6月9日，随着布鲁可、古茗和蜜雪集团被调入港股通标的生效，三只新消费个股均大涨，其中布鲁可上 涨达22.34%，总市值超过480亿港元，今年上市以来上涨76.37%。古茗和蜜雪集团均上涨超过4%，总市 值分别超650亿和超2000亿港元，上市以来上涨达176.5%和115.84%。 这一调整意味着内地投资者可以直接通过港股通机制投资这些新消费龙头，无需绕道香港市场，为这些 公司带来了增量资金的注入。 Wind数据显示，被调入港股通名单时间，布鲁可用了99个交易日，古茗用了79个交易日，而蜜雪集团 仅用了66个交易日。 深交所发布关于深港通下港股通标的调整的通知。因恒生综合中型股指数实施成份股调整，根据《深圳 证券交易所深港通业务实施办法》的有关规定，港股通标的证券名单发生调整，调入布鲁可(00325)、 古茗(01364)、蜜雪集团(02097)，自2025年06月09日起生效。 | 代码 | 简称 | 调整方向 | | --- | --- | --- | | 00325 | 布鲁可 | 调入 | | 01364 | 古落 | 调入 | | 02097 | 蜜雪集团 | 调入 | ● 估值偏高 蜜雪集团的动态 ...

Group 1 - The report highlights the transition from a "China-US strategic stalemate" to a "China strategic opportunity period," indicating that China's economic and trade connections with emerging markets are strengthening while ties with US allies are declining [3][24][25] - The A-share market is positioned to potentially enter a bull market phase, driven by increasing household asset allocation towards equities as traditional investment returns decline [3][41][50] - The report suggests that the current market has not yet signaled the start of a bull run, emphasizing the need for careful timing in investment decisions [3][4][5] Group 2 - The report notes that the supply-side improvements are clear, but the demand-side factors remain complex and uncertain, impacting the stability of economic expectations for 2025 [4][5] - It discusses the ongoing mid-term adjustments in the technology sector, indicating that breakthroughs in applications depend on foundational technological advancements [4][5] - The new consumption trend is identified as an independent industry trend, with cautious optimism about its potential to drive consumer spending in the future [4][5] Group 3 - The report updates the profit forecast for A-shares, predicting a mixed performance with a significant drop in net profit growth in the latter half of 2025 [4][5] - It emphasizes that the asset management industry is not yet prepared for a bull market, as the necessary conditions for a significant inflow of capital have not been met [5][6] - The potential for a "China-style slow bull market" is discussed, with expectations for a longer duration of market improvement despite weaker elasticity in fundamental improvements [5][6] Group 4 - The report identifies key sectors such as domestic AI, embodied intelligence, and defense as having the potential to become core industry trends driving structural bull markets [5][6] - It highlights that the Hong Kong stock market is likely to lead the market, benefiting from its role in China's financial external circulation [5][6] - The report maintains a cautious stance on the expansion of new consumption trends, suggesting that significant profit effects in this area may indicate a short-term market correction [5][6]

Group 1 - The new consumption concept stocks in the Hong Kong market showed mixed performance in the afternoon session [1] - Bluetec (00325.HK) surged over 24%, indicating strong investor interest [1] - Mixue Group (02097.HK) rose nearly 7%, reflecting positive market sentiment [1] Group 2 - Gu Ming (01364.HK) increased by over 5.5%, suggesting a stable growth trend [1] - Giant Bio (02367.HK) saw a rise of over 4%, indicating resilience in its stock performance [1] - Lao Pu Gold (06181.HK) declined nearly 3%, showing some weakness in the market [1] Group 3 - Hu Shang Ayi (02589.HK) fell by 1.3%, indicating a slight downturn in its stock [1]

港股新消费概念股午后走势分化，布鲁可涨超25%，蜜雪集团涨近7%，古茗涨超5.5%，老铺黄金跌近 3%，沪上阿姨跌1.3%。 ...

Group 1 - The new consumption concept stocks in the Hong Kong market are showing strong performance, with notable increases in share prices [1] - Blucco has risen over 16%, while Mixue Group has increased by more than 8% [1] - Other companies such as Guming, Guoquan, and Chabaidao have seen their stock prices rise by over 3%, and Pop Mart has increased by nearly 2% [1]

格隆汇6月9日｜上周五美股三大指数均涨超1%，中美今日举行贸易会谈。港股三大指数高开，恒指涨 0.78%，国指涨0.92%，恒生科技指数涨0.97%。盘面上，大型科技股集体上涨，其中，美团涨2.33%， 京东涨1.48%，快手、小米、阿里巴巴涨超1%，百度、网易涨0.4%；商务部指出，对稀土等物项实施出 口管制是国际通行做法，稀土概念股大涨，中国稀土、金力永磁(300748)涨7%；新消费概念股再度活 跃，泡泡玛特涨2.6%，蜜雪集团涨2.33%；创新药概念股继续活跃，东阳光(600673)长江药业、金斯瑞 生物科技涨2.6%，银行股、风电股、石油股、核电股齐涨。另一方面，现货黄金跌破3300美元，黄金 股纷纷走低，万国黄金国际跌4.67%，招金矿业跌3.2%，汽车股多数走低，吉利汽车跌近3%。(格隆汇) (责任编辑：宋政 HN002) | 代码 | 名称 | 最新价 | 涨跌额 | 涨跌幅 | | --- | --- | --- | --- | --- | | 800000 | 恒生指数 | 23977.54 | +185.00 | 0.78% | | 800100 | 国企指数 | 8708.96 | + ...

Group 1 - The core viewpoint is that the A-share market is expected to experience volatility in the second half of the year, with a potential for stabilization followed by an upward trend, contingent on macroeconomic policies and external uncertainties [1] - The uncertainties affecting the market include tariffs, geopolitical issues, technological narratives, and macroeconomic policies, which necessitate a focus on certainty in investment strategies [1] - The recommendation is to prioritize stable investments initially, with a shift towards growth opportunities once uncertainties are alleviated, emphasizing dividend sectors and high-growth areas [1] Group 2 - The "transformation bull" market in China's stock market is becoming increasingly clear, with a strategic outlook favoring 2025 [2] - Investor sentiment has shifted from concerns about economic cycles to a focus on declining discount rates, particularly the reduction in risk-free rates and systemic risk awareness [2] - The Chinese government's policies aimed at debt resolution, demand stimulation, and asset price stabilization, along with capital market reforms and emerging business opportunities, are expected to boost long-term investor confidence [2] - Recent market activity has exceeded expectations, driven by new consumption and technology trends, although further momentum is needed to sustain the rally [2] - Suggested sectors for investment include innovative pharmaceuticals, artificial intelligence, new consumption, and strong industrial demand in metals and chemicals [2]

Group 1: Macro and Market Trends - The upcoming index bull market may face a transitional phase of 3-4 months, with weak domestic demand and price signals needing more concrete measures to boost consumption [1] - A-shares are experiencing high volatility after a period of extreme performance, particularly in small-cap and thematic stocks [1] - The Hong Kong stock market is expected to be the main battleground for the current bull market, driven by scarce assets and improving liquidity [2] Group 2: Investment Strategies - Focusing on high-quality growth stocks and sectors with strong performance potential is essential, especially in traditional industries and new consumption [3] - Emphasizing a balanced allocation across markets, with opportunities in Hong Kong stocks during fluctuations in overseas markets [1][2] - The importance of identifying structural opportunities in the market, particularly in technology and consumer sectors, is highlighted [4][6] Group 3: Sector-Specific Insights - The consumer sector is advised to focus on both mass-market products and emerging new consumption trends, with a shift from undervalued dividends to growth [5] - The AI industry is showing signs of recovery, with significant potential in the domestic market as global leaders perform well [7] - Investment in sectors like automotive, non-ferrous metals, and defense is recommended due to their high industry attractiveness [3] Group 4: Market Sentiment and Predictions - The market is currently in a phase of structural transition, with a potential bull market similar to 2019, driven by a combination of new and old economic drivers [8] - Positive signals from U.S.-China trade relations may lead to a more favorable investment environment, particularly in technology and consumer sectors [9][10] - The market is expected to maintain a volatile upward trend, with a focus on low-valuation sectors and consumer recovery driven by policy support [6][10]

Group 1: Stablecoins and Global Currency System - Stablecoins are typically pegged to stable assets like fiat currencies (mainly USD), precious metals, or other cryptocurrencies, providing relative stability in value [1] - The stablecoin market has significantly expanded since 2020, currently valued at nearly $245 billion, driven by advantages in payment settlements, demand from the expanding cryptocurrency market, and geopolitical risks [1][2] - The development of stablecoins essentially extends the dominance of the USD into the cryptocurrency realm, although the ongoing de-globalization of the USD may not be reversed by stablecoin growth [2] Group 2: China's Market Outlook - The "transformation bull" market in China is becoming clearer, with strategic optimism for 2025 driven by reduced marginal impacts from valuation contractions and a shift in investor expectations [3] - Key drivers for this market include a decline in risk-free rates, effective economic policies, and a focus on investor returns, which are crucial for changing risk perceptions among investors [3][4] - Investment opportunities are identified in sectors such as finance, emerging technology, and cyclical consumption, with recommendations for stocks in brokerage, banking, insurance, and new consumer trends [4][5] Group 3: Hong Kong Market Dynamics - The Hong Kong stock market has outperformed the A-share market since the beginning of the year, with a 19% increase in the Hang Seng Index, driven by sectors like healthcare, technology, and consumer goods [7] - The scarcity of certain assets in the Hong Kong market, particularly those related to AI applications and new consumption trends, is a significant factor in its outperformance [7][8] - Positive factors supporting the Hong Kong market's upward trajectory include fundamental recovery and improved liquidity, with a focus on technology stocks benefiting from accelerated AI applications [8]

Market Performance - The Hong Kong stock market has shown strong performance this year, with the total scale of Hong Kong-themed ETFs approaching 360 billion yuan, an increase of approximately 96.1 billion yuan compared to the end of last year [1][3] - The Hang Seng Index and the Hang Seng Tech Index have increased by 18.61% and 18.32% respectively [3] ETF Growth - As of June 6, there are 144 Hong Kong-themed ETFs with a total scale of 357.24 billion yuan, up from 261.1 billion yuan at the end of last year, marking a growth of 96.1 billion yuan [3] - The largest Hong Kong-themed ETF is the FTSE China Hong Kong Internet ETF, with a scale of approximately 45.6 billion yuan [3] Fund Inflows - Southbound capital has seen a cumulative net inflow of over 600 billion HKD, accounting for nearly 82% of the expected total for 2024, with an average daily net inflow exceeding 8 billion HKD [3] - The number of Hong Kong-themed funds issued this year has reached 43, most of which are passive index funds [4] Investment Outlook - Industry experts believe that the Hong Kong stock market still holds long-term investment value, particularly in sectors such as internet, innovative pharmaceuticals, smart vehicles, and new consumption [1][4] - Despite recent gains, the valuation of Hong Kong stocks remains relatively low, with the Hang Seng Index trading at a P/E ratio of approximately 10.2, lower than the S&P 500 and CSI 300 indices [6] Sector Focus - Key investment opportunities are identified in new consumption sectors such as trendy toys, tea drinks, and domestic beauty products, as well as in technology and innovative pharmaceuticals [6][7] - The innovative pharmaceutical sector has seen overseas licensing transactions exceed 50 billion USD, indicating a potential profitability turning point [7] Market Strategy - Investors are advised to avoid chasing high prices and to focus on the fundamentals of companies, as well as changes in the macroeconomic environment [1][7] - A balanced strategy of "high dividend + technology growth" is suggested to capture both valuation recovery and industrial upgrades [6]