Core Viewpoint - The stock price of Laopu Gold (06181.HK) has surged significantly, reaching a record high of 1008 HKD per share, with a year-to-date increase of 321.5%. However, the price-to-earnings (PE) ratio has risen to 109, raising concerns about potential valuation corrections in the future [1][8]. Group 1: Stock Performance and Market Sentiment - Laopu Gold's stock price hit a new high, with a peak of 1035 HKD per share, reflecting a 14.9% increase on July 1 [1]. - The stock has attracted substantial interest from public funds, with 17 funds holding a total of 46 funds in Laopu Gold as of the end of Q1 2025 [1][3]. - The stock's current PE ratio of 109 is significantly higher than competitors like Chow Tai Fook (22) and Lao Feng Xiang (8), indicating a notable premium [1][8]. Group 2: Fund Holdings and Actions - Fund holdings in Laopu Gold show a clear divergence, with some funds increasing their positions while others have reduced or exited their holdings [3][7]. - The top holder, Fortune Fund, increased its holdings by 113.75 thousand shares to 158.86 thousand shares, with a market value of 1.069 billion HKD [3]. - In contrast, GF Fund reduced its holdings by 19.61 thousand shares, maintaining a total of 73.13 thousand shares valued at 491 million HKD [3][4]. Group 3: Performance of Funds - Funds heavily invested in Laopu Gold have shown strong performance, with some funds like Xin Ao You Xiang Life A rising nearly 50% year-to-date, while others like GF Value Core A and Southern Hong Kong Growth have increased by 37.86% and 36.91%, respectively [6] [7]. - A total of 10 funds that were heavily invested in Laopu Gold in Q1 have significantly reduced their positions in Q2, with 7 funds nearly exiting their holdings [7][8]. Group 4: Valuation Concerns - Market analysts express concerns over Laopu Gold's high valuation, with a dynamic PE ratio of 68, suggesting that the stock price may have already priced in optimistic performance expectations [8]. - The potential for valuation corrections is heightened if gold prices fluctuate or if consumer recovery does not meet expectations [8][9]. - Some funds have adopted a "step-by-step profit-taking" strategy, indicating a cautious approach to the stock's future performance [9].

Core Viewpoint - The stock price of Laopu Gold (06181.HK) has been rising significantly, leading to a divergence in public fund holdings, with some funds aggressively increasing their positions while others are cashing out or reducing their stakes [1][3][12]. Group 1: Stock Performance - On July 1, Laopu Gold's stock price reached a new high of 1008 HKD per share, with a 14.9% increase, and has seen a year-to-date rise of 321.5% [2][3]. - The stock's dynamic PE ratio has reached 68 times, significantly higher than competitors such as Chow Tai Fook (22 times) and Lao Feng Xiang (8 times), indicating a notable premium and potential for valuation correction [3][12]. Group 2: Fund Holdings - As of the end of Q1 2025, 17 public funds held a total of 46 funds heavily invested in Laopu Gold, with 2 funds increasing their holdings, 10 reducing, and 34 entering as new heavy investors [3][11]. - The top holder, Fortune Fund, increased its holdings by 113.75 thousand shares to 158.86 thousand shares, with a market value of 1.069 billion HKD [4][5]. - In contrast, GF Fund reduced its holdings by 19.61 thousand shares, maintaining a position of 73.13 thousand shares, with a market value of 491 million HKD [6][11]. Group 3: Fund Performance - Funds heavily invested in Laopu Gold have shown strong performance, with some, like Xin Ao You Xiang Life A, increasing nearly 50% year-to-date, while others like GF Value Core A and Southern Hong Kong Growth have risen by 37.86% and 36.91%, respectively [8][12]. - A significant number of funds have begun to reduce their positions, with 10 funds heavily invested in Laopu Gold in Q1 significantly cutting back in Q2, indicating a shift in sentiment [10][11]. Group 4: Market Sentiment and Future Outlook - The divergence in fund holdings reflects differing views on Laopu Gold's valuation, with some funds adopting a "step-by-step profit-taking" strategy amid concerns over high valuations and potential market corrections [9][12]. - The market's future direction will depend on Laopu Gold's ability to sustain high growth rates to justify its elevated valuation, especially in light of potential fluctuations in gold prices and consumer recovery [12].