Group 1: Hong Kong Stocks - China Gold International (02099) rose nearly 7%, reaching a new high as core product output exceeded half of the annual guidance, with significant expansion potential at the Jiama mine [1] - Pop Mart (09992) increased by nearly 2%, with new products selling out instantly and continued high growth in H1 performance [1] - Meitu (01357) surged over 7% after officially entering the MSCI China Index, with Morgan Stanley optimistic about the company's long-term growth potential [1] - China Tobacco Hong Kong (06055) climbed nearly 6.5%, setting a new high since its listing, with stable growth in H1 performance and promising expansion opportunities as an overseas platform for China Tobacco International [1] - China National Chemical Corporation (03983) fell over 1% as mid-term shareholder profit decreased by 6.74% year-on-year, with a significant drop in urea sales prices [1] - China Intelligent Transportation (01900) surged over 42% after a profit warning, expecting mid-term shareholder profit of approximately 361 million yuan [1] - Keep (03650) dropped nearly 5% post-earnings despite successfully turning a profit in H1, focusing its strategy on AI [1] - Western Cement (02233) rose nearly 6.5% post-earnings, with mid-term shareholder profit increasing by 93.4% due to high growth in overseas sales [1] - ChinaSoft International (00354) increased over 4% post-earnings, with H1 net profit rising over 10% and HarmonyOS 5 terminal devices exceeding 12 million units [1] Group 2: US Stocks - NIO (NIO.US) fell 3.94% after Citigroup set a target price of $8.1, listing five reasons to buy [3] - Shanghai's optimization of real estate policies led to significant gains for housing service platforms, with Fangduo (DUO.US) rising 28.28% and Beike (BEKE) up 1.57% [3] - Hesai (HSAI.US) rose 0.52%, with expectations of 300,000 to 400,000 units shipped in the entire robot lidar market this year, and over 200,000 units for the robot market [3] - Pinduoduo (PDD.US) increased by 0.87% ahead of its earnings report, with optimistic market expectations reflected in declining Put/Call ratios [3] - Intel (INTC.US) fell 1.01% as the federal government acquired a 10% stake in the struggling chip giant, becoming its largest shareholder [4] - American Airlines (AAL.US) dropped 4.06% after an emergency landing due to a passenger's electronic device catching fire [4] - Netflix (NFLX.US) rose 1.11%, achieving its first box office champion in North America [4] - Spirit Airlines (FLYY.US) plummeted 14.02% as financial restructuring failed to lead to sustainable development [4] - Keurig Dr Pepper (KDP.US) fell 11.48% after announcing a €15.7 billion (approximately $18.4 billion) cash acquisition of Dutch coffee giant JDE Peet's NV [4] - Roblox (RBLX.US) increased by 6.02%, with Wedbush maintaining an "outperform" rating and a target price of $165, citing strong user ecosystem and business model growth potential [4] - Opendoor (OPEN.US) dropped 9.38% despite a significant prior increase, with July existing home sales rising 2% month-on-month to an annualized 4.01 million units [5]

Core Viewpoint - Pop Mart (09992) has seen a nearly 4% increase in stock price, reaching a historical high of 339.4 HKD, driven by strong sales of newly launched products and impressive financial performance in the first half of the year [1] Financial Performance - In the first half of the year, Pop Mart achieved revenue of 13.88 billion HKD, representing a year-on-year growth of 204.4% [1] - The adjusted net profit for the same period was 4.71 billion HKD, showing a significant year-on-year increase of 362.8% [1] - The gross profit margin reached 70.3%, an increase of 6.3 percentage points compared to the previous year, marking a historical high [1] Product Launch and Market Response - Recently, Pop Mart launched several new products online, including the "Starry Dream Meteorological Bureau" plush blind box priced at 79 HKD each and 474 HKD for a full box, and the "Light Up Series" scene figurine blind box also priced at 79 HKD each and 711 HKD for a full box [1] - The MOKOKO rubber plush blind box, priced at 199 HKD each, gained significant attention prior to its sale [1] - The new products sold out within seconds across Pop Mart's official mini-program and major e-commerce platforms, causing some platforms to experience lag and temporary crashes due to high traffic [1] Future Outlook - The Chairman and CEO of Pop Mart, Wang Ning, expressed optimism about achieving 20 billion HKD in revenue this year, suggesting that reaching 30 billion HKD could also be feasible [1] - On August 22, it was announced that Pop Mart would be included in the Hang Seng Index, with the change effective from September 8 [1]

Economic News - Shanghai real estate policy adjustments include reducing housing purchase restrictions and optimizing housing credit policies, effective from August 26, 2025 [1] - The central government aims to establish a national carbon trading market by 2030, covering major industrial sectors and enhancing voluntary emission reduction mechanisms [1] - The National Development and Reform Commission is gathering opinions from enterprises on the 14th Five-Year Plan, focusing on expanding domestic demand and stabilizing employment [1] - The People's Bank of China is promoting financial support for high-quality forestry development, including innovations in forest rights mortgage loans [1] - The People's Bank of China conducted a 7-day reverse repurchase operation of 288.4 billion yuan at an interest rate of 1.40% [1] - U.S. President Trump plans to deploy troops to cities like Chicago to combat crime, which has sparked public discontent [4] Company Insights - Nvidia has launched the Jetson AGX Thor developer kit for robotics applications, priced at $3,499, available globally [10] - Huida Technology's president is under investigation for insider trading, but the company asserts that it will not affect its operations [10] - Elon Musk's xAI has filed a lawsuit against Apple and OpenAI, alleging collusion to maintain dominance in the AI sector [10] - Yangfan New Materials is under investigation, but the company's control remains unchanged and operations continue normally [10] - Tencent has unveiled a global game creation AI solution, VISVISE, aimed at streamlining game art development processes [10] Industry Research - The report analyzes the white liquor industry's historical cycles, identifying four key periods since 2000, with a focus on the 2013-2015 downturn [9][10] - It notes that white liquor stock prices typically bottom out two quarters before fundamental improvements are confirmed [10] - Current indicators suggest a positive trend in demand for white liquor, particularly with the upcoming Mid-Autumn Festival and National Day [10] - The report recommends focusing on leading companies like Kweichow Moutai and Wuliangye, as the white liquor sector is expected to rebound [10] Banking Sector Analysis - Jiangsu Bank reported a 7.8% year-on-year increase in revenue for the first half of 2025, with net profit rising by 8.0% [12][13] - The bank's asset quality remains strong, with a non-performing loan ratio of 0.84%, down 2 basis points from the previous quarter [14][15] - The bank's net interest margin is 1.78%, reflecting a slight decline, while total assets and loans grew by 27.0% and 18.3%, respectively [14][15] - The report projects net profit growth rates of 10.9%, 11.5%, and 11.7% for 2025-2027, maintaining a "strongly recommended" rating for the bank [16]

Core Viewpoint - Pop Mart (09992) has seen a nearly 4% increase in stock price, reaching a historical high of 339.4 HKD, driven by the successful launch of new products and strong financial performance [1] Financial Performance - In the first half of the year, Pop Mart achieved revenue of 13.88 billion HKD, representing a year-on-year growth of 204.4% [1] - The adjusted net profit for the same period was 4.71 billion HKD, with a year-on-year increase of 362.8% [1] - The gross profit margin reached 70.3%, an increase of 6.3 percentage points year-on-year, marking a historical high [1] Product Launch and Market Response - Recently, Pop Mart launched several new products, including the "Starry Dream Meteorological Bureau" plush blind box priced at 79 HKD each and 474 HKD per box, and the "Light Up Series" scene figurine blind box also priced at 79 HKD each and 711 HKD per box [1] - The MOKOKO rubber plush blind box, priced at 199 HKD each, gained significant attention prior to its sale [1] - The new products sold out within seconds on Pop Mart's official mini-program and major e-commerce platforms, causing some platforms to experience lag and temporary crashes due to high traffic [1] Future Outlook - The Chairman and CEO of Pop Mart, Wang Ning, expressed optimism about achieving 20 billion HKD in revenue this year, suggesting that reaching 30 billion HKD is also feasible [1] - On August 22, it was announced that Pop Mart will be included in the Hang Seng Index, with the change effective from September 8 [1]

Core Viewpoint - Pop Mart (09992) has seen a significant stock price increase, reaching a historical high of 339.4 HKD, driven by strong sales of newly launched products and impressive financial performance in the first half of the year [1] Financial Performance - In the first half of the year, Pop Mart achieved a revenue of 13.88 billion HKD, representing a year-on-year growth of 204.4% [1] - The adjusted net profit for the same period was 4.71 billion HKD, showing a remarkable year-on-year increase of 362.8% [1] - The gross profit margin reached 70.3%, an increase of 6.3 percentage points compared to the previous year, marking a historical high [1] Product Launch and Market Response - Recently, Pop Mart launched several new products online, including the plush blind box series "Starry Dream Meteorological Bureau" priced at 79 HKD each and 474 HKD per box, and the "Light Up Series" scene figurine blind box also priced at 79 HKD each and 711 HKD per box [1] - The MOKOKO rubber plush blind box, priced at 199 HKD each, gained significant popularity even before its official sale [1] - The new products sold out within seconds across Pop Mart's official mini-program and major e-commerce platforms, causing some platforms to experience lag and temporary crashes due to high traffic [1] Market Index Inclusion - On August 22, the Hang Seng Index Company announced that Pop Mart will be included in the Hang Seng Index constituents, with the change effective from September 8 [1]

Core Insights - The figurine industry, emerging from the ACG (Anime, Comic, Game) culture, has become a key medium connecting IPs with consumers, fulfilling emotional, collectible, and aesthetic needs [1][2] - The market size of China's figurine industry is projected to grow from 3.66 billion yuan in 2020 to 11.08 billion yuan in 2024, with an expected reach of 16.2 billion yuan by 2026 [1][18] - The global figurine market is characterized by a "one strong, many strong" pattern, with Chinese brands accelerating their international expansion [1][20] Industry Overview - Figurines are designed based on characters from anime, games, movies, and brands, serving as a physical representation of virtual images [2][3] - The figurine market is segmented into three categories: by production process and form, by acquisition method and market positioning, and by IP source [3] Favorable Factors for Development - The expansion of the consumer base and the release of generational dividends are driving the figurine market, with the number of pan-ACG users in China expected to reach 503 million by 2024 [5] - The rise of domestic IPs, such as "Genshin Impact," is reshaping the industry ecosystem, with domestic IP figurines' market share increasing from less than 30% in 2020 to 45% in 2024 [7][18] - Technological innovations, including 3D printing and automation, are enhancing production efficiency and consumer experience [8] Market Trends - The figurine market is expected to see a shift towards IP globalization, technological innovation driving experience upgrades, and market segmentation with sustainable development [25] - The market is projected to grow at a CAGR of 24.8%, with the average price per product increasing from the 300 yuan range to over 600 yuan [18][28] - The trend of "cultural value extraction + supply chain efficiency" is becoming a competitive focus among leading companies [22] Competitive Landscape - The global figurine market is dominated by Bandai, Good Smile Company, and Pop Mart, with Bandai holding a 25% market share [20][22] - The competition is characterized by a focus on cultural innovation and supply chain efficiency, with leading companies accelerating their globalization strategies [22] Future Development Directions - The industry will increasingly focus on cultural output and the integration of traditional elements with modern design [25][26] - The application of eco-friendly materials and the development of a circular economy will become industry norms [28]

大型蓝筹股绝大多数下跌，汇丰控股收报101.904港元，较香港收市涨0.40%；腾讯控股收报610.534港元，较香港收市跌0.65%。 | 序号 | 名称 | 港股代码 | 涨跌额 | 涨跌幅 | ADRACT | ADR换算价(HKD) | 较港股升跌 | 较港股升跌% ADRE | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 腾讯控股 | ○ 00700 | +14.500 | 2.42% | TCEHY | 610.534 | -3.966 | -0.65% | | 2 | 阿里巴巴-W | 09988 | +6.500 | 5.51% | BABA | 121.433 | -3.067 | -2.46% | | 3 | 建设银行 | 00939 | -0.020 | -0.26% | CICHY | 7.683 | -0.047 | -0.60% | | 4 | 汇丰控股 | 00005 | +0.200 | 0.20% | HSBC | 101.904 | +0.404 | 0.40% | | 5 | 小米集团-W | ...

8月22日，恒生指数有限公司公布了最新季度检讨结果。恒生指数成分股数目将从85只增加至88只，新 纳入中国电信股份有限公司、京东物流股份有限公司和泡泡玛特国际集团有限公司。所有变动将于2025 年9月8日正式生效。 此次调整结果基本符合市场预期，三只新纳入的股票分别来自不同行业，体现了恒指行业代表性和多样 性的考量。 泡泡玛特作为中国文化产品最流行的IP，产品风靡全球；中国电信实力雄厚，代表了国央企的稳健发 展；京东物流作为中国物流行业的创新者和领军者，以科技驱动，助力行业降低物流成本备受关注。 恒指调整带来的资金流动不容小觑。追踪恒生指数的ETF规模约为303.5亿美元，这些被动资金需要调 整投资组合以跟踪指数变化。行业人士分析，新纳入的三只个股有望获得增量资金青睐，港股作为"全 球价值洼地"，其中长期投资价值仍受认可，南向资金持续流入便是证明。 （文章来源：证券日报） ...

Group 1 - Louis Vuitton opened its first independent perfume and beauty boutique in Nanjing, China, with a new lipstick series priced at 1200 yuan and a replacement core at 510 yuan, launching on August 25 [2] - Sporty & Rich launched a limited-time pop-up space "WELLNESS CLUB" in Shanghai, inspired by California's native ecology, promoting a lifestyle of health and self-care [4] - Pas Normal Studios opened its flagship store in Shanghai, focusing on community interaction and cycling culture, following its first store in Beijing [6] Group 2 - TWOI Design Lab opened its first store in Shanghai, targeting young women with a "cream style" aesthetic, offering clothing, shoes, and accessories [7] - TravelDepot plans to open its first global flagship store in Hangzhou, covering 300-500 square meters, focusing on travel-related products and services [10] - ONE MOMENT opened its first store in Chengdu, featuring a modern retro style aimed at young women [14] Group 3 - Anta's first "Rizhao Jinshan" themed store opened in Shenyang, showcasing outdoor and all-weather apparel across three floors [18] - Decathlon responded to rumors of selling 30% of its Chinese subsidiary, emphasizing its commitment to long-term development in China [20] - Pandora announced plans to close 100 stores in China, expanding its initial plan to close 50 stores due to declining sales [22] Group 4 - Xianyu opened its first circular store in Shenzhen, integrating resale and recycling into its business model [21] - Hema Fresh opened four new stores in China, with plans to open nearly 100 more this fiscal year [23] - Aldi is entering the Nanjing market with its first store [24] Group 5 - JD's discount supermarket opened its first store in Zhuozhou, featuring over 5000 high-quality products and plans for rapid expansion [27] - JD's Seven Fresh Food MALL plans to expand nationwide after successful operations in Harbin [28] - TOP TOY completed a new round of financing led by Temasek, achieving a valuation of 10 billion HKD [29] Group 6 - Lao Pu Gold reported a 249.4% increase in sales revenue for the first half of 2025, with an average sales performance of approximately 4.59 billion yuan per store [32] - Pop Mart's revenue for the first half of 2025 reached 138.8 billion yuan, exceeding the total revenue for 2024 [33] - Miniso's revenue for the first half of 2025 was 93.93 billion yuan, with a net profit increase of 11% [34] Group 7 - Amer Sports reported a 42% revenue increase in the Greater China region for Q2 2025 [35] - Li Ning's revenue for the first half of 2025 grew by 3.3% to 148.2 billion yuan [37] - Xtep Group's revenue for the first half of 2025 increased by 7.1% to 68.38 billion yuan [38] Group 8 - Estée Lauder's net sales for the 2025 fiscal year declined by 8%, marking the third consecutive year of decline [39] - Walmart China reported a 30.1% increase in net sales for Q2 2026, with e-commerce sales growing by 39% [41] - Authentic Brands Group announced the acquisition of Guess for 1.4 billion USD, including debt [42]

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [2][6]. Core Views - The company achieved a revenue of 13.876 billion yuan in the first half of 2025, representing a year-on-year growth of 204.4% [6]. - Adjusted net profit reached 4.710 billion yuan, with a year-on-year increase of 362.8%, and an adjusted net profit margin of 33.94%, up by 11.6 percentage points [6]. - The company’s IP matrix continues to grow, with significant contributions from top IPs and a rapid increase in new IP cultivation [6]. Financial Performance - Revenue breakdown shows that the top IPs generated significant income, with "The monsters" contributing 4.81 billion yuan, "Molly" 1.36 billion yuan, and "Skullpanda" 1.22 billion yuan, among others [6]. - The plush category saw a staggering growth of 1276.2% to 6.139 billion yuan, becoming the highest revenue-generating category [6]. - The company’s gross margin improved to 70.3%, a year-on-year increase of 6.3 percentage points, driven by better cost control and a higher proportion of overseas high-margin business [6]. Revenue and Profit Forecast - The company forecasts total revenue of 30.05 billion yuan for 2025, with a year-on-year growth of 130% [7]. - Adjusted net profit is projected to reach 10.368 billion yuan in 2025, reflecting a growth of 205% [7]. - The adjusted PE ratios for 2025, 2026, and 2027 are estimated at 37.4x, 27.3x, and 22.4x respectively [7]. Market Expansion - The company reported a revenue of 8.28 billion yuan from the China region, a year-on-year increase of 135.2%, with significant growth in offline channels [6]. - Overseas revenue reached 5.59 billion yuan, marking a remarkable growth of 439.6%, with the Americas showing a particularly high growth rate of 1142.3% [6]. - The company plans to expand its overseas store count to 200 by the end of the year, with a focus on emerging markets such as the Middle East and South Asia [6].