52-week highs, with Huayin International Holdings (00989), Dingyifeng Holdings (00612), and Youquhui Holdings (02177) leading the high rate at 57.26%, 37.93%, and 23.02% respectively [1] - The closing prices and highest prices for the top three stocks are as follows: Huayin International Holdings at 1.370 and 1.950, Dingyifeng Holdings at 0.770 and 0.800, and Youquhui Holdings at 3.550 and 3.580 [1] - Other notable stocks that reached their 52-week highs include China Antibody-B (03681) with a high rate of 21.62% and Fengcheng Holdings (02295) at 19.52% [1] Group 2 - The report also lists stocks that reached their 52-week lows, with Des Holdings (08437) showing the largest decline at -38.79%, followed by Dimi Life Holdings (01667) at -20.50% [3] - The closing prices and lowest prices for the top three stocks that reached their lows are: Des Holdings at 0.177 and 0.071, Dimi Life Holdings at 0.140 and 0.128, and Lujizhi Technology (01745) at 0.197 and 0.194 [3] - Other stocks with significant declines include GBA Group (00261) at -11.48% and Baide International (02668) at -10.88% [3]

从流动性角度来看，港交所官网数据显示，2025年前4个月的平均日成交金额为2504亿港元，同比上升144%。"截至 2025年5月22日，外资主要追踪的MSCI中国指数超过80%的权重都是港股。"华泰证券首席宏观经济学家易峘表示。 3日，港股老铺黄金(HK06181)午后拉升，目前涨逾6%，股价创历史新高。截至发稿，股价上涨6.49%，现报968港 元，成交额8.98亿港元。 当前，老铺黄金稳居港股第一高价股，遥遥领先于排在其后的蜜雪集团。自2024年6月底上市以来，老铺黄金的股价 飙涨近14倍。今年3月上市的蜜雪集团表现同样不凡，上市不到三个月股价轻松翻倍。 老铺黄金、蜜雪冰城，还有泡泡玛特，三家消费企业的股价今年以来联袂大涨，新高复新高，被市场冠以港股"三朵 金花"。 据证券日报报道，近年来，港股整体估值水平较低，尤其是科技和消费板块。例如，截至2025年6月2日，恒生科技指 数市盈率（TTM）为20.17倍，远低于历史平均水平。同时，港股的高股息资产（如银行股、电信股）具备明显的配 置价值，吸引了大量险资和其他免税投资者的关注。 从成长性角度来看，"消费+科技"在港股的市值占比已经达到了"半壁江山"的水 ...

Investment Rating - The report maintains an "Overweight" (OW) rating for Laopu Gold with a price target of HK$1,149.00 for December 2025, up from a prior target of HK$1,111.00 [4][26]. Core Insights - Laopu Gold is positioned as a niche luxury brand in the China heritage gold sector, with a market share of 2% as of 2023 and a strong focus on tier 1 and new tier 1 cities, which account for over 85% of its sales [10][26]. - The company is expected to achieve a compound annual growth rate (CAGR) of 61% in sales and 68% in net profit from 2025 to 2027, driven by the growth of the heritage gold segment, store expansion, and enhanced brand equity [10][26]. - Laopu plans to open at least eight new boutiques in 2025, surpassing the seven opened in 2024, and will continue refreshing existing boutiques [7][10]. Summary by Sections Sales and Revenue Projections - Revenue estimates for 2025 have been raised from Rmb 18,780 million to Rmb 19,973 million, and for 2026 from Rmb 26,172 million to Rmb 28,061 million [5]. - The company targets mid-term sales per shopping mall to reach Rmb 1 billion by 2025, significantly higher than the Rmb 300 million expected in 2024 [10]. Boutique Expansion and Strategy - Laopu's expansion strategy includes opening its first overseas boutique in Singapore and a differentiated product offering in Tokyo targeting non-Chinese customers [10][26]. - The company plans to refresh at least four existing boutiques in 2025, maintaining the same level as in 2024 [7][10]. Market and Pricing Dynamics - Laopu's management is optimistic about the upward trend in gold prices, with expectations of a 41% increase in 2025 and 21% in 2026, which will support further penetration into target consumer groups [7][20]. - The company has implemented a price adjustment policy to maintain a gross profit margin (GPM) target of over 40%, with expectations of 1-2 additional price increases in 2025 [7][10]. Financial Metrics and Valuation - The report projects a significant increase in adjusted earnings per share (EPS) from Rmb 9.47 in 2025 to Rmb 24.14 in 2026, reflecting a growth rate of 154.8% [9][10]. - The DCF-based price target of HK$1,149 implies a forward P/E ratio of 32x for 2025 [27]. Performance Drivers - Laopu's strong performance is attributed to its high single-store sales, pricing premium over local brands, and a robust retail experience that enhances customer loyalty [10][26]. - The company is expected to benefit from a favorable product mix and operational leverage, leading to a net margin expansion of 1.5 percentage points in 2025 [13].