老铺黄金 分时图 日K线 周K线 月K线 733.00 43.00 6.23% 6.45% 4.30% 2.15% 0.00% 2.15% 4.30% 6.45% 645.50 660.33 675.17 690.00 704.83 719.67 734.50 09:30 10:30 12:00/13:00 14:00 16:10 0 4万 8万 12万 老铺黄金(06181)反弹逾5%，截至发稿，涨5.43%，报727.5港元，成交额9.28亿港元。 消息面上，老铺黄金近日发布盈喜，预计上半年实现收入120亿至125亿人民币，同比增长241%至 255%；实现净利润22.3至22.8亿人民币，同比增长279%至288%。美银证券发布研报称，将老铺黄金今 明两年的经调整净利润预测上调11%和6%，分别至50亿及66亿元人民币，料公司今年下半年的收入将 达到138亿元人民币，同比增长178%，经调整净利润料达27亿元人民币，同比增长206%。 小摩表示，2025年上半年稳健的精品店扩张(包括5家新精品店及1家精品店翻新)尚未在上半年财报中体 现，将于下半年呈现贡献。该行认为，新开精品店在开业促销期间表现强劲，拥 ...

老铺黄金近日发布盈喜，预计上半年实现收入120亿至125 亿人民币，同比增长241%至255%；实现 净利润22.3至22.8 亿人民币，同比增长279%至288%。美银证券发布研报称，将老铺黄金今明两年的经 调整净利润预测上调11%和6%，分别至50亿及66亿元人民币，料公司今年下半年的收入将达到138亿元 人民币，同比增长178%，经调整净利润料达27亿元人民币，同比增长206%。 小摩表示，2025年上半年稳健的精品店扩张（包括5家新精品店及1家精品店翻新）尚未在上半年财 报中体现，将于下半年呈现贡献。该行认为，新开精品店在开业促销期间表现强劲，拥有理想的客户 群、强劲的客流量及销售额。因此，小摩预期这种势头将于2025年下半年延续，受老铺品牌价值、产品 创新及市场对国牌的强烈价值主张推动。未来催化剂包括新店开张及潜在纳入MSCI中国指数。 （责任编辑：宋政 HN002） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff ...

Group 1: Stablecoins and Global Currency System - Stablecoins are typically pegged to stable assets like fiat currencies (mainly USD), precious metals, or other cryptocurrencies, providing relative stability in value [1] - The stablecoin market has significantly expanded since 2020, currently valued at nearly $245 billion, driven by advantages in payment settlements, demand from the expanding cryptocurrency market, and geopolitical risks [1][2] - The development of stablecoins essentially extends the dominance of the USD into the cryptocurrency realm, although the ongoing de-globalization of the USD may not be reversed by stablecoin growth [2] Group 2: China's Market Outlook - The "transformation bull" market in China is becoming clearer, with strategic optimism for 2025 driven by reduced marginal impacts from valuation contractions and a shift in investor expectations [3] - Key drivers for this market include a decline in risk-free rates, effective economic policies, and a focus on investor returns, which are crucial for changing risk perceptions among investors [3][4] - Investment opportunities are identified in sectors such as finance, emerging technology, and cyclical consumption, with recommendations for stocks in brokerage, banking, insurance, and new consumer trends [4][5] Group 3: Hong Kong Market Dynamics - The Hong Kong stock market has outperformed the A-share market since the beginning of the year, with a 19% increase in the Hang Seng Index, driven by sectors like healthcare, technology, and consumer goods [7] - The scarcity of certain assets in the Hong Kong market, particularly those related to AI applications and new consumption trends, is a significant factor in its outperformance [7][8] - Positive factors supporting the Hong Kong market's upward trajectory include fundamental recovery and improved liquidity, with a focus on technology stocks benefiting from accelerated AI applications [8]

Group 1 - The core viewpoint of the article emphasizes that the Chinese stock market is entering a "transformation bull" phase, driven by a clearer understanding of economic conditions and a reduction in the marginal impact of valuation contraction [1][2] - The key drivers of the market include a decline in the risk-free interest rate and a systematic reduction in risk perception, which have historically hindered investor willingness to enter the market [2][3] - The article highlights the importance of timely and reasonable economic policies, as well as reforms in the capital market that focus on investor returns, which are crucial for changing the conservative attitudes of investors towards risk [2][3] Group 2 - Emerging technology is identified as a main investment theme, while cyclical finance is seen as a dark horse opportunity. The article suggests that the real issues in the Chinese economy are not solely in real estate but in broader economic stability and innovation [3] - Recommendations for investment include sectors such as financial services (brokerages, banks, insurance), high-dividend companies (telecom operators, highways, public utilities), and emerging technologies (internet, media, robotics, pharmaceuticals, military) [3] - The article also points to new consumption trends and cyclical recovery in commodities, recommending investments in rare earths, chemicals, retail, and cosmetics, as well as themes like AI, regional economic development, and self-sufficiency in technology [3]

Core Viewpoint - The Chinese stock market is entering a "transformation bull" phase, driven by a clearer understanding of economic conditions among investors and a shift in the main contradictions from economic cycle fluctuations to a decline in discount rates, particularly the reduction in risk-free rates and systemic risk awareness [1][2]. Group 1: Market Dynamics - The key drivers of the market are the decline in risk-free interest rates and a systemic reduction in risk perception. The past three years saw high opportunity costs hindering investor willingness to enter the market, but recent monetary policies have improved liquidity [2]. - The long-term government bond yield has fallen below 2%, and deposit rates have dropped below 1%, indicating a substantial decrease in risk-free rates in the Chinese stock market [2]. Group 2: Investment Opportunities - Emerging technologies are a primary investment theme, while cyclical finance is seen as a dark horse. The focus is on sectors such as finance and high dividends, with recommendations for brokers, banks, and insurance companies, as well as companies with stable dividends and monopolistic advantages [3]. - New technology growth is emphasized, particularly in sectors like internet, media, robotics, pharmaceuticals, and military, driven by competition between China and the U.S. [3]. - The revival of cyclical consumption is anticipated, with a focus on sectors experiencing improved competitive dynamics and tight supply-demand conditions, such as non-ferrous metals and chemicals, along with new consumer demands in retail and cosmetics [3]. Group 3: Thematic Recommendations - Recommendations include investments in AI applications, which are expected to accelerate demand for computing power, benefiting internet giants and infrastructure spending [4]. - The diversification of products and applications in embodied intelligence is highlighted, with a focus on core components and lightweight materials that benefit from large-scale production [4]. - The rise of domestic brands in consumer goods is noted, with recommendations for sectors like beauty, IP toys, and pet services that resonate with new consumer demographics [4]. - Regional economic policies, such as the Western Development strategy and the upcoming Hainan free trade zone, present opportunities in infrastructure, specialty raw materials, and tourism [4]. - The restructuring of global technology supply chains suggests a positive outlook for advanced semiconductors, domestic computing, and foundational software [4].