以下文章来源于投中网 ，作者纪佳文 投中网 . 投中网是领先的创新经济信息服务平台，拥有立体化传播矩阵，为创新经济人群提供深入、独到的智识 和洞见，在私募股权投资行业和创新商业领域拥有权威影响力。官网：www.chinaventure.com.cn 本文来自微信公众号： 投中网 （ID：China-Venture） ，作者：纪佳文，编辑：刘燕秋，题图来 自：AI生成 王宁刚拿到麦刚那200万元天使投资时，曾经激动地对麦刚说，"如果我是周杰伦，你就是吴宗宪"。 麦刚是不是吴宗宪我不知道，但那时王宁可能还是对周杰伦有些误解，因为他不会想到周杰伦在抖音 只是简单地开个账号，能让周母亲叶惠美是实控人的港股巨星时代，一天翻倍收盘超过百亿市值，能 让A股的"周杰伦"概念股集体躁动。 王宁的泡泡玛特、蜜雪和老铺集团，也在各个资本市场拥有自己的拥趸和概念股。"港股三姐妹"崛起 的故事，想必大家都耳濡目染一阵子了。 但我还一直特好奇一个事，新崛起的"港股三姐妹"为什么不是"三兄弟"？如果说是源自美股的"七姐 妹"，那她们一开始为什么不叫"七兄弟"？语言是思维的外放，甚至一想到如果有人把这三家崛起的 新消费公司称作"三兄弟"，我 ...

智通财经APP获悉，中信证券发布研报称，东南亚正成为黄金珠宝行业增量蓝海，中国品牌出海迎来战 略机遇期。东南亚主要国家经济与人口红利共振，消费升级机遇显现。东南亚黄金珠宝行业需求结构与 中国品牌高度契合，文化亲近性+工艺迭代催化金饰需求释放。中国品牌出海已进入加速通道，头部品 牌多年海外运营经验战略卡位，直营、加盟两步走打开海外成长空间。维持黄金珠宝子行业"强于大 市"评级。 综合梳理两条投资主线：1）优选业绩高成长，东南亚市场已经落地门店，伴随单店盈利模型跑通，未 来拓店空间潜力大。2）聚焦行业龙头，在海外布局较早、运营经验丰富，未来规划加速海外布局，进 一步打开成长空间。 ②东南亚各国黄金珠宝市场规模增长尤为突出：2024年东南亚核心六国市场规模达116亿美元/同比 +7%，2021-2024年CAGR为7.6%。分国家来看，东南亚六国黄金珠宝市场规模增速远超中美日韩等较 成熟市场，印度尼西亚/新加坡/马来西亚/越南/泰国2024年行业规模同比增长11.4%/ 7.6%/ 4.8%/ 3.9%/3.5%。 传统文化+情绪价值催化金饰消费释放，避险情绪驱动投资金需求增长 ①新加坡：国际高端珠宝消费枢纽，高端 ...

Group 1: Foreign Investment Trends in Baijiu Sector - Foreign investment in the baijiu sector has been decreasing, with Kweichow Moutai's foreign ownership dropping from 26% to nearly 13% over the past five years, representing a reduction of about 50% [1] - Other major baijiu companies have also seen significant reductions in foreign holdings, with Luzhou Laojiao decreasing from 8.1% to 4.5% (44% reduction), Yanghe from 27.4% to 3.5% (87% reduction), and Gujing Gong from 10.3% to 3.8% (63% reduction) [2] - Wuliangye has experienced a similar trend, with foreign ownership decreasing from 26% to approximately 7%, equating to a 73% reduction over the last five years [3] Group 2: Recent Performance and Forecasts - Recent quarterly data indicates that Kweichow Moutai had two quarters of net buying and two quarters of net selling, with total shares held decreasing from 87 million to 73 million, a 16% reduction over the past year [1] - Forecasts for the first half of 2025 suggest Kweichow Moutai will see a revenue growth of 9%, while Wuliangye is expected to grow by 1-2%, and Luzhou Laojiao is projected to decline by 6-10% [10] - Shanxi Fenjiu is an exception, with foreign holdings increasing from 36 million to 49 million shares over the past year, indicating a 36% increase in foreign investment [12] Group 3: Overall Industry Sentiment - The overall sentiment in the baijiu industry appears cautious, with many companies experiencing declines in foreign investment, suggesting that the industry's fundamentals may not have fully bottomed out [9] - The baijiu index has been one of the worst-performing indices this year, raising concerns about whether the actual earnings will meet broker expectations [10]

今年以来，在全球贵金属价格飙升、经济不确定性加剧的背景下，有不法分子将目光瞄准金银精矿。 整体来看，过去两周白银涨幅超过黄金。对此，方正中期期货分析师梁海宽分析认为，随着国内外权益市场风 险偏好阶段性上升，作为避险资产的贵金属短期上涨面临压力。同时，全球地缘政治冲突出现阶段性缓和，市 场对美国经济衰退的担忧有所下降，黄金受避险情绪降温的影响比白银更大，因此本轮回调幅度也比白银更为 明显。从中长期来看，随着美国"大而美"税收和支出法案大幅推高美债规模，美元信用进一步被削弱，美元已 进入中长期下行通道，这将对贵金属形成利好；且金银比仍有下行空间。从技术走势来看，国内沪银已打开中 长期上涨空间。 多只黄金股上半年净利大幅预增 近日，中金黄金、湖南黄金、西部黄金等多只黄金股发布了上半年业绩预告，预计净利润同比大幅增加。其 中，中金黄金、西部黄金等增幅超50%。 近日，墨西哥武装劫匪劫持了一辆运载33吨金银精矿的卡车，卡车随后被找回，但装着这些金银精矿的拖车却 始终下落不明。 过去两周，黄金高位盘整，白银价格则一路走高，成为全球大宗商品市场的焦点。7月11日盘中，国际白银期 货价格突破38美元/盎司，创下近14年新高。 ...

在房地产行业不景气的背景下，中润资源果断地和房地产"割袍断义"，2023年，逐渐置出淄博置业、济 南兴瑞等房地产资产，置入持有马拉维锆钛矿新金国际51%股权，业务重心转向矿业。 如今，中润资源投资股份有限公司（下称"中润资源"，000506.SZ）浑身上下已经"叠满buff"，在剥离地 产、瞄准黄金、易主国资、摘帽后谋划更名等一系列操作后，股价已经从去年的不足0.89元/股，飙升 至今年7月10日的10.81元/股。截至2025年7月10日收盘，中润资源的股价近一月上涨22.56%，近一年的 时间股价上涨970.3%，在众黄金股中一骑绝尘。 接下来中润资源成功"改嫁"国资。2024年10月份，山东招金瑞宁矿业有限公司（招金集团子公司）获取 中润资源20%股权成为其控股股东，中润资源的实际控制人变更为招远市国资。由此，中润资源通过招 金方面和矿业巨头紫金矿业搭上线，中润资源公告称，招金和紫金方面会从资金、人员、技术、信息渠 道等方面为公司提供支持。 虽然几近"脱胎换骨"，中润资源经营亏损的局面仍然有待扭转。中润资源的核心资产为斐济瓦图科拉金 矿，保有黄金资源量超过100吨。而瓦图科拉金矿目前的采矿能力为750吨 ...

Group 1 - The trend of A-share companies spinning off subsidiaries for listing in Hong Kong (referred to as "A拆H") is gaining momentum, with multiple companies initiating this process [1][4] - Companies such as Weichai Power, Tongrentang, and Zijin Mining have submitted applications for their subsidiaries to be listed on the Hong Kong Stock Exchange, indicating a diverse range of industries involved [1][2] - The spinoff model is becoming an important choice for companies to expand their capital landscape, with a focus on sectors like pharmaceuticals, manufacturing, and technology [1][4] Group 2 - Zijin Gold International, spun off from Zijin Mining, is a leading gold mining company with significant global reserves and production, ranking ninth and eleventh respectively as of December 31, 2024 [2] - Tongrentang Medical and Health, a subsidiary of Tongrentang Group, is the largest non-public Chinese hospital group in terms of outpatient and inpatient visits, holding a market share of 1.7% in the industry [2] - The spinoff of companies like GoerTek and Noli has also been initiated, with GoerTek Microelectronics being a leader in the MEMS device sector and Noli focusing on intelligent logistics solutions [3] Group 3 - The Hong Kong market is increasingly favoring rapidly growing companies, particularly those with strong cash flow and clear asset evaluations, as it lacks high-potential manufacturing and technology firms [4] - The trend of spinoffs is seen as a way to enhance the overall market supply in Hong Kong while providing companies with new growth opportunities and improving their international presence [4][7] - Companies with "heavy assets and strong operations" are encouraged to consider independent listings to unlock valuation ceilings, especially in sectors like energy services and industrial logistics [4] Group 4 - The performance of companies that have already completed spinoffs shows a mixed trend, with South Mountain Aluminum International's stock rising 36% since its listing, while iFlytek Medical Technology has seen a 21.74% increase [6] - The increasing number of "A拆H" cases is leading to diverse capital structures, as seen with the Tongrentang group potentially forming a triangular structure in the Hong Kong market with multiple subsidiaries [6] Group 5 - The impact of spinoff listings on parent companies' equity can be positive if the subsidiary's stock price rises, although some profits will be shared with external shareholders post-spinoff [7] - The acceptance of "A拆H" in the market is viewed as more favorable compared to A-share spinoffs, which may increase stock supply and investor resistance [7] - The overall valuation of the Hong Kong market remains lower than that of the A-share market, and the capacity for accommodating additional listings needs further observation [7]

Group 1 - The company, Hunan Gold Co., Ltd., expects a net profit attributable to shareholders of between 613.31 million yuan and 700.92 million yuan for the reporting period, representing a year-on-year growth of 40% to 60% [1] - The basic earnings per share are projected to be between 0.39 yuan and 0.45 yuan, compared to 0.28 yuan in the same period last year [1] - The increase in performance is primarily attributed to the rise in sales prices of gold and antimony products compared to the previous year [1] Group 2 - The financial data in the performance forecast is based on preliminary calculations by the company's finance department and has not been audited by an accounting firm [1] - The specific financial data will be confirmed in the company's 2025 semi-annual report [1]

证 券 研 究 报 告 新消费需求多点迸发，竞争格局重构进行时 轻工消费2025年夏季策略 证券分析师：屠亦婷 A0230512080003 黄莎 A0230522010002 庞盈盈 A0230522060003 研究支持：张海涛 A0230524080003 张文静 A0230524120005 魏雨辰 A0230525010001 2025.07.11 新消费需求多点迸发，竞争格局重构进行时 新消费 国内人口代际变化 Z世代消费主力军 技术驱动 产品从0到1验证 海外需求变化 供应链 全球化 机遇 国际客户供应链全 球化趋势确认 高股息 行业格局成熟 资本开支放缓 国货品牌崛起 情感、悦己需求 AI硬件 AI软件 电子烟（监管政策） 品类渗透率提升 保温杯、家居等 消费电子包装 包装 家居 国补以旧换新 国货个护：百亚股份、豪悦护理、登康口腔 IP潮玩：布鲁可、晨光股份、 广博股份、创源股份 黄金珠宝： 潮宏基 宠物用品：天元宠物、 朝云集团、依依股份、 源飞宠物 两轮车：雅迪控股、爱玛科 技、九号公司 AI床垫：慕 思股份、喜 临门 家居：顾家家居、公 牛集团 AI眼镜：康耐特光学、明月 镜片、英派斯 ...

Group 1 - The Hong Kong stock market has performed exceptionally well this year, with a double-digit increase in the main index, outperforming many global equity markets [2] - The new stock market has seen significant activity, with many new listings experiencing hundreds of times oversubscription during the offering phase, and post-listing performance has been strong, exemplified by companies like Mixue Group and CATL [2] - From early 2025 to July 11, the post-listing fundraising scale in the Hong Kong market reached HKD 164.418 billion, surpassing the IPO fundraising scale of HKD 123.564 billion, with the half-year post-listing fundraising nearly doubling last year's total [2] Group 2 - Placement has been the primary method for post-listing fundraising this year, with a total of HKD 156.985 billion raised, accounting for 95.5% of the total [4] - BYD and Xiaomi announced placement plans in March, raising HKD 43.509 billion and HKD 42.600 billion respectively, with proceeds aimed at R&D, overseas business development, and general corporate purposes [4] - Following their placements, both BYD and Xiaomi saw their stock prices continue to reach new highs, indicating market recognition of their growth potential [4] Group 3 - NIO raised HKD 4.03 billion through a placement in March for R&D and strengthening its balance sheet, but its stock price did not recover post-placement, reflecting market skepticism about its financial health and future prospects [8] - Robotics companies have also been active in fundraising, with several raising over HKD 1 billion, including Horizon Robotics and Fourth Paradigm [10] - Biotech companies, particularly those not yet profitable, are also seeking funds, with Innovent Biologics raising HKD 4.310 billion to support global expansion and pipeline development [10] Group 4 - Gold-related stocks have capitalized on rising gold prices to raise funds, with companies like Lao Pu Gold and Zhaojin Mining successfully completing fundraising while their stock prices continued to rise [11] - The Hong Kong stock market has seen significant price increases for companies like Pop Mart and Mixue Group, raising questions about whether these companies will also pursue fundraising opportunities [12] - Investor sentiment towards fundraising activities is influenced by the company's fundamentals, the rationale behind the fundraising, and the overall market environment [12] Group 5 - Companies like Innovent Biologics that raised funds while their stock prices were high were viewed positively by investors, while others that saw stock price declines post-fundraising faced skepticism regarding their pipeline progress and capital efficiency [13] - Gold-related fundraising activities are seen as timely moves to expand capacity in a favorable market environment, creating a positive feedback loop between stock price and fundraising [13] - Investors are encouraged to consider the fundamentals and growth prospects of companies rather than making decisions based solely on short-term stock price fluctuations or fundraising activities [14]

Market Overview - The A-share market is showing signs of a bull market, with the Shanghai Composite Index reaching a 9-month high of 3555.22 points on July 11, 2025, and closing at 3510.18, the highest since January 25, 2022 [1] - The total trading volume for the day was 1.74 trillion yuan, indicating a surge in market sentiment [1] - The week from July 7 to July 11 saw the Shanghai Composite Index and Shenzhen Component Index both rise by 1.78%, while the ChiNext Index increased by 2.36%, marking a three-week streak of gains [2] Financial Technology Sector - The financial technology sector is experiencing significant growth, driven by the "stablecoin concept" and internet brokerage firms, with the financial technology ETF (159851) rising by 3.76% to reach a historical high [2][3] - Major stocks in the sector, such as Guoao Technology and Jinzheng Co., saw strong performance, with several stocks hitting the daily limit [2] - The financial technology index has surged over 39% in the past three months, outperforming other major indices [4] Brokerage Firms - Brokerage firms are leading the market rally, with the top brokerage ETF (512000) rising by 4.35% to set a new yearly high, and total trading volume reaching 19.52 billion yuan, a 139.8% increase from the previous day [5][8] - Major brokerage stocks like Dongfang Wealth and Zhongyin Securities saw significant inflows, with Dongfang Wealth achieving a trading volume of 263.14 billion yuan [8][9] - Three brokerage stocks hit the daily limit, indicating strong market interest and performance [12] Rare Earth and Nonferrous Metals - The rare earth sector is also witnessing a strong rally, with major companies like Northern Rare Earth and Baotou Steel announcing price increases, leading to significant gains in related stocks [16][19] - The nonferrous metals sector attracted substantial capital inflows, with a net inflow of 99.89 billion yuan, ranking among the top three sectors for capital inflow [17] - The rare earth ETF (159876) rose by 2.18%, reaching a new yearly high, driven by strong performance from leading companies in the sector [16] Earnings Reports - The earnings season is underway, with companies like China Shipbuilding and WuXi AppTec forecasting significant profit increases, contributing to a bullish sentiment in their respective sectors [1] - The brokerage sector is expected to continue its high growth trajectory, supported by increased trading activity and favorable market conditions [15]