Group 1 - The US stock market saw a collective rise on December 18, with major technology stocks performing well, particularly the Trump Media Technology Group, which surged by 41.93% after announcing a merger agreement with TAE Technology [1][2] - Tesla's stock increased by over 3%, adding approximately $53.6 billion (around 377.4 billion RMB) to its market capitalization [2] - The merger between Trump Media Technology Group and TAE Technology will be executed through an all-stock transaction, with both companies' shareholders expected to own about 50% of the combined entity post-merger [2] Group 2 - The latest data from the US Bureau of Labor Statistics indicated that the Consumer Price Index (CPI) for November rose by 2.7% year-on-year, which was lower than the market expectation of 3.1% [4] - The core CPI, excluding volatile food and energy prices, increased by 2.6%, marking the lowest level since early 2021 and also below the anticipated 3% [4] - Following the CPI report, there was a slight increase in the likelihood of the Federal Reserve lowering interest rates in January, with traders estimating a 28.8% chance of a 25 basis point cut, up from 26.6% prior to the inflation data release [4] Group 3 - Goldman Sachs' global co-head of fixed income and liquidity solutions, Kay Haigh, stated that the low inflation data would not impact the Federal Reserve's decision-making, as they are more focused on the December CPI data set to be released in mid-January [5]

Group 1 - The company Miniso (09896.HK) announced a share buyback on December 18, 2025, spending $12,603.4 to repurchase 2,592 shares [1] - The buyback price ranged from $4.8375 to $4.875 per share [1]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 名創優品集團控股有限公司 呈交日期： 2025年12月19日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 09896 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | | ...

证券时报·数据宝统计，名创优品在港交所公告显示，12月18日以每股37.900港元至38.200港元的价格回 购31.54万股，回购金额达1199.16万港元。该股当日收盘价38.000港元，下跌3.65%，全天成交额1.47亿 港元。 今年以来该股累计进行184次回购，合计回购1630.52万股，累计回购金额4.06亿港元。（数据宝） 名创优品回购明细 | 日期 | 回购股数（万股） | 回购最高价（港元） | 回购最低价（港元） | 回购金额（万港元） | | --- | --- | --- | --- | --- | | 2025.12.18 | 31.54 | 38.200 | 37.900 | 1199.16 | | 2025.12.15 | 25.66 | 39.240 | 38.620 | 999.43 | | 2025.12.12 | 26.02 | 38.680 | 37.800 | 1000.67 | | 2025.12.11 | 5.26 | 38.000 | 37.160 | 198.25 | | 2025.12.10 | 5.26 | 38.000 | 37.820 | 199.51 ...

名创优品(09896)发布公告，于2025年12月18日，该公司斥资1199.16万港元回购31.54万股股份，每股回 购价格为37.9-38.2港元。 ...

Group 1 - The company Miniso (09896.HK) announced a share buyback on December 18, spending HKD 11.992 million to repurchase 315,000 shares [1]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 公司名稱： 名創優品集團控股有限公司 呈交日期： 2025年12月18日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 09896 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | | 佔有關事件前的現有已發 行股份（不 ...

Core Insights - The essence of business is to create value that meets social needs while earning profits through reasonable transactions and operations. This principle applies to the expansion of brand stores in shopping malls, where brands are cautiously expanding despite a prevailing trend of store closures and market exits [2] - Recent observations indicate that several brands are opening large stores in shopping malls, defying the trend. Notable examples include Pop Mart and Huawei, which are expanding their presence in key locations [2][3] Group 1: Trend in Retail Expansion - The Chinese潮玩 (trendy toy) industry is rapidly growing, with a projected market size of 850-877 billion yuan by 2025, where blind boxes account for 28% and figurines for 16% of the market [4] - Pop Mart opened a flagship store in Shanghai on November 29, covering nearly 800 square meters, making it the largest Pop Mart store in Shanghai [5][6] - The new Pop Mart store features an immersive experience with themed areas, attracting consumer attention and enhancing the shopping experience [7][9] Group 2: Brand Strategies - Miniso is implementing a dual strategy of "large store strategy + global IP" to expand its footprint, with new store formats like MINISO SPACE and MINISO LAND transforming traditional retail into immersive experience spaces [10][12] - Miniso opened its first MINISO LAND store in Hangzhou on November 7, featuring a theme park concept that integrates various IP products, making it a popular destination [12][13] - The rise of潮玩 brands is driven by consumer demand for emotional resonance and social attributes, supported by a mature supply chain and policy backing [15] Group 3: Consumer Electronics Growth - The consumer electronics sector is experiencing rapid growth in offline retail, with the share of electronic products in Shanghai's retail market increasing from 21% in 2023 to 36% by Q3 2025 [17] - Huawei opened over 1,400 stores in August and October 2025, including a 2,800 square meter smart living store in Hangzhou, showcasing a blend of technology and lifestyle [18][21] - Xiaomi's sales of electric vehicles reached 40,000 units in November, with a significant increase in the number of Xiaomi stores, indicating a strong retail expansion strategy [26][28] Group 4: Market Dynamics - The expansion of consumer electronics brands into shopping malls is a strategic move to enhance brand visibility and connect with consumers through immersive experiences [31] - These brands are not only attracting tech-savvy consumers but also contributing significantly to the financial performance of shopping malls, creating a win-win situation for both parties [31]

Market Overview - The domestic retail sales in November 2025 showed a year-on-year growth of 1.3%, which is below market expectations, with a total retail sales amounting to 4.39 trillion yuan [8] - Cumulative retail sales from January to November 2025 reached 45.61 trillion yuan, reflecting a year-on-year growth of 4.0% [8] - The consumer confidence index in October 2025 was recorded at 89.4, indicating a slight decline of 0.2 from the previous month [8] Industry Insights Textile and Apparel Sector - The textile and apparel retail sales growth in November 2025 decreased by 2.8 percentage points, with a year-on-year growth of 3.5% [7][10] - The performance of major brands such as Bosideng is expected to remain strong due to continuous innovation in core products and a favorable comparison to last year's low base [7] - Recommendations include brands like 361 Degrees and Anta Sports, with a focus on their potential for growth in the upcoming seasons [7] Jewelry and Retail Sector - The jewelry retail sales in November 2025 increased by 8.5% year-on-year, driven primarily by price increases, despite a slight month-on-month decline [10] - Companies with strong terminal performance and differentiated products in the jewelry sector are recommended for investment [10] Electric Equipment and New Energy Sector - The report highlights that the company UBTECH has secured orders exceeding 50 million yuan for humanoid robots, indicating a growing demand in the AI and robotics market [11] - The central economic meeting emphasized the importance of green transformation and the establishment of a new energy system, which could benefit companies in the renewable energy sector [12] Supply Chain and Pricing Trends - The report notes that the prices of polysilicon and silicon wafers have remained stable, with polysilicon prices at 52.0 yuan/kg and silicon wafer prices showing signs of stabilization after previous declines [12] - The battery cell prices have seen a slight decrease, with N-type battery cells priced at 0.28 yuan/W, indicating ongoing price pressures in the market [12] Investment Recommendations - The report recommends focusing on companies in the photovoltaic sector such as LONGi Green Energy and Aiko Solar, as well as those involved in supply chain improvements and market-oriented energy solutions [13] - Companies like Miniso and Yonghui Supermarket are highlighted for their strong performance and growth potential in the retail sector [10]

Core Insights - Miniso has implemented a policy requiring customers to register as members with their mobile phone numbers to purchase blind boxes, aimed at combating scalpers [1] - The company reported a 28.2% year-on-year revenue growth in Q3 2025, reaching 5.7966 billion yuan, with an adjusted net profit increase of 11.7% to 766.8 million yuan [1][3] - Miniso's gross profit for the quarter was 2.59 billion yuan, with a gross margin of 44.7% [3] Financial Performance - The adjusted net profit for the quarter was 770 million yuan, reflecting a 12% year-on-year increase, with an adjusted net profit margin of 13.2% [3] - The total number of global stores surpassed 8,000, with over 100 new stores added in the domestic market, and same-store sales achieved high single-digit growth [3] Strategic Initiatives - The founder, Ye Guofu, announced a "tenglong huan niao" strategy, planning to close and reopen approximately 6,000 stores (80% of the total) to transition the brand from traditional retail to a cultural and creative company [3] - As of December 16, Miniso's stock price was 38.68 HKD per share, with a year-to-date decline of 17.79% [3]