Core Viewpoint - The article discusses the surge of new consumption trends in the Hong Kong stock market, highlighting the significant growth of companies like Pop Mart, Mixue Group, and Laopu Gold, collectively referred to as the "New Consumption Sisters" [2][3]. Group 1: Market Performance - On June 4, 2025, Pop Mart, Mixue Group, and Laopu Gold reached new highs, with a combined market capitalization exceeding 730 billion HKD [2][3]. - Pop Mart's stock price increased by 5.13% to a peak of 248.8 HKD per share, marking a year-to-date increase of over 170% and a staggering 2300% increase since its lowest point in Q4 2022 [3]. - Mixue Group's stock rose over 5% to a peak of 618 HKD per share, achieving a 134.9% increase since its listing on March 3, 2025 [3]. - Laopu Gold's stock reached 996.5 HKD per share, with a 3.06% increase on the same day, and has seen a 324.2% rise this year [3]. Group 2: Investment Logic and Trends - The current consumption market is shifting from traditional sectors like liquor and appliances to new consumption categories such as trendy toys, pet economy, and cosmetics, indicating a profound restructuring of investment logic [5]. - The focus has shifted from brand-driven consumption to quality and emotional value, reflecting a more rational consumer behavior influenced by higher education levels [5]. - New consumption companies prioritize precise target audience identification and pain point exploration over traditional channel strength, which is becoming less critical [5]. Group 3: Drivers of New Consumption - The rise of new consumption is driven by rapid economic development, changes in communication media, and generational shifts in the population [6]. - Consumers are transitioning from a mindset of necessity to one of desire, with the rise of mobile internet facilitating a more active role in brand discovery [7]. Group 4: Future Market Outlook - Despite concerns about potential market corrections, experts believe that the new consumption sector still has significant growth potential, with many companies yet to fully realize their earnings potential [8]. - The investment logic in the new consumption space remains valid, with a focus on quality supply creating demand [9]. - The overall consumption market is expected to experience structural trends, with a mix of high-performing stocks and those still lagging behind, indicating a diverse investment landscape [9].

Group 1 - The concept of new consumption is expanding, with recent trends in products like tea beer and new channels such as Sam's Club boosting the beer and snack food sectors. The "Su Super" concept has gained popularity, reflecting regional characteristics and cultural identity in Jiangsu Province, indicating a shift towards emotional consumption [1][2] - The new consumption market experienced a pullback today, with declines in sectors like beauty care and pet economy, while Hong Kong's new consumption stocks, including Pop Mart, Mixue Group, and Laopu Gold, also saw declines [1] - The computing power industry chain has shown strong performance, with leading stocks like Zhongji Xuchuang rising by 5.14% and Shenghong Technology increasing by 9.23%, reaching a historical high. This surge is attributed to alleviated concerns over AI capital expenditure and a decrease in market congestion in the TMT sector [1] Group 2 - The football concept has surged, with Jinling Sports hitting a 20% limit up for three consecutive days, alongside significant gains in stocks like Xinghui Entertainment and Gongchuang Turf [2] - The football industry is forming a complete economic loop, with venue construction, event operation, and derivative consumption all experiencing explosive growth. The "Su Super" event has driven ticket sales and advertising sponsorships, showcasing the economic spillover effects of sports [3] - There are investment opportunities in the "AI + Sports" sector, as AI technologies are being deployed in various fitness applications, supported by favorable policies and consumer potential [4] Group 3 - The virtual power plant sector has seen a strong upward trend, with stocks like Hengshi Technology hitting a 20% limit up. The sector is gaining traction as the market for virtual power plants expands [4][5] - The National Energy Administration has initiated pilot projects for new power systems, focusing on virtual power plants and other innovative technologies. By 2027, the goal is to achieve a virtual power plant adjustment capacity of over 20 million kilowatts, expanding to 50 million kilowatts by 2030 [7]

一旦拥挤，必有踩踏！ 市场在驯服投资人的同时，也在不断进化。今日早盘，被市场吹爆的港股三宝：老铺黄金、蜜雪集团、泡泡玛 特集体大跳水。老铺黄金一度跌超7%。蜜雪集团一度跌超4.7%。蜜雪集团早盘创新高后跳水，一度跌超3%。 与此同时，A股市场的相关概念股亦跟随杀跌，珠宝首饰、美容护理、减肥药等跌幅居前。 分析人士认为，从历史来看，一旦各投资群都在谈论某个概念、某个板块，一旦出现各种"劝降书"，这类热门 题材基本上就会见顶。而值得注意的是，近期整个市场的成交量并未明显放大，在这种背景之下，题材的持续 性往往会面临考验。建银国际也表示，香港市场流动性趋紧需谨慎料恒指24000点遇阻力。 大跳水 早盘，港股新消费迎来大跌，老铺黄金跳水，蜜雪集团杀跌，泡泡玛特亦在创下新高之后快速回落。A股大消 费板块调整亦大幅回落，美容护理、食品板块跌幅居前，拉芳家化跌超7%，水羊股份、南侨食品、盐津铺 子、西王食品、有友食品等跌幅居前。 近期，新消费涨幅巨大，此前老铺黄金涨幅已达23倍，泡泡玛特过去两年半时间从每股8.6港元附近飙升到256 港元，今年以来涨幅惊人。一时间，新消费取代茅台的声音不绝于耳。然而，从估值来看，泡泡玛特的 ...

6月5日，港股主要指数早盘活跃，恒生科技指数一度涨超1.5%，A股同赛道规模最大的恒生科技指数 ETF（513180）开盘后跟随指数上涨，持仓股中，阅文集团、快手、美团、商汤、阿里巴巴等涨幅居 前。消费板块反复冲高，相关热门ETF中，港股消费ETF（513230）现涨1.23%，成交额超3600万元， 盘中交投活跃。持仓股方面，阅文集团涨超6%，快手-W跟涨近5%，美团、百威亚太均涨超3%。 2）港股科技：恒生科技指数ETF（513180），软硬科技兼备，囊括相对A股更为稀缺的科技龙头。 硬科技与新消费共振，聚焦港股新CP（支持T+0）： 1）港股消费：港股消费ETF（513230），打包电商+新消费，覆盖相对A股更为稀缺的新消费赛道； 业内人士分析认为，新消费赛道的快速崛起，存在两大核心驱动力：一是消费主体的代际更替，主力消 费群体从70后、80后转向Z世代，他们的消费行为呈现出显著的"悦己"特征，更愿为情绪价值、个性化 体验买单；二是消费理念的转型升级，从盲目追求"品牌溢价"转向"质价比"优先，这种转变也直接推动 了国货品牌的崛起。 太平洋证券表示，大众品消费渠道及消费习惯发生改变，渠道上折扣店、零食量贩 ...

Group 1 - The Hong Kong stock market showed active trading in the morning session on June 5, with the consumer sector experiencing fluctuations and the Hong Kong Consumer ETF (159735) rising by 0.98% with a trading volume exceeding 13 million [1] - Major stocks within the consumer ETF included increases of over 6% for Tencent Literature, over 3% for Kuaishou-W, Tmall, and Bilibili-W, and over 2% for Budweiser APAC, Alibaba-W, and China Ruiyi, among others [1] - The Hong Kong Consumer ETF tracks the CSI Hong Kong Stock Connect Consumer Theme Index, which consists of 50 liquid and large-cap consumer-related stocks within the Stock Connect range, reflecting the overall performance of consumer stocks [1] Group 2 - New consumption sectors, such as trendy toys, experiential economy, cultural tourism, medical beauty, pet economy, and personal care, have become targets for fund managers, with some equity funds achieving returns exceeding 60% this year [1] - Fund managers believe that while many new consumption companies are currently overvalued and may face short-term price adjustments, they still possess significant growth potential in the medium to long term [1] - The transition from "material consumption" to "spiritual consumption" indicates that new consumption habits create greater growth opportunities [1] Group 3 - Haitong Securities highlights the importance of focusing on ETF holdings that include leading new consumption companies such as Yum China, Pop Mart, and Smoore International, which can effectively capture the new consumption dividend [2]

Group 1 - Hong Kong stock indices opened higher on June 5, with the Hang Seng Index rising by 0.74%, the Hang Seng China Enterprises Index up by 0.78%, and the Hang Seng Tech Index increasing by 0.97% [1] - Major technology stocks collectively rose, while Chinese brokerage stocks continued to strengthen, along with gains in the biopharmaceutical, rare earth, and food and beverage sectors [1] - The consumer sector in Hong Kong showed positive early trading, with the Hong Kong Consumer ETF (513230) rising nearly 1.5% [1] Group 2 - Tmall reported that during the first phase of the 618 shopping festival, categories like home appliances and digital devices saw a total transaction value increase of 283% compared to last year's Double 11, with over 3,000 brands doubling their sales year-on-year [1] - JD.com indicated that over 500 million consumers placed orders during its shopping season, with nearly 80,000 brands achieving a year-on-year sales increase, and live-streaming sales growing nearly fourfold [1] - Online retail has become a core driver of consumption upgrade, with a 7.7% growth in online retail sales from January to April, and digital product sales increasing by 8.4%, particularly smart robots and smart home systems growing by 87.6% and 16% respectively [1] Group 3 - The Hong Kong Consumer ETF (513230) tracks the CSI Hong Kong Stock Connect Consumer Theme Index, which covers a balanced range of industries, unlike A-share consumption investments that focus primarily on liquor [2] - The index includes stocks from various sectors such as trendy toys and "Guzi economy" related companies, reflecting a higher proportion of new consumption in e-commerce, dining, tourism, entertainment, and national trend clothing [2] - The consumer sector in Hong Kong is expected to better reflect the recovery of consumption driven by strong consumption policies due to its higher representation of service and mass consumption [2]

国内消费品牌冲击IPO的进程，终于按下了加速键。 据不完全统计，进入2025年，已经有10余家中国消费企业相继递交赴港上市申请。在短短一个月时间内，量贩零食品牌鸣鸣很忙与国货护肤品牌林清轩先 后向港交所递交了招股书，为港股IPO回暖再添一把火。 站在鸣鸣很忙与林清轩背后的，是同一家投资机构——启承资本。 启承资本创立于2016年，是一家专注于消费领域的投资机构，投资了十月稻田、源氏木语、果子熟了、钱大妈、锅圈食汇、薛记炒货、M Stand咖啡等企 业。 2025年5月，在FBIF2025食品饮料创新论坛期间，启承资本创始合伙人张鑫钊接受了《中国企业家》的专访。 张鑫钊是中国消费投资领域的资深从业者，2006年，他从北大毕业后，先后在达晨创投、中国国际金融有限公司、京东集团战投部等多个公司任职，2016 年与常斌联合创办启承资本，迄今有15年投资经历。截至目前，启承资本所投资的零售品牌合计开出了超过35000家门店，他亦有国内投资社区零售连锁 业态最多的投资人称号。 回溯过去十年，消费投资经历了一轮 "过山车"般的行情——从炙手可热到回归理性。 身处其中，张鑫钊认为2021年前后行业所热议的"新消费"是由VC（ ...

虚拟电厂、新能源车、生物科技概念股活跃；新消费、可控核聚变题材回调。 09:37 A股三大指数盘初转跌，医疗服务、减肥药、乳业板块跌幅居前。 09:35 A股兵装重组概念股盘初走强 东安动力、湖南天雁涨超6%，华强科技、中光学、建设工业、长城军工跟涨。 | 代码 名称 | 涨幅� 现价 | | --- | --- | | 600178 东安动力 | +6.56% 13.15 | | 600698 湖南天雁 | +6.29% 7.27 | | 688151 华强科技 | +4.38% 17.63 | | 002189 中光学 | +3.93% 20.87 | | 002265 建设工业 | +2.34% 20.95 | | 601606 长城军工 | +0.52% 13.55 | 联易融科技-W涨5.81%、连连数字涨5.52%、众安在线涨3.66%。 09:25 A股开盘丨三大股指集体小幅高开 沪指涨0.06%，深成指涨0.08%，创业板指涨0.08%。虚拟电厂、新能源车、生物科技概念股活跃；新消费、可控核聚 变题材回调。 | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | - ...

此次鹏华港股通消费主题ETF追踪的标的指数正是港股通消费指数，该指数旨在反映港股通范围内消费 领域相关上市公司的运行特征，汇聚了相对A股较为稀缺的优质的新消费标的。前十大成分股中，包含 了小米集团、泡泡玛特、安踏体育、百胜中国等，体现出侧重消费电子、文娱、品牌服饰等新消费领域 的特征，也呈现更强的差异化配置价值。 截至2025年4月30日，港股通消费指数总市值约为 4.58 万亿元，成分股为50只，中位数为 362.74 亿元。 从市值分布结构来看，港股通消费指数在中小市值段(100-250亿、250-500亿)覆盖面更广，也有一定数 量的龙头公司(500-1000亿与>1000亿档位)，整体呈现出中枢靠前、结构分散的特征，适合不同风险偏 好的投资者配置。 近年来，消费领域持续释放政策红利。如消费品以旧换新政策覆盖汽车、家电、家居等多个领域，刺激 相关行业消费增长。创新消费场景政策鼓励培育六大类消费新场景，推动文旅、餐饮等行业发展。鹏华 基金作为"指数投资系统解决方案提供商"，紧跟政策引导，推出鹏华港股通消费主题ETF(基金简称：港 股消费50ETF，代码：159265)，并将于6月9日正式发行。 同时港股通 ...

新华财经北京6月5日电四大证券报内容精华摘要如下： 中国证券报 ·资金情绪持续回暖 A股市场连日反弹 6月4日，A股市场继续反弹，三大股指均高开高走，创业板指涨逾1%，大消费、固态电池、光模块等 板块表现活跃。数据显示，整个A股市场近4000只股票上涨，逾80只股票涨停，成交额为1.18万亿元， 32只股票在4日创历史新高。资金面上，资金情绪回暖，沪深300主力资金净流入超30亿元。 分析人士认为，在国内一系列政策支持下，市场调整空间有限，6月A股市场仍处于修复行情窗口期。 ·"长钱"入市步伐提速保险机构积极参与长期投资试点 保险资金长期投资试点又有新进展。6月3日，中国太保发布目标规模200亿元的太保致远1号私募证券投 资基金（暂定名）。据悉，该基金是第二批保险资金长期投资试点基金之一。此外，包括中国人寿、新 华保险、平安人寿等多家第二批试点机构的基金也已获批。参与第三批保险资金长期投资试点的险资机 构中，中邮保险及中邮保险资管已获批100亿元。 业内人士表示，保险资金长期投资试点持续推进，有助于发挥保险资金优势，为资本市场带来中长期增 量资金。在政策利好、保险资金增厚投资收益需求等因素的作用下，保险资金有 ...