Core Viewpoint - The Hong Kong IPO market has been thriving since 2025, with a continued profit-making effect from "new share subscriptions" Group 1: IPO Market Performance - Since 2025, 31 new stocks have been listed in Hong Kong, with only 9 experiencing a decline on their first day, resulting in a 29.03% failure rate. In the first half of 2024, 70 new stocks were listed, with 25 breaking below their issue price, leading to a 35.71% failure rate [1][2] - New stocks related to "new consumption" and "hard technology" have shown strong performance, with 13 stocks rising over 10% on their debut, including Ying'en Biotechnology, which surged by 116.70% [1][2] Group 2: Characteristics of Successful IPOs - Successful IPOs often feature leading companies in popular industries, particularly in "technology + consumption" sectors, including emerging consumer goods and advanced technology fields [1][2] - A-share companies going public in Hong Kong have also performed well, with no A-share company experiencing a decline on their first day this year. Notably, Ningde Times raised 41 billion HKD [2][3] - The quality of cornerstone investors significantly impacts the performance of new stocks, with reputable investors providing a strong endorsement of the company's fundamentals and future prospects [3][4] Group 3: Subscription Demand - High subscription multiples are a key characteristic of successful new stocks in Hong Kong, with some stocks experiencing subscription multiples exceeding 5000 times, as seen with the "Snow King" Mixue Group [4]

今年以来，人形机器人、创新药、新消费等轮番成为市场热点，部分基金经理提前布局，精准把握投资 机会，推动其管理的主动权益类基金净值显著增长。不过，也有部分主动权益类基金在行情轮动中净值 发生明显回撤。整体来看，今年以来权益市场的回暖，带动主动权益类基金业绩整体"水涨船高"。截至 6月16日，市场上4554只(仅统计主代码，下同)权益类基金中，有3163只基金年内实现了净值增长，占 比达69.46%，较去年同期的42.07%大幅提升。同时，主动权益类基金的平均收益率从去年同期 的-1.91%提升至今年的4.69%。据梳理，主动权益类基金业绩领跑产品年内净值增长率超87%，而业绩 垫底产品年内净值增长率则低于-24%，"两极分化"颇为显著。(证券日报) ...

5 月底部 call 游戏，当前持续重点推荐 20250616 摘要 A 股游戏公司估值偏低，二线公司估值约为 15-18 倍，低于港股同类型 公司 30 倍的估值水平，存在估值提升空间。行业竞争格局趋缓，为二 线公司提供了充足的市场空间。 中小体量游戏产品表现超预期，如巨人的《超自然行动组》和吉比特的 《M88》，在当前竞争环境下盈利能力显著提升，对公司报表产生积极 影响。 2025 年游戏行业买量格局稳定，各公司销售费用率同比下降，宣发策 略多样化，通过直播、KOL 和社区营销等方式降低成本，提高 ROI。 游戏行业供给侧放松，版号数量增加，需求端回暖，4 月份单月游戏行 业增速达到 22%，显示出行业增长潜力。 大厂未来几年大单品数量减少，重心放在老游戏运营上，这为中小公司 在细分赛道深耕提供了机会。 游戏行业满足新消费的定义，具有即时情绪释放、社交属性、高频互动 和高景气度等特点，估值相对较低，更容易被资金青睐。 地方政府出台鼓励游戏发展的政策，整体政策环境回暖，版号数量增加， 为行业发展提供支持。推荐关注巨人网络、金山软件和吉比特等公司。 Q&A 今年游戏行业的整体表现如何？ 今年游戏行业表现出显著 ...

各位投资者朋友们周一上午好也是不好意思我们刚才出现了一些技术上的困难所以说今天的webcast有所延迟那也是再次欢迎大家来到了每周一度的大幕宏观策略团我是蔡志鹏那Robin总这周是在休假但是呢他在休假前已经就北京之行的所得和团队有了一些充分的交流那本期节目呢是由我代为主持那中国宏观经济在最近的几周大致是比较的平稳 关税对于经济的影响存在一定的滞后而财政的政策的前置也是有助于延续了九二四政策转向以来的一些政策脉冲所以说我们今天就聚焦三大边际上的一些变化也分别对应了投资者朋友们比较关心的几个话题分别是中美贸易磋商的新进展消费品已就换新政策的调整以及中办和国办发布的进一步改善社保体系的一个意见 那这三个边际上的变化对于短期的贸易局势以及中长期中国走出通缩的探索有什么意义那这个是宏观层面要探讨的问题那今天和往常一样呢我们也邀请到了中国首席股票策略师LauraLaura在发布了年终展望之后呢也是进行了一轮又一轮的紧锣密鼓的路演上周也是参加了大摩的澳大利亚峰会 那今天也是欢迎Laura带来最新的投资者反馈包括在地缘政治风险之下对于股票的配置会如何看待那我们今天的还邀请到了大中华消费团队的首席Lillian也会跟大家分享最 ...

西麦食品 20250616 摘要 新消费品类涌现，线上抖音电商红利和线下会员超市、零食量贩店高速 增长，原材料成本下降带来利润增长空间，推动传统食品饮料企业发展。 西麦食品受益于健康养生需求，产品结构升级和渠道创新，燕麦原料成 本下降周期提升营收和利润增速。 燕麦行业规模快速增长，复合增长率接近 10%，突破百亿规模。产品结 构从纯燕麦转向复合燕麦，吸引年轻消费者，消费场景从早餐扩展到下 午茶、零食烘焙等，创造新的市场需求。 燕麦行业竞争格局呈现双寡头特点，西麦食品市占率约 25%，桂格市占 率约 22%，两者合计市占率达 50%。西麦食品精准把握国内消费者口 味变化趋势，产品结构调整和创新能力突出，渠道开拓能力强。 西麦食品构建多元化产品矩阵，复合燕麦是近几年增速最快的业务， 2024 年收入占比约 45%，超过纯燕麦成为公司第一大板块业务。纯燕 麦片通过高端有机燕麦等新品开发，保持稳步增长趋势。 西麦食品推出酸奶骨钙、蛋白粉、口服液以及即食类的花椒燕窝粥等新 产品。酸奶骨钙由收购子公司德赛康谷贡献收入，蛋白粉和口服液面向 中老年人及养生群体，花椒燕窝粥市场表现良好。 Q&A 新消费趋势对食品饮料行业的影响 ...

食品饮料周报 白酒持续调整，关注高景气大众 品 证券研究报告 请务必阅读正文后免责条款 食品饮料行业 强于大市（维持） 平安证券研究所 食品饮料团队 分析师：张晋溢 S1060521030001（证券投资咨询） 邮箱：ZHANGJINYI112@pingan.com.cn 分析师：王萌 S1060522030001（证券投资咨询） 邮箱：WANGMENG917@pingan.com.cn 分析师：王星云 S1060523100001（证券投资咨询） 邮箱：WANGXINGYUN937@pingan.com.cn 2025年6月16日 食品饮料周报-观点 白酒行业 食品行业 风险提示：1）宏观经济疲软的风险；2）行业竞争加剧风险；3）重大食品安全事件的风险。 资料来源：Wind，平安证券研究所 本周白酒指数（中信）累计涨跌幅-5.31%。涨跌幅前三的个股为：金种子酒（-1.28%）、顺鑫农业（-1.60%）、伊力特（- 2.09%）；涨跌幅后三的个股为金徽酒（-8.33%）、今世缘（-8.80%）、古井贡酒（-9.78%）。 观点：白酒持续调整，期待后续改善。白酒板块持续调整，上周白酒指数下跌5.31%。据今日 ...

Group 1: Market Overview - A-shares have been in a rebound trend since mid-April, with a significant drop on June 13 due to geopolitical factors, but the overall adjustment is expected to be limited [1] - As of June 13, 2025, the best-performing sectors include pharmaceuticals and banking, while food and beverage and real estate sectors show weaker performance [1] - The financing balance in the market has not significantly increased during this rebound, indicating that the implied risk in major A-share indices is not at a high level [1] Group 2: Investment Style and Trends - The differentiation between large-cap value and small-cap growth styles is at a central level compared to the past two years, with no clear mean reversion opportunity currently [1] - The high basis level of stock index futures is influenced by the seasonal increase in dividend distributions from listed companies during May and June, alongside increased hedging demand from cautious investors [1] Group 3: New Consumption Trends in Cosmetics - The new consumption era in the cosmetics industry is characterized by product innovation and emotional value consumption, moving away from the previous traffic-driven growth [3] - The emergence of new channels and media is accelerating product innovation and market penetration, with platforms like Douyin playing a crucial role in product testing and promotion [4] - Traditional industries such as personal care, health products, and cosmetics are experiencing significant product renewal opportunities, driven by structural changes in consumer demand and channel dynamics [5]

行业点评报告·消费行业 5 月社零提速彰显国补刺激、新消费活跃 2025年6月16日 核心观点 当前情况下,市场担心国家补贴后续的连续性。相比而言,新消费展现出的高 增长更受人关注。 分析师 何伟 ☑: hewei_yj@chinastock.com.cn 分析师登记编码：S0130525010001 陈柏儒 極：chenbairu_yj@chinastock.com.cn 分析师登记编码：S0130521080001 顾熹闽 网：guximin_yj @chinastock.com.cn 分析师登记编码：S0130522070001 谢芝优 网: xiezhiyou_yj@chinastock.com.cn 分析师登记编码：S0130519020001 郝帅 网: haoshuai@chinastock.com.cn 分析师登记编码：S0130524040001 刘光意 网: liuguangyi_yj@chinastock.com.cn 分析师登记编码：S0130522070002 张迪 网: zhangdi_yj@chinastock.com.cn 分析师登记编码：S0130524060001 刘来珍： ...

Core Insights - The report highlights the launch of the Volcano Engine's FORCE conference focusing on AI advancements, including large models and AI cloud-native services, and Apple's WWDC 2025 emphasizing software ecosystem innovation [5][37] - The Volcano Engine introduced the Doubao large model 1.6, which significantly reduces costs while enhancing performance, and the Seedance 1.0 pro video generation model, which leads the industry in competitive rankings [17][34] - Apple showcased a unified Liquid Glass design across its operating systems, enhancing user experience and integrating AI capabilities into its ecosystem [38][49] Industry Trends - The Volcano Engine's conference discussed the industrialization path of AI technology, with a focus on large models, AI agents, and multi-modal understanding [5][15] - The Doubao large model 1.6 features a new pricing strategy that reduces costs by 63% compared to previous models, making it more accessible for enterprises [17][20] - The Seedance 1.0 pro model offers competitive pricing for video generation, allowing businesses to create high-quality content at a lower cost [34] Policy Developments - Recent policies in China aim to address "involution" in the steel and automotive industries, with commitments from major manufacturers to shorten payment terms to suppliers to no more than 60 days [57][58] - Local governments in cities like Shenzhen and Beijing have introduced consumption-boosting measures to stimulate economic activity, including the cancellation of real estate purchase restrictions [57][58] Investment Recommendations - The report suggests focusing on five key sectors with marginal improvements: AI applications, self-sufficiency, new consumption, precious metals, and innovative pharmaceuticals [54][56] - The AI application sector is highlighted due to upcoming events and advancements in autonomous driving and logistics, indicating potential growth opportunities [54] - The self-sufficiency sector is expected to benefit from advancements in domestic chip production and the ongoing trend of replacing foreign technology with local alternatives [54]

本篇评级为★★★，主要围绕以下内容展开： 1、病还没好，加大药量？宏观经济和政策对冲，出现了新线索 中东以色列和伊朗的冲突尚未结束，但全球资本市场对其的反应似乎已经告一段落。今天，全球几大类 资产基本都呈现恢复性的波动，包括内地市场。我们在昨天的解读中也提到过，中东冲突打乱了大类资 产恢复的方向，但这种扰动很可能是一次性的短期冲击。同时，我们也要注意，在这种冲击之后，各类 资产可能会出现反方向的运行和恢复。今天市场的方向基本与我们昨天所聊的相符。一起看一下最新的 消息，来前瞻一下这种修复动能的持续性。 首先，从国内市场的三大逻辑线来看。第一个逻辑线是宏观经济指标的冷暖；第二个是政策上的线索是 否有增量；第三个是资金层面上的动向是否有加仓。前两个逻辑线，即宏观经济和政策，在最近这两天 是交叉运行且深度绑定的。我们一起来聊一聊。 从宏观经济来看，今天有一些新发布的数据。其中，消费数据表现不错，实现了过去近两年时间里最大 的涨幅。社会消费品零售总额的涨幅达到了6.4%，这给市场带来了一点惊喜。但我们认为，这个惊喜 主要体现在一些服务性消费或新消费领域，而不是传统消费领域。所以，今天市场上的表现非常有意 思。传统消费 ...