Core Viewpoint - The article discusses the upcoming 2025 Consumer Goods Annual Conference organized by Guotai Junan Securities, highlighting key trends and opportunities in various consumer sectors, including beauty, health, jewelry, and technology [3][6]. Summary by Sections Conference Agenda - The conference will take place on September 2-3, 2025, at the Jin Mao Hotel in Shanghai, featuring a series of presentations and discussions on consumer trends and industry insights [3][6]. - Key topics include consumption trends in the longevity era, the resurgence of domestic beauty brands, the era of functional health products, and the jewelry industry in the new consumption age [6]. Afternoon Sessions - Afternoon sessions will cover topics such as the development trends of AI and smart glasses, the growth of cleaning appliances, luxury brand trends, and the second-hand e-commerce market in China [7][8][9]. - Experts from various fields will provide insights into the pet industry, AI applications in the internet sector, and the evolving landscape of consumer demand driven by policy and technology [10]. Participating Companies - The conference will feature discussions with representatives from notable companies across various sectors, including food and beverage, cosmetics, social services, retail, agriculture, textiles, and light industry [10]. - Specific companies mentioned include Xianle Health, Shanghai Jahwa, and various educational and retail firms, indicating a broad representation of the consumer goods landscape [10].

| 代码 | 名称 | | 最新价 | 涨跌幅 √ | | --- | --- | --- | --- | --- | | 00031 | 航天控股 | 0 | 0.580 | 5.45% | | 02357 | 中航科工 | | 4.700 | 3.98% | | 00317 | 中胎防务 | | 16.460 | 3.78% | | 00232 | 大陆航空科技控 | | 0.188 | 2.73% | 新能源车企股震荡走高，小鹏汽车涨超13%。小鹏汽车公告，公司联合创始人、执行董事、董事长、首 席执行官兼控股股东何小鹏于2025年8月20日至2025年8月21日通过全资拥有的Galaxy Dynasty Limited在 公开市场购买了310万股A类普通股，平均价为每股A类普通股80.49港元。 | 代码 | 名称 | 最新价 | 涨跌幅 V | | --- | --- | --- | --- | | 09868 | (0) 小鹏汽车-W | 91.900 | 13.60% | | 09866 | 蔚来-SW | 45.760 | 11.12% | | 01211 | HATTOBER | 114.30 ...

Core Viewpoint - The stock price of Xianle Health has increased by 20.1% since early 2025, outperforming the health products index (12.8%) and the food and beverage sector (-2.8%) [1] - The pricing logic of Xianle Health is shifting from a manufacturing company to a consumer goods company, with a strong correlation to the new consumption index since May [1] - The market capitalization increase is primarily driven by valuation uplift, with the forecasted PE ratio rising from 13.4x to 18.3x, while net profit expectations for 2025 are projected to decline [1] Domestic Market Outlook - Xianle Health is accelerating the expansion of new channel customers, which is expected to lead to rapid revenue growth [2] - The domestic health product market is experiencing significant channel differentiation, with online channels thriving while offline continues to decline [2] - The customer structure of Xianle Health is shifting from major clients to mid-tail clients, indicating a need to enhance sales capabilities in new channels [2] Overseas Market Outlook - Short-term profitability improvement is anticipated for the BF subsidiary, with long-term market expansion in the US and Southeast Asia [2] - The BF subsidiary is expected to turn profitable due to personnel adjustments, management reforms, and supply chain efficiency improvements [2] Investment Recommendations - In the liquor sector, the industry is expected to enter a mid-cycle buying point in 2025, with a focus on companies like Shanxi Fenjiu and Moutai [3] - In the consumer goods sector, companies need to adapt to changing consumer preferences for value and health, with strong product capabilities likely to benefit [3] - Xianle Health is highlighted as a core recommendation in the consumer goods sector due to its strong product positioning [3]

Core Viewpoint - The Hong Kong stock market is experiencing a strong performance in the new consumption sector, with notable gains in stocks such as Miniso, XPeng Motors, and NIO, indicating a positive outlook for the market [1] Group 1: Stock Performance - Miniso's stock surged over 19%, reaching a high of 47.16 HKD, marking the highest price since January of this year [1] - Other stocks in the sector, including XPeng Motors and NIO, also saw significant increases of over 11% and 7% respectively [1] - The Hong Kong consumption ETF (513230), which includes leading companies like Miniso and Pop Mart, maintained a strong performance, rising nearly 1.5% during the trading session [1] Group 2: Market Outlook - According to招商策略, there is an optimistic outlook for the Hong Kong stock market, with mid-year earnings showing improvement and a record high in earnings forecast rates over the past three years [1] - The profitability of Hong Kong stocks, particularly those with a higher "new economy" component, is expected to improve ahead of A-shares [1] - The report suggests focusing on differentiated investment strategies compared to A-shares, recommending a sequential approach starting with innovative drugs, followed by the internet sector, and finally new consumption [1] Group 3: Investment Recommendations - Key investment vehicles highlighted include: - Core broad-based Hong Kong ETF: 恒生ETF (159920) [1] - AI and platform economy: 恒生科技指数ETF (513180) [1] - Core consumption assets in Hong Kong: 港股消费ETF (513230) [1] - Global pharmaceutical industry representation: 恒生医药ETF (159892) [1] - Chinese AI technology concept companies: 恒生互联网ETF (513330) [1]

△成渝大健康协同发展暨万盛经开区全民健康服务月活动现场。记者 王泸州 摄 从滨河片区破土动工的机械轰鸣，到"焕新生活"平台上线的数字交响；从夏季村晚非遗摊位的文化叫卖，到健康夜市里的养生咨询……万盛的新消费实践 正以多元共生的姿态，书写着区域经济转型升级的鲜活答卷。 站在"十四五"收官的关键节点，万盛将消费提振作为经济工作的重点抓手，其背后是对城市发展规律的深刻把握。当滨河街区的灯笼照亮千年溱州的夜， 当智能家电走进寻常百姓家，当直播间连接起乡村与市场。这些场景的叠加，不仅是消费数据的增长曲线，更是城市活力的生动注脚。在万盛，消费已不 仅是经济指标，更是衡量民生幸福的标尺。 未来的万盛，或许正在证明： 新消费的终极意义，从来不是简单的交易行为，而是让每一次消费都成为人与城市、传统与现代、需求与供给的温暖对话。 这种对话持续发生，便汇聚成推动区域发展的澎湃动能。 △滨水生活街区效果图。 新消费的核心生命力，在于对本土基因的创造性转化。万盛以"最万盛・溱州源"为理念打造的滨水文化商业街区，将三元桥的古韵、三线建设的记忆、市 井烟火的温度纳入"一悠一井"的空间叙事，这种"小街区・大生活"的模块设计，本质上是让消费场 ...

Market Overview - A-shares opened mixed on August 22, with all three major indices showing positive performance by the time of reporting [1] - The STAR 50 index rose over 5%, driven by a strong performance in the semiconductor industry, with Haiguang Information hitting a 20% limit up and Cambrian Technology rising nearly 12% [1] Sector Performance - The computing power and big data sectors showed strength, while the liquid cooling concept continued to adjust, and sectors like fintech, stablecoins, and rare earths experienced slight declines [4] - The computing power sector saw significant gains, with Kede Education hitting the limit up and other companies like Cambrian Technology and Chipone also performing well [5] Catalysts and Trends - Research reports indicate that the domestic computing power sector is experiencing concentrated catalysts, with Tencent's earnings call highlighting multiple supply channel options for inference chips, suggesting potential support for domestic inference computing power chips amid international supply chain fluctuations [7] - The rare earth permanent magnet sector continued to strengthen, with companies like San Chuan Wisdom hitting the limit up and others like China Northern Rare Earth Group also seeing gains [7] Price Movements - As of August 21, the price of praseodymium oxide reached 657,500 yuan per ton, up 110,000 yuan from the beginning of the month, marking a more than 20% increase and a year-to-date increase of over 58% [9] - Neodymium oxide also saw a price increase, reaching 657,500 yuan per ton, with a month-to-date increase of 115,000 yuan and a year-to-date increase of 62.95% [9] Company Highlights - In the Hong Kong market, Miniso's stock surged nearly 16%, with Q2 revenue reaching 4.97 billion yuan, a year-on-year increase of 23.1%, and an adjusted net profit of 690 million yuan, up 10.6% year-on-year [12] - XPeng Motors' stock rose over 12%, following the announcement of share purchases by its co-founder and CEO, He Xiaopeng, who acquired 3.1 million shares at an average price of 80.49 HKD per share [12] Chip Sector Performance - The Hong Kong chip sector saw gains, with companies like SMIC, Hua Hong Semiconductor, and Shanghai Fudan rising over 7% [13]

上半年的内地公募基金市场呈现出鲜明的结构性特征，在回报率最高的十支基金中，绝大多数产品的亮眼业绩都与重仓创新药板块密切相关，创新药赛道的 爆发成为驱动基金收益的主流逻辑。 然而，在这一众"医药明星"中，却有一支基金凭借独特的持仓策略脱颖而出 ——广发成长领航一年持有混合A以68.29%的上半年收益率跻身前列，其超额收 益的关键并非跟风布局创新药，而是精准押注新消费赛道。 秘密自然藏在其持仓里，这支基金在 2024 年四季度末、2025 年一季度末、2025 年二季度末的持仓名单中，泡泡玛特连续三个季度稳坐第一大重仓股宝座， 成为支撑其业绩增长的核心引擎。 掌舵这支基金的基金经理吴远怡曾表示："投资的本质是寻找具备改变时代基因的优秀企业，这类企业能在产业变革中构建不可替代的竞争力。"广发成长领 航的持仓选择与收益表现，恰恰印证了泡泡玛特正是这样一家被资本市场重点关注和认可的企业。 一、基金"抱团"赚"麻了"，业绩高增筑牢增长根基 近一年多来，基金抱团现象在泡泡玛特身上得以重现。 根据wind数据显示，持有泡泡玛特的内地公募基金家数已实现连续 7 个季度的增长，从2023年一季度的不足50家，一路攀升至2025年 ...

2025.08.21 本文字数：2662，阅读时长大约4分钟 作者 |第一财经 周艾琳 走近Westfield世贸中心购物中心，它像是一颗嵌在曼哈顿钢筋水泥丛林中的"白色心脏"。而中国最火 的"新消费"代表泡泡玛特（09992.HK）就位于这座曼哈顿最大的购物中心内。 （纽约世贸中心购物中心 摄影/周艾琳） 泡泡玛特门前人流攒动，其中有搜索热门款的中国消费者，也有众多美国消费者兴致勃勃地选购心仪的 IP。同中国门店类似，热门IP都已售罄，不同的是，美国当地的售价最低也达到19.9美元（折合143元 人民币），而部分商品售价都在35~40美元。 "热门款可以去北美官方APP、网站预购，基本几天内会提醒你补货。"一位带着儿子前来购物的非裔美 国女子对第一财经记者称。"祝你好运。"她友好地表示。说完便拿着买到的IP走出了门店。 （位于纽约世贸中心购物中心内的泡泡玛特门店 摄影/周艾琳） 海外市场的火爆也从其财报中可见一斑。2025年上半年，泡泡玛特营收同比增长204%，净利润同比增 长397%。净利润较华尔街的预期高出约5%，大中华区营收同比增长135%，美洲地区营收同比增长 1142%。年初至今，泡泡玛特港股的股 ...

"热门款可以去北美官方APP、网站预购，基本几天内会提醒你补货。"一位带着儿子前来购物的非裔美 国女子对第一财经记者称。"祝你好运。"她友好地表示。说完便拿着买到的IP走出了门店。 泡泡玛特门前人流攒动，其中有搜索热门款的中国消费者，也有众多美国消费者兴致勃勃地选购心仪的 IP。同中国门店类似，热门IP都已售罄，不同的是，美国当地的售价最低也达到19.9美元（折合143元 人民币），而部分商品售价都在35~40美元。 【#泡泡玛特上半年美洲营收激增11倍#，#泡泡玛特还会火多久#？】走近Westfield世贸中心购物中心， 它像是一颗嵌在曼哈顿钢筋水泥丛林中的"白色心脏"。而中国最火的"新消费"代表泡泡玛特 （09992.HK）就位于这座曼哈顿最大的购物中心内。 海外市场的火爆也从其财报中可见一斑。2025年上半年，泡泡玛特营收同比增长204%，净利润同比增 长397%。净利润较华尔街的预期高出约5%，大中华区营收同比增长135%，美洲地区营收同比增长 1142%。年初至今，泡泡玛特港股的股价涨幅高达250%。 ...

Core Viewpoint - The QDII products have gained significant attractiveness due to the profitable effects of the Hong Kong stock market, leading to substantial performance and scale growth [1][2]. Group 1: Performance and Scale Growth - Public QDII funds have achieved the highest performance among all active equity funds in the market, with a maximum return of nearly 1.6 times this year, significantly outperforming many A-share and Hong Kong Stock Connect funds [2][3]. - As of the end of Q2 this year, the total scale of public QDII funds reached approximately 680 billion yuan, reflecting an 11.4% growth compared to the end of 2024 [3]. - The performance of QDII funds has diversified, with significant contributions from sectors such as consumption, digital economy, and global investments, showcasing a variety of profitable opportunities [3]. Group 2: Advantages of QDII Products - QDII products possess contractual advantages that make them difficult to replace by Hong Kong Stock Connect or A-share funds, particularly in terms of investment flexibility and stock selection [4][5]. - Unlike Hong Kong Stock Connect and A-share funds, which are limited to stocks on the Stock Connect list, QDII funds can invest in a broader range of Hong Kong-listed companies, enhancing their investment opportunities [4][5]. - Specific examples include Tencent Music and Red Star Macalline, which have seen significant stock price increases this year, but are not accessible to Stock Connect or A-share funds, highlighting the unique investment opportunities available to QDII funds [4]. Group 3: Future Investment Outlook - QDII fund managers are optimistic about growth opportunities in new consumption and new technology sectors, indicating a focus on long-term investment strategies [6][7]. - The investment approach emphasizes understanding consumer interest changes and capitalizing on technological transformations, particularly in AI, which is expected to enhance productivity across various industries [7]. - The AI industry chain is seen as a promising investment area, with expectations of increased competitiveness and growth potential for companies involved in AI applications and services [7].