香港今年的新股集资额累计超过600亿港元，较去年同期多逾6倍，融资规模暂居全球首位。消息一出， 业内人士纷纷表示，这彰显了香港资本市场的融资能力及国际资本对香港的信心。 2024年香港金融市场表现稳健，完成了全球第二大新股发行。2025年，香港市场持续活跃，多宗IPO认 购活跃，推动首季融资额达到205亿美元，创下自2021年第二季以来的季度新高。港股市场在全球主要 资本市场中表现亮眼，市场信心持续回升。 其中特别值得关注的是，硬科技和新消费领域备受投资者追捧。 在硬科技领域，20日上市的宁德时代成为这轮港股IPO热潮中"最靓的仔"。在计及发售量调整权前，宁 德时代香港公开发售超额认购约150.2倍，集资总额约356.6亿港元，扣除上市开支后，集资净额353.3亿 港元。 港交所行政总裁陈翊庭表示，就筹集资金而言，宁德时代是港股近年来发行规模最大的IPO项目，也是 今年截至目前全球发行规模最大的IPO项目，这足以证明香港有非常坚实的基本面来支持这类大规模融 资项目。 新华社香港5月21日电 题：香港新股市场畅旺 创科和新消费领域受追捧 新华社记者王茜、李柏涛 中泰国际策略分析师颜招骏认为，投资者偏好具有品牌优 ...

Group 1 - Ningde Times officially listed on the Hong Kong stock market on May 20, with H-shares rising by 16.43% on the first day and A-shares increasing by over 1% [1] - The Hong Kong stock market has entered a new upward cycle since February 2024, with the Hang Seng Index and Hang Seng Technology Index showing significant year-to-date gains of 18.05% and 18.97% respectively [1] - The primary market is thriving, with companies like Bruker and Gu Ming directly listing in Hong Kong, and Ningde Times achieving dual listings, reflecting strong investor confidence [3] Group 2 - The Hong Kong stock market's vitality is attributed to regulatory efforts from both mainland and Hong Kong authorities, enhancing market capacity and improving the investment environment [3] - Various policies have been introduced in 2023 to facilitate companies listing in Hong Kong, simplifying processes and broadening financing channels [3] - Southbound capital continues to flow into the Hong Kong market, with a net inflow of 63.32 billion HKD on May 20, and a total net inflow of 618.7 billion HKD year-to-date, accounting for over 70% of the expected total for 2024 [4] Group 3 - Industry experts remain optimistic about the relative performance of the Hong Kong stock market, anticipating a revaluation of RMB assets amid recovering growth expectations in China [4] - The main investment themes are "Technology + Consumption," with a focus on hard technology and a recommendation to pay attention to the broad consumption sector [4]

"回到本质上来说，这一次对等关税的变局，掀起了全球秩序的动荡时代。" "我们认为，以 AI 浪潮为代表的新一轮科技革命将是构建平等、普惠、包容的新型全球经济秩序的关 键。" "消费的亮点反而是通过消费行为来寻找情感共鸣或者构建身份认同，现在正处于中国精神消费时代的 起点。" "港股新时代受益于国际秩序的重构，东方之珠再次灿烂，而中国资产的重估会驱动港股走出长牛。" " 总体来说，无论是红利投资还是成长型的投资，港股投资 A 股化的风格渐渐成为大势所趋。 " 投资机会，我们认为要着眼于攻守兼备。战略上首先要乐观。 中国的亮点资产可以作为进攻的"矛"， 包括以军工、科技和新消费为代表的成长型资产。红利资产和黄金是防御性的"盾"。 在节奏上要敬畏市场，关注外部冲击下中国经济基本面变化所带来的一些结构性和阶段性的风险。不要 去盲目追高，反而是要稳扎稳打，攻守兼备。 "黄金和军工是新秩序重构时代的战略性资产。" 张忆东表示，本轮国际秩序重构的震荡期内，黄金等战略性资产的价值得以重估， AI 与机器人融合的 物理智能时代或将带来科技领域的创新机遇。 在他看来，中国资产有望在"东稳西荡"的格局下成为全球资本逃离美元资产的避 ...

Group 1 - The recent interest rate cut and reserve requirement ratio reduction have led to a stronger market performance compared to previous days, with a significant increase in trading volume of over 90 billion [1] - The military and shipping sectors are experiencing a downturn, with analysts suggesting that these sectors should be avoided due to their weak performance and lack of strong catalysts for recovery [1] - New consumption sectors have seen a resurgence, with market funds refocusing on this area, driven by better-than-expected industry data and favorable policies, although there are concerns about the sustainability of this trend [2] Group 2 - The new consumption sector is currently experiencing a trend of accelerated growth, but it is advised to avoid chasing these stocks as they may only provide short-term gains [2] - Future growth is expected to be driven by technology sectors, particularly humanoid robots, solid-state batteries, and consumer electronics, which are anticipated to have significant long-term potential [2] - Humanoid robots are compared to the early days of lithium batteries and new energy vehicles, indicating a strong belief in their future market penetration over the next decade [2]

北证50、 微盘股指数均创历史新高，新消费概念股集体大涨。 郑中设计、 丽人丽妆双双实现4连板， 一图看懂>> ...

A股复盘 |周末吹爆的题材好像不错呢 / 2025.05.19 今天这周末吹爆的题材倒是还可以！不过整体行情有点子无聊，早上买入后就没 管了！ 行情无聊到群里都鸦雀无声，只有早安、午安、晚安。 今天4月经济数据出来了，工业增加值和社零还是可以的，但房地产全面转弱， 销售遇冷， 投资降幅扩大， 价格下跌，连一线城市都涨不动了。这也印证了4月 金融数据信贷需求的疲软。 具体来看： 4月工业增加值同比增长6.1% 较前值下滑1.6个百分点 4月社零同比增长5.1% 较前值下滑0.8个百分点 前四月固定资产投资同比增长4.0% 较前值下滑0.2个百分点 前四月房地产开发投资同比降幅扩大至10.3%，前值9.9% 之前高盛就在调研中指出， 关税和出口下降可能导致未来几个月房地产市场再次 面临下行压力。 在出口活动更集中的地区（如长江三角洲和珠江三角洲），出口 导向型中小企业主可能会遇到现金流困难，被迫出售房产。 广发证券总结4月经济数据亮点： 一是在外生冲击下，实际增长虽有放缓但仍韧 性较强，一些新兴产业领域产品扩张较快；二是产销率没有显性变化，供求关系 没有因为外生冲击大幅承压；三是消费修复速度略超预期，不含汽车的4 ...

刚需韧性+新消费破局，消费基金的Alpha掘金路径 ——消费基金阶段收益拆解及基金经理精选 季宇（泓德基金）、齐炜中（大成基金）、李海（国泰基金）、吴心怡 （华宝基金）、徐漫（华夏基金）、周文波（富国基金） 2 消费行情及持仓复盘 3 消费行情历史复盘 1) 核心资产主导（20190101～20210210）： 图表：传统消费/白酒/新消费指数走势（20190101～20210210） 2) 反复震荡(20210218～20230116)： 图表：传统消费/白酒/新消费指数走势（20210218～20230116） 4 ◼ 2019-2020年市场整体趋势向上，投资机会丰富。2019年在中国经济 震荡筑底、中美贸易摩擦几经波折的背景下，国内政策总体处于边际 放松的状态中，逆周期稳增长的调节力度明显加大，流动性的宽松叠 加外资流入也带来了高确定性的核心资产的行情。到了2020年随着经 济复苏的进一步确认，进一步助推通胀属性较强的消费领域的投资机 会，与此同时，百亿基金接连成立、机构崛起、机构重仓股受到追捧， 在2020年底也催生了结构性的估值泡沫。 ◼ 在此期间中证白酒指数上涨超过350%，代表沪港深新兴消费的 ...

Core Viewpoint - The article discusses the evolution of investment opportunities in China, highlighting the transition from traditional investment-driven sectors to innovation-driven industries, particularly in the context of the new economic landscape shaped by artificial intelligence and technological advancements [1][2]. Group 1: Historical Context and Economic Transition - In 2003, the "Five Golden Flowers" represented key investment sectors in China, driven by rapid urbanization and industrialization, with public funds successfully identifying value in steel, automotive, petrochemical, electricity, and banking [1]. - The current economic environment has shifted from investment-driven growth to innovation-driven growth, with significant changes in economic speed, core drivers, industry trends, and policy directions [2]. Group 2: Emerging Sectors and Investment Focus - Potential new sectors that may emerge as the "Five Golden Flowers" in the current economic context include semiconductors, AI, new energy, innovative pharmaceuticals, robotics, and new consumption [2][3]. - The financial market's risk appetite has increased, and the government emphasizes balancing quality improvement with total volume growth, creating a stable environment for innovation [4]. Group 3: Investment Strategies and Opportunities - Fund managers are focusing on AI-enabled sectors such as electronics, internet, software, automotive, and machinery, driven by a surge in automation demand [5]. - The rise of domestic technology and the push for self-sufficiency in computing power are seen as critical investment opportunities, particularly in the context of global trade tensions [6]. - New consumption patterns and innovative business models are emerging, driven by changes in consumer demographics and preferences, presenting growth opportunities for companies that adapt to these trends [6]. Group 4: Market Dynamics and Challenges - The investment landscape is characterized by the need to navigate potential disruptions in industry competition due to new technologies, as well as the risk of speculative bubbles in certain sectors [8]. - Identifying genuine growth versus speculative hype is crucial, with a focus on companies that demonstrate real consumer demand and sustainable business models [9]. Group 5: Future of Fund Management - The introduction of the "Public Fund High-Quality Development Action Plan" is expected to reshape the investment ecosystem, emphasizing absolute valuation and long-term performance metrics [10][11]. - Fund managers will increasingly prioritize shareholder returns, focusing on cash flow, competitive advantages, and dividend capabilities in their investment strategies [11].

3月，港股上市的"雪王"创纪录成为新一代港股冻资王，上市后不到两个月股价翻番；去年上市的老铺 黄金3月5日以每股600港元的价格超越腾讯后，股价一路狂飙最高到881港元，上市不到一年股价涨幅最 高达20倍；2020年在港股IPO的泡泡玛特，最低谷时期股价曾跌落至9.4港元，但从2024年开始，国内消 费回暖、海外市场爆发，泡泡玛特营收大涨，股价一度突破200港元，最新市值超2600亿港元。 今年以来，港股市场涌现出多个消费类明星企业，其中蜜雪集团、老铺黄金、泡泡玛特被市场称为"新 消费三姐妹"，3家公司的市值均超千亿港元，其亮丽的表现也给市场带足了惊喜。 它们的崛起，不仅标志着新消费企业的韧性，更折射出消费投资的重大转折——从低谷挣扎到涅槃重 生。过去几年，消费赛道经历了资本寒冬：A股IPO收紧、消费需求疲软、机构资金转向硬科技，消费 投资一度被边缘化，消费基金募资难、项目退出难，部分机构甚至解散消费投资团队，垂直消费类投资 机构面临生存危机。 港股"新消费三姐妹"背后不乏红杉、高瓴等知名机构，也有诸如美团龙珠等产业资本，还有聚焦消费行 业的垂直机构，如蜂巧资本、黑蚁资本等。而这些公司的优异市场表现，也给一级 ...

金融工程 | 金工定期报告 2025 年 05 月 18 日 作者 吴先兴 分析师 SAC 执业证书编号：S1110516120001 wuxianxing@tfzq.com 相关报告 1 《金融工程：金融工程-因子跟踪周 报：小市值、资产周转率因子表现较好 -20250516》 2025-05-17 2 《金融工程：金融工程-哪些行业进 入高估区域？——估值与基金重仓股配 置监控 2025-05-17》 2025-05-17 3 《金融工程：金融工程-基金持仓与 基准偏离视角下的行业潜在冲击研究》 2025-05-14 金融工程 证券研究报告 量化择时周报：等待缩量 等待缩量 上周周报(20250512)认为：短期市场风险偏好在宏观不确定性和技术形态 的压制下，较难快速提升，建议维持中性仓位。最终 wind 全 A 全周上涨 0.72%。市值维度上，上周代表小市值股票的中证 2000 上涨 0.97%，中盘股 中证 500 下跌 0.1%，沪深 300 上涨 1.12%，上证 50 上涨 1.22%;上周中信一 级行业中，表现较强行业包括汽车、非银金融，汽车上涨 2.71%，国防军工、 计算机表现较弱，国防 ...