当下的泡泡玛特，正处于其上市以来的第二个巅峰。核心 IP Labubu 风靡全球，公司的股价也从 2022 年的最低点大幅反弹，重新回到了资本市场的聚光灯下。 一切看起来都很好，正如同它刚上市时候一样。那时泡泡玛特也成了资本和舆论的宠儿，直到 2022 年，它股价比起先前的最高点，下跌 90%。 在先前的文章里，我梳理了泡泡玛特内在的商业模式。这次我想要再远一点，要真正理解泡泡玛特今天 为何如此强大，不能只停留在那些光鲜的成果上，而是要回到它先前的低谷，回到被市场中"盲盒退 潮"、"智商税"等论调所包围，几乎被彻底抛弃的那个"至暗时刻"。 这种从"濒死"到"重生"的 V 型反转，无法用常规的商业周期来完全解释。要理解它，我们需要引入一个 更根本的视角，来审视一个系统在面对冲击时的不同反应。 有些系统是脆弱的，如同一个瓷杯，在压力下会直接碎裂。有些系统是强韧的，如同一个石块，能抵抗 冲击，但自身不会发生改变。而另一些系统，则是反脆弱的。它们像传说中的九头蛇，在砍掉一个头 后，能长出两个新头。它们不仅能抵抗混乱，还能从混乱和不确定性中汲取能量，变得更强大。 2022 年之前的泡泡玛特，就是一个设计精美、但在特定压 ...

在指数半年上涨20%之际，多名基金经理表示，港股当下估值仍处于较低水平，尤其是对比美国各大股指仍 旧"便宜"。在创新药到达高位之后，有公募认为，资金也有可能存在"高低切"需求，转而流入拥挤度相对不那 么高的板块。 随着上半年行情告一段落，全球主要市场也交出了各自的"成绩单"。 年内港股走势尤为亮眼，跑赢了纳指、日经等主要指数，也使得港股主题基金包揽了QDII涨幅榜 前十 ，其中 重仓创新药的产品更是冠绝所有主动权益基金。 行情还提振了相关基金的净值表现，与往年被大宗产品或美股主题"霸榜"不同，年内QDII基金业绩榜居前产品 均被港股主题产品包揽，且医药"浓度"决定了净值的座次。 上半年末，重仓创新药的汇添富香港优势精选以85.64%的年内收益，不仅冠绝所有QDII基金，在主动权益基 金排行中也位居第一。此前多个季度内，汇添富香港优势精选均长期坚守港股创新药板块，时至今年终于守得 云开见月明，截至一季度末的重仓股中，年内已有多只翻倍，如荣昌生物、科伦博泰生物-B、信达生物、诺诚 健华等。 基金经理在一季报中介绍称：该基金坚守投资主线、沿着以下方向布局：1.创新药：产品有全球竞争力和成长 空间的pharma和bi ...

主题乐园为文旅市场注入强劲动力 随着暑期的来临，文旅市场迎来了一年一度的消费旺季，各地旅游景区、热门商圈消费活力持续高涨。 在这场出游热潮中，亲子客群正以强劲的需求重塑市场格局。途牛报告显示，今年，亲子客群是暑期出 游的主力军，出游人次占比达42%。 亲子游热门主题中，主题公园凭借丰富的娱乐设施、沉浸式的游玩体验，占据预订热度前列。 据途牛数据，珠海长隆海洋王（002724）国、广州长隆野生动物世界、上海迪士尼度假区、北京环球度 假区、常州中华恐龙园等主题公园预订火爆。 此外，各地的欢乐谷、方特、融创以及海昌海洋公园、三亚亚特兰蒂斯水世界等，也是亲子游的热门选 择。 值得关注的是，即将于7月5日正式开园的上海乐高乐园度假区，在未开园时便已掀起一阵旅游热潮。 去哪儿旅游平台数据显示，6月以来，上海乐高乐园搜索量环比暴增5倍，7月门票预订量强势跻身上海 热门景区前五。 这座以乐高积木为核心元素的主题公园，将积木搭建的奇趣世界搬进现实，无论是巨型乐高建筑，还是 充满创意的互动体验区，都令人充满期待。其强大的吸引力也带动了周边消费市场的繁荣。截至7月4 日，乐园所在地金山区暑期酒店预订量同比激增3.5倍。 另据途家数 ...

Core Viewpoint - Analysts believe that Pop Mart International, known for its Labubu dolls, will continue to be a leading consumer brand in China despite regulatory concerns regarding "blind box" toys [1][7]. Regulatory Environment - China's state media has called for stricter regulations on selling blind-box toys to children under eight, including age verification and parental approval for online purchases [2][3]. - The commentary on blind-box toys mirrors past regulations on video games aimed at reducing gaming addiction among minors, which significantly impacted the gaming industry [5]. Market Performance - Pop Mart's share price fell by 12.1% for the week ending June 20, marking its largest decline since late 2023, although it has since recovered to near all-time highs [4]. - The company experienced a remarkable 600% increase in share price over the past year, despite recent regulatory concerns [4]. Consumer Demographics - Pop Mart primarily targets Gen Z and millennials, which may insulate it from regulatory scrutiny aimed at younger children [7]. - The company is increasingly focusing on overseas markets, with projections indicating that its revenue from China will decrease to about 30% over the next decade [8]. Revenue and Growth - In 2024, Pop Mart derived approximately 61% of its revenue from mainland China, with significant growth in North America, where sales increased by over 550% year-on-year [9]. - HSBC Bank forecasts that Pop Mart's overseas revenue will more than double to 14 billion yuan ($1.95 billion) in 2025, accounting for over half of its projected revenue [10]. Consumer Behavior - The popularity of blind-box toys is growing among younger consumers, who seek "affordable exclusivity" through toy collections [11]. - Prices for Pop Mart's blind-boxed toys range from about 59 yuan to 5,999 yuan, with collectors often spending substantial amounts on rare models [12]. Challenges - Analysts caution that while Pop Mart's current popularity is strong, there is no guarantee that it will remain relevant in the long term [14]. - The company faces challenges such as delivery delays, scalping, and counterfeit products, which could harm its reputation [15][16]. Strategic Initiatives - To maintain brand freshness, Pop Mart is expanding its intellectual property portfolio and launching initiatives like pop-up stores, a film studio, and a theme park [17]. - However, these initiatives require significant investment and expertise beyond toy sales [18].

Core Viewpoint - Pop Mart is expanding its reach beyond trendy toys into various industries, including jewelry and potentially home appliances, indicating a strategic diversification of its business model [1][20]. Group 1: Jewelry Expansion - Pop Mart has launched an independent jewelry brand, POPOP, focusing on fashion jewelry with a price range from 319 yuan to 26,990 yuan, with the most expensive item being an 18k gold necklace weighing 8.65g [1][16]. - The jewelry line aims to leverage existing IPs like Labubu and Molly, but faces challenges in design and material quality, with mixed consumer feedback regarding pricing and aesthetics [3][11]. - The company is exploring the integration of its IPs into jewelry, but the execution has been criticized for lacking originality and clarity in design, which is crucial for success in the fashion jewelry market [14][19]. Group 2: Market Reception and Challenges - Initial market reception for POPOP has been lukewarm, with reports of low foot traffic and consumer interest compared to the more popular toy lines [10][27]. - Consumers have expressed concerns about the pricing of jewelry, with some feeling it is too high, while others who are fans of Pop Mart's products find it acceptable if the quality is sufficient [3][10]. - The design complexity of jewelry items has led to some products being oversized or lacking detail, which detracts from their appeal [5][7]. Group 3: Future Directions and Industry Context - Pop Mart is also venturing into the home appliance sector, hiring experts in the field, which reflects a broader strategy to diversify its product offerings and tap into established manufacturing capabilities in China [20][24]. - The company aims to create a lifestyle brand similar to luxury brands that have successfully expanded into various product categories, leveraging its existing IPs to enhance consumer engagement [18][27]. - The potential for Pop Mart to become a significant player in the jewelry and home appliance markets is supported by the growing consumer interest in unique, story-driven products, which aligns with the company's brand identity [8][28].

每经编辑｜张喜威 王晓波 赛 江河保护治理有关情况 2 国新办将于7月4日举行国务院政策例 会,介绍中国（上海）自贸区全面对接围 经贸规则试点成效及复制推广有关情况 (3)欧元区5月PPI数据将公布 4 亚洲 (夏季)运动用品与时尚展将于7 日在上举办◇" (5)美国独立纪念日，美国金融市场休市 1 隔夜市场 美股周四提前收盘，三大指数集体收涨，标普500指数涨0.83%，纳指涨1.02%，道指涨0.77%，标普500指数创下年内第七次历史收盘新高，纳指则创下年 内第四次收盘新高；科技股普遍上涨，英伟达涨1.3%，收于历史新高；新思科技涨4.9%，比特币概念股走高，Circle涨超6%。中概股涨跌互现，纳斯达克中 国金龙指数收涨0.4%；小鹏汽车涨超2%，爱奇艺涨超1%，阿里巴巴、京东跌超1%；在美上市光伏板块集体上涨，旭日升科技涨超19%，大全新能源ADR 涨超7%。 国际油价微跌，美油主力合约收跌0.40%，报67.18美元/桶；布伦特原油主力合约跌0.32%，报68.89美元/桶。 国际贵金属期货收盘涨跌不一，COMEX黄金期货跌0.71%，报3336.00美元/盎司；COMEX白银期货涨0.85%，报 ...

Market Overview - On July 3, the Hang Seng Index fell by 0.63%, with southbound trading totaling HKD 127.84 billion, comprising HKD 62.40 billion in buying and HKD 65.42 billion in selling, resulting in a net sell of HKD 3.05 billion [1][2] Southbound Trading Details - Southbound trading through the Stock Connect (Shenzhen) recorded a total of HKD 47.32 billion, with buying at HKD 23.07 billion and selling at HKD 24.25 billion, leading to a net sell of HKD 1.18 billion [1] - Southbound trading through the Stock Connect (Shanghai) totaled HKD 80.52 billion, with buying at HKD 39.33 billion and selling at HKD 41.19 billion, resulting in a net sell of HKD 1.87 billion [1] Active Stocks - Alibaba-W had the highest trading volume among southbound stocks, with a total transaction amount of HKD 116.60 billion and a net sell of HKD 32.26 billion, closing down by 2.93% [1][2] - Meituan-W recorded a total transaction amount of HKD 43.61 billion with a net buy of HKD 9.87 billion, closing down by 2.54% [2] - Xiaomi Group-W had a total transaction amount of HKD 104.58 billion with a net buy of HKD 2.27 million, closing down by 3.41% [2] Continuous Net Buying and Selling - Three stocks experienced continuous net buying for over three days, with the highest being SMIC with a total net buy of HKD 64.21 billion over 10 days, followed by Innovent Biologics with HKD 20.24 billion over 5 days, and Meituan-W with HKD 17.03 billion over 3 days [2] - Conversely, three stocks faced continuous net selling, with Tencent Holdings leading at a total net sell of HKD 234.10 billion, followed by Alibaba-W at HKD 63.08 billion and Guotai Junan International at HKD 3.98 billion [2]

2024年2月的泡泡玛特，股价还在16港元徘徊，令人没有想到的是，到了2025年6月12日，泡泡玛特创下283.4港元/股的历史新高，总市值最高达到了3661亿 港元（约3350亿元人民币）。两年时间，泡泡玛特以超过10倍增长的成长速度占据市场热点，被股民戏称"年轻一代的茅台"。 泡泡玛特的成功究竟是"资本与明星助推"下的昙花一现，还是新消费时代情感工业的范式革命？其商业模式的核心竞争力何在？面对股价波动、IP生命周期 与持续盈利风险，这家成立15年的"潮玩帝国"如何持续增长？ 情感符号的工业化：从"玩具"到"社交货币"，创造现象级消费热潮 2024年财报显示，泡泡玛特用户平均单次消费达228元，其中62%用于重复购买同系列盲盒。开盲盒是一种极具情绪价值的"期待-惊喜/落空"体验机制，较低 的隐藏款比例激发收藏欲望和购买成瘾性，可以说泡泡玛特的成功是情感符号的工业化消费带来的必然结果。 然而，"情感符号玩具+盲盒机制"还只是发挥了产品购买的上瘾性，不具备发动大规模狂欢的产业效应。泡泡玛特在社交层面掀起的流行，离不开明星效应 的加持。 2024年，Blackpink成员Lisa发布LABUBU马卡龙系列自拍，泰 ...

智通财经APP获悉，2025年7月3日当天，阿里巴巴-W(09988)、小米集团-W(01810)、国泰君安国际 (01788)位居沪港通（南向）成交额前3位，成交额分别为71.91 亿元、59.88 亿元、38.11 亿元；小米集 团-W(01810)、阿里巴巴-W(09988)、腾讯控股(00700) 位居深港通（南向）成交额前3位，成交额分别为 44.70 亿元、44.68 亿元、20.49 亿元。 深港通（南向）十大活跃成交公司 | 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 小米集团-W(01810) | 44.70 亿元 | -8.11 亿元 | | 阿里巴巴-W(09988) | 44.68 亿元 | -11.66 亿元 | | 腾讯控股(00700) | 20.49 亿元 | -5.06 亿元 | | 美团-W(03690) | 16.72 亿元 | +2.43 亿元 | | 康方生物(09926) | 13.16 亿元 | -3.55 亿元 | | 国泰君安国际(01788) | 12.54 亿元 | -1.03 亿元 | | 中芯国际(00981) ...

智通财经APP获悉，7月3日港股市场，北水成交净卖出30.47亿港元，其中港股通(沪)成交净卖出18.66亿 港元，港股通(深)成交净卖出11.81亿港元。 北水净买入最多的个股是美团-W(03690)、中芯国际(00981)、信达生物(01801)。北水净卖出最多的个股 是阿里巴巴-W(09988)、腾讯(00700)、国泰君安国际(01788)。 | 股票名称 | 买入额 | 卖出额 | 买卖总额 | | --- | --- | --- | --- | | | | | 净流入 | | 阿里巴巴-W | 25.66亿 | 46.26 Z | 71.91亿 | | HK 09988 | | | -20.60亿 | | 小米集团-W | 34.11 Z | 25.77 亿 | 59.88 亿 | | HK 01810 | | | +8.34 乙 | | 国泰君安 ... | 18.55 亿 | 19.55 亿 | 38.11亿 | | HK 01788 | | | -1.00 亿 | | 腾讯控股 | 12.72 乙 | 16.51亿 | 29.22亿 | | HK 00700 | | | -3.79 亿 | ...