来源：上海证券报·中国证券网 上证报中国证券网讯（记者 刘逸鹏）1月16日，泡泡玛特一度跌近7%，截至11时05分，跌幅收窄至5.39%，报179港元/股。 消息面上，摩根士丹利报告指出，泡泡玛特正在从过去两年的"爆发式增长"阶段，过渡到未来的"可持续增长"阶段。该机构预测泡泡玛特2026年Labubu的收 入增速将显著放缓，增长引擎将由单一爆款转向非Labubu IP的多元化驱动。 来源：上海证券报·中国证券网 上证报中国证券网讯（记者 刘逸鹏）1月16日，泡泡玛特一度跌近7%，截至11时05分，跌幅收窄至5.39%，报179港元/股。 | HK 泡泡玛特 | | | | | --- | --- | --- | --- | | 09992 港股通 L2 ▼ | | | | | 179.000 今开 189.200 最高 190.000 最低 176.4 | | | | | 1.20% 总量 1608万股 金额 29.15 -5 20%-10 200 快+ | | | | | 总值 2404亿 市盈 " 田 32.57 市净 15.46 | | | | | ADR报价: 24.240 -1.16% ? (H/ ...

Core Insights - The rise of "emotional consumption" among the younger generation is driven by the need for emotional healing and stress relief, with a significant market potential projected to grow from 16.3 trillion yuan in 2022 to 23.1 trillion yuan in 2024, and expected to reach 27.2 trillion yuan by 2025 and exceed 45 trillion yuan by 2029 [1][2] Group 1: Emotional Consumption Trends - Emotional consumption is characterized by young consumers seeking products and services that provide immediate emotional satisfaction and companionship, such as blind boxes, emotional toys, and creative cultural products [1][3] - Over 90% of young people recognize the value of emotional consumption, with nearly 60% willing to pay for it, indicating a strong market demand [2][7] - The emotional consumption market is evolving, with physical products and experiential services becoming mainstream, as over 50% of respondents spend between 100-300 yuan monthly on physical goods [7][9] Group 2: Psychological Drivers - The core motivation for the rise in emotional consumption among youth is linked to the need for emotional management and the fulfillment of psychological needs in a high-pressure environment [3][9] - Traditional emotional support systems have weakened, leading young people to seek external products and services for emotional compensation [3][9] - The demand for emotional products is not just about material satisfaction but also about emotional expression, identity construction, and social connection [7][9] Group 3: Market Opportunities - The growth of digital and virtual emotional consumption is notable, with AI-driven products and services gaining traction, such as virtual gifts and emotional chatbots [8][9] - The market for AI toys is projected to see a significant increase, with sales expected to rise by 394.9% in 2025, highlighting the shift towards emotional companionship through technology [9][10] - Companies are encouraged to explore untapped emotional needs and expand consumption scenarios across various sectors, including health, education, and workplace environments [10]

Group 1 - The top three companies with net inflows of southbound funds are Alibaba-W (09988) with 1.05 billion, Tencent Holdings (00700) with 752 million, and Pop Mart (09992) with 678 million [1] - The top three companies with net outflows of southbound funds are SMIC (00981) with -836 million, China Mobile (00941) with -729 million, and Meituan-W (03690) with -378 million [1] - In terms of net inflow ratios, Jiangsu Ninghu Expressway (00177) leads with 53.75%, followed by Cheung Kong Infrastructure Group (01038) at 52.00%, and Mao Geping (01318) at 48.07% [1] Group 2 - The top ten companies by net inflow include Alibaba-W (09988) with 1.05 billion and a closing price of 159.90 (+3.63%), Tencent Holdings (00700) with 752 million and a closing price of 627.50 (+0.72%), and Pop Mart (09992) with 678 million and a closing price of 191.30 (-2.89%) [2] - The top ten companies by net outflow include SMIC (00981) with -836 million and a closing price of 74.45 (-1.13%), China Mobile (00941) with -729 million and a closing price of 80.95 (-0.25%), and Meituan-W (03690) with -378 million and a closing price of 104.90 (-0.10%) [2] - The top three companies by net inflow ratio also include Baiaosaitu-B (02315) at 46.69% and Wei Long Delicious (09985) at 45.51% [3] Group 3 - The top three companies by net outflow ratio include Southern Hong Kong Stock Connect (03432) at -100.00%, E Fund Hang Seng ESG (03039) at -93.75%, and Country Garden Services (06098) at -58.59% [3] - The data reflects the net inflow and outflow trends in the Hong Kong stock market, indicating investor sentiment towards specific companies [1][2][3]

2025年以来，中国消费市场呈现稳步回暖态势。前三季度，社会消费品零售总额同比增长6.8%，最终消费支出对经济增长 的贡献率高达53.5%，持续巩固其经济增长主引擎地位。 然而，回暖趋势下的消费板块并非一片坦途，内部分化加剧。既有传统品牌因创新不足、用户迭代滞后而增长乏力，也有 新锐品牌凭借技术突破、模式创新实现逆势突围，但其中也不乏部分品牌依赖短期促销、流量营销冲高销量，看似实现 了"增长"，实则缺乏长期竞争力。 这种复杂局面让投资者难以穿透表象把握真实价值，市场亟需一套权威、量化的评估工具来锚定结构性机会。 正是在这一背景下，2025年北京大学国家发展研究院牵头编制了"中国线上消费品牌指数（CBI）""全球品牌中国线上500强 榜单（CBI500）"及"线上品牌购买力指数（BPI）"，已经连续发布了三期。 值得一提的是，该系列指数与榜单为北京大学国家发展研究院的学术成果，核心数据来源于淘宝天猫平台每个季度的真实 消费大数据。 研究依托淘宝天猫平台9亿活跃用户数据，按照品牌心智与综合经营表现设计了一套品牌质量指标，评分逻辑引入了新品能 力、用户评价、搜索热度等，而非单纯评价销量规模。通过大数据和人工智能技术 ...

Core Insights - The article highlights the steady recovery of China's consumer market since 2025, with a year-on-year growth of 6.8% in retail sales of consumer goods in the first three quarters, contributing 53.5% to economic growth [2] - However, the consumer sector faces challenges with increasing internal differentiation, where traditional brands struggle due to lack of innovation while new brands succeed through technological breakthroughs and innovative models [2][3] Group 1: Consumer Brand Landscape - The CBI500 ranking reflects a stable top tier of brands, emphasizing the "stronger get stronger" logic in the consumer market [7] - Leading brands like Apple, Xiaomi, Midea, Huawei, and Haier maintain competitive barriers through balanced performance across four dimensions: brand awareness, innovation, loyalty, and reputation [8][10] - DJI and Pop Mart have shown significant growth, with DJI entering the top ten for the first time, driven by continuous technological innovation and market expansion [11][16] Group 2: Brand Performance and Growth Strategies - DJI's growth is attributed to its focus on technology innovation and creating benchmark products, leading to a 66% market share in the global action camera market as of Q3 2025 [11][14] - Pop Mart's rise in the rankings is due to its strong loyalty metrics and effective IP matrix operation, which resonates with emotional consumer needs [19][20] - The brand's strategy includes a robust membership system that enhances customer loyalty through emotional engagement [19] Group 3: Market Differentiation and Opportunities - The differentiation in the consumer market presents challenges for traditional brands while creating opportunities for those that adapt to trends [21][22] - Brands like Fenjiu have successfully capitalized on changing consumer preferences, with a notable increase in their ranking due to a focus on younger consumers [26] - The article emphasizes the importance of aligning with policy support and consumer trends to identify quality brands that can thrive in a competitive landscape [27][28] Group 4: CBI Index and Its Value - The CBI index serves as a data-driven tool for observing the consumer market, helping investors identify brands that capture product innovation opportunities and possess resilience against economic cycles [30][31] - The index's multidimensional evaluation framework allows for a deeper understanding of consumer demand and brand performance, aiding in long-term investment decisions [32]

Core Viewpoint - The Hong Kong Consumption ETF (159735) has seen significant net inflows, indicating growing investor interest in the fund and the underlying consumer sector in Hong Kong [1][2]. Group 1: Fund Performance - As of January 14, the Hong Kong Consumption ETF (159735) recorded a net subscription of 4.8298 million yuan, ranking 27th out of 208 in cross-border ETF net inflows for the day [1]. - The fund's latest size is 814 million yuan, up from 802 million yuan the previous day, reflecting a 0.60% increase in net inflow relative to the previous day's size [1]. - Over the past five days, the fund has accumulated a net subscription of 69.8219 million yuan, ranking 28th out of 208 in cross-border ETF net inflows [1][2]. Group 2: Fund Details - The Hong Kong Consumption ETF (159735) was established on May 25, 2021, with an annual management fee of 0.50% and a custody fee of 0.10% [2]. - The fund's latest share count is 1.007 billion shares, with a year-to-date increase of 9.46% in shares and a 12.08% increase in size compared to December 31, 2025 [2]. - The fund has a total trading volume of 922 million yuan over the last 20 trading days, averaging 46.0913 million yuan per day [2]. Group 3: Holdings and Composition - Major holdings in the Hong Kong Consumption ETF include Alibaba (19.54%), Tencent (16.59%), and Pop Mart (7.99%), among others, with the total market value of these holdings detailed [3]. - The ETF tracks the Hong Kong Consumption CNY index (931455), and its performance is compared with another fund, Hong Kong Consumption (513590), which has a smaller size and negative net subscriptions [3].

人民财讯1月15日电，企查查APP显示，近日，杭州葩趣文化创意有限公司成立，法定代表人为代雨 茹，经营范围含互联网销售、个人商务服务、电子产品销售、机械设备租赁等。企查查股权穿透显示， 该公司由北京泡泡玛特文化创意有限公司间接全资持股。 ...

转自：北京日报客户端 ▶今日天气 今天早晨至白天晴转多云，北转东风二三间四级，最高气温8℃；夜间多云间阴，东转北风二级左右， 最低气温-5℃。昼夜温差较大，早晚出行注意防寒保暖。 ▶尾号限行 1和6 ▶ 国家自然博物馆新馆预计2029年试运营，南中轴文化产业生态"三轴共振" 国家自然博物馆新馆预计2029年10月试运营、大红门数智产业大厦今年上半年建成、南苑森林湿地公园 今年再添两大项目……1月14日，记者从丰台区两会上获悉，丰台区全力推动南中轴成为引领南部地区 崛起的文化轴、承载新兴产业的发展轴、充满自然美感活力气息的生态轴，"三轴共振"促进区域功能重 塑、品质改善和动力升级。 ▶ 北京首批影院新空间新在哪？记者探访—— 当影厅场灯亮起，能上演多少可能？前不久，北京首批12家影院新空间正式挂牌。这些影院突破传统影 院"仅观影"的功能，融入沉浸式科技体验、本土文创展示、多元演艺活动、亲子互动空间等业态，确保 银幕内外都有好戏上演，构建起"电影+"融合消费新场景。 ▶ 今年东城将精雕天坛门户新景 明黄色的充气刺球、一人多高的木质人偶、铺满墙面的彩铅手稿……北京798艺术区的泡泡玛特画廊1月 15日面向公众开放， ...

| 股票名称 | 沽空金额↓ | 沽空比率 | 偏离值 | | --- | --- | --- | --- | | 阿里巴巴-W(09988) | 40.31 亿元 | 9.88% | -4.41% | | 腾讯控股(00700) | 25.53 亿元 | 14.07% | 3.39% | | 阿里健康(00241) | 17.76 亿元 | 23.84% | 1.53% | | 美团-W(03690) | 13.57 亿元 | 16.66% | -0.03% | | 小米集团-W(01810) | 10.94 亿元 | 16.34% | -4.90% | | 快手-W(01024) | 9.57 亿元 | 16.38% | 1.36% | | 中国人寿(02628) | 8.95 亿元 | 24.11% | 3.90% | | 泡泡玛特(09992) | 8.79 亿元 | 36.21% | 13.10% | | 中国平安(02318) | 7.50 亿元 | 19.75% | -8.73% | | 携程集团-S(09961) | 7.09 亿元 | 22.75% | 6.46% | 前十大沽空偏离值排行 ...

中国移动（00941）、美团-W（03690）、盈富基金（02800）南向资金净流出金额位列市场前三，分别 净流出-10.27 亿、-4.88 亿、-4.25 亿 在净流入比方面，秦港股份（03369）、中国水务（00855）、统一企业中国（00220）以76.18%、 58.76%、51.73%位列市场前三。 智通财经APP获悉，1月12日,快手-W（01024）、腾讯控股（00700）、南方恒生科技（03033）南向资 金净流入金额位列市场前三，分别净流入22.50 亿、20.05 亿、8.57 亿 在净流出比方面，碧桂园服务（06098）、至源控股（00990）、香港中旅（00308） 以-61.71%、-60.45%、-55.01%位列市场前三。 前10大资金净流入榜 | 股票名称 | 净流入(元)↓ | 净流入比 | 收盘价 | | --- | --- | --- | --- | | 快手-W(01024) | 22.50 亿 | 33.62% | 80.250（+7.43%） | | 腾讯控股(00700) | 20.05 亿 | 11.73% | 623.000（+1.96%） | | 南方恒生 ...