宏观金融数据日报 投资咨询业务资格:证监许可【2012】31号 【C 国贸易所得 国贸期货研究院 宏观金融研究中心 郑雨婷 期货执业证号:F3074875: 投资咨询证号: Z0017779 2025/6/5 导人将开展电话通话,讨论贸易政策。股指连续两日反弹,但未突破关 键压力位,市场成交量并未明显放量。 当前国内因素对股指的驱动力度不强,经济数据、高频地产消费和价 格数据无明显亮点,同时,继5月7日央行推出一揽子货币政策支持政策 后,国内政策层面处于相对真空期,短期内国家队护盘的必要性或有所 减弱。海外变量主导股指的短期波动,但特朗普政府形式风格多变,关 税政策仍面临较大不确定性。策略上,鉴于海外因素不确定性较大,期 指操作建议以观望为主,谨慎追涨。 | | 项目 | 当月合约 | 下月合约 | 当季合约 | 下季合约 | | --- | --- | --- | --- | --- | --- | | नेत 贴 | IF升贴水 | 15.53% | 14.05% | 0.02% | 6.60% | | 水 | IH升贴水 | 14. 60% | 14.62% | 6.77% | 3.65% | | 情 ...

Group 1 - The company has secured 8 million yuan in new orders from Turkey and Saudi Arabia in May, with a factory in Thailand expected to start production in July, marking significant breakthroughs in Southeast Asia and the Middle East markets [2] - In the first five months of the year, the company's export volume increased by 43% year-on-year, despite some U.S. clients being cautious due to tariff policies [2] - The company is located in the China Silver City, a silver deep processing industrial base in Jiyuan, which has attracted over 20 silver jewelry and craft enterprises, forming a complete industry chain from design to logistics [2] Group 2 - The company has maintained a diversified market strategy, achieving an annual sales volume of 120 million yuan, and is accelerating its global layout in response to market changes [3] - The company plans to increase the domestic market share from 30% to 50% this year, shifting from an export-dependent model to a balanced domestic and international approach [3] - The company has made breakthroughs in processing trade with the help of Jiyuan Customs, enhancing its competitiveness in the international market [3] Group 3 - The local supply chain in Jiyuan supports the company in meeting high delivery requirements, allowing for 70% of raw material procurement to be completed within the industrial park [4] - The introduction of intelligent equipment has significantly improved production efficiency, with automated embedding machines achieving five times the efficiency of manual labor [4] - The company collaborates with Italian design teams and local vocational schools to enhance product design and innovation, developing over 1,300 new products monthly [4]

今日早盘，被市场吹爆的港股三宝：老铺黄金、蜜雪集团、泡泡玛特集体大跳水。老铺黄金一度跌超 7%。蜜雪集团一度跌超4.7%。蜜雪集团早盘创新高后跳水，一度跌超3%。与此同时，A股市场的相关 概念股亦跟随杀跌，珠宝首饰、美容护理、减肥药等跌幅居前。分析人士认为，从历史来看，一旦各投 资群都在谈论某个概念、某个板块，一旦出现各种"劝降书"，这类热门题材基本上就会见顶。而值得注 意的是，近期整个市场的成交量并未明显放大，在这种背景之下，题材的持续性往往会面临考验。建银 国际也表示，香港市场流动性趋紧需谨慎料恒指24000点遇阻力。(券商中国) ...

一旦拥挤，必有踩踏！ 市场在驯服投资人的同时，也在不断进化。今日早盘，被市场吹爆的港股三宝：老铺黄金、蜜雪集团、泡泡玛 特集体大跳水。老铺黄金一度跌超7%。蜜雪集团一度跌超4.7%。蜜雪集团早盘创新高后跳水，一度跌超3%。 与此同时，A股市场的相关概念股亦跟随杀跌，珠宝首饰、美容护理、减肥药等跌幅居前。 分析人士认为，从历史来看，一旦各投资群都在谈论某个概念、某个板块，一旦出现各种"劝降书"，这类热门 题材基本上就会见顶。而值得注意的是，近期整个市场的成交量并未明显放大，在这种背景之下，题材的持续 性往往会面临考验。建银国际也表示，香港市场流动性趋紧需谨慎料恒指24000点遇阻力。 大跳水 早盘，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。A股大消 费板块调整亦大幅回落，美容护理、食品板块跌幅居前，拉芳家化跌超7%，水羊股份、南侨食品、盐津铺 子、西王食品、有友食品等跌幅居前。 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 ...

Core Viewpoint - The stock price of Laopu Gold (stock code: "06181") experienced significant volatility, initially surpassing 1000 HKD before dropping to 918.5 HKD, reflecting a 7.6% decline, while the company's market capitalization remains at 158.6 billion HKD [2]. Company Overview - Laopu Gold is a brand promoting the "Ancient Method Gold" concept, recognized by the China Gold Association, and specializes in handcrafted gold jewelry [5]. - The company went public on the Hong Kong Stock Exchange in June 2024, issuing 19.45 million shares at an initial price of 40.5 HKD, raising approximately 788 million HKD [2]. Financial Performance - Laopu Gold's revenue has shown substantial growth, with figures of 1.46 billion RMB in 2021, 1.5 billion RMB in 2022, 3.68 billion RMB in 2023, and 9.8 billion RMB in 2024 [6][7]. - The gross profit for the same years was 521 million RMB, 542 million RMB, 1.33 billion RMB, and 3.5 billion RMB respectively [6][7]. - The net profit for 2024 reached 1.47 billion RMB, a significant increase from previous years [7]. Market Position - Laopu Gold's stock price has increased nearly 24 times since its listing, making it one of the fastest-growing companies in the Hong Kong market, alongside brands like Pop Mart and Mixue [4]. - The company has strategically positioned its 36 self-operated stores in high-end shopping malls, competing with luxury brands such as Hermes and Cartier [5]. Shareholder Structure - The company has a family-oriented ownership structure, with significant stakes held by family members of the founder, Xu Gaoming, and institutional investors like Tencent and Southern Fund [8][9]. - Tencent holds a 4.16% stake, while Southern Fund and Yuanfeng Fund each hold 1.25% [10].

Group 1 - Domestic gold jewelry prices remain stable, with a few brands showing slight increases [1] - The price of domestic 24K gold jewelry is reported at 1020 CNY per gram for the second consecutive day [1] - Brands such as Chow Sang Sang and Lao Miao Gold have seen minor price increases compared to the previous day [1] Group 2 - Specific prices for various brands include: - Chow Tai Seng 24K gold at 1020 CNY per gram - Caibai Jewelry 24K gold at 995 CNY per gram - Chao Hong Ji 24K gold (jewelry and ornaments) at 1020 CNY per gram - TSL 24K gold at 1020 CNY per gram - King Fook 24K gold at 1020 CNY per gram - Chow Sang Sang 24K gold at 1000 CNY per gram [5]

Core Viewpoint - CICC has raised the target price for Laopu Gold (06181.HK) by 22% to HKD 1,079.06, maintaining an "outperform" rating for the industry [1] Group 1: Financial Performance - CICC has increased its forecast for Laopu Gold's net profit attributable to shareholders for 2025 and 2026 by 42% and 48%, respectively, to RMB 4 billion and RMB 5.7 billion [1] Group 2: Product and Market Strategy - Laopu Gold launched new products, including the Gourd Baby and Seven Sons Gourd series, effectively combining traditional Chinese cultural elements with exquisite manufacturing techniques [1] - The company is actively opening new stores in high-end commercial areas, with larger store sizes compared to traditional outlets, which is expected to enhance the consumer shopping experience [1] - The company plans to accelerate store openings in 2025, with significant improvements in location and size [1]

Core Viewpoint - Cuihua Jewelry has shown resilience in its financial performance, particularly in the gold jewelry segment, which has become a core contributor to the company's overall business performance due to increased demand for value-preserving products amid fluctuating gold prices [1][3]. Financial Performance - In Q1 2025, the company's revenue reached 1.231 billion yuan, marking a year-on-year increase of 4.12% [1] - For the year 2024, the total revenue was 4.438 billion yuan, reflecting a year-on-year decrease of 2.78%, while the net profit attributable to shareholders was 217 million yuan, an increase of 25.46% year-on-year [1]. Business Operations - As of the end of 2024, Cuihua Jewelry operated 16 direct stores and 460 franchise stores, primarily located in Northeast China, Henan, Hebei, Shandong, Shanxi, Hunan, Hubei, and Guangdong [1]. - The company has adopted a dual business model, focusing on both jewelry and lithium salt products, with the latter being developed through the acquisition of a 51% stake in Siterui Lithium Industry [3]. Shareholder Changes - In June 2022, a share transfer agreement was signed, resulting in Chen Siwei becoming the controlling shareholder of Cuihua Jewelry, holding 12% of the total shares [2]. - Following the transfer, a voting rights waiver agreement was established, allowing the previous major shareholders to relinquish their voting rights for a period of 36 months [2]. Online Business Development - The company acknowledges that its online operations have room for growth and plans to enhance its online business by forming a dedicated team and collaborating with external partners to improve its e-commerce presence [4]. - The long-term strategy includes leveraging a high-end model to strengthen brand, channel, and product dimensions, aiming for further performance improvement [4].

昨天，发生了哪些财经大事？ "多半袋面"中的"多半"是商标？ 白象致歉 近日，多位网友反映称，白象多半袋面、多半桶面系列产品包装上显示"多半"为注册商 标，并质疑企业"在宣传上玩文字游戏"，消息引发热议。对此，白象食品官方客服人员表 示，"'多半'确实是商标，产品具体克重以包装上显示的为准，本身产品是没有问题的。" 4日晚间，白象食品发布声明称，目前公司在售的"多半"产品，是基于原70克面饼基础上推 出的110-120克面饼的大份量产品。"多一半"是基于原60克面饼推出的100克面饼的产 品。"多半"商标申请注册的初心是为了与常规份量产品做区分，便于消费者选购。如因此 给消费者造成误解，公司诚挚地表示歉意。后续公司将尽快调整"多半"产品包装，避免引 发消费者的误解。 首个国产九价HPV疫苗获批上市 4日，我国第一款九价人乳头瘤病毒（HPV）疫苗获国家药监局批准上市。这款疫苗是全球 第二款九价HPV疫苗，打破了国外产品长达十余年的市场垄断。 美联储"褐皮书"显示经济前景悲观 关税推升物价及生产成本 据央视新闻，当地时间4日，美联储发布的最新一期全国经济形势调查报告（简称"褐皮 书"）显示，美国经济活动自上次报告 ...

Group 1: Company Developments - Zhou Li Fu Jewelry Co., Ltd. has successfully passed the Hong Kong Stock Exchange listing hearing, aiming to expand market share and enhance brand influence through its listing [1][2] - Shenzhen Xipuni Precision Technology Co., Ltd. has re-submitted its application for listing on the Hong Kong Stock Exchange after a previous application lapsed, with a focus on securing funds for R&D and market expansion [3][4] Group 2: Financial Performance - Tai Hing Property is expected to report a significant pre-tax loss of approximately HKD 49.2 million for the fiscal year ending March 31, 2025, primarily due to a fair value loss on investment properties [4][5] - Huabao International has invested a total of HKD 525 million in financial products, indicating active participation in the financial market [6] Group 3: Market Overview - The Hong Kong stock market showed positive movement on June 4, with the Hang Seng Index rising by 0.60%, the Hang Seng Tech Index increasing by 0.57%, and the YQ Index up by 0.67% [7]