以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 截至2026年1月2日收盘，宝胜国际(03813.HK)报收于0.47港元，与上一交易日持平，成交量56.9万股， 成交额26.84万港元。投行对该股关注度不高，90天内无投行对其给出评级。 宝胜国际港股市值25.03亿港元，在专业零售行业中排名第6。主要指标见下表： 宝胜国际(03813.HK)发布公告，于2026年1月2日，该公司斥资4.23万港元回购9万股股份，每股回购价 格为0.47港元。 ...

2025 年 12 月 30 日 金融工程 核心稳固，边际灵活：增量加速与定价权提升下的南向资金配置格局 ——南向资金跟踪 要点 南向资金：规模加速扩张，市场定价力量显著增强 资金规模与持股占比的结构性提升：自沪深港通开通以来，南向资金累计净流 入超 5 万亿港元，截至 2025 年 11 月末，持股市值升至 6.27 万亿港元，占港 股总市值 13.05%，创历史新高，显示境内资金跨境配置意愿长期增强。 配置节奏显著加快，市场话语权持续上升：2025 年前三季度净买入规模已超越 2024 年全年水平，配置节奏为近年罕见。南向资金成交额占港股市场总成交额 的比例快速跃升至 50%以上，市场影响力持续上升。 从"情绪溢出"到"价值驱动"：资金增配行为与 AH 溢价指数呈逆向校准， 南向资金正从博弈交易者转变为港股市场的定价锚，在行业轮动、板块配置及 市场估值形成中发挥核心作用。 南向资金行业配置的长期演进 一级行业层面，由早期的"金融与地产主导型"向以"金融+科技+消费"为核 心、医疗与公用事业等为补充的多元化结构演进，配置更加均衡、稳定。 二级行业层面，资金风格由价值取向向科技与新消费主导的成长风格演进，并 ...

Core Viewpoint - Goldman Sachs believes that after two consecutive years of gains, the Chinese stock market is poised for a "slow bull" market driven by profit growth taking over from valuation recovery [1][2][4]. Group 1: Market Trends - The report identifies ten core trends for the Chinese stock market in 2025, highlighting that the market is transitioning from a "hope" phase to a "growth" phase, primarily driven by valuation rather than profit growth [2][4]. - A-shares and H-shares recorded annual returns of 16% and 29% respectively in 2025, significantly surpassing earlier predictions [2]. - The MSCI China Index's forward P/E ratio increased from 9.9x at the beginning of 2025 to 12.5x currently, while forward earnings per share (fEPS) declined by 4% [4]. Group 2: AI and Technology - The release of DeepSeek-R1 has fundamentally changed the investment narrative for Chinese tech stocks, contributing to a market capitalization increase of over $2 trillion across related sectors [2][11]. - The widespread adoption of AI is expected to drive annual profit growth of 3% for companies over the next decade through cost savings and productivity improvements [12]. Group 3: Trade Performance - China's trade performance has exceeded expectations, with exports growing by 5.4% year-on-year and the RMB appreciating by 4% against the USD [9]. - The resilience of Chinese exports indicates a shift from low-cost manufacturing to selling high-value products in emerging markets [13]. Group 4: Consumption Trends - Despite a sluggish real estate market and slow household income growth, there is significant differentiation within the consumption sector, with service consumption outperforming goods consumption [15]. - New consumption sectors, such as entertainment and specialty retail, have shown strong performance, with an average net profit growth of 28% in the first half of 2025 [16]. Group 5: Policy and Economic Outlook - The "anti-involution" policy is expected to enhance corporate profits in certain sectors by 50% by 2027, as supply-side reductions and industry consolidation take effect [18]. - The "14th Five-Year Plan" is highlighted as a critical investment blueprint, with a constructed portfolio yielding a 68% return over the past year, outperforming the MSCI China Index [20]. Group 6: Capital Flows - Domestic capital is increasingly interested in equity assets, with southbound capital inflows reaching $180 billion, a record high [21]. - Global hedge funds have increased their net exposure to China from 6.8% at the beginning of the year to 7.8% by the end of November [21]. Group 7: Market Valuation - The Chinese market is seen as increasingly attractive for diversification, with a 35% discount compared to developed markets and a 9% discount compared to other emerging markets [22]. - The report suggests that structural migration of capital towards equity assets in China may have already begun, as equity assets start to outperform other asset classes [23].

《2025 年美国零售与消费者物流满意度报告》由美国客户满意度指数（ACSI）编制，基于 2024 年 1 月至 12 月期间 41850 份消费者调查，聚焦一般商品零 售、专业零售、线上零售、超市、加油站及消费者物流六大领域，以 0-100 分制呈现满意度表现及行业趋势。 整体零售行业满意度小幅回升，消费需求聚焦价值与便利。2025 年美国零售行业整体满意度微涨 0.4% 至 78.3 分，2024 年假日季销售额同比增长 3.8%（2023 年为 3.1%），但增长存在结构性差异：感恩节线上销售额激增 8.8%，而实体店 "黑色星期五" 影响力减弱，超市、服装店等业态表现承压。消 费者核心诉求集中于两点：一是性价比，尽管通胀放缓，但累计涨价仍促使购物者精打细算；二是便利性，全渠道体验成熟化背景下，"线上下单、门店提 货" 模式普及，线上线下体验一致性成为关键竞争力。 各零售细分领域表现分化，头部企业凭借技术与细分需求突围。一般商品零售满意度上涨 1% 至 78 分，山姆会员店（Sam's Club）借助 "扫码支付跳过结 账" 等技术升级，满意度飙升 5% 至 85 分，登顶该品类；TJX 集团（旗下 M ...

Core Viewpoint - The Hang Seng Index (HSI) rose by 0.81% to 26,068.05 points, while the Hang Seng Tech Index increased by 0.99% to 5,654.62 points, indicating a positive market sentiment driven by specific sectors [1] Sector Performance - The general metals and minerals, gold and precious metals, and professional retail sectors led the gains in the market [1] - Conversely, the information technology equipment, home appliances and goods, and agricultural products sectors experienced declines [1]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a strong same-store revenue growth of 28% year-on-year in Q3 2025, with total revenue reaching 5.8 billion yuan, exceeding the company's guidance of 25-28% [7] - The overseas segment showed significant growth, with overseas revenue increasing by 28.6% year-on-year, and the company plans to slow down the opening of new stores to focus on quality [7] - The TOP TOY division experienced remarkable growth, with revenue increasing by 111.5% year-on-year in Q3 2025 [7] - The company expects Q4 2025 revenue growth to be in the range of 25-30%, with same-store growth in both China and the U.S. projected to accelerate [7] Financial Performance Summary - Total revenue projections for the company are as follows: 2023A: 11,473 million yuan, 2024A: 16,994 million yuan, 2025E: 21,305 million yuan, 2026E: 25,961 million yuan, and 2027E: 30,963 million yuan, with year-on-year growth rates of 13.76%, 48.12%, 25.37%, 21.85%, and 19.27% respectively [1] - The adjusted net profit for 2025 is projected to be 2,901 million yuan, with a year-on-year growth of 6.61% [1] - The company's EPS is expected to be 1.83 yuan in 2025, with a P/E ratio of 18.58 based on the latest diluted earnings [1]

Group 1 - The Hang Seng Index closed at 25,578.88 points, up 1.42% [1] - The Hang Seng Tech Index reached 5,484.46 points, increasing by 1.65% [1] - The professional retail, media and entertainment, and software services sectors led the gains, while the semiconductor, oil and gas, and industrial transportation sectors experienced declines [1] Group 2 - NetEase and Kuaishou both rose over 5%, while Alibaba increased by more than 4% [1]

Core Insights - Bath & Body Works reported a slight decline in Q3 2025 sales and profits, while also trimming its full-year outlook and introducing a new multi-year strategic plan [1][5] Financial Performance - For Q3 2025, net sales were $1.59 billion, down 1% from $1.6 billion in Q3 2024 [1] - Earnings per diluted share decreased to $0.37 from $0.49 year-over-year [1] - Operating income fell to $161 million from $218 million, and net income declined to $77 million from $106 million in the same quarter of the previous year [2] - The reported figures included an $8 million pre-tax gain from the sale of a non-core asset [2] Future Guidance - For Q4 2025, net sales are expected to decline in the high single-digit range compared to $2.78 billion in Q4 2024 [2] - Q4 2025 earnings per diluted share are forecasted to be at least $1.7, down from $2.09 in Q4 2024 [2] - The full-year 2025 guidance has been revised to expect net sales to decline in the low single digits, compared to previous growth expectations of 1.5% to 2.7% against fiscal 2024 revenue of $7.3 billion [4] - Full-year 2025 earnings per diluted share are now projected to be at least $2.83, down from $3.61 in fiscal 2024 [4] - The company anticipates generating approximately $650 million in free cash flow for the full year [4] Strategic Initiatives - The CEO indicated that the third-quarter results were below expectations, prompting a lowered outlook for the remainder of the year due to current business trends and macro consumer pressures [5] - Bath & Body Works introduced a new strategic framework called the "Consumer First Formula," aimed at supporting long-term growth [6] - The first priority of the new strategy focuses on reinforcing product capabilities, with an emphasis on innovation in key categories such as body care, home fragrance, soaps, and sanitizers [7]

格隆汇11月20日｜专业零售商Bath & Body Works公布第三季度业绩，销售额同比下降1%至15.9亿美 元，低于分析师预期的16.3亿美元；调整后每股收益为35美分，亦低于分析师预期的39美分。该公司预 计2025财年净销售额将出现低个位数的下滑，而之前的预测是增长1.5%至2.7%；每股收益预期从3.35至 3.6美元下调至至少2.87美元，主要是因为美国消费者对特朗普政府不断变化的关税政策持谨慎态度，这 给购物预算带来了压力。公司还宣布了一项转型计划，并表示将在未来两年内节约2.5亿美元的成本。 ...

恒指报26595.97点，跌0.2%，恒生科技指数报5900.92点，跌0.25%，地产、汽车、一般金属及矿石板块 领涨，煤炭、专业零售、半导体板块领跌。小鹏汽车涨超15%。（AI生成） ...