Group 1: New Consumption Trends - The core driving force of new consumption lies in a deep understanding of "people" and value resonance, with five key investment opportunities identified [2] - The new consumption index in the capital market has performed well, driven by generational shifts and consumption upgrades, indicating a profound structural transformation in the Chinese consumer market [1][2] - Key sectors include trendy toys, pets, tea beverages, discount retail, and AI consumption, with emotional and companionship economies showing significant potential [2] Group 2: AI and Digital Assets - AI is driving a shift from "software as a service" to "results as a service," with advancements in AI Agent technology leading to greater autonomy and personalized experiences [1] - Stablecoins are reshaping societal perceptions and usage of currency due to their stability, speed, accessibility, and practicality [1] Group 3: Energy Transition and Nuclear Fusion - The nuclear fusion industry is approaching a critical point of transitioning from scientific research to engineering practice and commercial application, with significant potential for investment [3] - High-temperature superconducting materials are key to breakthroughs in nuclear fusion, with the industry projected to have a trillion-dollar market potential [3] - The existing nuclear power industry has potential technology transfer value and synergies with the development of fusion technology [3]

Group 1 - The core viewpoint of the article highlights the collaboration between Shandong and Zhejiang pet industry associations, focusing on the full industry chain innovation and brand strategy upgrade in the pet industry [2] - The Zhejiang exchange delegation visited leading companies such as Petstar and Tianyuan Pet Products, emphasizing the importance of product display and corporate culture [2] - Tianyuan Pet Products is a comprehensive enterprise specializing in the design, development, production, and sales of pet products, covering a wide range of categories including pet beds, toys, clothing, and food [2] Group 2 - Tianyuan Pet Products is actively expanding its business by investing in R&D, with a professional team that has developed nine product categories and holds over 200 domestic and international patents [3] - The company focuses on the lifestyle habits of pets and the interaction needs between pets and owners, continuously developing innovative products that meet various usage scenarios [3] - Tianyuan Pet has established four production bases globally, utilizing intelligent production lines and a strict quality control system to enhance its core competitiveness [3] Group 3 - The company is expanding its international market presence by leveraging platforms like the Canton Fair, establishing long-term partnerships with well-known international retailers and e-commerce platforms [3] - Tianyuan Pet has a presence in over 100 countries and regions, enhancing its brand influence through local market integration [3] - The company has developed multiple well-known brands such as Petstar and Xiaoshouxing, offering over 30,000 different SKUs to provide competitive pricing and quality products [4] Group 4 - The rapid development of Tianyuan Pet reflects the strategic transformation of China's pet industry from traditional manufacturing to comprehensive services [4] - The company is poised to benefit from new consumption trends and the growing pet economy, indicating a promising opportunity for accelerated growth in the pet industry [4]

证券研究报告 | 行业策略报告 2025 年 06 月 27 日 ❑新消费暖风已至。618 期间，以扫地机、高端两轮车、割草机器人为代表的新 技术浪潮，涌现出石头科技、九号公司、科沃斯等代表公司，均发布相关战报， 取得靓丽成绩，其中九号两轮车全渠道销售同比增长 93%，石头扫地机器人份 额 33%位列第一，科沃斯双品牌全渠道成交额 32.5 亿元位列清洁榜单第一；厨 房小家电则在平台反内卷东风下，演绎业绩困境反转，其中小熊电器、北鼎股 份重点把握母婴、个护、养生新人群，拓展新的品类增长点；AI 硬件进入排浪 式增长阶段，以智能投影仪、按摩椅、AI 眼镜等终端产品为载体产业创新加速。 ❑国补暂停无虞，关注价格战出清压力。上半年国补资金 1 月/4 月分两批次分别 下发 810 亿元，其中 6 月份全国 16 个超支省市采取暂停或者限额抢券发放，主 要是平衡季度间国补资金分配节奏、保障全年国补活动的延续性，第三/四批国 补资金预计将于 7/10 月分两批次下发。竞争维度，根据奥维云网统计，小米空 调目前线上份额升至第三，冰洗份额升至第四，美的自 3 月份开始发起价格战， 安装卡 3-5 月增长持续加速，狙击小米产 ...

Group 1 - The core viewpoint emphasizes the importance of focusing on innovative opportunities in categories, channels, and consumption scenarios, while also identifying undervalued opportunities in traditional consumption sectors [1] - The report suggests two main investment lines: first, leading companies with stable demand and strong risk resistance; second, companies actively developing new products, channels, and scenarios to capture high-growth markets [1] - The Z generation is becoming the main consumer force, accounting for 40% of consumption despite being less than 20% of the population, indicating significant consumption potential [1][2] Group 2 - New consumption is in a rapid development phase, with emerging categories and channels showing considerable market potential both in China and globally [2] - The characteristics of new consumption include youthfulness and internationalization, with geographical limitations gradually diminishing and a trend towards community and belonging emerging [2] - Investment opportunities in the food and beverage industry are concentrated in three areas: new consumption demands focusing on health, functionality, and personalization; channel transformation with the rise of new retail models; and opportunities arising from youth and internationalization [3]

近期，基金公司陆续发布下半年投资策略。 多家基金公司认为，下半年A股投资机会大于风险，结构性 机会突出，其中，科技板块是多家基金公司下半年重点关注的方向 ，或将涌现新的投资机会。 此外，基金公司认为，港股流动性的想象空间持续打开，下半年恒生科技指数的估值有望持续提升，将 继续关注港股市场的机会。 A股结构性机会突出 "A股市场整体或呈现结构性机会主导的震荡上行格局，估值修复与盈利增长驱动并存，机会或大于风 险。" 金鹰基金 表示， 预计国内经济在结构性政策和财政政策托底下企稳复苏，节奏温和，核心观察 点在于修复强度（如消费、地产）及政策落地效果。 招商基金投资管理一部总监李崟 认为，2025年下半年，A股市场是机会与风险并存的格局。机会主要表 现在，目前A股市场整体的估值水平还处在历史偏低位置，同时宏观上正处于货币政策与财政政策"双 宽松"的时期，对A股市场向好形成了重要支撑。风险主要在于，外部不确定性逐渐增强，可能对A股产 生负面影响。 国联安基金常务副总经理、首席投资官魏东 表示，2025年市场呈现局部化特征，板块分化明显，结构 性机会突出，资金聚焦细分赛道。投资策略上，要聚焦中国发展的必经之路与新兴赛道 ...

Core Insights - The conference focused on the theme "Resilient Chains Coexist to Revitalize the Future," discussing brand co-prosperity, corporate competitiveness, governance, ESG marketing, technological innovation, and new consumption insights [1][8] - Emphasis was placed on the importance of brand value and emotional connection with consumers, particularly in the context of high-speed rail travel [2] - The significance of ESG (Environmental, Social, Governance) in enhancing corporate brand influence and addressing sustainability challenges was highlighted [2][6] Group 1: Brand Development and Innovation - The conference gathered practitioners, scholars, and industry leaders to explore new opportunities for brand economy and digital ecosystem integration [1] - The concept of "resilience" in industrial chains was discussed as essential for adapting to market changes and ensuring stable development [3] - The role of "patient capital" in fostering deep integration of technological and industrial innovation was analyzed, emphasizing its importance for high-quality economic development [2] Group 2: ESG and Corporate Governance - Company governance was identified as a core element of ESG, crucial for long-term development and measuring corporate social responsibility [1][2] - The need for social recognition of corporate governance's role in ESG was emphasized, calling for collaborative efforts to enhance corporate governance reform [1] - The integration of ESG principles into brand building was presented as a necessary step for companies to achieve sustainable development and competitive advantage [2][6] Group 3: Market Trends and Consumer Insights - The new consumer market is undergoing significant changes driven by diverse and personalized consumer demands, as well as advancements in technology [6] - The importance of emotional resonance between brands and consumers was stressed, particularly through innovative marketing strategies [2][6] - The conference underscored the necessity for companies to adapt to these market transformations to establish deep connections with consumers [6] Group 4: Awards and Recognition - The "Haino Award" was presented to 113 companies and 26 individuals, recognizing their contributions to brand excellence and innovation [7] - Notable awardees included well-known brands such as Yanjing Beer, Northern Huachuang, and others, highlighting the recognition of brand heroes in the industry [7] Group 5: Future Directions - The conference concluded with a call for collaboration among government, enterprises, and society to drive high-quality brand development and economic growth [8] - The need for continuous innovation and quality focus was emphasized as essential for creating a bright future for Chinese brands [8] - The event aimed to inspire a new chapter in brand development, promoting industrial chain integration and resilience [8]

Group 1: Overall Market Insights - The light industry sector shows significant differentiation in 2025H1, with new consumption sectors like millet economy and personal care performing well, while traditional industries like home furnishings and paper face pressure [1] - The light industry manufacturing sector has a year-to-date decline of 0.89%, ranking 14th among 31 Shenwan primary industries, but has outperformed the CSI 300 index with a relative return of +3.08% [1] Group 2: New Consumption Trends - The rise of self-indulgent consumption is noted, with high growth potential in sectors driven by emotional value, such as national trend culture and technology-enabled scenarios [2] - Traditional companies are adapting to high-growth trends by leveraging their channel and supply chain advantages to achieve rapid growth in new business areas [2] Group 3: Home Furnishings Sector - The home furnishings sector faces pressure from tariffs, but retail sales growth is expected to exceed 20% due to national subsidies [3] - The opening pace of new stores is slowing, with companies adopting strategies to capture fragmented customer demand [3] Group 4: Export Chain Dynamics - The impact of tariffs on the export chain is limited, with companies accelerating exports to the U.S. and experiencing a rise in shipping costs [4] - Future tariff impacts are anticipated to be minimal due to capacity release in Vietnam and cost pass-through strategies [4] Group 5: Paper Industry Insights - The paper industry is in a capacity expansion cycle, with fixed asset investment in 2024 expected to grow by 18.5% year-on-year [5] - The cost dynamics are shifting, with pulp prices peaking and stabilizing supply-demand for cultural paper [5] Group 6: Packaging Sector Overview - The metal packaging market is experiencing low capital expenditure and profitability, but industry consolidation is expected to improve margins [6] - Yutong Technology has established a global presence with over 40 production bases, which may mitigate tariff risks [6]

Group 1 - The Hang Seng Index opened up by 0.52%, and the Hang Seng Tech Index rose by 0.35%, with Xiaomi Group's stock surging by 8%, surpassing HKD 60 [1] - Xiaomi held a comprehensive ecosystem launch event on June 26, where CEO Lei Jun announced the launch of the Xiaomi AI glasses starting at RMB 1999 and the new car Xiaomi YU7 starting at RMB 253,500 [1] - The Xiaomi YU7 received over 289,000 pre-orders within one hour, indicating strong market demand [1] Group 2 - Citigroup reported that orders for the Xiaomi YU7 have exceeded most buyers' expectations and may surpass the expectations of southbound capital, which is positive for the stock price [1] - The orders for the YU7 support Citigroup's target of 400,000 electric vehicle deliveries for Xiaomi this year, and further expansion plans in electric vehicle production may boost investor confidence [1] - The next potential catalyst for Xiaomi's stock could be the earnings guidance for Q2 or Q3 of 2025 [1] Group 3 - The Hong Kong consumer sector is represented by the Hong Kong Consumer ETF (513230), which includes e-commerce and new consumption, covering a relatively scarce new consumption track compared to A-shares, with a "Xiaomi content" of 13.75% [1] - The Hong Kong Tech sector is represented by the Hang Seng Tech Index ETF (513180), which includes core AI assets in China and relatively scarce tech leaders compared to A-shares, with a "Xiaomi content" of 8.34% [1]

【环球网财经综合报道】6月26日，香港资本市场再添新活力。周六福珠宝、圣贝拉月子中心和颖通控股三家公司同日敲响港交所开市钟，为近期持续升温 的港股IPO市场注入了强劲动力。此前一天，曹操出行与香江电器也已成功上市，市场热情可见一斑。 此次同日港股上市的公司各具特色。周六福作为深耕珠宝零售的本土品牌，凭借持续增长的业绩和庞大的加盟网络，上市首日表现亮眼，收涨25%。主打高 端月子服务的圣贝拉，凭借其"月子界爱马仕"的标签和连续盈利的业绩，受到市场追捧，收盘涨幅近34%。作为香水等美妆产品管理领域的龙头企业，颖通 控股虽然首日股价破发，但其在中国内地、香港及澳门市场的领先地位和多元化品牌组合仍备受关注。 香港特区政府财政司司长陈茂波近日表示，香港股票市场近一年来重拾升轨，成交活跃，IPO集资额暂列全球第一。他乐观预计，在当前地缘政治背景下， 寻求安全港湾的全球资金正加速涌入香港，今年下半年港股IPO市场将表现更佳。 事实上，这一趋势已清晰显现。港交所行政总裁陈翊庭亦指出，目前香港排队IPO的企业已超160家。德勤的统计显示，2025年上半年香港IPO市场表现抢 眼，预计全年募资额将超过去年同期。仅上半年，香港已完 ...

流动性增量预期较强，估值端存在明显支撑——A 股市场 2025 年下半年投资 策略报告 基金研究 市场结构分化，主动权益基金收益跑赢指数——公募基金 2025 年半年度投资 策略 金融工程研究 主要指数全部上涨，两融余额小幅下降——融资融券周报 晨会纪要（2025/06/27） 编辑人 022-28451618 SAC NO：S1150511010016 cuijian@bhzq.com 崔健 渤海证券研究所晨会纪要（2025.06.27） 宏观及策略研究 证 行业研究 券 聚焦内需视角下，关注以旧换新与新消费投资机会——轻工制造&纺织服饰 2025 年半年度投资策略报告 研 究 报 告 晨 会 纪 要 请务必阅读正文之后的声明 渤海证券股份有限公司具备证券投资咨询业务资格 1 of 7 晨会纪要（2025/06/27） 宏观及策略研究 流动性增量预期较强，估值端存在明显支撑——A 股市场 2025 年下半年投资策略报告 宋亦威（证券分析师，SAC NO：S1150514080001） 严佩佩（证券分析师，SAC NO：S1150520110001） 靳沛芃（研究助理，SAC NO：S115012403000 ...