在港股赚到钱。 "这应该是近年最猛一家消费公司了。"老铺黄金，这家港股上市公司越来越密集地出现 在投资人的聊天之间。 一切源于其令人惊叹的上扬曲线——自去年6月登陆港交所以来，老铺黄金股价一路高 歌，猛涨超17 00%，最新市值超11 00亿港元，成为今年港股市场耀眼的大牛股。 一场造富潮悄然上演。腾讯在IPO基石轮投了38 0 0万美元占股约4%，算下来目前账面浮 盈超4 0亿港元，有望成为腾讯投资回报最高的消费项目；而那些在IPO前投进去的投资机 构更是赚到了一场h ome -r un级回报，羡煞同行。 当全球资本开始拥抱中国资产，港股率先热闹起来。目之所及，这一波赚钱效应正如火如 荼。 最猛消费股 三个月大涨800亿 故事还得从一位湖南岳阳人——徐高明说起。 1 9 8 0年代，徐高明还是一个初出茅庐的地方畜牧水产局科员，在那里工作十年后转身下 海经商。2 0 0 4年，徐高明创立金色宝藏，主要从事黄金珠宝及摆件业务，开始进军消费 级黄金产品市场。 到了2 0 09年，徐高明透过金色宝藏推出首家专注于销售古法黄金珠宝的门店，是中国首 个推广古金工艺概念的品牌。直到2 014年。徐高明决定将古法黄金业务从 ...

魏沁蕊 野村东方国际证券资产管理部FOF业务总监 cace 這里 TELL e and r 790 Tranely n "DeepSeek在全球人工智能领域脱颖而出，不仅使AI行业深受震撼，也让世界对中国科技创新能力有 了新的认识，带动了中国资产价值重估。"在今年的全国两会上，中国证监会主席吴清表示。在注册制 改革深化、科技创新突破与全球资本再平衡的多重共振下，中国资产正迎来系统性重估机遇。科技领 域不断取得突破性进展，对实体经济赋能进一步加速，新的经济增长点进一步显现，"中国资产的价值 重估"也成为了投资机构热议的焦点。 如何理解当前市场 热议的"中国资产重估"？ Q 魏沁蕊： 中国经济的转型升级是一个持续的过程，科技创新、产业升级、消费升级等将不断推动中国 经济的发展，从而为资产价值的提升提供支撑。政策层面正在持续发力，为经济的高质量发展和资产 重估创造良好的环境。同时，科技发展将继续成为重要的驱动因素，人工智能、新能源、生物医药等 新兴技术领域的快速发展将为外资提供更多的投资机会。随着中国在全球产业链和供应链中的地位不 断提升，外资持有中国资产的信心将进一步增强。 中国资本市场的制度性支撑，为海外投资提 ...

Core Viewpoint - The article emphasizes the systemic revaluation opportunity for Chinese assets driven by technological innovation, policy support, and global capital rebalancing, particularly in the context of AI advancements and other emerging technologies [2][4]. Group 1: Market Understanding - The transformation and upgrading of the Chinese economy is a continuous process, supported by technological innovation, industrial upgrades, and consumption upgrades [4]. - Policy measures are actively creating a favorable environment for high-quality economic development and asset revaluation [4]. - The rapid development of emerging technology sectors such as AI, new energy, and biomedicine is expected to provide more investment opportunities for foreign capital [4]. Group 2: Capital Market Support - The institutional support of the Chinese capital market facilitates overseas investment, with mechanisms like the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect being progressively improved [4]. - The alignment of ESG disclosure standards with international norms enhances foreign investors' confidence in the sustainable development of Chinese enterprises [4]. - Innovations in derivative tools and optimization of cross-border settlement processes are reducing friction costs and enhancing investment convenience for QFII and RQFII [4]. Group 3: Global Positioning - In the context of "de-globalization," Chinese assets combine the growth potential of emerging markets with the stability of developed markets [4]. - The internationalization of the Renminbi and the localization of ESG investments are expected to increase the weight of Chinese assets in global capital allocation [4].

以下文章来源于棱镜 ，作者肖望 棱镜 . 腾讯新闻出品栏目，《棱镜》聚焦泛财经深度记录。 作者 | 肖望 编辑 ｜ 孙春芳 来源 | 棱镜·腾讯小满工作室 （ID：lengjing_qqfinance） 华尔街转向。 "同样是高水平的人工智能，为什么中国股市比标普500有这么大的折价？这不合理。"3月7 日，瑞银证券中国股票策略分析师孟磊表示，"会有更多海外投资者介入，推动估值上的修 复。" 由DeepSeek引发的针对中国资产的重估潮正在资本市场上演：自蛇年春节（2月3日）以来， 汇聚了最多中国互联网科技公司的恒生科技指数一路狂飙，并创下三年以来的新高。区间涨幅 一度达31.83%。 Wind数据显示，自2月3日至3月7日，恒生科技指数的总市值增加了3.04万亿元。其中，恒生 科技指数的权重股代表（截至3月7日收盘）如阿里巴巴上涨58.55%、腾讯控股上涨 32.97%、小米集团上涨41.91%。 与此同时，美股波动加剧，今年以来，标普500成分股的市值较年内高点蒸发（截至3月11 日）超5.08万亿美元（约36.72万亿元）。3月10日，美股更是遭遇"黑色星期一"，其中特斯 拉一夜暴跌超15%，股价较高点 ...

Group 1 - The core viewpoint of the article indicates that international long-term investors have significantly returned to the Chinese capital market, reflecting their confidence in Chinese assets and providing solid fundamental support for market recovery [2] - The A-share market has shown a strong performance, with the Shanghai Composite Index returning to 3400 points, marking a new high for the year [2] - The current technology sector's valuation in China still has room for improvement, suggesting that the "revaluation of Chinese assets" is not yet complete [2][4] Group 2 - Investor sentiment has shifted positively, with an increase in the proportion of investors choosing to "add positions" or "hold positions," while those opting to "reduce positions" or "liquidate" have decreased [3] - The proportion of investors fully invested or using margin financing has increased, with 38.25% of respondents indicating they are fully invested, up by 2.29 percentage points from the previous period [3] - Despite a more positive holding level, the overall profitability of investors has shown a slight decline, with a small increase in the proportion of those experiencing losses [4] Group 3 - There is a rising focus on the consumer sector, with the proportion of respondents identifying it as a potential area of growth increasing from 5.28% to 16.22% [5] - The technology sector remains a significant area of interest, although there is a notable shift towards consumer stocks as they rebound from previous stagnation [5][6] - Strategic metals have experienced a price surge, particularly in antimony, bismuth, and cobalt, indicating a strong market trend in this segment [5] Group 4 - The survey indicates a decrease in confidence in the technology sector, with the proportion of respondents favoring it dropping from 62% to 42%, while confidence in the consumer sector has risen significantly [6] - The overall performance of the consumer sector is expected to outperform that of technology stocks, suggesting a shift in investment focus towards more stable and predictable earnings [6] - The upcoming market trends will be influenced by various factors, including policy releases from the Two Sessions, earnings disclosures from listed companies, and economic data from both domestic and international sources [6]

Group 1 - The recent decline in US stock markets has led to discussions about its impact on A-shares and Hong Kong stocks, with a prevailing view that A-shares may perform well despite US market fluctuations [1] - Historical analysis shows that during previous significant declines in the US market, A-shares and Hong Kong stocks have generally underperformed, indicating a strong correlation between US economic health and global equity markets [1] - The ideal scenario for investors is a situation where US stocks experience volatility while A-shares and Hong Kong stocks rise, drawing parallels to historical periods where Asian markets outperformed during US market stagnation [1] Group 2 - The AI revolution is seen as a catalyst for the transformation of China's economic structure, with potential for a revaluation of Chinese assets similar to past decades [2] - The launch of the domestic DeepSeek-R1 model is expected to accelerate the progress of AI applications in China, leveraging the country's large market and user base [2] - Key sectors such as AI applications, semiconductors, and high-end manufacturing are anticipated to produce influential technology giants, contributing to the revaluation of Chinese assets [2]

Market Review - Global stock indices continued the "strong East, weak West" pattern, with US stocks declining due to concerns over Trump's tariff policies and economic recession, while A-shares rose, driven by the consumer and financial sectors, with the Shanghai Composite Index breaking through the 3400-point mark on Friday [1] - In the primary sectors, beauty care, food and beverage, and coal sectors led the gains, while computer, machinery, and electronics sectors saw declines [1] - In commodities, concerns over US tariffs drove precious metal prices higher, with gold prices reaching a new historical high this week [1] Market Outlook - Large consumer spending is expected to receive policy support, with the current bull market likely transitioning from a technology-driven rally to a broad-based increase, benefiting from consumption policies and related resource sectors [2] - The focus is on domestic demand sectors benefiting from consumption policies and resource sectors related to price increases; the medium-term outlook remains positive for technology trends under the "new quality bull" asset line, particularly in AI applications, low-altitude economy, and domestic substitution [2] - The current bull market in Chinese technology stocks reflects confidence in the sector and is expected to improve consumer expectations, with the market likely transitioning from a technology theme to a broad-based rally [2] - The valuation of the Chinese technology index remains reasonable, with the AI+ industry trend expected to drive long-term growth; the current AI investment phase is shifting from overseas mapping to domestic industry chain investments, indicating a longer and broader market duration [2]

以下文章来源于天天IPO ，作者周佳丽 天天IPO . 投资界（PEdaily.cn）旗下，专注IPO动态 赴港上市潮。 作者 I 周佳丽 报道 I 投资界PEdaily 又一个超级IPO要来了。 投资界-天天IPO获悉，蓝思科技本周发布公告称，拟发行境外上市外资股（H股）股票， 并申请在香港联交所主板挂牌上市。这意味着，已在A股上市、最新市值超1 3 0 0亿元 的"果链"龙头正式赴港IPO。 总部落于湖南长沙，蓝思科技背后站着一位女湘商——周群飞。1 9 70年出生的她，凭借 一片玻璃书写创业逆袭的传奇，从普通打工妹成功蜕变成执掌千亿市值的"玻璃女王"。 现在，她要带领蓝思科技去港股IPO敲钟了。此时正值中国资产重估之际，年初以来港股 强势反弹，盛况久违。 "我的创业历程，就是一部心酸血泪史。"周群飞曾这样总结自己的创业生涯。 1 9 7 0年出生在湖南湘乡一个贫困家庭，为了生计，周群飞十几岁便辍学打工。那个年 代，一批湖南人南下深圳闯荡，周群飞便是其中一员，成为一名流水线女工。打工之余， 她还在深圳大学参加技能培训班，还学会了说粤语。 人生的转折点发生在1 99 0年，周群飞所在的玻璃厂扩建，但因为时任 ...

Strategy - The recent AI boom has significantly shifted investor sentiment and macro narratives, driving the Hong Kong stock market's continuous rise, primarily through valuation-driven growth. The market's optimistic outlook is reflected in the risk premium (ERP) [2] - Currently, Hong Kong stock valuations are still at historical low to mid-levels. The dynamic sentiment-driven recovery appears to be nearly complete, with dividend sectors showing a 5% relative space compared to A-shares, while tech sectors are aligned with ROE. The essence of this rebound is based on optimism regarding technology trends [2] - The short-term target for the Hang Seng Index is set between 23,000 and 24,000, with an optimistic scenario reaching 25,000. This static assessment does not imply an inevitable decline upon reaching these levels, but rather indicates potential market divergence if long-term expectations are not met [2] Macro Economy - China's consumption-to-GDP ratio is relatively low compared to international standards. While absolute price levels for goods align with China's economic development stage, service prices are comparatively low. The relative price levels indicate that the perception of low consumption in China is not supported by data [12] - There is significant potential for future consumption growth in China, particularly in the service sector, which has more room for expansion than goods consumption. Areas such as health insurance and entertainment are highlighted as having substantial growth potential. Upgrading goods consumption focuses on quality, while service consumption may require an increase in quantity [12]

基于两会中提出促进科技创新、提振消费，以及支持民营经济发展等政策重心，汇丰环球私人银行及财富 管理中国首席投资总监匡正日前与媒体分享有关中国投资市场的观点。 匡正指出，市场密切关注的政策规模与发力重点在两会期间进一步明晰。两会强调促进科技创新、提振消费， 以及支持民营经济发展等，聚焦增强内需，发掘新的增长引擎。 "我们认为，两会政策重心有望延续科技引领下的中国资产重估的动能，支持我们近期从资产配置角度调升中 国相关资产的观点。"匡正表示。 三大政策重心 在最新的报告中，匡正总结了三大政策重心，即科技创新、提振消费和支持民营经济。 "政策支持范围还有望从消费品扩大至健康、养老、托幼、家政等多种服务。此外，政策强调改善民生，表示 将多渠道促进居民收入增长，推动中低收入群体增收减负，并且适当提高退休人员基本养老金、发放育儿补贴 等措施，通过社会福利改革提升居民消费信心。"匡正表示。 另外，2月17日召开的民营经济座谈会，释放了促进民营经济健康发展、高质量发展的重要信号。《民营经济 促进法》或加速推出，依法保护民营企业和企业家的合法权益。 中国资产重估有望延续 匡正也谈到，近期，DeepSeek的横空出世触发了对中国 ...