机构指出，月末流动性扰动延续，市场资金整体偏紧。结构性行情下，新消费、新制造相继轮动。关注机器人、智能驾驶、互联网平台等领域的左侧机会。 15:00 国新办就"加快建设交通强国 勇当开路先锋"举行中外记者见面会 20:30 美国至5月24日当周初请失业金人数、美国第一季度实际GDP年化季率修正值 | 〜 | // 外摺怎么样 // | | | | --- | --- | --- | --- | | 名称 | 现价 | 涨跌 | 涨跌幅 | | 道琼斯工业指数 | 42098.70 | -244.95 | -0.58% | | 纳斯达克指数 | 19100.94c | -98.22 | -0.51% | | 标普500 | 5888.55 | -32.99 | -0.56% | 当地时间周三，美股三大指数集体收跌，道指跌0.58%，纳指跌0.51%，标普500指数跌0.56%。 热门科技股多数下跌，特斯拉跌超1%，微软、亚马逊、英伟达、谷歌跌幅不足1%。 【财经日历】 10:00 中国气象局2025年6月新闻发布会 15:00 商务部召开5月第4次例行新闻发布会 热门中概股多数收跌，纳斯达克中国金龙指数跌0.7 ...

华见早安之声 请各位听众升级为见闻最新版APP，以便成功收听以下音频。 市场概述 在经历了上日大涨后，美股涨势暂歇，临近尾盘，芯片领域的相关消息拖累美股大盘快速下跌，最终几大股指全线收跌。苹果和Meta收涨，特斯拉收跌 1.65%。芯片软件设计公司新思科技跌近10%。 黄金倒V反转。OPEC+维持当前石油产量配额计划，市场聚焦周末的7月增产事宜，原油一度涨超2%。 亚洲时段，AH股集体收跌，新消费概念爆发，汽车股继续调整，快手绩后收涨6%，螺纹钢刷新9个月低位。 要闻 英伟达Q1营收增长放缓至两年最低的69%、仍高于预期，顶住出口限制压力，Q2料H20收入减少80亿美元、总收入符合预期，Blackwell Ultra预 计Q2开始出货。黄仁勋称Blackwell NVL72 AI超算全面投产；中国是最大的AI市场之一。股价盘后一度涨5%。 盘后英伟达财报，一度涨超5%，提振美股指盘后上涨。Salesforce财报后股价一度涨超5%、后涨幅显著回吐。 5年期美债拍卖亮眼，美债收益率涨幅收窄。美元上涨。比特币下挫2%，跌破昨日低点价位10.7万美元。 DeepSeek R1模型完成"小版本试升级"，编程、逻辑理解 ...

Group 1 - The Federal Reserve's recent meeting minutes indicate increased uncertainty regarding the economy, with officials expressing caution about interest rate cuts and concerns over tariffs potentially driving inflation [2] - BYD's dealer in Shandong, Jinan Qiancheng, faces a liquidity crisis due to reckless expansion and leverage, prompting BYD to assist in managing the situation [2] Group 2 - Nvidia reported Q1 FY2026 earnings of $0.76 per share, with revenue of $44.062 billion, slightly above expectations, but net profit fell short of forecasts at $18.775 billion [3] - Nvidia's data center revenue was $39.1 billion, slightly below expectations, while gaming revenue surged 42% year-over-year, driven by Blackwell sales [3] Group 3 - Morgan Stanley's co-president met with China's Vice Premier, emphasizing the importance of U.S. financial institutions' participation in China's capital market development [4] - China's Vice Premier stressed the need for a fair market environment and strict regulation of the live-streaming e-commerce sector to curb malicious competition [4] Group 4 - The Hong Kong Legislative Council passed a tax amendment bill to implement a global minimum tax starting January 1, 2025, in response to digital economy tax evasion risks [5] - The National Health Commission reported a slowdown in the COVID-19 pandemic trend, with most provinces reaching peak levels or showing a decline [5] Group 5 - A-shares experienced slight declines, with the Shanghai Composite Index closing down 0.02% at 3339.93 points, while the Shenzhen Component fell 0.26% [6] - Hong Kong's stock indices also saw minor declines, with the Hang Seng Index down 0.53% [6] Group 6 - The third batch of insurance capital long-term investment pilot programs is being approved, with new small and medium-sized insurance companies expected to participate [6] - Over 150 companies are currently waiting to list in Hong Kong, many with fundraising targets exceeding $1 billion [6] Group 7 - Honor's CFO confirmed that preparations for an IPO are underway, with a focus on entering the robotics sector as a core business area [7] - SHEIN is reportedly seeking to go public in Hong Kong, planning to submit a prospectus in the coming weeks [7] Group 8 - Kingsoft reported Q1 revenue of 2.338 billion yuan, a 9% year-over-year increase, while net profit remained stable [7] Group 9 - The Ministry of Finance announced plans to issue 68 billion yuan in government bonds in Hong Kong this year, with the third phase set for June 4 [21] - The U.S. Treasury yields rose collectively, with the 10-year yield reaching 4.477% [21][22]

Core Insights - The rise of new consumption enterprises in the Hong Kong stock market, exemplified by companies like Pop Mart, Mixue, and Laopu Gold, reflects a significant shift in consumer behavior and market dynamics since 2025 [1][2] Group 1: Supply Innovation - New consumption enterprises are innovating supply to create demand, fundamentally altering traditional industry logic [3] - Mixue has emerged in the tea beverage market by adopting a cost-effective strategy, offering products priced between 2 to 8 yuan, significantly outperforming higher-priced competitors [3] Group 2: Demand Restructuring - The essence of new consumption lies in shifting from "material satisfaction" to "emotional resonance," with competition now focused on precise market segmentation [4] - The Z generation now constitutes 47% of total consumers, leading a transformation in consumption values towards "self-satisfaction" and "social consumption," as seen with Pop Mart's IP matrix appealing to young consumers [4] Group 3: Supply Chain Transformation - The diversification of new consumption models is driving a significant transformation in supply chain logic [5] - Mixue's self-built cold chain logistics has reduced the cost per cup to 3 yuan, rendering traditional price wars ineffective [5] - The evolution of supply chains into real-time responsive value networks aims to create a symbiotic relationship among consumers, enterprises, and suppliers [5]

Core Viewpoint - The current consumption policies are driving a dual engine of "traditional consumption upgrade" and "new consumption expansion," leading to a significant surge in the consumption sector, particularly in Hong Kong stocks, which have seen multiple companies reach historical highs [1][5]. Consumption Sector Analysis - The consumption sector, represented by food and beverage, textiles and apparel, and home appliances, has maintained strong dividend capabilities, with an average dividend yield of around 4% and a median yield of 5% for companies with a market capitalization over 200 billion [2][3]. - High dividend rates signal healthy financial conditions and strong profitability, enhancing investor confidence and potentially leading to higher valuation premiums for the sector [3]. Investment Preferences - The consumption sector is favored for its stability and maturity, with a low valuation (20x PE) and high dividend yield (3.41%), making it attractive compared to fixed-income products [4]. - Institutional investors, such as pension funds and social security funds, are increasingly allocating to the consumption sector, with the latter's holdings reaching 28% by the end of 2024 [4]. Future Consumption Trends - The expansion of domestic demand is being driven by two main trends: the rise of electric vehicles and the explosive growth of smart home technology, with the smart home market expected to exceed 800 billion by 2025 [6][7]. - The integration of AI in traditional home appliances is expected to enhance competitiveness and market share in the smart home sector [8]. Market Dynamics - The upcoming consumption peaks during the Dragon Boat Festival and the 618 shopping festival are anticipated to create significant consumer demand, particularly in electronics and home appliances, with price reductions of 20%-30% due to subsidies [10]. - Cultural consumption is also expected to rise, with historical data indicating that cultural activities during holidays can account for 25%-40% of spending in major provinces [10]. Challenges in Consumption - Certain sectors, such as luxury goods, may face demand challenges due to a shift towards more rational consumer behavior and competition from local brands [11]. - Traditional fuel vehicles are likely to experience long-term demand pressure as the market shifts towards electric vehicles, particularly in the sub-150,000 yuan segment [11]. New Consumption Concepts - The emergence of new consumption concepts, such as emotional and experiential consumption, is reshaping valuation logic in the industry, requiring a shift from traditional financial metrics to a combination of hard data and soft value assessments [12]. - Companies that successfully integrate emotional value with their business models may uncover new growth opportunities beyond traditional valuation frameworks [12]. Investment Opportunities - The consumption sector presents investment opportunities driven by policy support and the dual appeal of low valuations and high dividends, particularly in areas like smart wearables and home appliances [13]. - Emerging consumption scenarios, such as blind box consumption and pet economy, also offer significant market potential [13].

先说个资金面的大事。 中国公募基金行业 新一轮 变革 重头戏来了，首批浮动费率基金正式获批发行。 这次的变革核心在哪呢？ 简单来说，就是基金公司要凭自己真本事赚钱了，只有给客户创造的收益高，才有资格多拿管理费。 至于那些创造不了收益的，不好意思，只能拿到最低的费率水平。 我看了具体的动态调整的标准，还挺有意思的。 浮动费率，是根据基民持有的第一年业绩，从第二年开始，把管理费分为 基准、升档、降档 三个标准。 这样来看，还是挺严的，而对做不过指数的惩罚比对奖励要狠。 这就意味着，天然要求公募基金更贴着指数做，长期看，沪深300权重股为代表的中盘和大盘股自然会受 到更多的青睐，也能一定程度上扭转炒小炒烂的市场风气。 接下来公募基金行业的玩法就开始转变了，那些发被动ETF基金还能活的相对滋润，而之前光在营销上面 卷，没有赚钱能力的主动管理基金就要比较难了。 赚不到钱，自然就会被市场淘汰，这和新能源车的淘汰赛本质上是一回事，公募基金行业的新一轮大洗牌 开始了。 今天板块涨得最好的是珠宝首饰。 | 持有时间 | 管理费(年费率) | | --- | --- | | 0-1年 | 1.20%/年 持有期间年化收益率(R) ...

Core Viewpoint - Changsha has emerged as a dense incubator for new consumption in China, showcasing a vibrant ecosystem of innovation across various retail sectors, including tea drinks, snacks, and community group buying [1][3]. Group 1: Investment and Market Dynamics - In 2023, Changsha's consumer enterprises accounted for 8.4% of national financing, with a projected retail sales total of 579.77 billion yuan in 2024 [3]. - The city has a night economy that ranks second nationally, with the number of new consumption brands per ten thousand people exceeding that of first-tier cities by twofold [3]. - The snack sector alone has produced six listed companies, indicating a robust and innovative market landscape [3]. Group 2: Key Players and Innovations - **Xingsheng Youxuan**: Founded by Yue Lihua, it pioneered community group buying with a "pre-sale + self-pickup" model, leveraging a three-tier logistics system for efficient delivery [5][6]. - **Zero Snacks**: Founded by Yan Zhou, it has rapidly expanded to over 7,000 stores by focusing on low-cost, high-quality snacks, achieving a valuation of 25 billion yuan after a 240 million yuan Series A funding round [9][10]. - **Tea Yan Yue Se**: Founded by Lü Liang, it emphasizes cultural value and direct sales, achieving a valuation exceeding 20 billion yuan by 2021 and planning to expand to over 1,000 stores by 2025 [14][16]. - **Le Er Le**: Founded by Chen Zhenguo, it introduced a hard discount model, achieving significant sales growth and establishing a unique supply chain strategy that minimizes costs [21][22]. - **Wen He You**: Founded by Wen Bin, it combines dining with cultural experiences, creating a unique consumer environment that has attracted significant investment and attention [23][24]. Group 3: Market Trends and Future Outlook - The snack market is experiencing a compound annual growth rate of 114.6%, driven by innovative retail strategies that target lower-tier cities [10]. - The integration of local culture into retail experiences is becoming a key differentiator, as seen in the success of brands like Wen He You, which merges dining with cultural nostalgia [24]. - The entrepreneurial spirit in Changsha, characterized by resilience and local market understanding, is expected to continue driving innovation and growth in the retail sector [26][27].

Core Viewpoint - The article discusses the surge of new consumer companies going public in the Hong Kong stock market, highlighting the strong performance of these companies and the factors driving this trend [1][4]. Group 1: Market Trends - Since the beginning of 2025, there has been a wave of new consumer companies listing in Hong Kong, with notable examples including Mixue Group and Pop Mart, which have performed well in the market [1][3]. - The consumer sector has seen a significant increase in interest, with the China Securities Hong Kong Stock Connect Consumer Theme Index rising over 20% year-to-date [1][4]. - As of May 28, 2025, there are 159 companies queued for IPOs in Hong Kong, with 25 of them being consumer-related, accounting for approximately 16% of the total [4]. Group 2: Financial Performance - New consumer companies have shown remarkable stock performance, with Pop Mart's market value exceeding 310 billion HKD and Mixue Group surpassing 200 billion HKD [1][5]. - The price-to-earnings (P/E) ratios for new consumer stocks are significantly higher than the average P/E of 20 for the broader consumer index, with Pop Mart at 86 times and Mixue Group at 43 times [5][6]. Group 3: Competitive Landscape - Despite the enthusiasm for new consumer stocks, there are concerns about increasing competition and the potential for homogenization in business models [3][8]. - Companies like 52TOYS are being compared to Pop Mart, but their financial performance shows a gap, with 52TOYS reporting continuous losses despite revenue growth [9]. - The food and beverage sector faces challenges related to brand premium and standardization, with companies needing to innovate to stand out in a crowded market [10]. Group 4: Investment Environment - The influx of southbound capital has provided liquidity to the Hong Kong market, with net inflows reaching 636.91 billion HKD since the start of 2025 [4]. - Policy support and improved liquidity have been key drivers for the surge in new consumer IPOs, with measures like streamlined approval processes attracting more companies to list [4][6]. - The article emphasizes the need for new consumer companies to focus on product innovation and brand differentiation to succeed in a competitive landscape [10].

Group 1 - The article reports an explosion incident at Youdao Chemical Co., Ltd. in Gaomi City, Weifang, Shandong Province, resulting in 5 fatalities and 6 individuals missing [1] - The State Council's Work Safety Committee has decided to implement a special oversight on the investigation of this incident, requiring a prompt investigation to determine the cause and hold accountable according to relevant laws and regulations [1]

Core Viewpoint - The Hong Kong stock market has shown remarkable performance in May, with over 80 stocks reaching historical highs, primarily driven by consumer and financial stocks [2][5]. Group 1: Market Performance - Since May, the Hong Kong market has seen more than 80 stocks hit historical highs, with consumer stocks leading the way [2][4]. - The "new consumption trio" consisting of companies like Mixue Group, Pop Mart, and Lao Pu Gold has gained significant attention, with their stock prices outperforming the broader market [3][5]. Group 2: Sector Analysis - Among the stocks reaching new highs, over 30 belong to the non-essential and essential consumer sectors, indicating a consumer-driven market rally [5][6]. - Financial stocks also performed well, with 18 stocks from various sub-sectors such as banking, insurance, and securities reaching new highs [6]. Group 3: Company Performance - Of the 80+ stocks that reached new highs, 66 reported positive year-on-year revenue growth for 2024, with several companies like Lao Pu Gold and Pop Mart showing revenue growth exceeding 100% [8]. - Notably, Lao Pu Gold achieved a revenue of 8.506 billion HKD, a 167.5% increase, while Pop Mart reported 13.04 billion HKD, marking a 106.9% growth [8]. Group 4: Volatility and Market Dynamics - Despite the positive performance, the stocks that reached new highs have begun to experience increased price volatility, as evidenced by significant drops in stock prices for Pop Mart and Mixue Group on May 28 [9].