Core Insights - The Chinese consumer market is undergoing a significant transformation from "quantity" to "quality" and from "material" to "spiritual" values, exemplified by the rise of companies like Laopu Gold and Pop Mart [1][10] - Laopu Gold has surpassed Chow Tai Fook in market capitalization, reaching HKD 120 billion, while Chow Tai Fook stands at HKD 85 billion, marking a shift in the Asian gold and jewelry industry [1][3] - Pop Mart leads the IP derivative market with a 35% market share and a valuation of HKD 180 billion, showcasing the growth of this sector [4][6] Laopu Gold - Laopu Gold has disrupted the traditional pricing model of gold brands by adopting a luxury "one-price" strategy, which allows it to maintain high profit margins despite gold price fluctuations [3] - The brand's unique selling proposition lies in its "ancient court craftsmanship," incorporating various national intangible cultural heritage techniques, resulting in products that take hundreds of hours to create [3][8] - Collaborations with cultural institutions, such as the Palace Museum, have enhanced brand appeal, particularly among high-income women aged 30-40, leading to a significantly higher repurchase rate than the industry average [3][6] Pop Mart - The IP derivative market in China has seen explosive growth, with a market size exceeding RMB 300 billion in 2025, driven by innovative products like the "Nezha 2" blind box, which achieved sales of over RMB 500 million in its first week [4][6] - Pop Mart has expanded into lower-tier markets through "mini-stores and vending machines," contributing nearly 30% to its revenue growth despite lower average spending in these areas [6] - The company's international expansion has also been notable, with overseas revenue reaching 35% and flagship stores opened in major cities like Tokyo and New York [6][8] Cultural Confidence and Consumer Behavior - The success of Laopu Gold and Pop Mart reflects a growing cultural confidence in China, with over 60% of post-90s consumers willing to pay a premium for products that incorporate traditional cultural elements [6][10] - The high-end consumer market has shown resilience, with luxury goods consumption growing by 18% year-on-year in Q1 2025, while IP derivative products grew by 29% [6][10] Technological Integration - Both Laopu Gold and Pop Mart are leveraging technology to enhance consumer experiences, with Laopu Gold's "digital collectibles" and Pop Mart's AR interactive experiences driving higher customer engagement and sales [8][10] - The penetration rate of AR/VR devices in China reached 32% in 2025, providing a solid foundation for immersive consumer experiences [8] Future Outlook - The cultural IP derivative market is projected to exceed RMB 500 billion by 2027, with traditional cultural IPs and emerging domestic trends expected to be key growth drivers [8][10] - Companies with capabilities in cultural storytelling and craftsmanship are likely to see significant value appreciation in the future [8][10]

Core Viewpoint - The new consumption sector in the Hong Kong stock market is performing well, with "Pop Mart, Lao Pu Gold, and Mixue Group" being viewed as the three giants. Meanwhile, the A-share market is also seeing significant interest in new consumption leaders, with many companies experiencing stock price increases of over 30% since Q2 of this year [1]. Group 1: A-Share Market Performance - Several A-share new consumption companies, such as Mankalon (300945.SZ) and Zhou Dazheng (002867.SZ), have attracted over 10 institutional research visits since May, indicating strong institutional interest [1]. - Mankalon's stock price has increased nearly 50% in the last two months, reflecting the growing attention from institutions [2]. - In Q1, Mankalon reported revenue of 714 million yuan, a year-on-year increase of 42.87%, and a net profit of 43.01 million yuan, up 33.52% year-on-year [2]. Group 2: Institutional Research Focus - Institutions are particularly interested in sectors such as gold and jewelry, food and beverage, apparel, and pet products, with topics like gold prices, trendy IPs, and young consumer preferences being key areas of focus [2]. - Mankalon has been researched 16 times by 77 institutions, while Zhou Dazheng has been visited 14 times by 144 institutions, ranking among the top in the A-share market [2]. Group 3: Impact of Rising Gold Prices - The surge in gold prices has negatively impacted consumer willingness to purchase, particularly affecting mid-to-high weight gold jewelry [3]. - Zhou Dazheng's management acknowledged the significant disruption caused by rising gold prices and emphasized the need to adapt to changing consumer preferences [3]. - Companies like Mankalon and Zhou Dazheng are focusing on brand positioning and product innovation to capture market share amidst these challenges [3][4]. Group 4: Targeting Young Consumers - The focus on young consumer demographics is a common strategy among consumption companies, with Mankalon aiming to align product design with young consumers' cultural aesthetics [5]. - Zhou Dazheng is launching a new brand "Zhuan Zhu Ge" targeting young consumers with a focus on cultural and trendy products [6]. - Companies are also enhancing their presence in high-end shopping centers to attract younger customers [6]. Group 5: AI Empowerment Strategies - Institutions are increasingly interested in how companies are leveraging AI technology, with Zhou Dazheng establishing an AI project team to enhance operational efficiency [7]. - Mankalon plans to integrate AI into its design and customer service processes to better understand consumer needs [7]. - Other companies, such as Chuangyuan Co., are also adopting AI-driven strategies to improve customer insights and product development cycles [7]. Group 6: Market Resilience and Innovation - The consumer market is showing resilience, with a gradual recovery expected, prompting companies to innovate continuously to meet diverse consumer demands [8]. - Companies are encouraged to shift from traditional sales models to innovative product offerings and new distribution channels to thrive in a competitive environment [8].

6月26日，深圳市首个黄金珠宝产业绿色园区在盐田区开园。这一项目的落地，不仅是盐田区落实"生态优先、绿色发展"理念的重要实践，更标志着黄金 珠宝产业向着"生态+产业"双轮驱动的高质量发展新路径迈出关键一步。 "全市首个黄金珠宝产业绿色园区的正式开园，将在源头环节实现黄金珠宝加工技术的绿色化革新。"盐田区委书记李忠在致辞中表示，当前，盐田区正加 快推进黄金珠宝产业向绿色化、智能化、高端化全面转型升级，与科技、文化等产业深度融合，不断向价值链高端跃升。未来，盐田区将深化园区示范效 应，在企业设计研发、展示交易、品牌运营、检验检测等环节提供最全面的配套服务，为技术首用、产品首发、品牌首秀搭建最广阔的舞台，全力擦亮黄 金珠宝这张盐田特色产业名片。 近年来，盐田区认真贯彻落实市委市政府工作部署，加快打造以黄金珠宝为核心的现代时尚产业集群，抢抓"无氰镀金"技术入选国家绿色技术目录契机， 紧紧围绕黄金消费"轻克重、高工艺"新趋势，率先落地深圳市首个黄金珠宝产业绿色园区，有效盘活老旧工业区存量空间，规划建设建筑面积超8.6万平 的黄金珠宝产业绿色园区，通过吸引集聚一批优质企业，推进产业强链补链，围绕项目全生命周期提供全链条服 ...

Group 1: Li Auto's Organizational Changes - Li Auto announced a new organizational structure, integrating the "R&D and Supply Group" and "Sales and Service Group" into a newly formed "Smart Vehicle Group" [2] - President Ma Donghui will oversee the Smart Vehicle Group, reporting directly to CEO Li Xiang, and will be responsible for the strategic and operational aspects of Li Auto's smart vehicle business [2][1] - This restructuring aims to create a closed-loop system from strategy to operations, enhancing Ma's involvement in the production, supply, and sales processes [1] Group 2: Toyota's Sales and Production Data - Toyota reported a record high global sales in May, with a year-on-year increase of 6.9% to 898,721 vehicles, driven by strong demand in North America and Japan [2] - Despite the sales growth, Toyota's global production saw a slight decline of 0.7% in May, marking the first drop in five months due to fewer working days in Japan [2] Group 3: Expansion of Lao Pu Gold - Lao Pu Gold is set to open its third store in Shanghai at the International Financial Center on June 28, following the opening of two other stores earlier this year [2] - The company plans to continue expanding in Shanghai, with additional stores planned for high-end shopping areas [2] Group 4: Xiaomi's New Ventures - Xiaomi established a new company, Xiaomi Cloud Innovation Technology (Wuhan) Co., with a registered capital of 50 million RMB, focusing on various technology and sales sectors [3] - Xiaomi launched over ten new products at its recent event, including its first SUV model, the Xiaomi YU7, which saw over 289,000 pre-orders within the first hour of sales [6][7] Group 5: Financing Activities - "Chuangzhi Lianheng" announced the completion of a new financing round, with support from Beijing Innovation Industry Investment Co., focusing on high-tech industries [8] - Beijing Guoxin Zhongyi Technology Development Center completed its A-round financing, which will be used to enhance technology research and expand its digital service offerings [9]

周四，标普500指数收盘接近历史新高，科技股领涨纳指，英伟达收盘续创历史新高。Meta涨近2.5%，领涨科技七巨头。小米一度涨近12%，雷军称小米 YU7大定超预期。 美国经济数据强化了市场对美联储今年至少降息两次的预期。美债收益率全线下行，2年期美债收益率跌超6个基点。美元指数四连跌、至三年来的最低点。 在岸、离岸人民币对美元汇率升破7.16，创逾七个月新高。 大宗商品金属普涨，不过黄金价格震荡收平。铂金涨超4.9%，COMEX铜期货一度大涨3.3%。美油盘中上涨近2%，随后涨幅回吐。 华见早安之声 请各位听众升级为见闻最新版APP，以便成功收听以下音频。 市场概述 市场收报 美联储高官密集发声：尚未准备在7月会议上支持降息！白宫：特朗普近期不会就下任美联储主席人选做出决定。 白宫称7月9日谈判截止期"不重要"、可能推迟，标普逼近纪录高位。欧盟被爆考虑降低一系列对美关税，以期迅速达成贸易协议。大限临近陷僵 局，印美贸易谈判遭遇障碍。 和美国唱反调，欧洲官员称伊朗铀库存完好无损，原油走高。 美国一季度GDP终值下修至-0.5%，个人消费创疫情以来最弱表现。美国上周续请失业金人数跃升至2021年11月以来最高。 ...

"我也没想到，铂金饰品克价一天就涨了十几块钱！"在深圳水贝从事铂金饰品生意的黄经理也感到意外，"今天，铂金饰品的克价已经涨到342元" 。 6月26日，现货铂金价格盘中跃升至2014年以来的最高水平，一度突破每盎司1400美元，盘中涨幅超过3%。市场数据显示，今年以来现货铂金价格已经累计上涨 近50%，远远超过现货黄金和白银的涨幅。 近日，证券时报记者走访深圳水贝黄金珠宝市场，发现不少新开的铂金饰品店铺，一些饰品铺位也减少了黄金饰品的摆放数量，转而销售铂金饰品。对于失宠多年 的铂金首饰来说，究竟能否打一场翻身仗？有消费者表示淡定，认为铂金首饰在十几年前还挺火，但现在已经完全不一样，年轻人的婚戒一般都买K金或黄金。与 此同时，铂金的保值效果不如黄金，以旧换新的费用又比黄金高。不过，也有一些消费者表示，已经关注到最近铂金价格上涨。 记者也查询了几家黄金珠宝类上市公司财报，发现由于铂金营收占比较小，多数企业并未单独披露铂金销售数据。 黄经理表示，作为首饰，铂金具有不变色等优势，除了素金款式还多用于镶嵌类首饰，但是因硬度不如k金加之款式相对单一，在消费市场"失宠"多年。不过，对 于铂金的价格，他认为回涨的空间还很大。 ...

Group 1 - The core viewpoint of the articles highlights the rise of new consumer brands like Mixue Ice City, Pop Mart, and Laopu Gold, which are gaining significant market share and investor interest in the traditional consumer goods sector [1][3][5] - Mixue Ice City has become the richest person in Henan with a net worth of 117.9 billion yuan, surpassing Pop Mart's founder Wang Ning, who had a net worth of 146.7 billion yuan [1] - The rapid expansion of Mixue Ice City is notable, with plans to exceed 46,000 stores by 2024 and international ventures into countries like Indonesia, Vietnam, and Australia [1][7] Group 2 - Pop Mart has successfully created a new market segment called "trendy toys + surprise economy," leveraging its innovative product lines and strong operational capabilities [3][5] - Laopu Gold is redefining the traditional gold market by combining old craftsmanship with new aesthetics, positioning itself as a trendy alternative to luxury brands [3][5] - The current consumer environment emphasizes high cost-performance, emotional value, and unique features, which are critical factors driving the popularity of these new consumer brands [5] Group 3 - The overseas expansion of these brands is becoming a significant growth point, with over a hundred Chinese consumer companies actively pursuing international markets [5] - Mixue Ice City plans to invest at least 4 billion yuan in Brazil over the next 3-5 years, creating approximately 25,000 jobs in the local market [7] - The articles suggest that the new consumer products from China are gaining global appeal, particularly among younger audiences, showcasing a blend of Chinese taste and aesthetics [7]

Core Viewpoint - The emergence of "gold ATM machines" in shopping malls provides a convenient and transparent way for consumers to buy and sell gold, reflecting a shift in the gold retail landscape towards more automated and accessible services [1][4][5]. Company Overview - The "gold ATM machines" are developed by Jinyafu Group, founded in 2006 and headquartered in Shenzhen, specializing in the gold and jewelry industry. The company offers a comprehensive range of services including creative research and development, intelligent manufacturing, personalized customization, smart retail, gold recycling, refining, and logistics [5][6]. - Jinyafu's smart gold stores have expanded to nearly 100 cities, including major locations like Shanghai, Beijing, and Chengdu, indicating a significant market presence [5]. Product Features - The "gold ATM machine" consists of two golden smart terminals for self-service gold purchase and recycling, displaying real-time prices based on the Shanghai Gold Exchange [2][5]. - The process for buying gold involves selecting products on the screen, confirming the purchase, and completing payment via mobile scan, while the recycling process includes a visual inspection and real-time monitoring of the gold testing [2][6]. Market Trends - The introduction of "gold ATM machines" aligns with the rising international gold prices and increasing consumer interest in gold investment and recycling, providing a new option for consumers to manage their gold assets [6][7]. - The machines cater to both consumers looking to purchase gold and those wanting to liquidate idle gold, offering a transparent pricing model and a streamlined process [6][7]. Consumer Reception - While many consumers find the convenience appealing, some express concerns about the reliability of gold quality and pricing compared to traditional gold stores, highlighting a need for consumer education and assurance regarding the service [6][7].

今年上半年，港股"股王"老铺黄金（06181）股价一度触及高点1015港元，截至6月25日收盘，该股年内涨幅近270%，上市以来累计飙升超倍，成为资 本市场的现象级案例。市场普遍关注的是，同样聚焦高端黄金产品、且渠道下沉能力更胜一筹的周六福（06168），能否复制老铺黄金的估值神话？ 根据智通财经APP了解，周六福暗盘平开高走，涨幅曾高达15.21%，收涨12.92%，报27.1港元，成交额1.55亿港元，总市值115.32亿港元。每手100股， 不计手续费，每手赚310港元。 594倍超额认购备受资金追捧 触发套路回拨难挡"入通"势头？ 公开资料显示，周六福此次IPO计划全球发售4680.8万股（占全球发售完成后11%，另有15%发售量调整权），其中香港发售468.08万股，国际发售 4212.72万股，另有15%超额配股权，发售价为每股24.00港元，每手100股，预计募资总额11.23亿港元，IPO市值约为102.13亿港元。本次IPO保荐人为中 金公司和中信建投国际。 在本次IPO发行中，周六福总计引入8名基石投资者，累计认购约5.73亿港元——其中，深圳罗湖国资认购2亿人民币、永诚资本认购1.1亿港 ...

Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Insights - The rise of new consumption is fundamentally driven by a significant change in consumer concepts shaped by the economic and social context of different generations, particularly from the 70s to the 00s [4][5] - The current consumer market is characterized by a shift from "survival-type" products to "quality + emotional-type" products, with a focus on emotional value and quality-price ratio [4][10] - Investment logic in new consumption should focus on sustainable growth capabilities rather than short-term speculative opportunities, emphasizing product innovation and strong brand recognition [4] Summary by Sections 1. Economic and Demographic Background of Consumption Changes - The per capita GDP in China has grown from over 10,000 RMB in 1995 to 84,000 RMB in 2023, establishing a buyer's market [4][15] - Consumer spending is increasingly constrained by rigid expenditures on housing, healthcare, and education, alongside wealth effects [4][19] - The educational attainment of the 95/00 generation has significantly increased, with a CAGR of 10.5% in the number of undergraduate graduates from 1998 to 2023 [4][23] - Urbanization rates have remained high, influencing consumption patterns and driving the reconstruction of consumption scenarios [4][24] 2. Product Evolution - The transition in consumer products reflects a shift towards quality and emotional engagement, with head brands focusing on domestic alternatives and functional trends [4][10] - The market has seen a rise in low-cost, emotionally valuable products, such as beauty care, jewelry, and IP toys, which are now key segments [4][10] 3. Marketing Evolution - Marketing strategies have evolved from traditional brand advertising to performance-driven advertising, with a focus on maximizing advertising efficiency [4][10] - The rise of digital platforms has transformed marketing channels, emphasizing the importance of consumer engagement and conversion rates [4][10] 4. Channel Evolution - The shift towards online channels has significantly increased penetration rates across various categories, with a focus on consumer value rather than supplier value [4][10] - The integration of public and private domains has become crucial for navigating the challenges posed by traditional retail models [4][10]