HUGUMIN@EC2608A

TRANSTHERA-B

ASIA STRAT TECH

SUMMI

MANY IDEA CLOUD

ZHONGMIAO

SKYMISSION GP

NICHE-TECH SEMI

KFM KINGDOM

INCON

CHINA CHENGTONG

01364

Yesterday, the new consumption leader GUMING in the Hong Kong stock market continued to consolidate at a high level. The company's recent channel expansion and financing landing stimulated the sector's market performance, and market attention to the consumption sector has rebounded. On the trading front, there were multiple attempts to break previous highs, but the momentum was limited, with active capital flow primarily from short-term proactive buying. Trading volume increased simultaneously, and the main force's protective behavior was evident, with the moving average system showing a strong arrangement and MACD maintaining red bars. However, some overbought indicators have emerged on the technical side, indicating potential overbought pressure. Before the holiday, capital clustering has not loosened, and the divergence between the main force and speculative funds has widened during the window period. If subsequent positive news is realized or liquidity tightens, the risk of capital switching within the sector will increase. 

Operational tips: Pay attention to the breakthrough of the previous high resistance area and the follow-up of incremental capital, and guard against sudden capital outflow. Market sentiment is moderately optimistic, but if trading volume shrinks or sector differentiation becomes evident, short-term volatility may increase, necessitating proper profit-taking and risk management

Technical Forecast

GUMING

Morning Trend Observation | GUMING (1364.HK) Consolidates Near Resistance Level, Main Force Accumulation and High-Level Fluctuation Coexist

Huatai Securities has maintained a Buy rating on Guming Holdings Ltd. (1364) with a price target of HK$36.73. Additionally, TipRanks also issued a Buy rating for the company on February 4, while Google reiterated a Hold rating on the same day.

Tip Ranks

Huatai Securities Keeps Their Buy Rating on Guming Holdings Ltd. (1364)

00HSI

STECH

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36Kr learned that the Hang Seng Index fell by 1.21%, and the Hang Seng TECH Index dropped by 1.11%; the GEO concept led the decline, with KNOWLEDGE ATLAS down over 6%, MINIMAX-WP and PHANCY down over 5%; consumer and automotive stocks strengthened, with Nio and Cha Bai Dao rising over 6%, and Li Auto and GUMING rising over 3%; southbound funds had a net purchase of HKD 14.859 billion

36Kr

Hang Seng Index

Hang Seng TECH Index

KNOWLEDGE ATLAS

PHANCY

MINIMAX-WP

Guotai CSI 800 Automobile and Parts ETF

E Fund CSI Auto Components Thematic ETF

E Fund CSI HK Equities Consumption Theme ETF

ChinaAMC CSI Hong Kong Connect Automobile Industry Thematic ETF

HFT CSI Auto Components Thematic ETF

Yinhua CSI HK Equities Consumption Theme ETF

ChinaAMC CSI Auto Components Thematic ETF

Hua Xia CSI New Energy Vehicles ETF

Ping An CSI Auto Components Thematic ETF

ChinaAMC CSI HK Connect Consumption Theme ETF

ChinaAMC CSI Food & Beverage Sub-Industry ETF

Hwabao WP CSI Intelligent Electric Vehicle ETF

LI AUTO-W

NIO-SW

The Hang Seng Index closed down 1.21%, and the Hang Seng TECH Index fell 1.11%

09992

02097

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06993

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Hong Kong's new consumer sector experienced a notable upswing as several stocks showed significant gains. According to Jin10, Pop Mart International Groupled the charge with an increase of over 4%. Other companies such as Gu Ming, Lao Pu Gold, Blue Orca, Weilong, and Mixue Groupalso followed suit with upward trends in their stock prices.

CoinLive

POP MART

MIXUE GROUP

LAOPU GOLD

BLUE MOON GROUP

WL DELICIOUS

Hong Kong's New Consumer Sector Gains Momentum

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159843

Hong Kong stocks rose on the eve of the futures settlement, with the Hang Seng Index reaching a four-and-a-half-year high, up 630 points to 27,757 points. However, the tea beverage stock MIXUE fell against the trend by 10.6%, as UBS downgraded its rating to "Neutral" and lowered the target price from HKD 490 to HKD 468, mainly due to short-term gross margin pressure and rising costs. Other tea beverage stocks such as CHABAIDAO and GUMING also faced general pressure

AASTOCKS

CHABAIDAO

China Merchants Guozheng Food and Beverage ETF

Hong Kong stocks rose more than 600 points, beverage stocks faced pressure against the trend, and MIXUE fell by 10% after being downgraded to "Neutral" by UBS

159736

CICC analyst has maintained a Buy rating on Guming Holdings Ltd. (1364) with a price target of HK$36.00. Additionally, Guming Holdings received a Buy rating from TipRanks – Anthropic Consumer Cyclical HK. However, TipRanks – Google reiterated a Hold rating on the same stock.

Tianhong CSI Food and Beverage ETF

Guming Holdings Ltd. (1364) Receives a Buy from CICC

MNSO

09896

YUMC

09987

JP Morgan's report points out that the five major investment themes in China's consumer sector for 2026 include moderate end demand, price deflation, differentiated demand from younger demographics, overseas expansion, and the challenges and opportunities of an aging population. It is expected that between 2025 and 2030, fields such as intellectual property, beverages, and fast-food restaurants will achieve significant sales growth. The investment targets recommended by Morgan include LAOPU GOLD, Luckin Coffee, GUMING, Miniso, YUM China, and POP MART, while advising to avoid Budweiser APAC and Yanghe Distillery

Miniso

YUM China

YUM CHINA

"Big Banks" JP Morgan: The top picks for consumer stocks in the Year of the Horse are LAOPU GOLD, GUMING, MNSO, YUM China, and POP MART

GUMING's subsidiary company won a commercial land plot in Hangzhou Qianjiang Century City for RMB 455 million, covering an area of approximately 12,400 square meters, which is expected to be used for the construction of a new headquarters. The company is currently implementing a dual headquarters strategy in Hangzhou and Taizhou, with the Taizhou headquarters located in Wenling City. The construction of this new land plot is expected to allow the Hangzhou headquarters to return to the Qianjiang Century City area

GUMING invested 455 million RMB to acquire commercial land in Hangzhou, expected to be used for the construction of a new headquarters

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06998

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DEEWIN(02418) fell 11.86%, with a trading turnover 6.7 Million HKD, and a year-to-date fell 45%. GENOR(06998) fell 7.34%, with a trading turnover 7.7 Million HKD, and a year-to-date fell 20%. SINOPEC SEG(02386) fell 7.13%, with a trading turnover 88.7 Million HKD, and a year-to-date fell 4.8%.

Top Gainers & Losers

DEEWIN

EDDING GENOR

SINOPEC SEG

CIRRUS

STAR SHINE HLDG

SIMCERE PHARMA

QUANTGROUP

CLOVER BIO-B

HOPSON DEV HOLD

Top 10 HK Stock Losers (1.12)

Yesterday, the new consumption sector received renewed attention, with GUMING (1364.HK) making a strong upward move and significant inflow of main funds. Recent news about the company's store expansion has spread through social media, creating positive expectations for brand expansion and consumer recovery. At the same time, brokerages have repeatedly released optimistic views on the industry, which has increased short-term buying enthusiasm, leading to a noticeable increase in trading volume throughout the day. It is worth noting that the stock price quickly approached the high point of 24 yuan, and the intense competition between profit-taking and trend-following has made the signs of pressure at high levels increasingly prominent. The phenomenon of rapid market entry and exit is common, and the active trading also reflects an intensification of capital divergence. Main technical signals indicate an increase in short-term fund heat, but the risk in the high-level range is also rising. If there are no new positive stimuli, an adjustment window may open at any time. The overall performance of new consumption leaders was more active yesterday, but the high turnover rate also increased the volatility level. GUMING attracted inflowing funds due to its brand growth potential, but the pressure of profit-taking at high levels cannot be ignored. Driven by sentiment and funds, intraday trading and minute-by-minute changes have become the focus of attention, and risk management requires close tracking of market dynamics. From a technical perspective, short-term upward momentum is gradually weakening, and the divergence of MACD and KDJ indicators suggests adjustment pressure. In terms of operations, attention should be paid to tracking sector sentiment and market hotspot switching to prevent sudden risks from causing significant price fluctuations. It is recommended that short-term investors set appropriate profit-taking and stop-loss points

Morning Trend | GUMING continues to accumulate, is a short-term high-level pullback coming?

GUMING (1364.HK) surged strongly yesterday, setting a new historical high and boosting the overall market sentiment in the tea beverage sector. During the trading session, high-level transactions were active, with large orders frequently appearing. The 5-day and 10-day moving averages rose sharply, and the MACD has continued to release momentum since the previous golden cross, indicating a clear bullish advantage. The fundamentals are highlighted by accelerated store expansion, increased brand awareness, and continuous growth in single-store efficiency, with industry dividends being released. With consumption upgrades and channel penetration, there is ample market penetration space. Recently, the industry is in a period of hot-selling new products, driving the overall valuation of leading companies in the sector upward. The risk warning is that the short-term accumulated increase is significant, and some funds may have motives to cash out, making high-level fluctuations unavoidable in the future. The operational suggestion is to gradually build positions on dips, avoid blindly chasing prices, and closely monitor industry dynamics and store expansion progress, adjusting positions dynamically. The current bullish trend continues to dominate, and strong performance is expected to persist in the future

Morning Trend | GUMING sets a new historical high, capital sentiment in the tea beverage sector heats up

Goldman Sachs expects GUMING and MIXUE Ice City to see same-store sales decline by 6% and 4% respectively next year. Nevertheless, with market expansion, GUMING and MIXUE Ice City will add 3,400 and 9,000 new stores respectively. Goldman Sachs reiterated a "Buy" rating for both and forecasted a 12-month target price of HKD 32 for GUMING and HKD 579 for MIXUE Ice City

Goldman Sachs expects Guming and MIXUE's same-store sales to decline next year, reiterating a "Buy" rating

BUSY MING

Deep Research

Is it just a 'snack transporter,' or is there more to it?

BUSYMING

Bestore

Three Squirrels

LYFEN

Mingming is very busy: How did the 'Pinduoduo of the snack industry' achieve its success?

Luckin

Financial Analysis

Luckin Coffee (LKNCY) $Luckin Coffee(LKNCY.US) released its Q3 2025 financial report (ending September 2025) before the U.S. stock market opened on the afternoon of November 17, 2025, Beijing time. Overall, in the third quarter, under the backdrop of the peak season and continued delivery subsidies, Luckin's revenue accelerated quarter-on-quarter, showing very impressive performance. However, the downside was that the impact of the 'delivery war' leading to soaring delivery costs was fully reflected in the third quarter, dragging down the profit performance. But this was actually within Dolphin Research's expectations. 1. The store opening speed hit a new single-quarter high...

Luckin Coffee

TENCENT

Tencent

Tencent Holdings Limited

TENCENT-R

Pro Ultra 7-10Yrs

Tencent HK SDR 10to1

Luckin Coffee: Profit 'Squat' is Just for a Better 'Jump'

Today’s Key News Recap

1010 | Dolphin Research Key Focus: 🐬 Macro/Industry 1. Amid overall market volatility, the tea beverage sector rose against the trend today, primarily due to the overlap of the Mid-Autumn Festival and National Day in 2025. Holiday travel and gathering scenarios have significantly boosted customer traffic in new tea beverage stores, raising market expectations for short-term revenue recovery of brands. Nayuki, Gu Ming, and Mixue all saw increases today. 🐬 Individual Stocks 1. $Intel(INTC.US) Intel disclosed details of the Panther Lake architecture for the first time, confirming the use of RibbonFET transistors and backside power delivery design, with mass production expected in the second half of 2026...

Salesforce

Intel

SAP AG-Sponsored

OpenAI

Destiny Tech100

NAYUKI

NVIDIA

Broadcom

SoftBank

SoftBank Group Corp.

GraniteShares 2x Long NVDA Daily ETF

XL2CSOPNVDA

XI2CSOPNVDA

YieldMax NVDA Option Income Strategy ETF

Direxion Daily NVDA Bear 1X ETF

INTEL-T

Tea Stocks Rise Against Trend; SoftBank Said to Pledge Arm for $500M OpenAI Investment | Today's Important News Recap

Guming

Conference Minutes

The following are the minutes of the FY25H1 earnings call for Gu Ming, organized by Dolphin Research. For the earnings report interpretation, please refer to &#34;Gu Ming: Left Hand Takeaway, Right Hand Coffee, 'Costco of the Tea Industry' Smiles Again? - &#34;

Costco Wholesale

Gu Ming (Minutes): Will continue to build supply chain barriers in the future

On the evening of August 26th, Beijing time, Gu Ming (1364.HK) released its 2025 H1 performance. As this is the first semi-annual report disclosed by Gu Ming after its listing, there are not many covering sell-side analysts, resulting in a lack of market consensus expectations. Dolphin Research believes the overall performance is quite good.

ING Groep

Gu Ming: Left hand takeaway, right hand coffee, is the 'Costco of the tea beverage industry' smiling again?

In the previous article &#34;Gu Ming: Slow is Fast! Is there a 'Costco' in the Tea Beverage Industry?&#34;, we focused on comparing the business model differences among Mixue Bingcheng, Chabaidao, Shanghai Auntie, and Gu Ming, and analyzed the advantages and unique strategies of Gu Ming's supply chain. In this article, we will focus on discussing from an investment perspective: 1) After reaching ten thousand stores, how much room is there for Gu Ming to open more stores domestically? 2) After the stock price tripled post-IPO, how should we view Gu Ming's current investment value?

Goodme: Strategic Flexibility and the 'Tea Industry's Costco' – Can It Sustain Long-Term Dominance?

Dolphin Research is taking you on a deep dive into the business secrets of four '10,000-store' tea beverage giants, focusing on two core themes: First, a 'hardcore' dissection of business models: What are the underlying logics of the franchise models of these four companies, and where do they differ? Is it the franchise fee, supply chain, or regional strategy? Second, predicting the 'winner' in the endgame: In the era of 10,000 stores, what are the key factors that determine victory? Whose model has the 'kingly' aspect? How does the future growth potential of Gu Ming look?

Guming Tea: How a 'Costco-Style' Supply Chain Strategy is Rewriting China’s Tea Industry Growth Playbook

On July 11, the three major stock indices in Hong Kong rose together. In terms of sectors, technology stocks rose collectively, and securities and brokerage stocks mostly increased.

CPIC

ZA ONLINE

WUXI APPTEC

WuXi AppTec

AIA Group

LIANLIAN

OSL GROUP

HENGRUI PHARMA

Hengrui Pharma

PICC P&C

MAO GEPING

BLOKS

PING AN

Ping An Ins HK SDR2to1

Ping An

Ping An Insurance

CITIC SEC

CITIC Securities Co., Ltd.

EB SECURITIES

EBSCN

WUXI BIO

WuXi Biologics

CHINA LIFE

China Life

CHICMAX

XIAOMI-W

Xiaomi HK SDR 2to1

Xiaomi Corporation

AKESO

CHINA EB LTD

GUOTAI JUNAN I

BEONE MEDICINES

BeOne Medicines

Beigene

REMEGEN

RemeGen

LINKLOGIS-W

CICC

Circle

The Hang Seng Index is approaching its highest level in nearly 3 years, with Chinese brokerage, insurance, and stablecoin concept stocks remaining hot!

$AUNTEA JENNY(02589.HK) has mediocre fundamentals and valuation, but the following analysis makes sense: small issuance ratio, barely meeting the Shanghai-Hong Kong Stock Connect threshold, high single-share price, and the milk tea sector in the secondary market is full of bull stocks $MIXUE GROUP(02097.HK)$GUMING(01364.HK)

HUGUMIN@EC2608A(26281.HK)

Morning Trend Observation | GUMING (1364.HK) Consolidates Near Resistance Level, Main Force Accumulation and High-Level Fluctuation Coexist

Huatai Securities Keeps Their Buy Rating on Guming Holdings Ltd. (1364)

The Hang Seng Index closed down 1.21%, and the Hang Seng TECH Index fell 1.11%

Hong Kong's New Consumer Sector Gains Momentum

Hong Kong stocks rose more than 600 points, beverage stocks faced pressure against the trend, and MIXUE fell by 10% after being downgraded to "Neutral" by UBS