2024年下半年以来，消费企业赴境外上市已蔚然成风。 据了解，2025年以来，消费类企业如茶饮品牌中的蜜雪冰城、古茗、沪上阿姨、霸王茶姬纷纷在港股和 美股上市，同时还有老乡鸡、遇见小面、绿茶、鸣鸣很忙等众多消费类企业正在上市进程中。值得注意 的是，这里面有不少是新消费企业。 对于这一轮消费类企业赴境外上市的热潮，分析人士指出，在契合促消费的政策纲领下，一方面前几年 是消费类股权投资高潮期，在当前时点其背后的机构有着退出需求，尤其对赌协议带来了迫切的上市需 求；而另一方面，则是目前头部消费类企业面临着国际化需求，上市对其国际化扩张以及品牌提升均有 相应助力，以整合更多资源。此外，消费类企业尤其是新消费企业上市，更是顺应消费趋势变化的必然 举措。 消费企业密集上市 消费类企业正在迎来上市高潮。以新式茶饮品牌为例，今年2月古茗、3月蜜雪集团赴港上市，4月霸王 茶姬赴美上市，5月沪上阿姨在港上市，在短短4个月内就有4家同行业公司上市。 不仅如此，2025年以来，港股市场还有纽曼思、布鲁可、舒宝国际等消费类企业已经上市，目前，另一 家餐饮企业绿茶正处于招股期，即将登陆港股市场。而港股还有众多消费企业已经递表，如老乡鸡、 ...

Group 1 - The core viewpoint of the article highlights the rise of new consumption brands and the structural opportunities within the consumer sector, which has attracted significant investment attention since the second half of last year [2][3] - The consumer sector is not a single-direction track but encompasses various styles of assets, including cyclical, defensive, and growth categories, with new consumption brands emerging rapidly [2] - The year 2025 is anticipated to be a turning point for the consumer sector, as structural opportunities have begun to surface this year after a prolonged downturn since February 2021 [2] Group 2 - New consumption is defined as new brands rather than new channels or supply chains, with breakthroughs occurring when new consumer habits form or brand influence expands [2] - Fund managers who recognized the trend early have seen substantial returns, with some funds achieving returns of 54.63% and 27.79% year-to-date as of May 8 [3] - The rise of new consumption brands is attributed to the emergence of a younger generation of consumers who prioritize individual expression and are willing to pay a premium for products that align with their tastes [4] Group 3 - The current consumer market is experiencing a new long cycle, driven by younger demographics that value personal satisfaction and have a higher willingness to pay [4] - Companies that demonstrate strong product capabilities in niche markets, such as trendy toys, gold jewelry, and pet products, are expected to seize broader opportunities in the global market [4]

如今，生活条件好了，没有人还在为基本的温饱问题而烦恼，追求创意生活，潮流生活的人越来越多， 而义乌市麦昔日用品有限公司休闲百货店是专项经营高品质创意潮品的连锁品牌，集结了国内外更胜一 筹的时尚潮品，有创意，家居系列，新奇玩具系列，潮流饰品系列文体礼品系列等产品，价格低，品质 过硬，别出心裁的设计，为每一个年轻人打造属于自己的时尚购物场所。 义乌市麦昔日用品有限公司时尚潮品店积极应对移动互联网时代的挑战。其及时捕捉到这一趋势，优化 了用户体验，提供了更方便的购物方式，让消费者可以随时随地购买产品，真正实现了尽享购物。 公司还深度融合大数据与人工智能技术，为消费者提供个性化的购物体验。通过分析消费者的行为数据 和喜好，准确洞察消费者的需求，并推荐符合他们口味的商品，为消费者打造了个性化购物体验，让每 一位消费者感受到独特关怀。 随着直播购物热的兴起，人们越来越习惯在直播购物，据统计，每四个上网的人中，就有一个在直播购 买过东西，在网店、直播等网上开个小店，等于24小时在经营，没有税收、房租、不需要库存和资金， 只需要腾出一点时间打理即可，是实体店的补充，实现线上线下共赢的局面！ 时代在淘洗中选择了新消费，也必然带 ...

Core Viewpoint - The performance differences among consumer-themed funds indicate that fund performance is derived not from betting on sectors but from stock selection capabilities [1][2][4]. Group 1: Consumer Fund Performance - A number of consumer-themed funds have shown unexpected structural opportunities, ranking among the top in the market despite an overall lackluster consumer sector [2][4]. - Funds focusing on service-oriented consumption are expected to drive domestic economic growth, countering some negative impacts from tariffs [2][10]. - The Southern China Emerging Economy Fund achieved a 24% return this year, with a cumulative return of 91.04% over the past three years, ranking seventh among all funds [4][5]. Group 2: Stock Selection vs. Sector Betting - The performance of funds is more closely related to the fund manager's ability to select individual stocks rather than the sector they are invested in [7][8]. - Many poorly performing funds this year were heavily invested in popular technology sectors, highlighting the importance of stock selection [7][8]. - The Southern Hong Kong Flexible Fund, managed by Xiong Xiaoya, achieved a 30% return this year by focusing on the consumer sector, with 9 out of its top 10 holdings in new consumption [8][9]. Group 3: Structural Opportunities in New Consumption - New consumption, particularly service-oriented, is gaining traction among fund managers, indicating structural opportunities despite an overall weak consumer environment [10][11]. - The performance of sectors like beauty care and retail reflects the inevitable growth of new consumption driven by domestic demand [10]. - Analysts suggest that the rise of domestic consumption policies and the potential for new consumption companies to generate excess returns are significant opportunities [11].

Market Performance - The Hong Kong stock market showed mixed performance on May 9, with the Hang Seng Index rising by 91.82 points, or 0.4%, closing at 22,867.74 points, marking a "seven-day rise" [1] - The Hang Seng Index and the National Enterprises Index both achieved a "four-day rise" over the week, with the Hang Seng Index increasing by 363 points, or 1.61%, while the Hang Seng Tech Index fell by 64 points, or 1.22% [1] - Average daily trading volume increased significantly to HKD 2,002 million, a week-on-week growth of 14.85% [1] Sector Performance - The consumer sector performed notably well, with stocks such as Prada rising by 4.92%, Chow Tai Fook by 3.82%, Samsonite by 2.38%, and Giordano International by 1.35% [1] - Guotai Junan Securities remains optimistic about new consumption targets for the year, highlighting the advantages of domestic demand amid the "tariff war" initiated by the U.S. [1] Market Dynamics - The Hong Kong Securities and Futures Commission and the Hong Kong Exchanges and Clearing Limited announced the launch of the "Tech Company Fast Track" on May 6, aimed at providing a more convenient listing path for specialized technology and biotech companies [1] - The "Tech Company Fast Track" allows companies to submit listing applications confidentially, protecting their business secrets and technical details from early exposure [2] - The introduction of this fast track is expected to enhance liquidity in the Hong Kong stock market and optimize industry structure, potentially leading to a valuation recovery in the tech sector [2] Earnings Impact - Analysts have noted that several major new economy stocks are set to announce their first-quarter earnings, which may influence market trends moving forward [3]

以下文章来源于豹变 ，作者高宇哲 面对如此高的金价，准备结婚的年轻人开始寻求替代方案。95后林薇便是其中之一，她选择 将准婆婆给的6万元三金折现，用于新家的装修预算。"金子买来也很少戴，不如把这笔钱放 在新家的装修预算里"，这种务实态度在社交媒体上得到了众多网友的赞同，越来越多准备 成家的年轻人正在挣脱三金"焦虑"。 豹变 . 直抵核心。做最具穿透力、洞察力的商业观察，深度影响未来。 这是新消费智库第 2 6 3 1 期文章 新消费导读 金价飙涨导致备婚"三金"成本激增，年轻人选择折现、打金、以旧换新 突围。高价黄金围剿下，婚姻"试金石"该如何破局？ 作者 ： 高宇哲 编辑：竺天 4月22日，现货黄金价格首次突破每盎司3500美元，引发了国内品牌金饰价格大幅攀升， 每克黄金饰品的价格史无前例地突破了1050元。 审核： Single 来源： 豹变 这一天，在北京龙湖长楹天街的周大福专柜，计划10月结婚的王希在听到报价后不禁倒吸一 口凉气。按照当天的价格，40克的素圈手镯不算工本费就需要4万元，如果再加上项链和戒 指，三金总价至少5万元，远超她的预算。 今年以来，这样的场景在各大金店屡见不鲜。《2024中国金饰 ...

公开信息显示，恒生科技指数ETF（513180）在A股上市的同赛道ETF中规模和流动性双双领先，支持 T+0交易。恒生科技指数ETF（513180）兼具硬科技与新消费属性，在外围扰动下具备韧性：1）硬科 技：恒生科技代表了中国AI核心资产，成分股深度聚焦AI产业链的上中下游，其中阿里、腾讯、小 米、美团、中芯国际、联想等有望成为中国科技股"七巨头"；2）新消费：恒生科技超一半权重在电商 零售、汽车、家电、消电、旅游等可选消费板块，包含"蔚小理"、小米、联想等硬件厂商，携程、同程 等OTA平台，以及海尔、美的等家电龙头。（场外联接A/C：013402/013403） （文章来源：每日经济新闻） 5月9日早盘，恒生科技指数低开低走，盘中一度跌超1.5%，成分股中，仅联想集团等少数公司上涨， 中芯国际、理想汽车、快手、地平线机器人等领跌，其中华虹跌超11%，中芯国际一度跌超6%。近期 热度较高的恒生科技指数ETF（513180）跟随指数震荡下行。据悉，恒生科技指数当前估值 （PETTM）仍仅有21.73倍，处于指数发布以来17.99%的分位数，即当前估值低于历史以来82%以上的 时间，具备一定估值性价比。 国联民生 ...

Core Insights - The coffee industry in China has transformed from an imported product to a significant domestic market, with a scale reaching 265.4 billion yuan in 2023 [1] - New local coffee brands like Luckin, Kudi, and Manner are disrupting the market, challenging established players like Starbucks and Nestlé, and creating a new coffee ecosystem [1][2] - Coffee has become a cultural symbol for the younger generation, particularly Generation Z, who view it as a social currency and a means to establish emotional connections [2] Industry Development - The coffee industry has evolved into a comprehensive value chain in China, encompassing cultivation, packaging, transportation, and branding, making it a key player in the global coffee supply chain [1] - The coffee market is now a trillion-dollar industry globally, with over 70 countries involved in its supply chain, providing numerous job opportunities and boosting local economies, such as in Yunnan [2] - The rise of new coffee brands has stimulated consumer activity through innovative marketing strategies, including IP collaborations and cross-industry partnerships [2] Market Challenges - The coffee cultivation process is vulnerable to environmental factors, which can lead to fluctuations in production and impact biodiversity [3] - Intense price competition may compromise the quality of coffee products, leading to a market where high-quality coffee struggles to find a place [3] - China's coffee market is transitioning from a follower to a leader, reshaping the global coffee consumption landscape through innovation and new production capabilities [3]

Group 1 - The core viewpoint of the articles highlights the surge in tourism in Wuhan's Hanyang district during the May Day holiday, with a total of 1.4474 million visitors and a tourism revenue of 158 million yuan, marking increases of 7.9% and 4.6% respectively compared to the previous year [1][5][8] - The newly opened Wuhan Yuanyangli commercial street has quickly become a focal point in the city, integrating culture, commerce, and art, and is located in the core area of the Hanyang Old Town [3][5] - The commercial street features 13 buildings themed around "cultural life," collaborating with over 60 innovative brands to offer a diverse cultural experience, including traditional Chinese brands and modern lifestyle offerings [5][6] Group 2 - The opening activities during the May Day holiday at Yuanyangli included two major art exhibitions, a market, a Hanfu show, and competitive events, attracting significant attention from both locals and tourists [5][8] - The location of Yuanyangli is strategically close to several key attractions in Hanyang, making it a potential hub for visitors to enjoy dining, entertainment, and shopping [8]