中国社交媒体平台小红书的估值正以令人瞠目的速度飙升。 6月5日，据彭博社报道，在近期通过一家大型基金的交易中，小红书的估值飙升至260亿美元。这一最 新估值并非来自公开融资，而是通过金沙江创投(GSR Ventures Management Co.)旗下的一份股份交易文 件。 据彭博社获得的金沙江创投内部文件显示，小红书占据了该GSR基金资产的91%，截至3月底的基金净 资产价值换算后，小红书估值从此前报告的200亿美元大幅跃升至260亿美元。 这一估值数据来源于GSR IV(四期)基金的投资组合报告，该基金持有小红书8.47%的股份。截至3月底的 净资产价值约为24.4亿美元，其中小红书持股价值22.2亿美元，是该基金投资组合中的最大贡献者。 分析指出，这一估值突破了小红书在2021年新冠疫情期间的历史峰值，为业界普遍预期的今年IPO计划 注入强劲动力。 TikTok危机中的受益者 小红书今年1月因TikTok面临美国禁令威胁而成为焦点。作为TikTok的潜在替代品，这款中国社交媒体 应用迅速获得美国用户关注。 与此同时，中国政府承诺支持民营企业并放松对科技行业的监管，为小红书等平台带来了新的投资机 遇。 ...

Core Viewpoint - The entry of Trump's Media Technology Group (TMTG) into the Bitcoin ETF space signifies a shift in the competitive landscape, introducing political influence and social media dynamics into the traditionally finance-driven arena [1][3]. Group 1: Market Impact - TMTG's application for a Bitcoin ETF is expected to boost market sentiment and attract more capital into the Bitcoin market in the short term [4]. - The competition for Bitcoin ETFs is no longer solely about financial strength but also involves user acquisition, brand marketing, and political influence [3]. Group 2: Long-term Implications - The "political power + social media" model could have a dual effect on Bitcoin: it may accelerate its adoption and application while also increasing its politicization and regulatory scrutiny [5]. - The entry of TMTG may lead to more "disruptors" in the ETF space, potentially from various sectors such as technology, sports, and entertainment [5]. Group 3: Political and Cultural Influence - Trump's political backing is likely to impact cryptocurrency policies in the U.S. and globally, providing Bitcoin with additional political capital [7]. - Truth Social, as an influential social media platform, can shape user perceptions and promote Bitcoin knowledge, thereby expanding its influence [7]. - Trump's controversial persona links Bitcoin to a significant cultural symbol, potentially generating more attention and discussion around it [7].

Core Viewpoint - Weibo's stock price increased by 2.02% to $9.365 per share, with a total market capitalization of $2.344 billion as of June 4 [1] Financial Performance - As of March 31, 2025, Weibo reported total revenue of $397 million, representing a year-on-year growth of 0.34% [1] - The net profit attributable to the parent company was $107 million, showing a significant year-on-year increase of 116.36% [1] Analyst Ratings - On May 22, Weibo received a "Buy" rating from CMB International, with a target price set at $14.5 [1] Company Overview - Weibo is a leading social media platform for online content creation, sharing, and discovery, combining self-expression with strong social interaction and content distribution capabilities [2] - The platform allows users to create and publish posts, including multimedia content, and facilitates asymmetric relationships among users [2] - Weibo's revenue primarily comes from advertising and marketing services, including social display ads and promotional marketing ads [2] - The company emphasizes a "mobile-first" approach, utilizing a simple information flow format and native advertising integrated with the content stream [2] - Weibo has developed a refined social interest graph recommendation engine to enhance targeted marketing based on user demographics, social relationships, interests, and behaviors [2]

今年的消费牛股，港股是主阵地。以往A股的大消费宠儿，诸如白酒、食品饮料，今年还没动静。 作为全球资金、南下资金的"交汇点"，港股风来的时候，势能很强。 图：消费相关指数今年以来回报 | 指数名称 | 指数类型 | 回报 | | --- | --- | --- | | 800消费 | 股票指数 | -0.27% | | 港股通消费 | 股票指数 | 20.36% | | 沪深300 | TERRALLARS FERENCE SERVICE STATUS COLLECT 股票指数 | -2.41% | 来自：wind，截至2025年5月31日 港股消费股和A股消费股，代表了两种风格。 港股的消费股，更fancy新潮。像是老铺黄金的新中式审美，泡泡玛特的潮玩，都算是审美力的一种新商业价值诠释。两只大牛股年初至今（截至5月31 日），涨幅分别为266.75%，146.86%。 A股的消费股，则比较"古典"。其中酒的市值体量占比较大，今年表现平平。反而市值比较小的软饮料，宠物经济，有些结构性行情。 两个市场在"新消费"上，似乎达成了某种默契，但港股显然更热闹。 作为国际资金的"前哨站"，港股市场对全球资金的流动更为敏感 ...

各位童鞋搭嘎猴啊，上周 "儿童经济报告"看的怎么样？有童鞋在后台留言："端午放假，龙 舟赛、苏超赛，各种精彩纷呈……回头一看，又是被AI搞得焦虑的一天！"O(∩_∩)O哈哈~ 淡定淡定，放假了就好好放假，蒸汽机、内燃机出来的时候，很多人还因为焦虑去砸工厂、 炸铁路呢，犯不上，一切生产力工具最终会提升生产效能，拥抱适应而不是"卷"，毕竟，在 卷之外，人生更精彩！ 言归正传，今天就给大家分享一下 2025年高价值人群营销洞察。Qu e s tMobi l e数据显示， 2025年4月，中国移动互联网月人均使用时长超过170小时，同比增长6.6%，显示出用户 黏性增长潜力仍然巨大，其中尤其是中青年群体（19岁-50岁区间），虽然在总月活用户中 的占比仅为61.4%，但在总人群月使用时长中的占比已经达到70.6%，显示出核心价值潜力 巨大。 从用户画像上看，4月份，19-50岁人群线上消费能力千元以上占比达到82.2%；他们在移 动视频和移动社交上消耗时长占比分别达到42.7%、25.1%。由此带来了互联网营销投放的 分布趋势，2025年前4个月，移动视频、移动社交分别占据了41.9%、19.1%的硬广投放 份额。 ...

每周一景： 云南玉龙雪山 点击右上角菜单，收听朗读版 【策略 】 全球外资流出美股，流入中国资产 市场定价状态：市场整体交易热度 略有下降，行业轮动强度下降。 1 ）市场情绪（下降）：本期国泰海 通资金流入强度指数整体有所抬升， 市场交易热度略有下降， 全 A 日均成交额从 1.17 万亿降至 1.09 万亿，上证指数换手率分位数回落至 58% ，创业板换手率分位数回落至 39% 。 日均涨停家数抬升至 80 家，最大连板数为 5 个，封板率升至 74% ，龙虎榜上榜家数降至 67 家。 2 ）赚钱效应（下降）： 本期个股收涨比例回落至 60% ，全 A 个股周度收益中位数回落至 0.75% ； 3 ）交易集中度（上 升）：国泰海通行业轮动指数转为下降，一级行业前五成交额占比底部有所回升，本期行业换手率历史分 位数处于 90% 以上的行业有 2 个，环比出现下降，其中换手率分位数超 90% 的行业为综合金融和食品 饮料。 A 股资金流动：本期多种资金流入 A 股市场， ETF 资金流入超百亿。 1 ）公募：本期偏股基金新发规 模边际降至 92.3 亿，存量公募基金仓位下降 0.5% ； 2 ）私募：近期私募仓 ...

今日早参 2025 年 6 月 03 日 林晓明 金融工程首席研究员 座机：0755-82080134 邮箱：linxiaoming@htsc.com 林晓明 金融工程首席研究员 座机：0755-82080134 邮箱：linxiaoming@htsc.com 今日热点 金工：如何看待当前股指期货深度贴水？ 上周海外投资者风险偏好有所抬升，欧美日韩主要指数多数上涨，美股三大 指数集体上涨，相对于 4 月份的低点显著上行。全球主要国家 10 年期国债收 益率多数下行，美 10 年期国债收益率相较于 5 月 21 日高点有所回落，但整 个五月仍以上行为主。黄金高位震荡，上周整体下跌，但支撑黄金价格的中 长期因素未发生根本转变，美元指数小幅反弹。A 股主要指数以收跌为主， 整体成交热度有所下降，沪深两市日均成交额回落至万亿左右。内部存在分 化，价值好于成长、小盘好于大盘。整体来看，外部扰动下市场资金在高成 长与防御性板块间快速轮动，行业配置方面，我们继续推荐哑铃型方案。 风险提示：周度观点基于数据和逻辑推演，无法保证永远正确；相关模型均 根据历史规律总结，历史规律可能失效。 韩晳 SAC:S057052010000 ...

昨天，发生了哪些财经大事？ 据网络平台数据， 截至6月2日21时，2025年端午档票房4.59亿，较2024年端午档票房增 长达两成 。《碟中谍8》档期内票房1.90亿（累计2.28亿），夺得2025端午档票房冠军。 金价油价"疯"涨 美东时间周一， 美股三大指数集体收涨，道指涨0.08%，纳指涨0.67%，标普500指数涨 0.41% ，科技股多数上涨，AMD、Meta涨超3%，超微电脑涨近3%，博通涨超2%，英伟 达涨超1%，特斯拉、谷歌跌超1%；贵金属、金属原材料涨幅居前，世纪铝业涨超21%， 黄金资源涨超16%，美国黄金公司涨超10%，泛美白银涨超7%。 中概股多数收涨，纳斯 达克中国金龙指数涨0.53% ，霸王茶姬涨近10%，老虎证券涨超3%，百度、京东、爱奇 艺涨超1%，理想汽车、知乎跌超1%。 国际金价大幅走高 ，现货黄金涨2.8%，报3380.81美元/盎司；COMEX黄金期货涨 2.74%； 现货白银涨5.32%；COMEX白银期货涨5.76%。国际油价全线上涨 ，美油主力 合约涨3.7%；布油主力合约涨3.63%。 端午档票房4.59亿 张雪峰含泪道歉， "可能最后一次在网上出现" 6 月 ...

Group 1 - Core viewpoint: The company is strategically positioned to capitalize on the overseas internet population dividend and the high growth trend of audio and video social networking, continuously exploring niche market demands and expanding its product matrix to initiate a new growth cycle [1] - Key insight 1: The company's core business advantages include strong organizational capabilities, deep local product operations, a multi-country and multi-product strategy that allows for low marginal costs and rapid iteration, and a diverse product offering that meets various emotional value needs across different social scenarios [1] - Key insight 2: The acquisition of BlueCity Brothers is a rare asset, and the launch of the HeeSay brand overseas aims to tap into the growing LGBTQ market, with the company’s product Blued maintaining a leading position in the domestic LGBTQ social sector [1] Group 2 - Key insight 3: The global casual gaming market is expanding, with the company’s flagship game "Alice's Dream: Merge Island" projected to achieve a 60% year-on-year revenue growth in 2024 and potentially become profitable by the fourth quarter of 2024 [2] - Key insight 4: The company has several mobile games in the pipeline, which are expected to contribute additional revenue in the latter half of the year [2] - Financial forecast: The company’s revenue and profit are expected to steadily increase, with projected revenues of 6.6 billion, 8.3 billion, and 10.3 billion yuan for 2025-2027, and corresponding net profits of 980 million, 1.34 billion, and 1.78 billion yuan [2]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company is positioned as a pioneer in overseas social networking, leveraging a diverse product matrix to capture global opportunities [8]. - The report highlights the company's stable core business in social networking, with strong growth potential from late-stage products [8]. - The acquisition of BlueCity Brothers is noted as a strategic move to tap into the growing LGBTQ market, with the launch of the HeeSay brand aimed at expanding into Southeast Asia and Western markets [9]. - The company is also expanding its presence in the casual gaming sector, with a notable increase in revenue from its flagship game [10]. Company Overview - The company has a decade-long history of development, combining self-developed and acquired products to build a diverse product matrix [14][15]. - The business model is divided into two main segments: social business and innovative business, with social business contributing the majority of revenue [17]. Financial Performance - Revenue is projected to grow significantly, with estimates of 6.628 billion in 2025, 8.297 billion in 2026, and 10.274 billion in 2027 [6]. - The company expects a rebound in net profit, forecasting 980 million in 2025, 1.335 billion in 2026, and 1.774 billion in 2027 [6]. - The adjusted EBITDA is also anticipated to rise, with projections of 1.319 billion in 2025 and 1.739 billion in 2026 [6]. Market Position - The global social application market is experiencing rapid growth, with the company focusing on localized operations and a multi-modal product strategy to meet diverse user needs [36][41]. - The report indicates that the company has a strong understanding of local markets, which enhances its operational effectiveness [56]. Product Strategy - The company has developed a multi-product strategy that allows for rapid iteration and testing, reducing marginal costs and diversifying market risk [57]. - Key products include MICO, YoHo, TopTop, and SUGO, each targeting different social interaction needs [8][9]. Growth Potential - The report emphasizes the potential for significant growth in the LGBTQ social networking space, particularly through the HeeSay brand [9]. - The casual gaming segment is also highlighted as a promising area, with expectations for continued revenue growth from new game releases [10].