Market Overview - The Hong Kong stock market indices experienced an overall increase during the week of June 2-6, with the Hang Seng Index rising over 600 points, closing at 23,792.54, a weekly increase of 2.16% [1] - The Hang Seng Tech Index and the China Enterprises Index also saw gains of 2.25% and 2.34%, respectively [1] Investment Outlook - HSBC's Chief Investment Officer for Asia, Fan Zhuoyun, predicts a target price of 25,830 for the Hang Seng Index this year, indicating further upside potential [1] - There is a notable shift in international investors' attitudes towards Chinese assets, particularly as they seek opportunities outside the U.S. amid policy uncertainties [1] Foreign Investment Trends - HSBC has observed an inflow of foreign capital into the Hong Kong stock market, although the overall scale remains below historical highs, suggesting significant room for growth in foreign investment [1] - The focus of foreign investments is primarily on the artificial intelligence sector and high-yield stocks [1] New IPOs - Three new stocks, Xin Qi An, Rong Da Technology, and Yuan Guang Technology, are set to be listed on the Hong Kong Stock Exchange on June 10 [3] - Yuan Guang Technology's IPO saw a strong market response, with over 300 times oversubscription during the public offering phase [3] - Xin Qi An and Rong Da Technology are also expected to raise over 220 million HKD each through their IPOs [3] Consumer Sector Performance - Several new consumer stocks have seen significant price increases, with Gu Ming, Mao Ge Ping, Mi Xue Group, and Bu Lu Ke reaching historical highs [4][5] - Gu Ming's stock has risen over 165% since its listing, with a reported revenue of 8.791 billion RMB and a net profit increase of 36.2% year-on-year [4] - Mi Xue Group has surpassed 46,000 global stores, becoming the largest chain in the coffee and tea industry, with a stock increase of 136% since its IPO [5] Stablecoin Regulation - The Hong Kong government announced that the Stablecoin Regulation will take effect on August 1, 2025, establishing a licensing system for stablecoin activities [6] - The regulation aims to provide a framework for the sustainable development of the stablecoin and digital asset ecosystem in Hong Kong [6] Stock Market Reactions - Companies involved in stablecoin issuance are expected to benefit directly from the new regulation, with Zhong An Online's stock rising over 86% during a recent period due to its partnership with stablecoin issuers [7]

Core Insights - The elderly toy market in China is rapidly growing due to the increasing aging population, with significant year-on-year growth in search and transaction volumes on the Taobao platform [1] - Elderly consumers are becoming an important consumer group, showing a preference for health and educational toys [1] - The Taobao Tmall toy industry plans to establish a new category for "elderly toys" and will provide dedicated support and precise operations for this segment [1] - The rise of the elderly toy market not only meets the spiritual needs of older adults but also promotes innovation and transformation in traditional industry chains [1]

Group 1 - The National Development and Reform Commission has announced a new batch of 19 national backbone cold chain logistics bases, distributed across 17 provinces including Jilin, Henan, and Guizhou, with cities like Changchun and Luoyang involved [4] - Hong Kong's role as an international innovation and technology center is emphasized, with the potential to help companies reduce risks and shorten the overseas expansion cycle amid an uncertain international environment [4] Group 2 - The Ministry of Transport has elevated the management and oversight of the bridge collapse incident in Hebei, which resulted in 2 deaths and 3 injuries, indicating a serious approach to safety in transportation projects [5] - In Zhangjiajie, 51 tons of garbage have been cleared from caves, with 14 cases filed and 4 individuals suspended for environmental violations, highlighting ongoing environmental management efforts [5] Group 3 - The Jiangxi government is investigating the delay in the opening of an automobile museum, with plans to ensure it opens by August 2025, reflecting a commitment to project management and accountability [6] Group 4 - The founder of Pop Mart, Wang Ning, has become the new richest person in Henan with a net worth of $20.3 billion, driven by the popularity of the Labubu brand, which has significantly boosted the company's market value [11] - BYD's response to controversies regarding its "normal pressure fuel tank" and allegations of financial misconduct has been proactive, with regulatory bodies confirming no issues, indicating the company's commitment to transparency [10] Group 5 - Atour Hotel has addressed a controversy regarding the use of hospital pillowcases, taking corrective actions and terminating its relationship with the laundry supplier involved, demonstrating a focus on quality control and customer satisfaction [12] - Ruifucheng's major shareholder plans to reduce their stake after a significant stock price increase of 156% this year, which may indicate investor caution regarding the company's future [13] - Green Valley Pharmaceutical has halted production of a controversial drug due to regulatory issues, signaling challenges in the pharmaceutical sector and the need for improved product development [14]

Group 1 - Labubu has become the top search term on Alibaba's AliExpress platform ahead of the overseas 618 shopping festival, indicating its rising popularity among international consumers [2][4] - The brand's unique "quirky cute" design and blind box concept have contributed to its rapid ascent as a global trendsetter, with significant consumer interest from markets such as the UK, Australia, and Brazil [5] - The overall GMV for the toy category on AliExpress has seen a remarkable 300% year-on-year growth, driven by the success of Labubu and other Chinese toy brands [5] Group 2 - AliExpress has established itself as a core platform for Chinese brands to expand internationally, with various high-quality toy brands and tech companies choosing to enter the overseas market through this platform [5] - The platform's mature market layout, robust logistics infrastructure, and localized marketing resources are key factors that assist brands in overcoming the challenges of international expansion [5] - AliExpress has launched the "BigSave" brand export plan, aiming to support 1,000 new brands in achieving a breakthrough of one million dollars in sales this year [5]

Core Insights - The article highlights the booming toy market, particularly focusing on LABUBU, which has gained immense popularity among young adults, leading to significant wealth accumulation for its founder, Wang Ning [3][8][24] - The success of LABUBU and other toy companies illustrates how seemingly simple products can generate substantial financial success for their creators while providing emotional value to consumers [3][24] Company Overview - LABUBU, produced by Pop Mart, targets young adults aged 18-35 rather than children, indicating a shift in the toy market demographic [3][8] - Wang Ning, the founder of Pop Mart, has seen his wealth grow from 120 billion to 505 billion in just one year, showcasing the rapid financial success of the company [8][24] - The article also mentions other toy entrepreneurs, such as Zhu Weisong of Blokus and Cai Dongqing of Aofei Entertainment, who have also achieved significant wealth through their respective companies [11][19][21] Market Trends - The toy industry is experiencing a resurgence, with companies like Pop Mart expanding into international markets and creating unique intellectual properties (IPs) [8] - The rise of blind box toys has contributed to the popularity of brands like Pop Mart, which has seen a stock price increase of 165.8% recently [8] - The article notes that the combined wealth of four toy entrepreneurs exceeds 1 trillion, highlighting the lucrative nature of the toy industry [23]

Investment Rating - The report maintains an "Overweight" rating for the retail industry [1] Core Insights - The report highlights the upcoming inclusion of companies Bruker, Guming, and Mixue Group into the Hong Kong Stock Connect, indicating potential investment opportunities in new consumer sectors [4][9] - Bruker, as the leading building block toy brand in China, has achieved a market share of 30.3% in 2023, with a global market share of 7.4%. The company is expected to continue its rapid growth through new IP and product launches [4][9] - Guming, the leading ready-to-drink tea brand in China, has expanded its store count to 9,914 by the end of 2024, with a projected GMV of 22.4 billion yuan. The company is well-positioned to capture market share through its differentiated competitive advantages [4][10] - Mixue Group, a leader in affordable ready-to-drink beverages, has established a comprehensive supply chain and has expanded to 45,302 stores by September 2024. The company holds a 31% market share in the sub-10 yuan price segment [4][10] - The report suggests focusing on the newly included consumer brands and highlights the potential for increased brand value and market share due to changing consumer habits [4][11] Summary by Sections Industry Trends - The report notes a 1.29% increase in the retail index from June 2 to June 6, 2025, and a year-to-date increase of 9.30% [12][23] Company Valuation Table - The report includes a valuation table for various companies, indicating their market capitalization and projected earnings [21] Market Performance - The report provides insights into the performance of various indices, with the retail index showing a positive trend compared to other sectors [12][22]

Investment Rating - The report assigns an "Outperform" rating to multiple companies in the discretionary and staples sectors, indicating a positive outlook for their performance relative to the market [1]. Core Insights - The report highlights the strong performance of the gold and jewelry sector, while cosmetics and snacks are experiencing adjustments. It notes that luxury goods, particularly gold and jewelry stocks, are among the top performers this week [2]. - Key companies such as Pop Mart have been included in the FTSE China 50 Index, which is expected to enhance their visibility and investment appeal [3]. - The report also mentions various new product launches in the food and beverage sector, indicating innovation and market responsiveness [3]. Summary by Sections Investment Focus - Companies rated "Outperform" include Guizhou Moutai, Wuliangye, Midea Group, and Haier Smart Home among others, reflecting a strong investment sentiment towards these stocks [1]. Weekly Performance - In the food and beverage sector, top performers include CHAGEE (+16.3%) and underperformers include Xiaocaiyuan (-5.1%). In the designer toys sector, Pop Mart (+11.1%) and MINISO (+5.8%) showed strong gains. The home appliance sector saw Marssenger (+5.0%) leading, while Midea Group (-7.5%) faced declines [4][9]. Industry News - Notable industry developments include BLOKEES entering the Mexican market and Luckin Coffee launching a new product in collaboration with SpongeBob SquarePants. Additionally, the Jiangsu home appliance trade-in subsidy platform has been upgraded to enhance consumer engagement [3][8].

Investment Rating - The report maintains an "Overweight" rating for the retail industry, indicating a positive outlook for the sector in the coming months [1]. Core Insights - The report highlights the upcoming inclusion of companies Bruco, Guming, and Mixue Group into the Hong Kong Stock Connect, which is expected to attract incremental capital allocation [4]. - Bruco, as the leading building block toy brand in China, has achieved a market share of 30.3% in 2023, with a global market share of 7.4%. The company is expected to continue its rapid growth through new IP, products, and channel expansion [4][9]. - Guming, the leading domestic ready-to-drink tea brand, has expanded its store count to 9,914 by the end of 2024, with a projected GMV of 22.4 billion yuan. The company is well-positioned to capture market share through its differentiated competitive advantages [4][10]. - Mixue Group, a leader in affordable ready-to-drink beverages, has established a comprehensive supply chain and has expanded to 45,302 stores by September 2024. The company holds a 31% market share in the sub-10 yuan price segment, indicating strong market presence [4][10]. - The report suggests focusing on new consumer brands such as Bruco, Guming, and Mixue Group, as well as collectible brands like Pop Mart and pet food sectors, which are expected to benefit from changing consumer habits and increased brand value [4][11]. Summary by Sections Industry Trends - The retail sector has shown a positive performance with a 1.29% increase in the Shenwan retail index from June 2 to June 6, 2025, and a year-to-date increase of 9.30% [12][23]. Company Valuation Table - The report includes a valuation table for various companies in the retail sector, providing insights into their market capitalization, closing prices, and projected earnings [21]. Market Performance - The report notes that the Shenwan retail index has outperformed other indices, indicating a robust market environment for retail stocks [12][23].

「Going Global 出海周报」 是创业邦推出的出海系列栏目，旨在为出海领域的创业者和投资人精选 出海大事件、海外大公司、投融资消息，本篇为栏目第 289 篇报道。 整理丨赵晓晓 本周（ 202 4 . 06 . 01 - 2025.06.08 ）出海大事件包括 ：特朗普或为贸易谈判第三次延期 TikTok 禁令；首家 TikTok 线下选品中心在越南开放； TikTok 的电商新市场扩张任务已经完成， 但在德国还不怎么受欢迎； Temu 在第二季度全球化战略提速， 9 成用户来自亚非拉； Labubu 已 经成为速卖通 Top1 的搜索词；小红书在香港设立首个境外办公室，有望今年启动上市；快手的 Kling AI 单月营收破 1 亿元，成为全球收入最高的视频生成产品之一 等。 出海四小龙 特朗普或为贸易谈判第三次延期 TikTok 禁令 随着 6 月 19 日最后期限临近，特朗普预计将签署行政令，暂缓执行封禁或强制出售 TikTok 的法 律，以避免 TikTok 在美国的业务被全面封禁。 这将是特朗普 1 月就任美国总统以来第三次给予 TikTok 宽限期，此前两次分别为 4 月和 6 月的 75 ...

Market Overview - The U.S. has increased tariffs on steel and aluminum from 25% to 50%, effective June 4, 2025, impacting market sentiment[9] - The People's Bank of China announced a 1 trillion yuan reverse repurchase operation to maintain liquidity, indicating a supportive stance for the bond market[10] Bond Market Insights - The 10-year government bond yield is expected to reach new lows, with a recommended entry point above 1.8% and a potential extreme at 1.9%[3] - After a 10 basis point rate cut, the yield is projected to be around 1.7%, presenting a favorable configuration for investors[3] Stock Market Strategy - Defensive sectors like banks are recommended due to ongoing tariff negotiations and economic pressures, with limited downside potential for large-cap stocks[3] - The market is currently characterized by high volatility, particularly in small-cap stocks, necessitating a cautious approach to investment[3] Economic Indicators - The average daily trading volume in the A-share market has risen to 1,208.854 billion yuan, an increase of 114.95 billion yuan from the previous week[22] - The industry rotation speed has increased, with heightened investor interest in technology and new consumption sectors[23] Risk Factors - Risks include slower-than-expected economic recovery, ineffective policy measures, escalating tariff disputes, geopolitical tensions, and uncertainties in overseas economic conditions[4][26]