Group 1: New Consumption Trends - The core driving force of new consumption lies in a deep understanding of "people" and value resonance, with five key investment opportunities identified [2] - The new consumption index in the capital market has performed well, driven by generational shifts and consumption upgrades, indicating a profound structural transformation in the Chinese consumer market [1][2] - Key sectors include trendy toys, pets, tea beverages, discount retail, and AI consumption, with emotional and companionship economies showing significant potential [2] Group 2: AI and Digital Assets - AI is driving a shift from "software as a service" to "results as a service," with advancements in AI Agent technology leading to greater autonomy and personalized experiences [1] - Stablecoins are reshaping societal perceptions and usage of currency due to their stability, speed, accessibility, and practicality [1] Group 3: Energy Transition and Nuclear Fusion - The nuclear fusion industry is approaching a critical point of transitioning from scientific research to engineering practice and commercial application, with significant potential for investment [3] - High-temperature superconducting materials are key to breakthroughs in nuclear fusion, with the industry projected to have a trillion-dollar market potential [3] - The existing nuclear power industry has potential technology transfer value and synergies with the development of fusion technology [3]

策略研究 | 证券研究报告 — 点评报告 2025 年 6 月 18 日 策略点评 新消费仍具择机配置机会 中银国际证券股份有限公司 具备证券投资咨询业务资格 策略研究 证券分析师：王君 (8610)66229061 jun.wang@bocichina.com 证券投资咨询业务证书编号：S1300519060003 证券分析师：高天然 tianran.gao@bocichina.com 证券投资咨询业务证书编号：S1300522100001 20 世纪 90 年代后的日本消费呈现出四大趋势：1）"性价比"消费崛起； 2）低成本"宅"娱乐产业热度提升；3）"失业潮"驱动职教需求提升； 4）新兴户外消费兴起。近年来，我国消费结构与消费趋势也出现了一定 的变化，贡献了新的投资机会。"性价比"消费呈现崛起态势，特别是 折扣零售、量贩零食、跨境电商、国货美妆等平价消费赛道景气度向好； "娱乐经济"消费热度不断提升；户外运动消费崛起的趋势也较为明显。 同时，国内多家新消费公司，如蜜雪集团、布鲁可、古茗等登陆港股且 表现亮眼，A 股新消费赛道有望持续受到港股映射的带动。新消费产业 趋势仍在，择机配置仍具机会。重点关注折扣 ...

Five Below Inc (NASDAQ:FIVE) stock is down 1.2% to trade at $124.92, on the heels of disappointing retail sales data for May. The discount retail stock still sports a 22.9% nine-month lead, however, and is fresh off its June 5, 52-week high of $137.30, with a floor at $120 containing the subsequent pullback. What's more, a historically bullish signal currently flashing indicates tailwinds aren't done blowing for FIVE just yet.More specifically, Five Below stock's recent peak comes amid low implied volatilit ...

一个值得关注的零售信号，正在大洋彼岸悄然浮现。 当原本应服务于金字塔底层的业态，虹吸金字塔中部乃至上层的客流时，这已不仅仅是几家零售企业的商业成功，而是更深层次经济脉动与社会心理变迁 的缩影。如同一面棱镜，这一现象折射出美国社会消费结构和经济情绪的微妙变化。 这种趋势，与国内折扣零售业态的迅猛发展和本土会员制超市退潮现象形成了有趣的对比。 "1元店"逆生长 在美国零售业版图中，折扣店（因其商品多定价在1美元左右，被俗称为"1元店"）长期以来扮演着为低收入家庭提供基础生活用品的廉价渠道的角色。它 们是社区的毛细血管，是在沃尔玛、塔吉特等商业巨头阴影下，顽强生存的生态补充。 然而，近期数据揭示出一个反常趋势：越来越多拥有私家车、家庭年收入超过10万美元的中产乃至高收入家庭，正悄然成为这些店铺的常客。 这并非坊间传闻或市场调研的模糊推测，而是来自美国两大折扣巨头Dollar General和Dollar Tree财报电话会上的官方确认。 Dollar General的CEO Todd Vasos明确表示，从价格更高渠道"流入"的新客户比例，已达到四年来的最高水平。其竞争对手Dollar Tree同样指出，高收入客 ...

"科技和新消费是当前港股市场的两条成长主线。"兴业证券全球首席策略分析师张忆东分析，在全球范 围内，港股目前拥有诸多成长型消费公司以及以人工智能、机器人为代表的科技和先进制造企业。该分 析团队认为科技方面的投资机会来自人工智能(AI)、智能辅助驾驶、机器人、创新药等领域，新消费方 面的投资机会来自谷子潮玩、黄金珠宝、城市户外、新式餐饮、潮流折扣零售等细分市场。 值得注意的是，今年5月，香港交易所"科企专线"正式推出，以进一步便利特专科技公司(即主要从事一 个或以上的特专科技产品研发，以及其商业化或销售的公司)及生物科技公司申请上市，并允许这些公 司选择以保密形式提交上市申请。香港特区政府财政司司长陈茂波此前还公开表示，已指示香港证监会 和香港交易所做好准备，迎接中概股回流，并称香港必须成为中概股回流的首选上市地。 内地企业跨过香江、赴港上市热仍在继续。安永近日发布的《中国内地和香港IPO市场》报告显示，今 年上半年，中国内地和香港地区IPO(首次公开募股)在全球占比上升。和去年同期相比，港股上市企业 数量和募资金额分别大涨33%和711%。多家A股上市公司或其分拆子公司在香港发行IPO，提升了香港 IPO平均 ...

Group 1 - The Hang Seng Index and Hang Seng Tech Index opened lower but rebounded during the trading session, with the Hong Kong consumer sector showing resilience and the Hong Kong Consumer ETF (513230) experiencing a slight increase [1] - The Hong Kong Consumer ETF (513230) has seen a net inflow of funds for two consecutive trading days, accumulating a total of 24.19 million yuan, indicating sustained investor interest in the consumer sector [1] - New consumption trends are gaining attention from public funds, with the leading stock Pop Mart receiving significant institutional support, having 270 funds heavily invested as of Q1 2025, with a total holding of 68.75 million shares valued at 9.93 billion yuan [1] Group 2 - The current growth themes in the Hong Kong market are technology and new consumption, with recommendations to focus on sectors such as AI, smart driving assistance, robotics, and innovative pharmaceuticals in technology, and on trendy toys, gold and jewelry, urban outdoor activities, new-style dining, trendy discount retail, and gaming in new consumption [1] - The Hong Kong Consumer ETF (513230) encompasses e-commerce and new consumption, covering relatively scarce new consumption sectors compared to A-shares [2] - The Hang Seng Tech Index ETF (513180) includes both software and hardware technology, featuring technology leaders that are relatively scarce in A-shares [2]

BLOOMSBURG, PENNSYLVANIA, UNITED STATES - 2025/06/01: The logo of Ollie's Bargain Outlet is seen on ... More the exterior of its store at the former Columbia Mall. (Photo by Paul Weaver/SOPA Images/LightRocket via Getty Images)SOPA Images/LightRocket via Getty Images Note: Ollie’s FY 2024 ended Feb 2025.Ollie’s Bargain Outlet Holdings’ stock (NASDAQ: OLLI) may be known for selling closeout merchandise, but its stock is priced anything but low. Trading at approximately $114 per share, OLLI appears significan ...

美元树(DLTR.US)周二公布了超预期的第一季度业绩，但向投资者发出预警，受关税成本上升及消费者 支出疲软影响，其第二季度利润同比跌幅或高达50%。 但得益于运输成本下降及平价必需品需求坚挺，美元树反而上调了年度利润指引。该公司将2025财年调 整后每股收益预期从原先的5.00-5.50美元上调至5.15-5.65美元区间。不过公司强调，Family Dollar业务 的出售仍将使全年每股收益减少0.30-0.35美元，且主要影响集中在本财年前两个季度。 当前特朗普政府的关税政策反复无常，不仅使全球企业陷入经营困境，也让消费者面临从食品杂货到运 动鞋等各类商品涨价的风险。美元树表示，排除旗下Family Dollar业务后，其第二季度持续经营利润同 比降幅或达45%至50%，预计业绩将在下半年有所回升。 受此影响，周三美股盘前，该公司股价下跌近3%。截至周二收盘，该股今年累计涨幅仍达29%。 第一季度财报显示，该公司营收为46亿美元，调整后每股收益1.26美元，同店销售额增长5.4%，均超出 分析师预期。 目前，这家折扣零售巨头正处于重大转型期，即将以约10亿美元价格出售长期经营不善的Family Doll ...

瑞银分析师指出，在当前环境下，一元店面临的"机遇大于风险与不确定性"。消费者降级消费趋势形成 关键利好，加之竞争对手Big Lots和Party City的门店关闭带来客流增长。此外，随着"最低限度例外"政 策取消可能导致SHEIN、Temu等跨境电商提价，线下折扣店或迎来消费回流。 在当前经济环境下，消费者正积极收紧开支，这或为折扣零售商创造增长契机。不过零售板块表现分 化：塔吉特(TGT.US)一季度营收同比下滑2.8%至238亿美元，而百思买(BBY.US)等企业已在贸易波动中 下调业绩指引。美元树面临的挑战在于其进口商品占比偏高，相较之下，即将于次日公布财报的竞争对 手美国达乐公司(DG.US)受进口依赖度较低。美元树首席执行官Michael Creedon Jr.虽然声称具备关税消 化能力，但本季业绩将验证这一说法的真实性。 美元树(DLTR.US)将于6月4日美股盘前公布第一财季业绩。这份财报将成为观测美国消费韧性的重要指 标，市场尤其关注关税政策与经济不确定性对零售业的实质影响。 奥本海默分析师表示，"总体预计(美元树和美国达乐公司)至少能达到一季度共识预期"，但认为美国达 乐公司可能维持全年展 ...

Core Viewpoint - Analysts forecast a significant decline in Dollar Tree's quarterly earnings and revenues, indicating potential challenges for the company in the upcoming earnings report [1][5]. Earnings Estimates - Dollar Tree is expected to report earnings of $1.19 per share, reflecting a year-over-year decline of 16.8% [1]. - The consensus EPS estimate has been adjusted downward by 2.7% over the past 30 days, indicating a reassessment by analysts [2]. Revenue Projections - Total net sales are projected to reach $4.53 billion, representing a year-over-year decline of 40.5% [5]. - Other revenue is expected to be $3.65 million, indicating a year-over-year change of -44.2% [5]. Store Metrics - Analysts predict that the number of stores closed will be 13, down from 16 in the same quarter last year [5]. - The ending stores are estimated to reach 8,969, an increase from 8,520 reported in the same quarter last year [6]. - New stores are projected at 100, compared to 116 in the previous year [6]. Operational Metrics - Selling square footage is expected to reach 79.46 million square feet, up from 74.1 million square feet in the same quarter last year [7]. - Operating income is anticipated to be $526.21 million, slightly up from $522.30 million reported in the same quarter of the previous year [7]. Market Performance - Dollar Tree shares have increased by 11.5% over the past month, outperforming the Zacks S&P 500 composite, which rose by 6.4% [8].