报告导读： 港股方面，外资在 4-5 月加速流出，在 6 月以来有所回流，结构上主要流入 港股科技； A 股方面， Q2 外资整体小幅流入，结构上，外资主要增配 A 股红利、新能 源、非银等板块。 港股方面，外资在 4-5 月加速流出，在 6 月以来有所回流， Q2 整体仍流出港股约 1500 亿港元，其中 长线稳定型外资为主要流出项，流出约 1200 亿港元，而短线灵活型外资流出约 300 亿港元。结构上， 外资 Q2 主要流入港股软件服务、技术硬件等科技板块，主要流出银行、零售、医药等红利与消费板块。 A 股方面，据 2025Q2 陆股通持股数据， Q2 北向资金整体流入 585 亿元，若剔除中资托管资金， Q2 外资整体小幅流入约 114 亿元，其中长线稳定型外资流入 510 亿元，短线灵活型外资流出 395 亿元。 此外，据我们周频数据估算， Q2 外资整体可能小幅净流出，结果出现分歧的原因或源于季度数据不够精 细，历史上也曾出现季度数据大幅偏离高频数据加总的情况。结构上，外资 Q2 主要增配 A 股红利、新 能源、非银等板块，减配家电、食饮、机械等板块。 风险提示： 部分资金数据为估算值，与真实情况 ...

- The industry crowding monitoring model was constructed to monitor the daily crowding levels of Shenwan primary industry indices. It identified utilities and building materials as having high crowding levels, while automotive, food & beverage, and home appliances showed low crowding levels. The model also tracked significant daily changes in crowding levels for industries like agriculture, coal, and environmental protection[4] - The Z-score premium rate model was developed to screen ETF products for potential arbitrage opportunities. This model uses rolling calculations to identify signals and warns of potential risks of price corrections for the identified ETFs[5] - Daily net inflows for broad-based ETFs amounted to 3.77 billion yuan, with top inflows observed in CSI 1000 ETF (+7.78 billion yuan), SSE 50 ETF (+6.96 billion yuan), and CSI 300 ETF (+5.38 billion yuan). Conversely, top outflows were recorded for ChiNext ETF (-6.73 billion yuan), CSI A500 ETF (-4.06 billion yuan), and STAR 50 ETF (-3.51 billion yuan)[6] - Industry-themed ETFs saw a daily net inflow of 1.82 billion yuan, with top inflows in Military ETF (+4.01 billion yuan), Securities ETF (+2.63 billion yuan), and Defense ETF (+2.31 billion yuan). Top outflows were noted for Robotics ETF (-1.39 billion yuan), Semiconductor ETF (-1.05 billion yuan), and AI ETF (-0.99 billion yuan)[6] - Style-strategy ETFs recorded a daily net inflow of 2.29 billion yuan, with top inflows in Low Volatility Dividend ETF (+1.62 billion yuan), Low Volatility Dividend 50 ETF (+0.53 billion yuan), and Dividend State-Owned Enterprise ETF (+0.28 billion yuan). Top outflows included CSI Dividend ETF (-0.19 billion yuan), Low Volatility Dividend ETF (-0.18 billion yuan), and Low Volatility Dividend 100 ETF (-0.15 billion yuan)[6] - Cross-border ETFs experienced a daily net outflow of 0.51 billion yuan, with top inflows in Hong Kong Non-Bank ETF (+3.84 billion yuan), Hang Seng Low Volatility Dividend ETF (+0.63 billion yuan), and S&P 500 ETF (+0.42 billion yuan). Top outflows were observed for Hang Seng Tech ETF (-1.19 billion yuan), Hong Kong Dividend ETF (-0.82 billion yuan), and Nasdaq 100 ETF (-0.69 billion yuan)[6]

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].

证券研究报告 2025 年 06 月 25 日 | 市场数据 | | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌% | | 上证指数 | 3420.57 | 1.15 | | 深证成指 | 10217.63 | 1.68 | | 创业板指 | 2064.13 | 2.30 | | 科创 50 | 978.71 | 1.79 | | 北证 50 | 1418.02 | 3.65 | A 股市场概览 | 类别 | 总市值 | 流通市 | 市盈率 | 市净率 | | --- | --- | --- | --- | --- | | | (亿元) | 值(亿元) | PE | PB | | 上证指数 | 664120 | 515087 | 12.25 | 1.27 | | 深证成指 | 224989 | 183922 | 19.96 | 2.11 | | 创业板指 | 58078 | 45959 | 27.04 | 3.76 | | 科创 50 | 34155 | 22615 | 53.39 | 4.09 | | 北证 50 | 3123 | 2157 | 48.33 | 4.84 | ...

以下文章来源于体重管理三年行动 ，作者体重管理三年行动 体重管理三年行动 . 2025年春季，"体重管理"成为全国关注的焦点。从AI大模型为个人量身定制减肥计划，到运动装备销售火爆、代餐食品订单激增，一场由政策 引领、消费升级与科技创新共同驱动的"减重经济"浪潮正席卷全国。 今年两会期间，"体重管理年"三年行动计划重磅推出，国家卫生健康委携手15个部门，共同吹响全民减重的号角，"国家喊你减肥"相关话题在 社交媒体上持续升温。这不仅让肥胖问题上升为国家公共卫生战略，还带动了健康食品、健身服务、医疗干预、智能科技、数据服务等多个领 域，孕育出万亿级的新兴市场。 ▍从健康危机到经济"新风口" 社交网络上减肥话题的火爆，并非无端制造焦虑。肥胖就像隐藏的健康杀手，能显著增加200多种疾病的风险。"体重管理年"计划背后，是一次 全民生活方式的深刻转变，同时也为产业升级带来了巨大机遇。 1. 健康防线：从治疗到预防的战略升级 响应国家"健康中国2030"战略，落实"体重管理年"三年行动，本账号发布权威资讯 目前，我国超重和肥胖问题形势严峻。国家卫生健康委发布的《体重管理指导原则（2024年版）》显示，中国成年人超重肥胖率已 ...

证 券 研 究 报 告 ETF资金情绪低点，南向持续放量 ——流动性&交易拥挤度周报 2025年6月16日 证券分析师：姚佩 执业编号：S0360522120004 邮箱：yaopei@hcyjs.com 证券分析师：林昊 执业编号：S0360523070007 邮箱：linhao@hcyjs.com 本报告由华创证券有限责任公司编制 卖的出价或询价。本报告所载信息均为个人观点，并不构成对所涉及证券的个人投资建议。 请仔细阅读PPT后部分的分析师声明及免责声明。 @2021 华创 版权所有 核心结论 证 券 研 究 报 告 | 资金供给 | | | | | --- | --- | --- | --- | | 资金供给主体(亿元) | 上 期 | 本 期 | 近3年分位 | | 偏股型公募新发份额 | 95 | 11 | 29% | | 两融资金净流入 | 69 | 79 | 72% | | 股票型ETF净申购 | -32 | -181 | 6% | | 上市公司回购 | 80 | 10 | 25% | | 合 计 | 132 | -91 | | | 资金需求 | | | | | 资金需求主体(亿元) | 上 ...

抖音商城 SocialBeta 为新奇付费 当代年轻人的 精神快充 2025年轻人情绪消费趋势报告 PART1 都在「情绪里了 ·一年轻人消费现状分析 情绪消费 当代年轻人的「心灵补给」 情绪从来没有像今天这样被重视过。为什么会这样？或许要从理解年轻人的生活现 状开始： 快节奏的生活，让这届年轻人面临着来自各方面的挑战，88.2%的年轻人认为自己 处在有压力的状态中。能够带来即时正向反馈的消费行为，成为人们释放情绪的出口。 用户感知压力的情况 消费者对情绪消费的态度 没有压力 经常有压力 37.10% 皖45.090 年轻人的消费追求 18.95% 32.17% 一近9成人群存在情绪压力 一超6成消费者认为消费有助于缓解压力 11.78% 皖60.3% 有助于缓解压力 有一点压力 C46.8% 解情绪的途径 31.4% 精神消费的载体 29.8% 只是一时的开心 22.6% 取悦自己的方式 压力非常大 8.30 品牌的一种态度 数据来源： 数据来源： 巨量算数年度调研，2023年11月 知萌《2024年中消费趋势观察报告》，2024年8月 01 《2025年轻人情绪消费趋势报告》 抖音商城SocialBeta ...

2025年，第四届绿点中国如约而至，年度主题定为"绿野新踪"，灵感源自经典童话"绿野仙 踪"。"绿野"，寓意广袤的绿色大地，象征人与自然的和谐共生；"新踪"，既指践行可持续发展 的新路径，也蕴含着对下一步绿色创新的期待与探索。第一财经希望通过这一主题，激发更多探 索精神，让更多蕴含"绿色密码"的优秀实践浮出水面，成为行业发展的新坐标。 绿 野 新 踪 第四届绿点中国自开放报名以来，已收到众多优秀企业的标杆性案例。截止到6月9日，与往届相 比，今年的绿点中国受到越来越多的大公司关注，百亿以上规模报名企业占比已超70%，其中半 数为500亿以上规模。值得一提的是，民营企业与外资企业报名数量的差距在缩小，我们可以看 到在碳中和战略的指导下，中国企业对于可持续的关注度和重视度逐步提高。相较于往年，今年 报名企业的行业丰富程度也在进一步提升。除了传统的食饮、日化、制造等行业报名集中度较 高，今年交通、科技、家居等行业的案例数量也让我们感到惊喜。截止到目前，绿色技术、绿色 设计、绿色共创三个评选维度收到的案例数量领先于其他三个评选维度。 案例征集将于6月20日截止，我们期待看到更多优秀的行业案例/产品/设计/解决方案等加 ...

风格不会切换，主线持续强化｜国泰海通策略6月金股 和讯自选股写手 国泰海通证券方奕、苏徽团队战略看多2025中国股市"转型牛"，格局愈发清晰。行情关键动力是无风险 利率下降与风险认识系统性降低，央行举措扫清股市流动性障碍，长期国债与存款利率下降，政策推动 社会风险评价降低。新兴科技是主线，周期金融是黑马。投资机遇包括金融与高分红、新兴科技成长、 周期消费复兴。6月组合涉及非银、银行、海外科技等多领域个股。主题推荐AI智能体、具身智能等。 不过，需警惕海外衰退超预期、全球地缘政治不确定性风险。 风险提示：以上内容仅作为作者或者嘉宾的观点，不代表和讯的任何立场，不构成与和讯相关的任何投 资建议。在作出任何投资决定前，投资者应根据自身情况考虑投资产品相关的风险因素，并于需要时咨 询专业投资顾问意见。和讯竭力但不能证实上述内容的真实性、准确性和原创性，对此和讯不做任何保 证和承诺。 股票名称["江苏银行","芯碁微装","恒立液压","中航沈飞","新大陆","完美世界","恒瑞医药","泽璟制 药-U","广晟有色","陕西煤业","柳钢股份","东鹏饮料","燕京啤酒","美的集团","招商公路","华电国 际" ...

数据显示，截至2025年5月30日，中证全指自由现金流指数(932365)前十大权重股分别为美的集团(000333)、中国神华(601088)、中国海油(600938)、五粮液 (000858)、中远海控(601919)、陕西煤业(601225)、中煤能源(601898)、中国铝业(601600)、中国动力(600482)、云天化(600096)，前十大权重股合计占比 65.68%。 | 股票代码 | 股票简称 | 涨跌幅 | 权重 | | --- | --- | --- | --- | | 000333 | 美的集团 | -0.13% | 2.66% | | 601088 | 中国神华 | 0.18% | 2.64% | | 600938 | 甲国海海 | 0.00% | 2.46% | | 000858 | 五粮液 | 0.36% | 2.21% | | 601919 | 中远海控 | -1.05% | 1.91% | | 601225 | 陕西煤业 | -0.05% | 1.61% | | 201898 | 中煤能源 | -0.77% | 0.97% | | 601600 | 中国铝业 | 0.30% ...