Core Insights - The pet consumption market is becoming a significant pillar for Chinese companies going global, with pet product sales during the "618" shopping festival showing that cat product sales are twice that of dog products [1] - The global pet market is projected to exceed $300 billion by 2025 and reach $500 billion by 2030, with China transitioning from a manufacturing hub to a brand-exporting nation [1][3] - Chinese pet food exports have shown robust growth, with a 16.17% increase in quantity and a 6.06% increase in value in the first four months of 2025 compared to the previous year [3] Industry Trends - Over 30,000 pet businesses participated in cross-border sales during the "618" event, with over 1,000 businesses seeing their sales double year-on-year [1] - The demand for smart pet products and eco-friendly toys is driving innovation and growth in the pet industry, with leading companies expanding their overseas operations [1][3] - The consensus in the pet industry is that companies must expand internationally to tap into the more mature overseas markets [2] Company Performance - Zhongchong Co., a leading player in the pet economy, has seen its stock price increase by nearly 66% this year, with revenue growing from 648 million yuan to 4.465 billion yuan from 2015 to 2024, representing a 589.04% increase [4] - In Q1 2025, Zhongchong Co. reported a revenue of 1.101 billion yuan, a 25.41% year-on-year increase, and a net profit of 91 million yuan, a 62.13% increase [4] - The company has established production facilities in multiple countries, including the U.S., Canada, and Thailand, to enhance its overseas capacity and mitigate risks [3]

编辑人 崔健 022-28451618 SAC NO：S1150511010016 cuijian@bhzq.com 渤海证券研究所晨会纪要（2025.06.20） 宏观及策略研究 科创板改革获推进，市场延续窄幅震荡——A 股市场投资策略周报 晨会纪要（2025/06/20） 证 券 研 究 报 告 晨 会 纪 要 请务必阅读正文之后的声明 渤海证券股份有限公司具备证券投资咨询业务资格 1 of 4 晨会纪要（2025/06/20） 宏观及策略研究 科创板改革获推进，市场延续窄幅震荡——A 股市场投资策略周报 严佩佩（证券分析师，SAC NO：S1150520110001） 宋亦威（证券分析师，SAC NO：S1150514080001） 靳沛芃（研究助理，SAC NO：S1150124030005） 1、市场回顾 近 5 个交易日（6 月 13 日-6 月 19 日），重要指数纷纷收跌；其中，上证综指收跌 1.19%，创业板指收跌 1.95%； 风格层面，沪深 300 收跌 1.26%，中证 500 收跌 2.12%。成交量方面小幅缩量，两市统计区间内成交 6.33 万亿元，日均成交额达到 1.27 万亿元 ...

A股新股数量和融资总额均同比上升14%。 本文为IPO早知道原创 作者｜ 罗宾 微信公众号｜ipozaozhidao 据 IPO 早知道消息， 6 月 19 日，德勤中国资本市场服务部发布了中国内地及香港 IPO 市场 2025 年上半年回顾与前景展望。 2025 年上半年，港交所凭借多只超大型新股荣升新股融资额第 一，纳斯达克和纽交所分列第二和第三，东京证券交易所排名第五，上交所和深交所排名第七和第 八。 全球前十大新股融资规模较去年同期增长 17% 。 展望前景，目前香港有超过 170 宗正在处理的上市申请个案，包括超过 5 家公司每家或会融资最少 10 亿美元，德勤 中国资本市场服务部 预计 2025 年全年香港新股市场将从 80 只新股融资 2,000 亿港元。除了年内或会有 25 只 A+H 新股外，大部份的上市项目将会来自 TMT 及消费行业。 德勤中国资本市场服务部华东区上市业务合伙人鲍捷指出： "只要未出现重大负面的地缘政治或宏观 经济干扰 , 我们对香港在 2025 年具备条件争取全球 IPO 市场领先地位持审慎乐观态度。这份信心 源自强劲的申请上市名单、日益增强的市场动力，以及整体转趋有利 ...

德勤中国资本市场服务部华东区上市业务合伙人胡科表示，国家对科技及创新行业的支持将推动科 技、新能源等新质生产力到资本市场募融资金，并辗转成为2025年下半年A股市场的亮点。 香港市场将会以40只新股融资1021亿港元为2025年上半年划上句号，与2024年同期的30只新股融资 132亿港元相比，新股上市数量增加33%，融资总额攀升673%。接近四分之三的2025年上半年融资额来 自4只超大型A+H新股及1只H股上市。 德勤中国资本市场服务部华东区上市业务合伙人鲍捷解释称："我们对于香港能够从全球其他证券 交易所手上重夺新股融资排名的冠军宝座感到十分振奋。鼓励内地龙头企业来港上市、简化A股上市公 司的申请上市程序，以及更理想的估值、更佳的市场流动性、更强的资金承接能力，这些因素共同推动 香港新股市场的活跃。 6月19日，德勤中国资本市场服务部发布2025年中国内地和香港新股市场的中期回顾与展望。 随着监管机构继续实施早前对准新股发行人更严谨的监管，A股市场在2025年首季放缓，并于第二 季度开始呈现更多复苏的迹象，但这也导致更多小型中资企业联群结集到美国上市融资。 对于2025年下半年，德勤预计，A股市场的表现 ...

● 本报记者王辉 证券私募行业近期业绩与仓位"双线走高"。来自第三方机构的监测数据显示，今年以来证券私募行业整 体业绩表现亮眼。与此同时，随着投资信心的增强，百亿级股票私募持续加仓，平均仓位水平已悄然攀 升至接近80%的年内高位。这一举措的背后，既反映出机构对政策面和经济预期的积极研判，也体现了 私募对当前A股估值吸引力的普遍认可。从重点投资方向来看，科技、新消费、贵金属等板块以及红利 资产，成为不少私募机构的加仓重点。从核心逻辑来看，私募机构普遍关注投资的"确定性"。 股票策略产品前五个月平均盈利近5% 来自第三方机构私募排排网的最新监测数据显示，截至5月31日，有业绩记录的12843只私募证券产品， 今年前五个月的平均收益率为4.34%；其中9608只产品实现正收益，占比为74.81%。 与此同时，在私募五大投资策略(股票策略、多资产策略、期货及衍生品策略、组合基金策略、债券策 略)产品中，股票策略产品今年前五个月的业绩领跑。有业绩记录的8487只股票策略私募产品，今年以 来平均收益率为4.81%，在五大策略中排名第一。其中，6238只产品在今年前五个月实现正收益，占比 为73.50%。 从今年前五个月私 ...

首先，外部环境复杂多变，A 股自身仍具有韧性。上周末，中东地区地缘事件成为扰动市场神经的 重要边际变量。全球股市大都由此而产生些许震荡，A 股在上周五略微调整之后，本周一实现了部分修 复，展现出了一定的韧性。此外，五月的国内经济数据正在披露阶段，投资者较为关注未来的政策动向 和执行效果。总体来看，当前的外部环境复杂多变，国内政策储备充分，成为市场重要支撑力量。 其次，两市震荡反弹，成交下降。周一，两市低开后，逐级向上反弹，沪指收盘于全天高点附近， 但未能越过五天均线。深圳成指的中短期均线出现粘连，周一当天收盘正好处于各均线交汇处，正在等 待突破方向。两市量能为 1.2 万亿元左右，较上周有所下降。微观结构上，全天个股涨多跌少，涨停股 票数量较多。当天市场热点主要集中在 TMT 和房地产行业。投资风格方面，中小盘涨幅领先。 从市场运行节奏看，沪指正在挑战 5 月中旬的高点，但技术阻力仍然明显。沪指于 5 月中旬逐步向 下调整，呈现高低点同步下移特征。但最终在 60 天均线获得支撑后，重新展开了一波反弹，上周在接 近 5 月中旬的高点后，遇阻回落。这提示我们，去年四季度的成交密集区以及今年一季度的市场高点附 近仍 ...

What a rollercoaster we’ve been on with Hims & Hers (NYSE: HIMS ); one that has surely paid off with the stock being one of the best performers in my coverage. I last madeI’m a retired Wall Street PM specializing in TMT; since kickstarting my career, I’ve spent over two decades in the market navigating the technology landscape, focusing on risk mitigation through the dot com bubble, credit default of ‘08, and, more recently, with the AI boom. In one word, what I’d like my service to revolve around is moment ...

本周消息面扰动因素有所增加：随着以色列与伊朗冲突加剧，全球对油价担忧急剧提升，黄金价格出现上涨，市场担心 由此引发新地缘动荡带来通胀风险。从目前影响来看，中东冲突对中国直接影响相对有限，间接影响主要体现在油价大 幅上涨风险，中东冲突长期以来都是油价催化剂，对短期价格有较大冲击作用，但持续时间较短，主要原因是全球化大 背景下，各主要经济体难以承受油价长期飙升严重后果。整体来看，中东冲突影响对市场是有限的，情绪影响大于实质 影响。6 月 13 日召开的国务院常务会议提出"更大力度推动房地产市场止跌回稳"，并围绕房地产市场作出一系列重要 部署，会议明确了政策"更大力度"发力的四个方向——稳定预期、激活需求、优化供给、化解风险，各地有望及时响 应，加快相关政策的落地落实，有利于地产周期更早调整到位，对经济运行起到边际改善的作用。 趋势依旧，新慢牛有望 3 季度开启: 市场虽然有所调整，但整体大的区间震荡趋势并不会有明显改变。当前市场的核心 要素仍然是基本面预期稳定向好，市场期待政策与外部因素逐步改善，从市场量能来看，维持市场结构性行情特征可能 性依然较大。近期主流热点主要围绕产业景气度展开，创新药、新消费等主流热点景 ...

Group 1 - The core viewpoint is that Hong Kong stocks are expected to outperform A-shares in terms of earnings growth due to a more technology-oriented industry structure and lower sensitivity to price fluctuations [1] - In 2024, Hong Kong's net profit attributable to shareholders is projected to grow by 10.2% year-on-year, significantly higher than A-shares' decline of 3%. Excluding financials, Hong Kong's growth rate is 11.7%, while A-shares (non-financial) are at -13% [1] - Hong Kong's valuation is more attractive, with the Hang Seng Index trading at a PE ratio of 10.6, compared to 19.3 for the Wind All A Index. The technology sector's PE of 20 is also notably lower than the ChiNext Index's 31 [1] Group 2 - Foreign capital is accelerating its allocation to Hong Kong stocks due to low valuations, improving earnings, and advantages from regulatory openness, with an average daily net inflow of southbound funds reaching 6.1 billion yuan, up from 3 billion yuan last year [1] - The Hong Kong Technology ETF (code: 513020) tracks the Hong Kong Stock Connect Technology Index (code: 931573), which selects up to 50 high-quality companies from the TMT sector listed within the Stock Connect range, aiming to reflect the overall performance of technology companies available for investment through the Stock Connect [1]

Group 1 - The TMT industry has shown signs of recovery since late May, with a potential for a comprehensive rebound in the sector and its sub-sectors [1] - The performance of the dividend theme has weakened in June, with the probability of the CSI Dividend Index outperforming the CSI 300 dropping to 31%, significantly lower than in May [1] - Key dividend sectors such as banking, transportation, utilities, and coal have low probabilities of outperforming, with the transportation sector below 20% in June [1] Group 2 - Historical analysis indicates that the CSI Dividend Index has outperformed the CSI 300 in June due to favorable industry fundamentals and market downturns in previous years [2] - Current market conditions lack new industry logic or significant market fluctuations, suggesting that dividend assets may face headwinds in June [2] - New consumption and innovative pharmaceuticals are currently experiencing high market enthusiasm, but there is a risk of overcrowding, leading to a potential need for portfolio adjustments [2] Group 3 - The market sentiment for the TMT sector is currently at a low level, positioned at the 15th percentile over the past year, indicating potential for a catalytic phase [3] - Events such as the Apple Worldwide Developers Conference and Huawei Conference may serve as catalysts for the TMT sector, with the R2 model being a potential trigger point [3] - The performance of sub-sectors related to AI computing in Q2 is expected to support future trends, enhancing the attractiveness of the TMT industry amidst challenges in the dividend and new consumption sectors [3]