环球市场动态 内 地 财 政 政 策 仍 存 进 一 步 发 力 空 间 股 票 中国市场周五表现不佳，大金融板 块连续下滑拖累指数；欧洲股市情 绪向好，欧洲与美国正式交换谈判 稳健，关税谈判终于正式开启，投 资者期待协议能尽快达成；美股继 续走强，大型科技股普遍上涨，医 疗保健板块出现反弹，标指创下今 年第二好的单周表现。 外 汇 / 商 品 伊朗强调与美国在核武谈判上未达 成正式协议，支持上周五油价终止 两连跌。随着贸易紧张局势降温， 避险资金流出金市，金价表现持续 疲软，创六个月来最大的单周跌幅。 美元指数连涨四周。 固 定 收 益 上周五通胀预期上升、股市反弹， 美国国债小幅下跌，全天波动不大。 因政府债务水平较高，穆迪将美国 信用下评级调至 Aa1。众议院预算 委员会将于周日深夜再次召开会 议，表决特朗普总统的 "大美丽" 法案。 产品及投资方案部 注：bp/bps=基点；pt/pts=百分点 中信证券财富管理 (香港) 免责声明请参考封底 2025 年 5 月 19 日 中 ▪ 2025 年以来中国财政政策显著加码，赤字率升至历史高位，并通过两本账联动加大逆周期调节力度。一季度， 全国财政支出同比 ...

| 序号 上市公司 股票代码 所属行业 上市时间 所在地 上市方式 发行价(港元) 发行量 (万股) 慕资金额(亿港元) | | | | | | --- | --- | --- | --- | --- | | 8.27 12200 | 正力新能 03677 工业工程 2024.4.14 | IPO | | 10.05 | | 华谊信资本 | | | | | | 2 一一篇 1733 | 映恩生物 09606 生物医药 2024.4.15 | | IP ATIXIN CAPIST | 16.39 | 2.通过上市聆讯企业名单 港交所官网显示，4 月共有 6 家企业通过上市聆讯。其中，沪上阿姨已于 5 月 8 日正式登陆港交所，募集资金总额约 2.73 亿港元，开盘后股价暴涨 68%，最高市值突破 206 亿港元。此外，钧达股份成为继赤峰黄金之后，今年第二只实 现 A+H 上市的新股。 | | 2025年4月中概股港股通过聆讯企业名单 | | | | --- | --- | --- | --- | | 序号 | 企业名称 | 所属行业 | 龄用日期 | | 1 | 明基医院集团股份有限公司 | 医疗服务 | 20 ...

Core Viewpoint - The successful IPO of Hu Shang Ayi on May 8, 2023, highlights strong market interest, with a subscription multiple of nearly 3400 times and a total subscription amount exceeding 92 billion HKD, making it one of the hottest new stocks post-regulatory changes in Hong Kong [1] Group 1: Company Overview - Hu Shang Ayi was founded in 2013 and gained national popularity with its "blood glutinous rice milk tea" [1] - As of 2024, the company operates over 9,000 stores, with more than half located in tier-three and below cities, and 99.7% of its stores are franchisee-operated [2] - The company has three brand concepts: Hu Shang Ayi, Hu Ka, and Qing Xiang Ban, focusing on freshly made beverages and coffee [1] Group 2: Financial Performance - The company's revenue for 2022, 2023, and 2024 was 2.199 billion CNY, 3.348 billion CNY, and 3.285 billion CNY, respectively, with net profits of 149 million CNY, 388 million CNY, and 329 million CNY [2] - A slight revenue decline of 1.9% is projected for 2024, attributed to decreased income from franchises and self-operated stores [2] - The number of closed franchise stores in 2022, 2023, and 2024 was 393, 370, and 987, respectively [2] Group 3: Market Strategy and Challenges - Approximately 25% of the IPO funds will be allocated to enhancing digital capabilities and optimizing membership management systems [2] - The average GMV per franchise store decreased from 1.6 million CNY in 2023 to 1.4 million CNY in 2024, impacting the demand for ingredients and raw materials [3] - Despite challenges, the company continues to expand its franchise network, particularly in tier-two and tier-three cities, while reducing its presence in new first-tier cities [3]

近日，蜜雪冰城与巴西签署采购大单，未来3—5年拟从巴西采购40亿元咖啡豆等农产品。 蜜雪冰城相关负责人还透露，今年将在巴西开出首家门店，接下来还将在巴西启动供应链工厂的建设。 蜜雪冰城相关负责人还透露，今年将在巴西开出首家门店，接下来还将在巴西启动供应链工厂的建设。 数据显示，蜜雪冰城在内地以外的市场已开设4895家门店，覆盖越南、印尼、新加坡、日本、韩国、澳大利亚等11个国家和地区，目前已成为东南亚最大的 现制茶饮品牌。3月28日，蜜雪冰城宣布在日本正式开放加盟，仍在寻找新的增长。 布局咖啡赛道 蜜雪冰城入局咖啡赛道时间较早，但今年以来布局动作更为频繁。2017年，蜜雪冰城孵化推出现磨咖啡品牌"幸运咖"，截至今年4月底，"幸运咖"在全国已有 5400家门店。 "雪王"与巴西签署40亿采购大单 5月12日，蜜雪集团副总裁、美洲大区CEO孙建涛与巴西出口投资促进局（ApexBrasil）主席豪尔赫•维亚纳（JorgeViana）在京签署《谅解备忘录》。该备忘 录作为"中国—巴西商业研讨会"会议成果之一，标志着蜜雪冰城与巴西的经贸合作将进一步深化。 巴西出口投资促进局是巴西联邦政府机构，负责促进巴西出口和吸引外国 ...

| 风格指数 | 昨日表现 | 1 个月表现 | 6 个月表现 | | --- | --- | --- | --- | | | （％） | （％） | （％） | | 大盘指数 | 1.15 | 4.03 | -4.11 | | 中盘指数 | 1.37 | 3.44 | -10.64 | | 小盘指数 | 1.45 | 4.46 | -4.76 | | 行业涨幅 | 昨日涨 | 1 个月涨 | 6 个月涨 | | 航海装备Ⅱ | 7.08 | 10.86 | -2.56 | | 军工电子Ⅱ | 5.21 | 7.66 | -1.5 | | 地面兵装Ⅱ | 4.67 | 9.89 | 10.73 | | 消费电子 | 4.38 | 9.21 | -10.4 | | 航空装备Ⅱ | 3.9 | 9.04 | -8.78 | | 行业跌幅 | 昨日跌 | 1 个月跌 | 6 个月跌 | | 贵金属 | -2.03 | -0.87 | 21.22 | | 化学制药 | -1.93 | 2.72 | -2.45 | | 种植业 | -1.03 | -7.34 | -7.73 | | 农产品加工 | -0.77 | 0. ...

| 指数 | 收盘 | | 涨跌（％） | | | --- | --- | --- | --- | --- | | 名称 | （点） | 1 日 | 5 日 | 1 月 | | 上证指数 | 3342 | -0.3 | 4.87 | 1.92 | | 深证综指 | 1971 | -0.88 | 8.07 | 2.88 | ◼ 构建全新基金业绩衡量方法：1）相似基金样本提取：提取过去三个月表现， 计算其每日较万得偏股混合型基金指数（885001）的超额收益并计算相关 性矩阵。提取与目标基金相关性排在前 2%的基金作为其比较样本。2）计 算下一个月在比较样本中的分位数：2017 年以来截止 2025M4，该选基模 型可以取得稳定战胜 885001 指数的历史表现：区间回报达 112.96%，显 著超越 885001 的 53.43%。 | 风格指数 | 昨日表现 | 1 个月表现 | 6 个月表现 | | --- | --- | --- | --- | | | （％） | （％） | （％） | | 大盘指数 | -0.15 | 4.65 | -5.91 | | 中盘指数 | -0.79 | 4.9 | -10. ...

据IPO早知道消息， 沪上阿姨（上海）实业股份有限公司（以下简称"沪上阿姨"）于2025年5月8日 正式以"2589"为股票代码在港交所主板挂牌上市。 沪上阿姨在本次IPO发行中总计发行2,411,340股H股。其中，香港公开发售部分获3616.83倍认 购，国际发售部分获2.57倍认购。同时，沪上阿姨在本次IPO发行中引入了盈峰集团和华宝股份 （300741.SZ）两位基石投资者，累计认购921.55万美元。以每股113.12港元的发行价计算，沪上 阿姨通过本次IPO发行募集资金总额为2.73亿港元。 2013年，第一家沪上阿姨门店在上海开业。目前，沪上阿姨旗下拥有主要品牌「沪上阿姨」、2022 年推出的「沪咖」以及2023年推出的「轻享版」。其中，2024年3月，"轻享版"升级至2.0版本，并 正式推出"茶瀑布"，进一步捕捉下沉市场需求。 截至2024年12月31日，沪上阿姨的门店网络有9,176家门店，覆盖中国全部四个直辖市，以及位于 五个自治区及22个省份的300多个城市，门店网络覆盖北至中国黑龙江省漠河，南至中国海南省三 亚。 一周IPO动态，覆盖港股、美股、A股。 本文为IPO早知道原创 作者｜C ...

整理 ｜ 钟艺璇 #Big News# 又一家茶饮公司上市了 外媒报道指出，这笔交易发生在特朗普政府关税政策带来诸多"不确定性"的背景之下。此前，在4月 发布的一季度财报中，斯凯奇并没有依照惯例发布关于下一季度营收预期的"业绩指引"。其首席财务 官约翰·范德莫尔解释说，"当前环境变动过于频繁"，公司无法作出足够可靠的业绩规划。 斯凯奇并未解释私有化原因，但其在5月2日发布的一份文件中表示，美国政府最近颁布的关税政策以 及税率的不可预测性，对公司的业务运营造成了重大风险，并可能大幅增加公司的成本，降低公司利 润率。关税也可能导致公司的产品定价更高，可能会减少消费者需求，影响产品销售量。 5月8日，沪上阿姨在香港上市，全球共发售约241万股，发行比例2.3%，最终发售价113.2港元，共 计融资2.7亿港元。截至当日收盘，股价为158.4港元，市值166亿港元。 沪上阿姨成立于2013年，以"五谷奶茶"起家，后拓展至鲜果茶等领域。截至2024年底，沪上阿姨已 在全国300多个城市开设9176家门店，其门店布局主要集中在下沉市场，约50%的门店位于三线城 市及三线以下城市。按门店数和定位计算，其在中国北方中价（9- ...

Core Viewpoint - The article discusses the recent IPO of "沪上阿姨" (Hushang Ayi), a tea beverage company, highlighting its market performance, growth strategies, and challenges in a competitive landscape [1][4][34]. Group 1: Company Overview - "沪上阿姨" was founded in 2013 by 单卫钧 and 周蓉蓉, inspired by a local tea shop in Shanghai [10]. - The company has differentiated itself with products like "五谷奶茶" and has expanded its offerings to include fresh fruit tea and other beverages [11][13]. - As of December 31, 2024, "沪上阿姨" operates 9,176 stores, with 99.7% of them being franchise-operated [13][15]. Group 2: Financial Performance - The company's revenue for 2022, 2023, and 2024 was 2.199 billion, 3.348 billion, and 3.285 billion yuan respectively, with net profits of 149 million, 388 million, and 329 million yuan [15][16]. - The decline in revenue for 2024 is attributed to reduced income from franchises and self-operated stores, alongside increased competition in the tea beverage industry [16]. Group 3: Market Position and Strategy - "沪上阿姨" focuses on the lower-tier market, with over 50% of its stores located in third-tier cities and below, and it ranks first among mid-priced tea beverage brands in northern China [13][34]. - The company aims to enhance its brand presence and expand its store network, with approximately 15% of the IPO proceeds allocated for this purpose [37]. Group 4: Competitive Landscape - The tea beverage market is highly competitive, with "沪上阿姨" facing challenges from other brands in the same price range, such as 茶百道 and 古茗 [34]. - The average single-store GMV decreased from 1.6 million yuan in 2023 to 1.4 million yuan in 2024, indicating increased competition and market saturation [37]. - The coffee segment, where "沪上阿姨" also operates through its "沪咖" brand, is experiencing similar competitive pressures, with the company holding a mere 0.2% market share in the fresh coffee market [36][37].

Core Viewpoint - The successful IPO of Hu Shang A Yi on the Hong Kong Stock Exchange reflects strong market confidence in its business model and growth potential, with a market capitalization exceeding HKD 18.1 billion after a significant stock price increase [1][3]. Group 1: Business Model and Growth - Hu Shang A Yi's rapid expansion is driven by a franchise-focused business model, with 99.7% of its 9,176 stores operated by franchisees across over 300 cities in China [4][5]. - The company has seen a strong reinvestment from existing franchisees, with 48.8% of new stores in 2024 coming from current franchisees, indicating a well-functioning franchise system [6]. - The average initial investment for a new store is approximately CNY 275,000, lower than the industry average, making it attractive for potential franchisees [6][7]. Group 2: Product and Supply Chain - Hu Shang A Yi has a diverse product line, including the "Light Enjoy" brand and "Hu Coffee," catering to various consumer preferences and enhancing franchisee profitability [7][9]. - The company sources ingredients globally, ensuring product quality and innovation, with over 100 new products launched from 2022 to 2024 [8][9]. - A centralized procurement platform helps maintain low ingredient costs, benefiting franchisees and creating a sustainable growth loop [8]. Group 3: Market Strategy and Positioning - The company is strategically focusing on the lower-tier markets, with 50.4% of its stores located in these areas by 2024, capitalizing on the expected rapid growth in these segments [9][10]. - The mid-priced tea beverage market is projected to grow significantly, with Hu Shang A Yi positioned to capture a substantial share due to its extensive network and brand recognition [13][16]. - The combination of its franchise model, product diversification, and focus on lower-tier markets positions Hu Shang A Yi for sustainable growth and competitive advantage in the tea beverage industry [19][20].