Investment Rating - The industry maintains a "Recommended" rating, with a focus on new consumption sectors such as beauty care, IP derivatives, and gold jewelry [5][35]. Core Insights - The total retail sales of consumer goods in China for the first half of 2025 reached 24.55 trillion yuan, showing a year-on-year increase of 5%. In June, the retail sales totaled 4.23 trillion yuan, growing by 4.8% year-on-year, which was below the expected 8.4% due to the timing of the Dragon Boat Festival and the pre-release of demand during the 618 shopping festival [3][23]. - The beauty care sector is highlighted with significant developments, including the strategic expansion of Ai Er Bo Shi in Southeast Asia and the announcement of a new CEO at Kenvue [27][3]. - Bubble Mart is expected to see a revenue increase of no less than 200% and a profit increase of no less than 350% for the first half of 2025 [32][5]. Summary by Sections Market Performance - From July 14 to July 18, 2025, the trade retail, social services, and beauty care sectors experienced changes of +0.23%, +1.05%, and -0.14% respectively, ranking 18th, 13th, and 22nd among 31 primary industries [14][16]. Key Industry Data and News - In June 2025, the retail sales of consumer goods grew by 4.8%, with a total of 21.8 trillion yuan in goods retail sales for the first half of the year, reflecting a 5.1% year-on-year increase [23][22]. - The airline industry saw an increase in passenger flights, with nearly 118,000 flights executed nationwide in the 28th week of 2025, marking a 3.2% year-on-year rise [4][27]. Company Announcements - Bubble Mart's half-year performance forecast indicates a revenue growth of at least 200% and a profit increase of at least 350% [32][5]. - Other companies like Rongzi Co. and Longzi Co. also reported significant profit forecasts, with Rongzi expecting a profit increase of 31.74% to 55.69% [34][33]. Investment Recommendations - The report recommends focusing on companies such as Shangmei Co., Juzi Bio, Marumi Bio, and others within the beauty care and new consumption sectors [5][35].

Core Insights - Public funds continued to increase their holdings in Hong Kong stocks in Q2 2025, with the market value of Hong Kong stocks in the sample of actively managed equity funds rising to 20.0%, up from 19.2% in Q1 2025 [6][10] - The increase in holdings was primarily in small and medium-sized Hong Kong stocks, with the Hang Seng Small Cap Index's component stocks' market value share in the total Hong Kong stock holdings of funds increasing by 5.6 percentage points [6][10] - Sector-wise, public funds mainly increased their positions in the pharmaceutical, light manufacturing, non-bank financials, and banking sectors, corresponding to themes of innovative drugs, new consumption, and dividends [6][10] Fund Holdings Analysis - The report indicates a significant shift in fund holdings, with a reduction in the technology sector, particularly in internet and automotive stocks, which had previously seen substantial gains [6][10] - The technology sector's market value share in fund holdings decreased by 3.7 percentage points, while the media and retail sectors also saw declines [10][12] - Conversely, the consumer sector saw an increase of 3.8 percentage points in market value share, indicating a strategic pivot towards consumer-related investments [10][12] Specific Stock Movements - Notable changes in specific stock holdings include Tencent Holdings decreasing from 21.5% to 17.8%, while Alibaba's share dropped from 10.6% to 6.3% [12] - In contrast, stocks like Kuaishou and Pop Mart saw increases in their holdings, reflecting a shift towards emerging consumer brands [12] - The report highlights a significant increase in holdings for companies like Xinda Biopharmaceuticals, which rose from 1.2% to 3.5%, indicating a growing interest in innovative healthcare solutions [12]

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 2025年上半年，中国市场波动较大，整体呈现震荡上升的趋势。A股三大指数上半年均实现上 涨，其中因小盘股涨势喜人，北证50指数创历史新高。港股三大指数涨幅在20%左右，整体走出 估值修复与流动性驱动的技术性牛市。 板块方面，DeepSeek、机器人、创新药、新消费等多个热门方向轮番接力。在此背景下，多家押 注新机遇的私募业绩表现亮眼，主观私募上半年排名也迎来大洗牌。 接下来，笔者将在六大公司规模组中（100亿以上、50-100亿、20-50亿、10-20亿、5-10亿、0-5 亿），盘点上半年位居10强的主观私募公司。 0 1 100 亿以上：复胜、日斗分夺冠亚！海南希瓦、中欧瑞博位列前 5 在百亿主观私募中，旗下至少有3只产品符合排名规则，且上半年平均收益为正的私募共有9家。 其中， 复胜资产、日斗投资、久期投资、海南希瓦、中欧瑞博 位居前5 。 其中，复胜资产以明显的优势夺冠，旗下 6只产品上半年平均收益为 *** %（ 点此查看收益 ）。 复胜资产 7月6日发表以 《继续 "新消费"》为题的月度策略报告。 他们认为，这一轮新消 费行情核心驱 ...

专题：聚焦2025基金二季报：AI、医药、新消费…谁是基金新宠？ 截至7月21日，恒指年内上涨24.60%之后，未来行情能否持续？景顺长城基金经理周寒颖认为，今年港 股表现在全球资本市场居前列，主要受益于人民币资产的重估、低估值状态下的充裕流动性支持，以及 港股企业盈利预期改善三重逻辑共振。展望未来，港股IPO热潮正在深刻重塑市场生态， 资金面的宽裕 有望支撑港股目前优秀的赔率，未来重点关注港股科技、消费、创新药、大金融等板块。 港股领涨的底层支撑 具体来看，Wind数据显示，2025年初，恒生指数9.2倍PE的估值，处于历史低位区间，较A股高达150% 的溢价率形成罕见折价。其次，基本面上港股提供了更好的盈利上修预期，而港股存在很多特色板块， 如AI互联网、新消费、生物科技公司等，这些企业与宏观总量相关性相对较低，且在今年都迎来了分 批次的盈利预期上修。 展望后市，周寒颖分析指出，中美市场宏观主线或均从预期到现实过渡，关税扰动逐渐脱敏，经济基本 面重要性上升。资本市场或仍呈现高波动特征，资金面的宽裕是香港市场的主要亮点，在资金支撑下港 股目前赔率优秀，看好港股市场相对表现。同时关注来自海外扰动，如关税及地缘 ...

Core Viewpoint - The release of the seventh batch of new occupations and new job types reflects the rapid growth in demand for talent in various sectors, driven by emerging technologies, new consumer needs, and evolving business models [6][7]. Group 1: New Occupations - The seventh batch includes 17 new occupations such as inspection and testing management engineering technicians, elderly service specialists, cross-border e-commerce operation managers, and drone swarm flight planners [2]. - Other notable new occupations include home service managers, power reliability administrators, and carbon fiber product molding workers [2]. Group 2: New Job Types - A total of 42 new job types have been introduced, including specialized rescue roles under the firefighter profession, such as special rescue personnel and forest firefighting equipment maintenance personnel [3]. - Additional job types include emergency rescue roles for building collapse and hazardous chemical incidents [3][4]. - The logistics sector sees the introduction of the smart warehouse operation and maintenance personnel [5]. Group 3: Characteristics of New Occupations - The new occupations and job types are characterized by three "new" aspects: the rapid growth of job demand and talent supply, significant talent gaps in certain fields, and the need for standardized training and evaluation [6]. - The emergence of digital new occupations is driven by the rapid development and application of technologies like artificial intelligence and big data [7]. - New consumer demands for quality of life, health management, and personalized services are also contributing to the creation of new professions [7]. - The development of new business models is reshaping the job market, leading to the emergence of occupations with high technical content and contemporary relevance [7].

Group 1 - The Hang Seng Index reached a new high of 25120.68 points, marking the highest level since 2022, with a year-to-date increase of 25% [1][2][4] - Despite recent fluctuations, the Hong Kong stock market is considered undervalued, with significant net inflows from mainland investors and increased holdings by state-owned enterprises [1][4][6] - The market sentiment is improving, and analysts remain optimistic about the future performance of the Hong Kong stock market [1][6][7] Group 2 - The active inflow of southbound funds has been notable, with net purchases reaching 971.36 billion yuan in the past month and a total of 0.79 trillion yuan year-to-date [4] - Public funds have shown increased interest in Hong Kong stocks, with the total scale of actively managed funds reaching 325.9 billion yuan, up from 19.13% to 19.92% of total heavy holdings [4][6] - The performance of new consumption and innovative pharmaceutical sectors has significantly boosted market sentiment, with stocks like Pop Mart seeing a price increase of over 250% this year [8][9] Group 3 - The innovative pharmaceutical sector has outperformed, with related ETFs showing year-to-date gains exceeding 80%, indicating strong investor interest [9][10] - The biotechnology and medical technology sectors in Hong Kong account for 40% of the total market capitalization in the pharmaceutical sector, compared to 24% in A-shares, suggesting a higher level of innovation in Hong Kong stocks [10][11]

第七批新职业正式发布 包括17个新职业、42个新工种 金十数据7月22日讯，从人力资源社会保障部的发布会上了解到，今天第七批新职业正式发布，包括17 个新职业、42个新工种。这次发布的新职业和新工种，主要特点体现为三个"新"：新技术驱动。人工智 能、大数据等新兴技术的快速发展和深度应用，催生了大量数字新职业、新工种。新消费孕育。人们对 生活品质、健康管理、精神文化、个性化服务需求日益增长，新消费催生新的职业。新业态催化。新业 态的发展正在深刻重塑就业市场，催生出一批兼具技术含量与时代特色的新职业、新工种。 （央视新 闻） ...

Group 1 - Public funds' management scale and non-monetary fund management scale reached historical highs, exceeding 34 trillion yuan and 20 trillion yuan respectively by the end of Q2, with increases of 2.24 trillion yuan and 1.29 trillion yuan compared to Q1 [1] - All major fund types, including equity funds, bond funds, and money market funds, saw growth exceeding 100 billion yuan, with multiple gold ETFs reaching historical highs, indicating their importance in asset allocation for residents [1] - The "national team" increased holdings in broad-based ETFs by nearly 200 billion yuan, contributing to market confidence and supporting economic recovery and industrial upgrades [1] Group 2 - The industries with the highest increases in equity fund positions were telecommunications, banking, and defense, while the most reduced positions were in food and beverage, automotive, and power equipment [2] - Tencent Holdings remained the top holding in active equity funds, followed by companies such as CATL, Kweichow Moutai, Midea Group, Zijin Mining, Xiaomi, Luxshare Precision, Alibaba, Newray, and SMIC [2] - Companies with the largest increases in positions included Zhongji Xuchuang, Newray, and Shenghong Technology, all of which entered the top twenty holdings of active equity funds [3]

【导读】次新主动权益类基金积极建仓 中国基金报记者 曹雯璟 随着2025年基金二季报披露完毕，次新主动权益基金的建仓情况也浮出水面。 Wind数据显示，不少次新基金在今年二季度选择积极建仓，纳入统计50多只首次披露季报的主动权益基金平均股票仓位约为72%，属于中 性偏上水平。 展望2025年下半年，基金经理们普遍看好A股市场机会，仍将保持较高的权益仓位。 由周雪军管理的海富通远见回报于今年3月初成立。截至今年二季度末，该基金股票仓位为93.20%，其前五大重仓股分别是新易盛、紫金 矿业、宁德时代、天孚通信、美的集团。周雪军在二季度中表示，4、5月份，总体在经济对冲、产业对抗等相关行业配置占比较高；5月下 半月开始逐步加大弹性，在坚持"哑铃型"策略的基础上，着重加配海外算力和银行，同时适度在军工、有色、新消费等方向优选个股。 由杨冬管理的广发制造智选于今年3月中旬成立。二季度，该基金逐步建仓，在积累一定安全垫后提高了权益仓位。结构上，配置以电子、 电力设备、汽车、机械设备等行业为主。截至今年二季度末，该基金股票仓位为92.44%，其前五大重仓股分别是工业富联、宁德时代、国 能日新、扬杰科技、超声电子。 由李浩玄 ...

Group 1 - China's VC market is experiencing a significant turnaround with several leading VC firms restarting USD fundraisings, totaling over $2 billion, marking the largest scale of USD capital inflow since 2019 [2] - Key participants in this fundraising include Lightspeed China, Monolith Capital, Black Ant Capital, and others, focusing on deep technology, AI, new consumption, and overseas expansion [2] - The revival is driven by a notable recovery in the Hong Kong IPO market and breakthroughs in hard technology sectors, prompting international investors to reassess the Chinese market [2] Group 2 - Guangxi has launched its first industrial venture capital mother fund to support industrial development, aiming to accelerate the cultivation of emerging industries and upgrade traditional industries [3] - The fund has a diverse funding structure, including government guidance funds, state-owned enterprises, and social capital, allowing for macroeconomic regulation and resource advantages [3] - Changshi Capital's hard technology fund has successfully raised 728 million yuan, indicating strong market recognition of its investment capabilities [3] Group 3 - The management fee structure in the VC/PE industry is undergoing a structural adjustment, moving from a traditional "2% management fee + 20% performance share" model to more diversified and flexible arrangements [4] - Government guidance funds have reduced management fees to as low as 1.5%, with performance extraction mechanisms becoming more common, linking fees to investment progress and returns [4] - The shift is influenced by changes in LP funding structures, with a significant focus on social benefits and audit risks driving fee rate reforms [4] Group 4 - Lithium Tai New Energy has completed a 10 million yuan angel round financing, which will be used for the industrialization of fire suppression agents for lithium batteries and smart fire control systems [5] - The company has developed a fire suppression agent that outperforms traditional agents, addressing safety concerns in the lithium battery sector [5] - Qianxun Intelligent has raised nearly 600 million yuan in Pre-A+ financing, led by JD.com, to enhance its capital and industrial synergy for technology innovation and industrialization [6] Group 5 - The IPO application of Shenzhen Beixin Life Technology has been approved, focusing on innovative medical devices for cardiovascular disease treatment, with plans to raise 952 million yuan for industrialization and R&D [9] - Hango Group has initiated a new stock subscription, aiming to raise funds for smart home hardware manufacturing and R&D, with an attractive issuance price [10] - Several companies have seen their Hong Kong IPO applications expire, necessitating the resubmission of updated financial data to continue the listing process [10]