Group 1 - New consumption concept stocks are generally active, with notable increases in stock prices for companies such as Mixue Group (+7.29% to HKD 423.8), Laopu Gold (+5.02% to HKD 691), Guoquan (+5.09% to HKD 3.51), and Pop Mart (+3.89% to HKD 200.4) [1] - Recent policies related to consumption have been frequently released, with the Central Economic Work Conference emphasizing the importance of domestic demand and the construction of a strong domestic market as a key task for the upcoming year [1] - An article in "Qiushi" magazine highlights the strategic significance of expanding domestic demand, underscoring its foundational role in overall development [1] Group 2 - Dongxing Securities notes that the investment sentiment in new consumption will transition from enthusiasm to caution by 2025, with continued policy support in 2026 expected to boost consumer confidence [2] - The new consumption industry is anticipated to evolve towards three trends: health-oriented consumption, new pragmatism, and emotional consumption, alongside two dimensions: intelligence and overseas consumption [2] - Investors are encouraged to focus on companies that can establish solid business models and sustainable profit mechanisms in the new consumption sector [2]

Group 1 - New consumption concept stocks are generally active, with notable increases in stock prices for companies such as Mixue Group (+7.29% to HKD 423.8), Laopu Gold (+5.02% to HKD 691), Guoquan (+5.09% to HKD 3.51), and Pop Mart (+3.89% to HKD 200.4) [1] - Recent policies related to consumption have been frequently released, with the Central Economic Work Conference emphasizing the importance of domestic demand and the construction of a strong domestic market as a key task for economic work in the coming year [1] - An article in "Qiushi" magazine highlights the strategic significance of expanding domestic demand, underscoring its foundational support for overall development [1] Group 2 - Dongxing Securities notes that the investment sentiment in new consumption will transition from enthusiasm to caution by 2025, with continued policy support in 2026 expected to boost consumer confidence [2] - The new consumption industry is anticipated to evolve towards three trends: health-oriented consumption, new pragmatism, and emotional consumption, alongside two dimensions: intelligence and overseas consumption [2] - Investors are encouraged to focus on companies that can establish solid business models and sustainable profit structures in the new consumption sector [2]

每经AI快讯，12月22日，港股新消费概念股集体走高，蜜雪集团、老铺黄金、布鲁可涨超4%，泡泡玛 特涨近4%，古茗、卫龙美味涨近3%。 ...

Core Viewpoint - The Hong Kong stock market's new consumption concept stocks have collectively risen, with significant gains observed in companies like Mixue Group, Lao Pu Gold, and Blukoo, indicating a positive trend in the sector [1][5]. Group 1: Stock Performance - Mixue Group (02097) saw a price increase of 4.86%, reaching 414.20 [2][6]. - Blukoo (00325) experienced a rise of 4.26%, with a latest price of 72.20 [2][6]. - Lao Pu Gold (06181) increased by 4.10%, with its stock priced at 685.00 [2][6]. - Other notable performers include Pop Mart (09992) up 3.53% at 199.70, and Wei Long Delicious (09985) up 3.13% at 11.55 [2][6]. Group 2: Company Developments - Mixue Ice City officially opened a store in Hollywood, Los Angeles, on December 20, featuring affordable products like $1.19 ice cream and a localized menu to attract local consumers [2][6]. - The company's international expansion has reached 13 countries, indicating a growing global presence [2][6].

Core Viewpoint - Guojin Securities projects that Blukoo (00325) will achieve net profits attributable to shareholders of 678 million, 916 million, and 1.154 billion yuan for 2025-2027, representing year-on-year growth of 270%, 35%, and 26% respectively. The current stock price corresponds to a 2026 PE of 17 times, with a target price of 80.74 HKD based on a 22 times PE, maintaining a "Buy" rating [1] Group 1: Long-term Growth Foundation - The competition in licensed IP products is fundamentally about product strength, channel strength, and user strength. Blukoo has established a positive cycle in these three areas, laying a solid foundation for long-term brand momentum and growth [2] - The company has 72 licensed IPs and 925 SKUs for sale, providing a rich product matrix with a strong cost-performance advantage across various price segments, which solidifies brand reputation and sales [2] - Blukoo is expanding its offline channel density, focusing on lower-tier markets to effectively reach core users, replacing high-cost advertising with efficient brand experience entry points [2] Group 2: Mid-term Growth Drivers - The company currently derives about 80% of its revenue from male customers aged 6-16. It is expanding into female and adult customer segments through targeted product lines and community engagement strategies [3] - For the female segment, products like the Tadu series are designed to be visually appealing and socially engaging, while for adults, diverse IPs like EVA and Saint Seiya are being utilized to cover different interest groups [3] - If Blukoo successfully increases penetration in female and adult demographics, it will not only consolidate existing IPs but also provide significant additional growth momentum [3] Group 3: International Expansion - The company leverages China's supply chain for standardized production and cost control while maintaining product freshness through a rich IP reserve and frequent SKU launches [4] - Blukoo's overseas revenue for 2024 and the first half of 2025 is projected to be 64 million and 111 million yuan, respectively, with year-on-year growth of 518.2% and 898.6%, validating the feasibility of its products and model in international markets [4] - Successful overseas market expansion, particularly in North America and Asia-Pacific, is expected to become a significant growth driver, with existing IPs like "Transformers" likely to benefit [4]

Core Viewpoint - Guojin Securities projects that Blukoo (00325) will achieve net profits attributable to shareholders of 678 million, 916 million, and 1.154 billion yuan for 2025-2027, representing year-on-year growth of 270%, 35%, and 26% respectively. The current stock price corresponds to a 2026 PE of 17 times, with a target price of 80.74 HKD based on a 22 times PE, maintaining a "Buy" rating [1] Group 1: Long-term Growth Foundation - The competition for licensed IP products fundamentally revolves around product strength, channel strength, and user strength. Blukoo has gradually established a virtuous cycle in these three areas, laying a solid foundation for long-term brand momentum and growth [1] - The combination of quality-price ratio, channel density, and user ecosystem collectively establishes the long-term growth foundation for Blukoo. The company has 72 licensed IPs and 925 SKUs available for sale, showcasing a rich product matrix with significant quality-price advantages across various price segments [1] Group 2: Mid-term Growth Driver 1 - Expanding Demographics - Currently, approximately 80% of the company's revenue comes from male customers aged 6-16. The company is forming two clear expansion lines targeting female and adult demographics. For the female segment, products like the Tadu series are designed to be visually appealing and low-threshold, while also enhancing social attributes through BFC culture and offline exhibitions [2] - For the adult segment, the company is leveraging diverse IPs such as EVA and Saint Seiya to cover different interest groups, launching high-quality, high-mobility mid-to-high-end products across various price ranges, supported by core KOLs/KOCs to deepen market penetration [2] Group 3: Mid-term Growth Driver 2 - Overseas Expansion - The company is leveraging the Chinese supply chain for standardized production and cost control while maintaining product freshness and playability through a rich IP reserve and frequent SKU launches. It is also replicating its ecosystem-building strategies overseas, gradually establishing localized user communities [3] - The company's overseas revenue for 2024 and the first half of 2025 is projected to be 64 million and 111 million yuan, respectively, reflecting year-on-year growth of 518.2% and 898.6%, validating the feasibility of its products and model in international markets [3] - If Blukoo's overseas market expansion proceeds smoothly, existing IPs like "Transformers" are expected to benefit significantly, contributing substantial incremental growth, with overseas markets (especially North America and Asia-Pacific) becoming an important growth point for the company [3]

Market Overview - The Hong Kong stock market indices experienced a collective decline, with the Hang Seng Index falling by 0.44% to 25,357.69 points, the Hang Seng Tech Index dropping by 1.26%, and the State-Owned Enterprises Index decreasing by 0.6% [1][8]. Sector Performance Technology Sector - Technology stocks saw widespread declines, with Xiaomi dropping over 3%, Lenovo down more than 2%, and both Baidu and Alibaba falling over 1% [1][9]. Aviation Sector - Aviation stocks continued their upward trend, highlighted by Beijing Capital International Airport's shares rising over 7%. The new round of duty-free tenders at major airports, including Shanghai Pudong and Hongqiao, as well as Beijing Capital, will introduce foreign participants [2][11]. Lithium Battery Sector - Lithium battery stocks faced significant declines, with CATL (Contemporary Amperex Technology Co., Limited) falling over 3%. Morgan Stanley has raised its global lithium demand forecast for 2030 to 3.5 million tons, indicating a potential supply-demand gap of 4-7% in the medium term, which could push lithium carbonate prices to $18,000 by the end of next year, a 33% increase from current spot prices [3][12]. New Consumption Sector - New consumption concept stocks weakened, with Pop Mart dropping over 2%. The Ministry of Commerce and other departments issued a notice to strengthen the collaboration between commerce and finance to boost consumption, emphasizing the cultivation of new consumption models [5][13].

每经AI快讯，布鲁可(00325.HK)盘中涨近5%，截至发稿涨4.71%，报73.3港元，成交额3070.21万港元。 （文章来源：每日经济新闻） ...

Core Viewpoint - The stock of Brikoo (00325) experienced a nearly 5% increase during trading, closing at 73.3 HKD with a transaction volume of 30.7 million HKD, following the company's product showcase at the Anime Expo in São Paulo, Brazil [1] Company Highlights - Brikoo showcased nearly 60 products from over 10 globally recognized IPs, including Transformers, Saint Seiya, Neon Genesis Evangelion, DC, and Jurassic World at the event [1] - Notably, the Saint Seiya Brikoo figure, the third edition of the Golden Twelve Palaces, had its global debut at this exhibition, with plans for subsequent releases in other countries and regions [1] Industry Insights - Wanlian Securities noted that the rise of Generation Z consumers and the increasing demand for emotional value have led to rapid growth in the IP economy within the media industry [1] - The derivatives market is experiencing strong growth in formats such as grains, cards, and blind boxes, indicating a robust trend in IP commercialization [1] - The firm believes that as high-quality IPs undergo deeper cross-media development, there is significant potential for commercial monetization and a high growth potential for the IP economy in the future [1]

Core Viewpoint - Broco (00325) has seen a nearly 5% increase in stock price, currently trading at 73.3 HKD, with a transaction volume of 30.7 million HKD, following its product showcase at the Anime Expo in São Paulo, Brazil [1] Company Summary - Broco showcased nearly 60 products from over 10 globally recognized IPs, including Transformers, Saint Seiya, Neon Genesis Evangelion, DC, and Jurassic World at the event [1] - The highlight of the exhibition was the global debut of the Broco building block figure of Saint Seiya's Golden Twelve Palaces, which attracted significant attention from attendees [1] Industry Summary - Wanlian Securities noted that the rise of Generation Z consumers and the increasing demand for emotional value have led to rapid growth in the IP economy within the media industry [1] - The derivatives market is experiencing strong growth in formats such as grains, cards, and blind boxes [1] - The firm believes that as high-quality IPs undergo deeper cross-media development, there is substantial growth potential for commercialization, indicating a promising future market size for the IP economy [1]