【Labubu爆红拉动泡泡玛特股价与业绩双升，背后商业模式受关注】Labubu虽鲜为人知，但实绩惊 人。它是明星收割机，全球明星自发带货；是高奢宠儿，亮相国际时装周，与爱马仕铂金包搭配堪 称"天作之合"；获泰国官方"神奇泰国体验官"称号；新品上线即售罄，全球门店常大排长龙。其盲盒原 价百元，二手市场溢价可达成百上千倍，部分联名款溢价1284%。Labubu的爆红拉动泡泡玛特股价一年 暴涨909%，市值一度突破3000亿港元，超GUCCI等奢侈品牌。2024年海外及港台业务营收50.7亿元， 同比增长375.2%，收入占比达38.9%，其中东南亚市场营收24.03亿元，增长619.1%。二级市场迅速跟 进，截至今年一季度末，182只基金重仓泡泡玛特，合计持股6079.24万股，去年一季度仅30只基金重 仓，合计持股4468.76万股。Labubu离不开盲盒机制。2024年全球盲盒市场规模达145.142亿美元，2024 - 2031年将以5.90%的复合年增长率扩张。盲盒的不确定性刺激大脑释放多巴胺，消费者像"赌博"般持 续购买。前景理论和社交媒体放大效应，使消费者高估抽中隐藏款概率，强化购买欲望。盲盒隐藏款、 ...

Core Viewpoint - The new regulation from the Trump administration on May 28 prohibits leading EDA software companies from selling products to Chinese enterprises, marking an escalation in the US-China technology decoupling trend [1][2]. Group 1: Impact of EDA Export Ban - The EDA export ban is expected to accelerate the domestic substitution process in China, although its immediate impact is difficult to quantify [2]. - EDA tools are crucial for the semiconductor supply chain, assisting engineers in modeling, verifying, and simulating chip architectures [2]. - Following the announcement of the new regulation, the stock prices of Synopsys and Cadence fell by 9.6% and 10.7%, respectively [2]. Group 2: Company-Specific Insights - Baker Micro's self-developed EDA platform will shield it from export restrictions, allowing it to benefit from the current export limitations [3]. - Baker Micro has integrated over 600 IP modules and established a complete tool-IP-design framework, significantly lowering the barriers to chip design [3]. - The company is viewed as a major beneficiary of the domestic substitution trend in semiconductors, with a target price of HKD 69.5, indicating a potential upside of 22.4% [3].

跟踪中华港股通精选100的公募基金包括：华安CES港股通精选100ETF联接A、华安CES港股通精选 100ETF联接C、华安CES港股通精选100ETF。 本文源自：金融界 从指数持仓来看，中华交易服务港股通精选100指数十大权重分别为：阿里巴巴-W（11.33%）、汇丰控 股（10.71%）、腾讯控股（10.43%）、小米集团-W（7.45%）、美团-W（6.66%）、友邦保险 （5.82%）、香港交易所（4.02%）、渣打集团（2.33%）、保诚（1.91%）、泡泡玛特（1.51%）。 从中华交易服务港股通精选100指数持仓的市场板块来看，香港证券交易所占比100.00%。 从中华交易服务港股通精选100指数持仓样本的行业来看，可选消费占比29.28%、金融占比28.47%、通 信服务占比13.88%、信息技术占比9.30%、房地产占比4.66%、公用事业占比4.17%、医药卫生占比 3.71%、主要消费占比3.20%、工业占比2.87%、原材料占比0.47%。 金融界6月3日消息，上证指数低开高走，中华交易服务港股通精选100指数 (中华港股通精选100， CES100)上涨1.05%，报5066.3 ...

从中华交易服务沪深港300指数持仓的市场板块来看，香港证券交易所占比51.79%、上海证券交易所占 比29.81%、深圳证券交易所占比18.40%。 从中华交易服务沪深港300指数持仓样本的行业来看，金融占比30.21%、可选消费占比16.28%、通信服 务占比13.19%、工业占比9.04%、信息技术占比8.39%、主要消费占比6.63%、医药卫生占比4.77%、原 材料占比3.51%、公用事业占比3.15%、能源占比2.99%、房地产占比1.84%。 跟踪中华沪深港300的公募基金包括：大成中华沪深港300C、大成中华沪深港300A。 金融界6月3日消息，上证指数低开高走，中华交易服务沪深港300指数 (中华沪深港300，CES300)上涨 0.79%，报4709.68点，成交额2655.12亿元。 数据统计显示，中华交易服务沪深港300指数近一个月上涨2.37%，近三个月下跌0.78%，年至今上涨 5.77%。 据了解，中华交易服务(沪深港)互联互通指数系列由中华证券交易服务有限公司(中华交易服务)委托中 证指数有限公司(中证指数)进行编制，指数编制方案由中证指数以及中华交易服务共同确定。中华交易 服务 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 又有公司摘星脱帽。 *ST中润（000506.SZ）今日公告称，公司股票自2025年6月4日开市起停牌1天，并于6月5日（周四）开 市起复牌。公司股票自6月5日起被撤销退市风险警示及其他风险警示，股票简称由"*ST中润"变更为"中 润资源"，证券代码仍为"000506"。撤销后，公司股票交易价格的日涨跌幅限制由"5%"变更为"10%"。 *ST中润：撤销退市风险警示及其他风险警示 在探矿增储方面，公司将加大现有采矿权范围内的生产勘探力度，对已有的探矿权加大勘探力度；同 时，2025年2月7日 VGML 就退出联营公司GoldBasin Mining（Fiji） Pte Ltd 的合作以及收回现有采矿权 外围的两个探矿权SPL1201 和 SPL1344与合作方签署了协议，为公司的可持续发展增加矿产资源储备， 持续增强资源保障能力，力争实现资源储量有较大幅度的增加。 已有多家A股公司"摘星脱帽" *ST中润公告称，华兴会计师事务所（特殊普通合伙）（以下简称"华兴会计师事务所"） 对公司2024年 度财务报告进行了审计并出具了标准无保留意见 ...

Core Viewpoint - Recently, Chinese company Yuewen Group announced an investment in Wuhan Yihua Kaitian Cultural Communication Co., Ltd. (Yihua Kaitian), acquiring a 26.67% stake, which will increase its total ownership to approximately 31.48% after the transaction [1] Group 1: Investment Details - Yuewen's subsidiary, Shanghai Hongwen, will pay a total of approximately 324.8 million yuan (around 48.5 million USD) for the stake, which includes 114.8 million yuan for management shares and 210 million yuan for investor shares [1] - Prior to this transaction, Yuewen already held a 5.17% stake in Yihua Kaitian [1] Group 2: Company Background - Yihua Kaitian, established in 2015, focuses on original animation long-form content, with its flagship IP being the animated series "Linglong" [2] - "Linglong" has garnered over 10 billion views and has a fan base exceeding 20 million, with multiple adaptations including a live-action series and a comic [2] Group 3: Strategic Synergy - The partnership between Yuewen and Yihua Kaitian is expected to enhance their capabilities in the IP value chain, leveraging Yuewen's comprehensive IP ecosystem and Yihua Kaitian's advanced 3D animation production [6] - This collaboration aims to maximize the global recognition and value of "Linglong" and other original IPs [6] Group 4: Shareholder Structure - The major shareholders of Yihua Kaitian include Tencent and Bilibili, with Tencent controlling Linzhi Lichuang, which is a significant stakeholder [8] - After the acquisition, Tencent and its affiliates will hold a combined 61.82% stake in Yihua Kaitian, significantly surpassing Bilibili's share [9]

Group 1 - Xiangyuan Holdings has established over 40 cultural tourism projects across 14 provinces in China since entering the industry in 2008, including 6 World Heritage sites and 10 national 5A scenic spots [1] - Xiangyuan Cultural Tourism Co., Ltd. reported a revenue of 212 million yuan for Q1 2025, representing a year-on-year increase of 55.22%, and a net profit of 31.19 million yuan, up 158.67% year-on-year [1] - The strategic investment in Haichang Ocean Park aims to create a complementary resource network combining mountain and ocean tourism, enhancing the overall tourism ecosystem [2][3] Group 2 - Haichang Ocean Park, the first theme park operator listed on the Hong Kong Stock Exchange, has developed projects in major cities and received over 300 million visitors [2] - The investment will expand Xiangyuan's business footprint to Liaoning, Henan, and Chongqing, completing its presence in 17 provinces and cities across China [3] - The collaboration is expected to leverage both companies' strengths, with Xiangyuan's resource integration capabilities and Haichang's light asset management experience, creating a synergistic effect [3][4]

金融界6月3日消息，上证指数低开高走，中证香港科技指数 (港股科技，931574)上涨1.75%，报1664.71 点，成交额620.07亿元。 数据统计显示，中证香港科技指数近一个月上涨2.33%，近三个月下跌3.70%，年至今上涨23.11%。 据了解，中证香港科技指数从香港上市证券中选取50只市值较大、研发投入较高且营收增速较好的科技 龙头上市公司证券作为指数样本，以反映香港市场科技龙头上市公司证券的整体表现。该指数以2014年 12月31日为基日，以1000.0点为基点。 从指数持仓来看，中证香港科技指数十大权重分别为：小米集团-W（14.18%）、阿里巴巴-W （10.81%）、腾讯控股（9.94%）、比亚迪股份（8.12%）、美团-W（6.56%）、网易-S（6.42%）、京 东集团-SW（5.36%）、百度集团-SW（3.83%）、百济神州（3.55%）、中芯国际（3.2%）。 从中证香港科技指数持仓的市场板块来看，香港证券交易所占比100.00%。 从中证香港科技指数持仓样本的行业来看，可选消费占比39.64%、通信服务占比23.85%、信息技术占 比23.51%、医药卫生占比12.64%、工 ...

今年端午假期，一场在佛山南海桂城举办的拳台对决点燃全民激情！2025宏宇陶瓷·WBC职业拳王争霸赛的网络达人表演赛——"董赤赤"与"暴躁维嘉"的 巅峰对决，以"东北一姐之争"的破圈之势席卷社交媒体。目前，该场赛事全网观看已突破6亿次大关，创下中国职业拳击赛事流量的新纪录！本次赛事由 WBC世界拳击理事会、WBO世界拳击组织联合认证，佛山市南海区文化广电旅游体育局、佛山市南海区桂城街道办事处指导，桂城文投集团主办，疯狂 体育集团承办，宏宇陶瓷独家冠名。 其中，仅"中国佛山WBC职业拳王争霸赛"话题播放已超过3.7亿次，"董赤赤和暴躁维嘉打拳赛"、"董赤赤喊话和鱼蛋打拳击"已成为当前抖音热点，超过 800万人在看，且各平台热度还在持续上升，央视体育、新华社、中新社及全国近300家媒体深度聚焦，该项赛事已成为本年度最具影响力的现象级体育事 件之一。 作为中国首个"双头条主赛"高规格职业拳击赛事，中国首场女网红跨界拳击赛事以及全球首场面向公众的人机拳击对决，本届WBC职业拳王争霸赛以三 大"中国首创"为亮点，不仅展现了世界级竞技水准，更深度激活了佛山"武术之城"的千年文化基因，为观众带来了一场融合文化、体育、科技、娱 ...

Core Viewpoint - The strategic investment by Xiangyuan Holdings Group into Haichang Ocean Park is seen as a necessary move to alleviate the company's financial distress, despite the market's negative reaction to the deal [1][2][4]. Group 1: Investment Details - Haichang plans to issue 5.1 billion new shares to introduce Xiangyuan as a strategic investor, raising approximately HKD 2.295 billion [2]. - Following the transaction, Xiangyuan will hold 38.6% of Haichang's shares, making it the new controlling shareholder, while the controlling family's stake will decrease from 47.29% to 29.04% [2]. - The subscription price of HKD 0.45 per share represents a significant discount of 46.43% compared to the closing price on June 2, indicating market skepticism about Haichang's valuation [2]. Group 2: Financial Challenges - Haichang has faced substantial financial difficulties, with cumulative losses exceeding RMB 2.9 billion from 2020 to 2024, only recording a profit in 2021 [4]. - The company's operating expenses surged to RMB 719 million in 2024, a year-on-year increase of 53.1%, exacerbating its financial strain [4]. - As of the end of 2024, Haichang's net current liabilities reached RMB 2.953 billion, with a debt-to-asset ratio of 82.44%, the highest since 2013, indicating severe liquidity risks [5]. Group 3: Strategic Implications - The partnership is framed as a new engine for high-quality development, aiming to integrate marine and mountain tourism resources [2][3]. - Xiangyuan's acquisition is viewed as a strategic move to expand its cultural tourism footprint, leveraging Haichang's assets, which include over 30 projects and a significant marine biodiversity [3]. - However, market concerns remain regarding the integration capabilities of Xiangyuan, given the differing operational dynamics between marine theme parks and mountain resorts [6].