老铺黄金股价年内狂飙321.5%！谁在“All in”，谁已全身而退？

Core Viewpoint - The stock price of Laopu Gold (06181.HK) has surged significantly, reaching a record high of 1008 HKD per share, with a year-to-date increase of 321.5%. However, the price-to-earnings (PE) ratio has risen to 109, raising concerns about potential valuation corrections in the future [1][8]. Group 1: Stock Performance and Market Sentiment - Laopu Gold's stock price hit a new high, with a peak of 1035 HKD per share, reflecting a 14.9% increase on July 1 [1]. - The stock has attracted substantial interest from public funds, with 17 funds holding a total of 46 funds in Laopu Gold as of the end of Q1 2025 [1][3]. - The stock's current PE ratio of 109 is significantly higher than competitors like Chow Tai Fook (22) and Lao Feng Xiang (8), indicating a notable premium [1][8]. Group 2: Fund Holdings and Actions - Fund holdings in Laopu Gold show a clear divergence, with some funds increasing their positions while others have reduced or exited their holdings [3][7]. - The top holder, Fortune Fund, increased its holdings by 113.75 thousand shares to 158.86 thousand shares, with a market value of 1.069 billion HKD [3]. - In contrast, GF Fund reduced its holdings by 19.61 thousand shares, maintaining a total of 73.13 thousand shares valued at 491 million HKD [3][4]. Group 3: Performance of Funds - Funds heavily invested in Laopu Gold have shown strong performance, with some funds like Xin Ao You Xiang Life A rising nearly 50% year-to-date, while others like GF Value Core A and Southern Hong Kong Growth have increased by 37.86% and 36.91%, respectively [6] [7]. - A total of 10 funds that were heavily invested in Laopu Gold in Q1 have significantly reduced their positions in Q2, with 7 funds nearly exiting their holdings [7][8]. Group 4: Valuation Concerns - Market analysts express concerns over Laopu Gold's high valuation, with a dynamic PE ratio of 68, suggesting that the stock price may have already priced in optimistic performance expectations [8]. - The potential for valuation corrections is heightened if gold prices fluctuate or if consumer recovery does not meet expectations [8][9]. - Some funds have adopted a "step-by-step profit-taking" strategy, indicating a cautious approach to the stock's future performance [9].