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 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The US service sector activity unexpectedly contracted, ADP employment data was significantly lower than expected, and Trump pressured the Fed Chair Powell to cut interest rates immediately, resulting in mixed performance of the three major US stock indexes. Domestic stock indexes have been rising slightly but remain range - bound, with the consumer sector leading. In the short term, the stock indexes will continue the trend of shrinking trading volume [1][2][3] Summary by Directory 1. Market Analysis - **Domestic**: Four departments including the Ministry of Human Resources and Social Security issued a notice to carry out a pilot project on the integrated development of the human resources service industry and the manufacturing industry in about 30 eligible cities, aiming to achieve certain results in about 3 years [1] - **Overseas**: The US ADP employment in May increased by 37,000, far lower than the expected 110,000, and the recruitment speed reached the lowest level since March 2023. The US ISM non - manufacturing PMI in May was 49.9, contracting for the first time in nearly a year, lower than the expected 52.0 [1] 2. Stock Market Performance - **Domestic Spot Market**: A - share indexes rose, with the Shanghai Composite Index up 0.42% to 3376.2 points and the ChiNext Index up 1.11%. Most sectors rose, except for transportation, national defense and military industry, public utilities, and the banking industry. The trading volume of the Shanghai and Shenzhen stock markets was 1.1 trillion yuan [2] - **Overseas Spot Market**: The three major US stock indexes closed mixed, with the Dow down 0.22% to 42427.74 points and the Nasdaq up 0.32% to 19460.49 points [2] - **Futures Market**: The basis of stock index futures rebounded slightly. The trading volume and open interest of the four major stock index futures decreased simultaneously [2] 3. Strategy - The US service industry contraction and low ADP employment data, along with Trump's pressure on the Fed, led to mixed performance of US stocks. Domestic stock indexes rose slightly but remained range - bound, with the consumer sector leading. In the short term, the stock indexes will continue the shrinking volume trend [3] 4. Chart Summary - **Macro - economic Charts**: Include charts on the US dollar index and A - share trends, US Treasury yields and A - share trends, RMB exchange rate and A - share trends, and US Treasury yields and A - share style trends [5][6] - **Spot Market Tracking Charts**: Present the daily performance of domestic major stock indexes, including the Shanghai Composite Index, Shenzhen Component Index, ChiNext Index, etc., on June 4, 2025 [12] - **Stock Index Futures Tracking Charts**: Provide data on the open interest, trading volume, basis, and inter - delivery spread of stock index futures [5][6]

Group 1 - The A-share consumer sector is experiencing fluctuations and adjustments, with significant declines in the beauty care, food processing, and beverage manufacturing sectors [1] - Lafang Home Products has seen a drop of over 7%, indicating a notable downturn in the beauty care segment [1] - Other companies such as Shuiyang Co., Nanjiao Food, Yanjinpuzi, Xiwang Food, Heizhima, and Youyou Food are also among those with significant declines [1]

大消费板块调整，美容护理、食品板块跌幅居前，拉芳家化（603630）跌超7%，水羊股份 （300740）、南侨食品（605339）、盐津铺子（002847）、西王食品（000639）、有友食品（603697） 等跌幅居前。 这几只票暗盘资金正在偷偷流入，立即查看>> ...

Market Overview - The A-share market experienced a rebound with the ChiNext index leading the gains, closing up by 1.11% [4] - The Shanghai Composite Index closed at 3376.20, up 0.42%, while the Shenzhen Component Index rose by 0.87% to 10144.58 [2] Sector Performance - The top-performing sectors included Beauty Care (up 2.63%), Comprehensive (up 2.53%), and Textile & Apparel (up 2.41%) [3] - Conversely, the sectors that underperformed were Transportation (down 0.58%), Defense & Military (down 0.24%), and Utilities (down 0.12%) [3] Concept Index Performance - Among concept indices, Beer Concept led with a gain of 3.85%, followed by Tobacco at 2.65% and Hat Removal at 2.63% [3] - The weakest performers included Glyphosate (down 0.26%) and Terahertz (down 0.16%) [3] Future Outlook - The market is expected to maintain a stable upward trend, supported by resilient domestic economic fundamentals and favorable policies [6] - The manufacturing PMI for May was reported at 49.5%, indicating a slight recovery in the manufacturing sector [6] - Suggested sectors for investment include Finance, Non-ferrous Metals, Consumer Goods, and TMT (Technology, Media, and Telecommunications) [6]

Market Overview - A-share market continued to rebound on June 4, with all three major indices opening higher and closing positively, particularly the ChiNext Index which rose over 1% [1][2] - The total trading volume reached 1.18 trillion yuan, with nearly 4,000 stocks rising and over 80 stocks hitting the daily limit [1][2] - The market is currently in a repair phase, supported by a series of domestic policies, limiting the adjustment space [1][5] Sector Performance - The consumer sector saw significant activity, with beauty care, textiles, and retail sectors leading the gains, with increases of 2.63%, 2.53%, and 2.41% respectively [2][3] - Solid-state battery and optical module sectors also performed well, contributing to the overall market rebound [1][2] - A total of 32 stocks reached historical highs, predominantly from the banking, pharmaceutical, and food and beverage sectors [3] Fund Flow - On June 4, the net inflow of main funds in the CSI 300 exceeded 3 billion yuan, indicating a recovery in market sentiment [3][4] - Among the 13 sectors with net inflows, electronics, communications, and power equipment led with inflows of 22.99 billion yuan, 13.48 billion yuan, and 11.00 billion yuan respectively [4] - Conversely, sectors such as defense, pharmaceuticals, and automotive experienced net outflows [4] Investment Strategy - Analysts suggest focusing on high-performance consumer leaders and traditional companies with new consumption thinking, as they may benefit from structural opportunities [3][5] - The current market environment is characterized by a focus on safety and stability, with recommendations to invest in dividend-paying stocks and technology sectors [5][6] - The upcoming Lujiazui Forum is expected to announce significant financial policies that could support market expectations [5]

6月4日，A股市场整体表现积极，指数、板块及个股收涨居多。其中，消费和科技股表现亮眼，而通用航空和大飞机 板块则微跌。 今日震荡走强 A股继续震荡走高，沪指收涨0.42%报3376.2点，创业板指收涨1.11%报2024.93点。科创50、沪深300、上证50均微涨， 北证50涨逾1%。交易量微增，今日A股日成交额共计1.18万亿元。 A股共计3963只个股收涨，涨停股86只；1238只个股收跌，跌停股2只。 31个申万一级行业板块中，仅有交通运输、国防军工、公用事业板块微跌，其余飘红。消费、科技股表现亮眼，美容 护理、综合、纺织服饰板块涨幅均超过2%，通信、商贸零售、电子等板块涨幅超过1%。轻工制造板块掀起涨停潮， 嘉美包装（002969）等10只个股涨停，其中金陵体育（300651）20cm涨停。 | 名称 | ● | 涨幅% ↓ | 涨停家数 | 年初至今涨幅% | 5日涨幅% | 10日涨幅% | 下跌家数 | | --- | --- | --- | --- | --- | --- | --- | --- | | 昨日涨停 含- | 字 | 3.58 | 25 | 491.79 | 12.44 | 1 ...

Summary of Key Points from Conference Call Records Industry or Company Involved - The discussion primarily revolves around the Chinese market, U.S.-China trade relations, and various sectors including consumer goods, technology, and dividend stocks. Core Points and Arguments 1. **U.S.-China Tariff Concerns** The U.S. has increased tariff threats against China, particularly targeting AI and chip design software exports, which may disrupt trade negotiations and worsen U.S.-China relations [1][3][4] 2. **Short-term Tariff Impact** The likelihood of imposing new tariffs in the short term is low due to the U.S. retail sector's peak ordering season, with a 90-day grace period before any potential tariffs take effect. However, risks may rise post-grace period [5][6] 3. **Judicial Intervention in Trade** The U.S. judicial system's involvement in trade disputes may gradually reduce the extremity of tariff increases, indicating a potential shift in tariff authority back to Congress in the long term [6] 4. **Dividend Stocks in June** June typically sees seasonal pressure on dividend stocks due to profit-taking, leading to lower excess returns and win rates despite being a peak dividend distribution period [7][8] 5. **Long-term Outlook for Dividend Stocks** Despite short-term volatility, dividend stocks remain strategically significant in a low-interest-rate environment, with high dividend yields observed in indices [9] 6. **Focus on Emerging Consumption Sectors** The market is currently focused on service consumption, new consumption, and biomedicine, which are supported by policies and show strong performance. Notable companies in these sectors are less crowded, presenting investment opportunities [10][11] 7. **Weakness in Traditional Consumer Sectors** Traditional consumer sectors like home appliances and automobiles are underperforming due to declining consumer interest and the cessation of government subsidies, leading to concerns about their future growth [12][13] 8. **Technology Sector Trends** The technology sector is expected to rebound in the short term, with a long-term focus on significant capital expenditures and breakthroughs in areas like AI and robotics [14] 9. **Anti-Tariff Themes** The anti-tariff theme is performing steadily, with sectors like rare earths benefiting. The market is gradually desensitizing to tariff concerns, avoiding significant volatility [15] 10. **Recommended Industries** Key recommended industries include beauty care, biomedicine, computing, non-ferrous metals, social services, agriculture, defense, and retail, all of which are seen as having good growth potential [16][17] 11. **Market Outlook** The market is expected to remain in a narrow fluctuation pattern, supported by domestic demand resilience, with a focus on service consumption and emerging sectors as key growth drivers [18]

Group 1: Market Overview - The bond market is experiencing a general rise, with expectations that it will benefit from inflows of risk-averse capital due to low stock market volatility [4][19]. - The A-share market is showing signs of rotation, with a total trading volume of 1.15 trillion, indicating a focus on consumer sectors and a majority of stocks rising [22]. - The U.S. stock market is in a phase of slight upward movement, with the Dow Jones, S&P 500, and Nasdaq indices increasing by 0.51%, 0.58%, and 0.81% respectively [29]. Group 2: Asset Class Tracking - The bond market is expected to regain upward momentum as risk aversion increases, particularly if stock market volatility rises [4][19]. - The A-share market is characterized by low volatility and a cautious approach is recommended, especially if indices approach the 3000-point mark [22]. - The foreign exchange market shows the onshore RMB appreciating against the USD, with expectations of reaching around 7.1 [33]. Group 3: Sector Insights - Consumer sectors such as beauty care, beverage manufacturing, and textiles are leading the market, but overall trading volume remains insufficient for sustained growth [22]. - The commodity market is experiencing a rebound, with the Wenhua Commodity Index rising by 0.72%, although it is still in a bearish trend overall [36]. - The agricultural and high-dividend sectors are highlighted as having stronger certainty for future performance [22].

Core Viewpoint - The stock price of Beautiful Garden Medical Health (02373.HK) surged by 34.25% on June 4, 2023, reaching a new high of 24.3 HKD per share, driven by positive market sentiment and favorable industry conditions [1][2]. Group 1: Stock Performance - On June 4, 2023, Beautiful Garden Medical Health's stock price increased significantly, closing at 24.3 HKD per share, with a trading volume of 1.6 billion HKD [1]. - The year-to-date increase in the stock price reached 36.52%, surpassing the Hang Seng Index's gain of 17.92% during the same period [1]. Group 2: Market Drivers - The surge in Beautiful Garden Medical Health's stock is attributed to the overall rise in the Hong Kong consumer and medical beauty sectors, with several companies in these sectors hitting historical highs [2]. - The recent boom in the emerging consumer sector is driven by a combination of policy support, holiday effects, and self-care consumption trends [3]. Group 3: Company Developments - Beautiful Garden Medical Health has expanded its brand portfolio, which includes multiple brands such as Beautiful Garden, Beili Shi, and others, focusing on lifestyle beauty, medical beauty, and healthcare [3]. - As of December 31, 2024, the company operates over 554 stores, with 275 being direct-operated and 279 being franchised or managed [3]. - The company announced a plan to acquire an additional 20% stake in Guangzhou Nairui, increasing its ownership to 90%, which is expected to enhance its business model and competitive edge [4]. - Recent shareholder activity, including CITIC Securities' purchase of 147,000 shares, has bolstered market confidence in the company [4].