本周A股市场持续回暖，热点不断。 最新龙虎榜数据显示，黄金珠宝、数字货币、新消费等热门概念股火热背后，机构在激烈博弈。 激烈博弈黄金珠宝板块 本周，黄金珠宝类股票交易火爆，龙虎榜显示，机构激烈参与该板块相关热门股博弈，机构大额净买入 其中一些股票。 部分数字货币概念股 6月5日，数字货币概念股表现亮眼，盘后龙虎榜显示，多只相关概念股近期成交中也多有机构身影。 一些数字货币概念股被机构净卖出。例如，四方精创当天因换手率超30%而上榜，当天上涨了10.74%。 龙虎榜显示，四方精创当日买入及卖出前五席位中各出现两家机构，机构合计净卖出0.55亿元。 不过，也有个股仍被机构持续买入。例如，御银股份本周以来涨近28%，公司主要从事自有物业打造的 产业园运营业务和智能金融设备行业相关运营服务。龙虎榜数据显示，6月5日，御银股份买入、卖出前 五席位中机构数量分别为4家、2家，机构净买入额为1.07亿元。 中信证券近期研报称，近期中国香港地区、美国均不同程度推进稳定币相关法案立法进程。稳定币法案 有望间接助推香港地区金融行业数字货币相关支付、结算接口建设，拥有数字货币、数字人民币跨境结 算以及供应链金融项目经验的金融IT（ ...

当部分传统品牌增长乏力之际，一批"新锐"消费品牌却逆势创出新高，业绩持续超预期。 2025年，新消费企业在资本市场异军突起。其中，泡泡玛特、蜜雪集团、老铺黄金三家公司市值均已突破千亿港元，被业内冠以"新消费三朵金花"之称， 股价年涨幅均超100%，分别引领了IP潮玩、平价茶饮、古法黄金三大消费热潮。 差异化、提供情绪价值、性价比高成为这批新消费赛道黑马异军突起的密码。但是，要想从现象级爆款成为"百年老店"，还需跨越多重门槛。 现象： 蜜雪冰城的走红更是堪称意外。数据显示，截至2024年底，其全球门店数量已超4万家，日售饮品近2500万杯，全年终端零售额高达583亿元。 当市场还在热议"消费降级"、探讨年轻人把钱花向何处时，一批具备新消费特质的国产品牌已然突围，成为消费者追捧的"新宠"。 新消费品牌引发消费者抢购 "根本抢不到！"作为泡泡玛特的忠实粉丝，刘雨婷每天紧盯社群里的 LABUBU搪胶毛绒玩偶放货通知。一旦收到不定期的"上新"提醒，她便会立刻放下 手头所有事，疯狂刷新购物页面，只为等待"购买"按钮亮起的那一刻。然而即便如此，成功抢到 LABUBU 依然难如登天。在局外人看来，这样的抢购近 乎"疯狂"，但 ...

Core Viewpoint - The rising gold prices have prompted several gold jewelry companies, including Xipuni, to pursue listings in Hong Kong, with Xipuni aiming to capitalize on the niche market of gold watches [1] Group 1: Company Overview - Xipuni Precision Technology Co., Ltd. is based in Shenzhen, the largest gold jewelry trading market in China, and has introduced China's first mass-produced gold watch and a series of gold smartwatches [1] - The company is a family business, with the controlling shareholder, Li Yongzhong, and his family holding 61.60% of the shares prior to the IPO [2] - Xipuni is recognized as the largest gold watch brand in China by sales volume and the largest 24K gold watch brand by GMV, holding market shares of 8.97% and 35.83% respectively [2] Group 2: Financial Performance - Xipuni's revenue for 2022, 2023, and 2024 was reported at 324 million, 445 million, and 457 million yuan respectively, with net profits of 25 million, 52 million, and 49 million yuan [2] - The gross profit margins for the same periods were 19.8%, 24.3%, and 27.2% [2] Group 3: Inventory and Supply Chain - The company has a high level of inventory, with balances of 513 million, 634 million, and 656 million yuan at the end of each reporting period, which is approximately 1.4 times its annual revenue [5] - Inventory turnover days have increased significantly, reaching 708 days by the end of 2024 [5] Group 4: Market Challenges - Xipuni heavily relies on primary distributors, which limits its control over sales channels and may pose operational risks if these distributors face issues [4] - The cost of raw materials, primarily gold, constitutes about 70% of total revenue, making the company vulnerable to fluctuations in gold prices [5] Group 5: Strategic Initiatives - To mitigate risks associated with gold price volatility, Xipuni has engaged in gold leasing arrangements with banks [6] - The company plans to focus on smart gold watches in its IPO strategy, with funds raised aimed at enhancing production capacity and expanding its sales network [7]

以下文章来源于凤凰网财经 ，作者风暴眼 凤凰网财经 . 你好，我们是凤凰网财经，全球华人都在看的财经公众号，传播最有价值的财经报道，你值得关注！欢 迎访问：http://finance.ifeng.com/ 作者：风暴眼 来源：凤凰网财经 "不仅工作没了，家里所有钱也都投进去了，还欠着款。" 01 稳赚不赔的"神话"破灭了 " 100 多万，血本无归，怎么办？"、"分 4 次购买黄金理财，合计 1230 万元" …… 近日，凤凰网《风暴眼》留意到，有不少 永坤黄金 的投资者在社交平台上发帖称，永坤黄金跑 路，自己在里面投的钱兑不出来。 爱企查显示，永坤黄金的经营实体为浙江永坤控股有限公司，成立于 2014 年，主要经营黄金珠 宝等饰品， 公司实控人为汪国海 。 而永坤的商业模式看似很简单。 02 暴雷前夜仍在疯狂吸金 早在 5 月 23 日，永坤黄金就被提示高风险，原因是通过登记的住所或者经营场所无法联系。 一种是销售 - 托管 - 回收业务，他们向投资者承诺保管黄金，到期后能获得 5% 至 9% 的年化 收益 ，用看似稳妥的收益吸引资金流入。 有投资者将1420 克黄金委托浙江永坤控股有限公司进行仓储保管， ...

A股方面，医药股集体调整；苏超持续火爆，金陵体育收获3个20%涨停，共创草坪4连板；兵装重组概念涨幅位居两市第一，建设工业、东安动力 涨停。 港股新消费三宝，泡泡玛特、老铺黄金、蜜雪集团集体跳水。 截至收盘 ， 沪指涨0.23% ， 深成指涨0.58% ， 创业板指涨1.17% ，全市场成交额13170亿元 ， 较上日放量1395亿元 。 全市场2600只个股 上涨。 01 新消费三宝 集体跳水 港股新消费迎来大跌，老铺黄金跳水，蜜雪集团杀跌，泡泡玛特亦在创下新高之后快速回落。截至发稿，老铺黄金跌9%，蜜雪集团跌7%，泡泡玛 特跌1%。 近期，新消费涨幅巨大，此前老铺黄金涨幅已达23倍，泡泡玛特过去两年半时间从每股8.6港元附近飙升到256港元，今年以来涨幅惊人。一时 间，新消费取代茅台的声音不绝于耳。然而，从估值来看，泡泡玛特的市盈率（TTM）已达96倍，老铺黄金更达99倍，蜜雪集团亦达46倍，实属 不低。 这次，这些股票杀跌，其实也有流动性的原因。近期，市场虽然不断上行，但成交量并没有有效放大。这意味着，其中存量博弈的成分还是比较 高。建银国际研究报告指出，香港市场流动性指数过去一个月下滑，支持指数的是更 ...

Group 1: New Consumption Sector Performance - The new consumption sector in Hong Kong has seen significant volatility, with stocks like Laopuhuangjin, Maogeping, and Mixue Group experiencing declines of over 9%, 8%, and 7% respectively [1] - The "four flowers of Hong Kong stocks" including Pop Mart, Mixue Ice City, Laopuhuangjin, and Maogeping reached a combined market capitalization of 798.2 billion HKD as of June 4 [1] - Year-to-date stock performance shows Pop Mart with a rise of 174.4%, Mixue Group at 134.9% since its listing on March 3, Laopuhuangjin at 324.2%, and Maogeping at 127.4% [3] Group 2: U.S. Market and Economic Policies - Elon Musk has publicly criticized Trump's tax reform, urging Americans to oppose it, as it could negatively impact the electric vehicle industry, particularly Tesla [5] - The "Beautiful Tax Law" proposed by Trump includes a clause that imposes a 20% additional tax on foreign investors, which may deter investment in U.S. assets and shift capital to Europe [5] - Goldman Sachs predicts that the trend of investors withdrawing from U.S. assets could lead to a capital inflow of 1.2 trillion euros (approximately 1.4 trillion USD) into European stock markets over the next five years [9] Group 3: Hedge Fund Activity - Following a significant market downturn in April, hedge funds have begun to re-enter the market as stock prices recover [6] - In May, U.S. stocks recorded their largest monthly gain in nearly 30 years, with hedge funds increasing their positions in global equities at the fastest pace in six months [7] - European stock markets have gained attention, with eight out of the ten best-performing markets globally being from Europe, driven by a shift in investor sentiment [8] Group 4: A-Share Market Trends - In May, A-share new account openings totaled 1.5556 million, a decrease of 19.16% month-on-month but a 23% increase year-on-year [11] - The trend in new account openings reflects market sentiment, with a recovery observed in the A-share market supported by institutional investments [12] - The monthly data indicates that new account openings are correlated with market performance, showing a general upward trend compared to the previous year [16]

上天天基金APP搜索【777】注册即可 领98元券包 ， 优选消费基金10元起投！限量发放！先到先得！ 潮玩盲盒、黄金珠宝、量贩零食、宠物经济……2025年以来，一场由新消费引领的资本狂欢正在港股市场 上演。 6月4日，泡泡玛特、蜜雪集团、老铺黄金3家港股新消费企业再度大涨，股价齐创新高，总市值合计突破7300 亿港元，被市场冠以港股"新消费三姐妹"的称号，并带动A股、港股消费板块集体上行。 当新消费点燃资本市场，越来越多消费基金经理正在重构自己的消费股投资逻辑。如何衡量情绪价值，进而合 理定价？如何评估新商业模式，从而理性预期？如何洞察新客群的真正需求，从而预测市场空间？这些都是新 消费投资的难点，却也是其迷人之处。 "港股三姐妹"齐创新高 6月4日，大消费板块再度爆发，被市场称为港股"新消费三姐妹"的蜜雪集团、泡泡玛特、老铺黄金在盘中再创 历史新高。 其中， 泡泡玛特 当天大涨5.13%，盘中最高触及248.8港元/股，市值突破3300亿港元大关，年内涨幅超170%。 拉长周期来看，泡泡玛特已完成自己的20倍之旅。在2022年四季度，泡泡玛特股价最低只有不到10港元/股， 而截至2025年6月4日，其最新 ...

Core Insights - The new consumption sector has gained significant attention in both cultural and capital markets this year, with stocks like Pop Mart becoming "stars" in the market, providing substantial returns for investors and funds holding these stocks [1][2] Group 1: Fund Performance - The Guangfa Growth Navigator One-Year Mixed Fund has maintained a heavy position in Pop Mart since the second quarter of 2024, achieving a stock price increase of 676.62% during the holding period up to the end of the first quarter of this year [1] - The fund's return over the past six months reached 62.45%, leading the market among all funds [1] - The fund's portfolio has a significant allocation to Hong Kong stocks, with five out of its top ten holdings being Hong Kong stocks, including Pop Mart, Lao Pu Gold, and Meitu [1][2] Group 2: Investment Strategy - The Guangfa Growth Navigator One-Year Mixed Fund has increased its allocation to Hong Kong stocks from 4.74% at the end of the second quarter of 2024 to 31.55% at the end of the first quarter of this year, effectively capturing the upward trend in the Hong Kong stock market [2] - The fund's major holdings are diversified across new consumption, technology internet, pharmaceuticals, and high-end manufacturing, indicating a broad industry coverage [2][3] - The fund manager, Wu Yuanyi, has demonstrated a keen insight into the new consumption sector, as evidenced by the early identification and holding of stocks like Pop Mart and Lao Pu Gold [2][3] Group 3: Holding Characteristics - The fund's holding period for several key stocks ranges from 2 to 4 quarters, indicating a preference for medium to long-term investments rather than short-term trading opportunities [3] - For instance, the fund held shares in the optical module company Xinyi Sheng for three consecutive quarters, resulting in a stock price increase of 163.88% during that period [3] - The fund manager's expertise in the consumption and technology sectors, along with experience managing Hong Kong stock portfolios, allows for a unique understanding of the market, contributing to excess returns from the ongoing allocation to Hong Kong stocks [3]

Core Viewpoint - A capital frenzy led by new consumption is unfolding in the Hong Kong stock market since 2025, with significant growth in sectors like trendy toys, gold jewelry, bulk snacks, and pet economy [1] Group 1: New Consumption Companies Performance - On June 4, 2025, three Hong Kong new consumption companies, Pop Mart, Mixue Group, and Laopu Gold, reached new highs, collectively surpassing a market capitalization of 730 billion HKD, earning the title "New Consumption Three Sisters" [2][3] - Pop Mart's stock surged by 5.13% on June 4, reaching a peak of 248.8 HKD per share, with a market cap exceeding 330 billion HKD and a year-to-date increase of over 170%. Its stock price has risen over 2300% since hitting a low of under 10 HKD per share in Q4 2022 [3] - Mixue Group also saw a rise of over 5% on June 4, peaking at 618 HKD per share, with a market cap of 233.7 billion HKD, reflecting a 134.9% increase since its listing on March 3, 2025 [3] - Laopu Gold reached a new high of 996.5 HKD per share on June 4, with a market cap of 171.6 billion HKD, marking a 324.2% increase this year and over 20 times since its listing on June 28, 2024 [3] Group 2: Market Trends and Investment Logic - The new consumption sector is characterized by a shift from traditional consumption patterns, focusing on trendy products like toys, pet products, and cosmetics, indicating a profound restructuring of consumption investment logic [5] - The previous reliance on liquor and home appliance leaders as valuation anchors has shifted, with consumers now prioritizing quality and emotional value over brand loyalty, driven by increased education levels and rational brand choices [5] - New consumption companies are focusing on precise target audience identification and pain point exploration, moving away from traditional channel-driven competition [5] Group 3: Future Outlook and Market Dynamics - The rise of new consumption stocks is driven by product launches, brand influence, and performance realization, with many companies still having significant growth potential from upcoming products and earnings [8] - Despite concerns about market overheating, the overall consumption sector is expected to experience structural growth, with a notable divergence between high-performing stocks and those lagging behind [9] - The market is anticipated to evolve from point-driven growth to broader structural trends, with ongoing opportunities for investors to identify undervalued stocks with high potential returns [9]

泡泡玛特、老铺黄金等港股新消费公司的崛起，源于公司持续聚焦用户需求、适应经济环境变化、创新商业模式及全球化拓展，同时反映了消费 者偏好的变化。 截至4日港股收盘，泡泡玛特（09992.HK）市值已经突破3000亿元人民币，老铺黄金（06181.HK）股价距离千元关口仅一步之遥。不少投资者感 叹，明明身边很多人在"冲"LABUBU（泡泡玛特的一款产品），自己察觉得太晚了。 港股新消费板块为何会让那么多投资者"错过"？第一财经采访多位投资业界人士了解到，背后的核心原因，是经济环境和消费者行为的变化不是 一蹴而就的，而这些公司当前的成绩背后，是持续不断聚焦用户新兴需求、适应经济环境变化、创新商业模式，并进行全球化拓展的结果。 （图为英国顾客在泡泡玛特牛津街店内选购） 此外，情绪价值并非"Z世代"独有特征，只是不同阶段"情绪价值"的载体不同。消费端预算分配的持续变化，最终也反映在了上市公司的财报 中。 不过，部分基金经理也在提示短期投资风险。"短期部分消费子行业确实有过热迹象，但全年来看仍是不容忽视的方向，且结构性行情将更为极 致。"鹏华优选回报基金经理谢添元表示。 从"不理解"到持续加仓 事实上，公募基金此前对古法 ...