Market Overview - The Hong Kong stock market indices experienced an overall increase during the week of June 2-6, with the Hang Seng Index rising over 600 points, closing at 23,792.54, a weekly increase of 2.16% [1] - The Hang Seng Tech Index and the China Enterprises Index also saw gains of 2.25% and 2.34%, respectively [1] Investment Outlook - HSBC's Chief Investment Officer for Asia, Fan Zhuoyun, predicts a target price of 25,830 for the Hang Seng Index this year, indicating further upside potential [1] - There is a notable shift in international investors' attitudes towards Chinese assets, particularly as they seek opportunities outside the U.S. amid policy uncertainties [1] Foreign Investment Trends - HSBC has observed an inflow of foreign capital into the Hong Kong stock market, although the overall scale remains below historical highs, suggesting significant room for growth in foreign investment [1] - The focus of foreign investments is primarily on the artificial intelligence sector and high-yield stocks [1] New IPOs - Three new stocks, Xin Qi An, Rong Da Technology, and Yuan Guang Technology, are set to be listed on the Hong Kong Stock Exchange on June 10 [3] - Yuan Guang Technology's IPO saw a strong market response, with over 300 times oversubscription during the public offering phase [3] - Xin Qi An and Rong Da Technology are also expected to raise over 220 million HKD each through their IPOs [3] Consumer Sector Performance - Several new consumer stocks have seen significant price increases, with Gu Ming, Mao Ge Ping, Mi Xue Group, and Bu Lu Ke reaching historical highs [4][5] - Gu Ming's stock has risen over 165% since its listing, with a reported revenue of 8.791 billion RMB and a net profit increase of 36.2% year-on-year [4] - Mi Xue Group has surpassed 46,000 global stores, becoming the largest chain in the coffee and tea industry, with a stock increase of 136% since its IPO [5] Stablecoin Regulation - The Hong Kong government announced that the Stablecoin Regulation will take effect on August 1, 2025, establishing a licensing system for stablecoin activities [6] - The regulation aims to provide a framework for the sustainable development of the stablecoin and digital asset ecosystem in Hong Kong [6] Stock Market Reactions - Companies involved in stablecoin issuance are expected to benefit directly from the new regulation, with Zhong An Online's stock rising over 86% during a recent period due to its partnership with stablecoin issuers [7]

Core Insights - Kale has transformed from a niche ingredient in Western cuisine to a popular raw material in the new tea beverage industry in China since the Tokyo Olympics, with over 30 kale-based drinks currently available on the market [1] - The demand for kale has surged, leading to a significant price increase from single-digit prices per pound in 2023 to 20-30 yuan per pound [1] - Companies like Heytea are raising their standards for raw materials, opting for customized, zero-residue kale to meet the quality demands of the new tea beverage sector [1][4] Industry Trends - The expansion of kale cultivation is underway, with a focus on exploring different varieties and quality improvements [1] - Heytea's kale is sourced from a unique growing environment in Yunnan, benefiting from a favorable microclimate and rich soil conditions [3] - The company implements rigorous quality control, including over 800 third-party pesticide residue tests to ensure compliance with national and European standards [4] Supply Chain Dynamics - The shift from standard procurement to customized planting reflects the evolving needs of new tea beverage companies, which require specific fruit characteristics for their products [4][5] - Heytea's procurement strategy now involves deep engagement in the cultivation process, including setting planting standards and managing harvests to ensure optimal quality [4][5] - This trend benefits not only the beverage brands but also local farmers, providing them with stable sales and pricing through long-term contracts with new tea beverage companies [5]

近段时间，以潮玩盲盒、黄金珠宝、创新茶饮等为代表的新消费潮流席卷了港股市场。被市场誉为港 股"新消费三姐妹"的泡泡玛特、老铺黄金、蜜雪集团，在本周集体刷新股价历史高点。这一现象不仅点 燃了资本市场的热情，更引发了基金经理对投资逻辑的深度思考：未来新消费投资该何去何从？ 恒生前海基金经理胡启聪认为，新消费的"新"是老品类的升级换代、老渠道的更新迭代和老营销方式的 推陈出新，背后更核心的本质是物质富足时代下年轻群体追求自我表达与情绪价值的消费诉求升级。 在德邦基金资深研究员江杨磊看来，这一轮消费行情折射出的是主力消费人群的迭代，以及随着不同经 济发展阶段而变化的消费理念和审美。 老铺黄金和蜜雪集团股价在6月5日最高分别达1015港元/股、618.5港元/股。老铺黄金于2024年6月28日 上市，上市当天其股价最低达60.43港元/股，上市不到一年，老铺黄金的股价实现了快速增长。蜜雪集 团于今年3月3日上市，上市当天其股价最低达256港元/股，在短短3个月时间里，股价涨幅显著。 在业内人士看来，这一轮在港股掀起的消费行情，与以往相比有所不同。长城基金国际业务部副总经 理、基金经理曲少杰对《证券日报》记者表示，此次的 ...

日前，《中国独角兽排行榜2025》正式发布。报告显示，中国独角兽企业总估值达8.46万亿元。其中6 家川企上榜，分别是书亦烧仙草、医联、准时达、威斯克生物、驹马物流、Fiture，全部来自成都。 独角兽企业以其突破性技术产品或新颖的商业模式，被视为经济发展的重要风向标。书亦烧仙草作为新 茶饮企业的代表，此次上榜无疑也是市场对于新茶饮行业的持续看好。数据显示，2025年中国现制茶饮 市场规模预计突破3689亿元。2025年，中国新茶饮市场在消费升级与数字化赋能的双重驱动下，正加速 迈向品质化、规模化扩张的新阶段。 | 中科宇航 | 广东 | 广州 | 2018 | 160 | 航天 | | --- | --- | --- | --- | --- | --- | | 联合飞机 | 广东 | 深圳 | 2012 | 100 | 航天 | | 临工重机 | 山东 | 济南 | 2012 | 100 | 工业设备 | | 比亚迪半导体 | 广东 | 深圳 | 2004 | 100 | 半导体 | | 沐曦集成 | 上海 | 上海 | 2020 | 100 | 半导体 | | 瀚博半导体 | 上海 | 上海 | 2018 ...

图片来源：视觉中国 登陆纳斯达克一月有余的霸王茶姬，在5月30日公布了上市后的首份财报。 截至3月31日的2025年第一季度，霸王茶姬全球门店数达6681家，其中海外门店169家。公司季度营收 33.9亿元，同比增长35.4%；净利润6.77亿元，同比增长13.8%。净利润率较去年同期相比有所下滑。 在霸王茶姬创始人、董事长兼全球CEO张俊杰看来，这一业绩呈现了"稳健提升"的趋势。在已足够拥挤 的新茶饮赛道，这份财报确实传达了一些正面信息。 但如果与过去三年的飞速增长对比，目前的增速已明显放缓——2022到2024年，霸王茶姬营收规模分别 为4.92亿、46.4亿、124.1亿。按照商业规律，如此跨越式的增长往往难以长期持续。 伴随着门店数量迅速扩张，霸王茶姬全球CFO黄鸿飞表示，一季度品牌同店销售增长率出现下滑。 来到增速减慢的拐点，霸王茶姬需要找到下一阶段的发展节奏。 张俊杰在财报电话会上表示，公司目前发展依靠三大战略支柱——全球化布局的持续推进、产品创新的 差异化优势、用户生态的良性发展。其中，"全球化"是自他创业以来便有的计划。 这个创立于2017年的品牌，成立两年后便开始将东南亚作为出海第一站，目前 ...

Group 1 - The consumption market during the Dragon Boat Festival is thriving, with 119 million domestic trips made, a year-on-year increase of 5.7%, and total spending reaching 42.73 billion RMB, up 5.9% [1] - Instant delivery services have effectively met the demand for personalized gifting during the festival, with significant growth in orders for cakes and flowers, particularly through the "one-to-one" delivery model [2][5] - The competition among food delivery platforms continues to intensify, with companies like Taobao, JD, and Meituan offering promotions to expand instant retail consumption scenarios, benefiting third-party delivery services [7] Group 2 - The demand for beverages, fast food, and supermarket goods has surged, with instant delivery services playing a crucial role in supporting holiday consumption [7][8] - Collaboration with major retail brands like Sam's Club and Yonghui Supermarket has led to significant growth in order volumes across various categories, ensuring that essential items are readily available for consumers [8] - The integration of diverse instant delivery services has revitalized traditional holiday experiences, allowing consumers to enjoy both at-home celebrations and immersive cultural activities [8]

中国消费格局，正在发生新变化。 同样做新茶饮，5元一杯的蜜雪冰城，一年卖90亿杯，一年净利润44.5亿元；而霸王茶姬20元一杯的"伯牙绝弦"，也累计卖出了6亿杯，一年净利润25.15亿 元。 同样是外卖，京东通过强调"品质"打开了外卖机会，而美团强调"低价不低质"的拼好饭吸引了5000多个餐饮品牌"自降身价"。 他发现，中国电商的发展在深刻重塑中国城乡之间的经济关系。 首先是，消费机会平权。 在传统的城乡交易模式下，大多数商业活动局限于单一地方，大品牌只会出现在高档的商场，边缘地区的人们只能在当地的集贸市场挑选有限的商品。 然而，电商的兴起，让大量跨地域的小额交易迅速涌现。村民面对的商品价格、质量和品种多样性得到了显著改善。特别是拼多多、抖音、快手等新电商 平台的崛起，通过社交和视频等更加大众化的方式，让更多下沉群体，接触到了电商这个购物渠道，享受到了物质发展的福利。 其次是，发展机会平权。 同样是电影，十几部电影五一档总票房才7.47亿元，但已经上映90多天的《哪吒2》就贡献了6362万元，总票房已经突破158亿。 众多的案例都在说明一个问题：从来没有什么消费寒冬，人们不是不愿意花钱消费，只是不愿意为差劲的 ...

本报记者 毛艺融 截至2025年6月3日收盘，今年以来港股IPO首发募资总额已达773.61亿港元。其中，宁德时代以410亿港元成为年内新股募 资王，占总额的53%。 从市场表现来看，港股打新赚钱效应显著回升。从新股数量与破发率来看，年内累计上市新股28只。其中，有15只在上市 首日破发，破发率53.57%。首日涨幅中位数13.3%，显著高于港股通公司。 港股打新赚钱效应的回升，是市场环境改善、优质企业供给、政策支持、投资者结构优化等多重因素的加持。香港交易所 在5月份推出"科企专线"，鼓励优质科技企业赴港上市。随着宁德时代、恒瑞医药等A股龙头企业陆续赴港二次上市，"A+H"公 司愈发获得机构投资者青睐，国际长线基金成为基石投资者的热情不断提升，散户对参与打新的兴趣也愈发浓厚。 IPO超额认购不断涌现 今年以来，港股打新高潮迭起。例如，5月15日，宁德时代港股公开发售结束，融资认购倍数超120倍，认购金额突破2800 亿港元，位居近半年港股新股冻资榜第三。5月19日，恒瑞医药提前截止认购，香港公开发售获得454.85倍认购，国际发售获得 17.09倍认购，孖展认购逾2200亿港元，在近半年港股新股冻资榜紧跟在 ...

成长故事仍在继续。 5月30日美股盘前，霸王茶姬公布了其上市后的首份季度财报。 数据显示，25Q1，霸王茶姬全球门店总量扩张至6681家，较去年同期增长63.6%；GMV总额为82.3亿元，同比增长38.0%；受益于门店的快速增长，报告期 内，霸王茶姬实现总收入33.9亿元，同比增长35.4%；同期净利润为6.8亿元，同比增长13.8%，对应净利率20.0%。 整体来看，在国内新茶饮市场竞争加剧、海外不确定性增强的背景下，季度内霸王茶姬在经营端和业绩端均实现了多项关键指标的稳健增长，展现出了较强 的韧性。 那么，作为上市后的首份财报，本季度霸王茶姬的业绩质量究竟如何？展望未来，公司的增长逻辑是否还能持续？ 虽有瑕疵，但增长韧性较高 图：霸王茶姬门店和GMV表现 数据来源：公司25Q1季报，36氪整理 在收入增长的同时，报告期内，霸王茶姬的盈利表现也颇为亮眼。 25Q1，霸王茶姬录得营收33.9亿元，同比增长35.4%。其中，加盟门店的净收入为31.5亿元，同比增长31.8%；自营门店净收入2.43亿元，同比大幅增长 107.7%。整体来看，在行业竞争升级之下，本季度霸王茶姬仍然保持稳健增长，展现出了较强的成长 ...

5月30日晚，不久前赴美上市的霸王茶姬发布了上市以来首份季度财报，GMV、净收入和利润等关键 经营数据均取得双位数增长。除此之外，财报还披露霸王茶姬小程序会员数突破1.9亿，品牌在海外 市场也颇有收获。 近年来新茶饮的日子过得颇为艰难，国内高线城市开发过度，商业街区频现奶茶一条街。产品同质 化、价格战和创意的枯竭已经让不少品牌增长失速，甚至走进衰退轨道。以东南亚的为代表的海外市 场，对于陷入极度内卷和增长焦虑的新茶饮而言显得极为诱人。 然而， 国内市场固然是卷生卷死， 海外也并非一马平川， 对企业的组织管理、供应链水平和文化适应能力都是巨大的挑战。仅以开设 更多门店、缓解增长焦虑为出发点，很难把出海"玩明白"。 霸王茶姬在维持国内市场可观盈利能力的同时，在海外市场也呈现站稳姿态，在新茶饮赛道供给侧拥 挤的当下，其商业模式和战略选择仍然值得一看。 持续爆发的"赚钱力" 霸王茶姬3月公开的招股书中，已经向市场展示了这家新茶饮企业强劲的赚钱能力。 2022-2024年，霸王茶姬每年都以接近翻倍的速率扩张着门店数量；三年间营收从4.92亿元增长至 124亿元，净利润从亏损4800万元增至25亿元。闭店率仅1.5%，低 ...