Core Viewpoint - The article discusses the surge of new consumption trends in the Hong Kong stock market, highlighting the significant growth of companies like Pop Mart, Mixue Group, and Laopu Gold, collectively referred to as the "New Consumption Sisters" [2][3]. Group 1: Market Performance - On June 4, 2025, Pop Mart, Mixue Group, and Laopu Gold reached new highs, with a combined market capitalization exceeding 730 billion HKD [2][3]. - Pop Mart's stock price increased by 5.13% to a peak of 248.8 HKD per share, marking a year-to-date increase of over 170% and a staggering 2300% increase since its lowest point in Q4 2022 [3]. - Mixue Group's stock rose over 5% to a peak of 618 HKD per share, achieving a 134.9% increase since its listing on March 3, 2025 [3]. - Laopu Gold's stock reached 996.5 HKD per share, with a 3.06% increase on the same day, and has seen a 324.2% rise this year [3]. Group 2: Investment Logic and Trends - The current consumption market is shifting from traditional sectors like liquor and appliances to new consumption categories such as trendy toys, pet economy, and cosmetics, indicating a profound restructuring of investment logic [5]. - The focus has shifted from brand-driven consumption to quality and emotional value, reflecting a more rational consumer behavior influenced by higher education levels [5]. - New consumption companies prioritize precise target audience identification and pain point exploration over traditional channel strength, which is becoming less critical [5]. Group 3: Drivers of New Consumption - The rise of new consumption is driven by rapid economic development, changes in communication media, and generational shifts in the population [6]. - Consumers are transitioning from a mindset of necessity to one of desire, with the rise of mobile internet facilitating a more active role in brand discovery [7]. Group 4: Future Market Outlook - Despite concerns about potential market corrections, experts believe that the new consumption sector still has significant growth potential, with many companies yet to fully realize their earnings potential [8]. - The investment logic in the new consumption space remains valid, with a focus on quality supply creating demand [9]. - The overall consumption market is expected to experience structural trends, with a mix of high-performing stocks and those still lagging behind, indicating a diverse investment landscape [9].

Core Viewpoint - A capital frenzy led by new consumption is unfolding in the Hong Kong stock market since 2025, with significant growth in sectors like trendy toys, gold jewelry, bulk snacks, and pet economy [1] Group 1: New Consumption Companies Performance - On June 4, 2025, three Hong Kong new consumption companies, Pop Mart, Mixue Group, and Laopu Gold, reached new highs, collectively surpassing a market capitalization of 730 billion HKD, earning the title "New Consumption Three Sisters" [2][3] - Pop Mart's stock surged by 5.13% on June 4, reaching a peak of 248.8 HKD per share, with a market cap exceeding 330 billion HKD and a year-to-date increase of over 170%. Its stock price has risen over 2300% since hitting a low of under 10 HKD per share in Q4 2022 [3] - Mixue Group also saw a rise of over 5% on June 4, peaking at 618 HKD per share, with a market cap of 233.7 billion HKD, reflecting a 134.9% increase since its listing on March 3, 2025 [3] - Laopu Gold reached a new high of 996.5 HKD per share on June 4, with a market cap of 171.6 billion HKD, marking a 324.2% increase this year and over 20 times since its listing on June 28, 2024 [3] Group 2: Market Trends and Investment Logic - The new consumption sector is characterized by a shift from traditional consumption patterns, focusing on trendy products like toys, pet products, and cosmetics, indicating a profound restructuring of consumption investment logic [5] - The previous reliance on liquor and home appliance leaders as valuation anchors has shifted, with consumers now prioritizing quality and emotional value over brand loyalty, driven by increased education levels and rational brand choices [5] - New consumption companies are focusing on precise target audience identification and pain point exploration, moving away from traditional channel-driven competition [5] Group 3: Future Outlook and Market Dynamics - The rise of new consumption stocks is driven by product launches, brand influence, and performance realization, with many companies still having significant growth potential from upcoming products and earnings [8] - Despite concerns about market overheating, the overall consumption sector is expected to experience structural growth, with a notable divergence between high-performing stocks and those lagging behind [9] - The market is anticipated to evolve from point-driven growth to broader structural trends, with ongoing opportunities for investors to identify undervalued stocks with high potential returns [9]

Group 1: Market Overview - The Hang Seng Index rose by 0.72%, gaining 168 points to close at 23,680 points, while the Hang Seng Tech Index increased by 1.01% [1] - The early trading volume in Hong Kong reached 119 billion HKD [1] Group 2: Stablecoin Sector - The stablecoin concept stocks experienced a broad rally following the formal enactment of the "Stablecoin Regulation" in Hong Kong, with Standard Chartered predicting a global market size reaching trillions in the next three years [1] - OSL Group (00863) rose by 4%, Standard Chartered Group (02888) increased by 2.60%, and Lianlian Digital (02598) surged by 6.2% [1] Group 3: Nuclear Energy Sector - China Everbright Holdings (00165) saw a rise of over 15% as US stablecoin giant Circle is set to go public, with the company having previously invested in it [2] - China General Nuclear Power Corporation (CGN) Mining signed a new agreement for natural uranium sales with annual sales caps of 3.944 billion HKD, 4.396 billion HKD, and 4.561 billion HKD over three years [2] - CGN Mining (01164) surged by 24%, while China Nuclear International (02302.HK) rose by 10% [2] Group 4: Biotechnology Sector - Innovent Biologics (01801) increased by over 15% following the release of clinical PoC research data for IBI363, a treatment for advanced non-small cell lung cancer [3] Group 5: Investment and Technology Sector - Jiufang Zhitu Holdings (09636) rose by over 6%, with market activity boosting the company's performance and stock price, as institutions remain optimistic about continued profit growth this year [4] Group 6: Beverage and Lithium Sector - Gu Ming (01364) increased by 7%, reaching a new high, with expectations of being included in the Hong Kong Stock Connect next week, as Goldman Sachs is optimistic about the ready-to-drink beverage benefiting from delivery platform subsidies [5] - Tianqi Lithium (002466) (09696) and Ganfeng Lithium (002460) (01772) both rose by over 5%, with Citigroup noting that the accelerating decline in lithium prices may trigger supply cuts [5] Group 7: Competitive Advantage in Cosmetics - Mao Ge Ping (01318) rose by 6.89%, reaching a new high since its listing, with Citigroup expressing confidence in the company's competitive advantages [6] Group 8: Rare Earth and Technology Sector - Jinli Permanent Magnet (300748) (06680) surged by 10%, with expectations of both volume and price growth for the year, while the impact of rare earth export controls is manageable [7] - Longpan Technology (603906) (02465) increased by 5.93%, with its subsidiary signing a long-term agreement with a related company of EVE Energy (300014), projecting sales exceeding 5 billion HKD [7] Group 9: Pharmaceutical Sector - Fuhong Hanlin (02696) rose by over 6%, with the company presenting multiple research results at the ASCO annual meeting [8]

Group 1 - Goldman Sachs reported that since JD Group announced a 10 billion RMB takeaway subsidy plan on April 11, the average stock price of the covered ready-to-drink beverage companies has increased by 39% [1] - The takeaway orders from JD are significantly directed towards ready-to-drink brands, with Luckin Coffee and Kudi Coffee leading in order volume, followed by major ready-to-drink tea brands [1] - Channel surveys indicate that participating stores in promotional activities may see their order volume more than double, with the impact varying based on brand participation strategies, pricing, and delivery proportions [1] Group 2 - Goldman Sachs raised the earnings forecasts for Gu Ming and Mi Xue Bing Cheng for 2025 to 2027 by 5% to 9%, reflecting faster store expansion and stronger merchandise transaction growth [1] - The expected price-to-earnings ratio for Gu Ming in 2026 has been adjusted from 20 times to 26 times, still about 20% lower than the industry leader Mi Xue Bing Cheng [1] - The target price for Gu Ming has been increased from 21 HKD to 29.2 HKD, maintaining a "Buy" rating [1] Group 3 - Goldman Sachs also raised the earnings forecasts for Mi Xue Bing Cheng for 2025 to 2027 by 2% to 3%, reflecting faster store expansion and steady growth in merchandise transaction value in the Chinese market [2] - The expected price-to-earnings ratio for Mi Xue Bing Cheng in 2026 has been adjusted from 26 times to 32 times, with the target price increased from 484 HKD to 597 HKD, maintaining a "Buy" rating [2]