Core Viewpoint - The rise of new consumption trends, including潮玩IP and pet economy, is reshaping the investment landscape in the capital market, with institutions actively seeking the next big opportunity in this sector [1] Group 1: New Consumption Trends - New consumption investment has become a hot topic in the capital market this year, with significant interest from institutional investors in companies like 泡泡玛特, 老铺黄金, and 中宠股份 [1] -潮宏基 has seen a remarkable increase in institutional attention, with 178 institutions conducting three rounds of research since mid-April, resulting in a stock price increase of 75.71% in Q2 and 189.57% over the past year [1][2] - 周大生 attracted 223 institutions for 15 rounds of research, with plans to open seven new self-operated stores by May 2025, focusing on素金 and镶嵌 products [2] Group 2: Consumer Insights and Strategies - New consumption companies emphasize understanding young consumer preferences and integrating international fashion trends into product design [3] - 曼卡龙 has been researched 17 times by 124 institutions in Q2, achieving an 85.05% increase in stock price, with a focus on online capabilities and selecting franchisees who understand young consumer needs [3] - The pet economy is also a focal point, with 中宠股份 attracting 221 institutions for two research activities, while 天元宠物 saw a 40.55% stock price increase in Q2 [3] Group 3: Investment Logic and Framework - The unique characteristics of new consumption companies are prompting fund managers to adjust their investment strategies, focusing on individual stock research rather than top-down approaches [4] - New consumption research frameworks differ significantly from traditional consumption, emphasizing product strength over channel strength, as many new products are actively sought by consumers [4] - Institutions are beginning to focus on new consumption investment opportunities, with seven main themes identified, including digital economy, self-care, emotional value consumption, health economy, convenience economy, alternative economy, and value-driven consumption [4]

Group 1 - The core idea of the articles revolves around the concept of "Dopamine Economy," which emphasizes consumer spending driven by emotional satisfaction rather than just price-performance ratio [1][2][3] - Longgang has successfully leveraged large-scale performance events to stimulate secondary consumption in areas such as dining, accommodation, and shopping, creating a seamless experience for consumers [1] - The rise of the "Dopamine Economy" has led to explosive growth in sales of products like esports equipment, cycling gear, and skiing equipment, as well as immersive travel and experiential consumption [2] Group 2 - The "Dopamine Economy" is seen as a new consumption model that aligns with current consumer desires for personalized and entertaining products and services [1][2] - The success of products like LABUBU highlights the potential of the "Dopamine Economy" to drive significant consumer engagement and economic growth [2] - Promoting consumption and expanding domestic demand is crucial for China's economic recovery and high-quality development, with a focus on the "Dopamine Economy" to unlock new consumer vitality [3]

泡泡玛特 20250624 摘要 2025 年初，泡泡玛特一代和二代产品集中放货导致股价下跌，但公司 IP 热度并未受影响，随后价格有所回升。618 期间，Labubu 三代产品 溢价过高，公司通过补货打击黄牛炒作，并采取多批次预售以稳定价格， 此举有利于品牌长期发展。 泡泡玛特 IP 具有周期性，但糖胶毛绒品类放大了 IP 特性，使其受欢迎度 大幅提升。Labubu 在东南亚爆火后，对中国市场形成映射，北美市场 热度也在 2025 年 4 月后爆发，Google Trend 搜索热度显示其在不同 市场均有增长迹象，未来发展潜力巨大。 Labubu 与玲娜贝儿相比，具有更强的全球化属性，不仅在北美市场表 现出色，还在中东、南美等地表现突出，在俄罗斯线上市场也有显著影 响力。Labubu 在东南亚市场自 2024 年 4 月底开始热度持续上升，需 求强劲。 泡泡玛特通过引入更多 IP，如大耳狗、帕恰狗和库洛米等，实现了收入 来源的均衡分布，降低对单一 IP 的依赖。2024 年大耳狗占公司收入比 例约为 20%，预计 2025 年将保持在 40%以下。 Q&A 如何看待泡泡玛特补货和二手市场价格的变化？ 泡泡玛 ...

有消息称，泡泡玛特或许要跨界进军家电行业。据媒体报道，近日，有网友发帖称泡泡玛特进军家电行 业，该网友称某招聘平台上泡泡玛特HR正在招聘家电行业相关人才。对此，新浪科技向泡泡玛特官方 求证，截至发稿对方暂无回应。(新浪科技) ...

日前，泡泡玛特（09992.HK）首次开启线上Labubu预售。当天全线产品瞬间售罄，创建的订单最晚发 货时间已至今年9月22日，这意味着消费者或需等待3个月之久才能拿到商品。与此同时，门店大量缺 现货，快闪店预约秒罄。 究竟是产能不足还是饥饿营销？如果是产能不足，那么为何市场上充斥着工厂生产的大量侵权商品？第 一财经记者对此展开多方采访。 2025.06. 24 本文字数：2563，阅读时长大约4分钟 作者 | 第一财 经 刘城 乐琰 南英 Labubu热度持续攀升。 看得到却买不到的Labubu 日前，第一财经记者进入名为"泡泡玛特抽盒机"的微信小程序，17:00左右，直播间正在进行专场直 播。直播期间，时不时有观众留言询问"Labubu什么时候能购买"。主持人反复强调"Labubu暂时没有 货""主播也不知道什么时候补货""一切等'突袭'"（"突袭"即在直播间里临时上架相关产品链接以供消费者 购买）。 在接下来的一个半小时里，直播间始终未上架Labubu产品。18:28，被网友称为Labubu第三代的"前方 高能"系列盲盒商品链接悄然上架。 记者在链接上架初始便迅速操作，从进入、选购、锁单到支付，整个环 ...

2025.06. 24 招聘信息显示，近日，该公司在上海、深圳、北京等地招聘工业设计（小家电）、首饰设计师、电商 设计师等技术岗位，学历要求为本科，月薪范围在 13000-30000 元之间。 本文字数：532，阅读时长大约1.5分钟 | | | 查企业 · 北京泡泡玛特文化创意有限公司 | ਸਿ | 十一周 | 应用 · | ◎ 老户特测 | HOTE 供需集市 日APP ■ | | --- | --- | --- | --- | --- | --- | --- | --- | | 基本信息 629 | 上市信息 12 | 司法信息 999+ | 经营诊断 999* | 知识产权 099+ | 企业发展 67 | 经营状况 171 | DeepSeek " | | 招聘信息 100+ | | | | | | | ◎ 壹企查 | | 序号 | 发布日期 | 麒位名称 | | 薪资 | 工作地点 | 学历 | 操作 | | 11 | 2025-06-18 | POPMART-商业企划 | | 13000-18000元/月 | 北京朝阳区浦项中心A座 A座36 | 本科 | 详情 | | 15 | 2025-06 ...

泡泡玛特Labubu系列商品热度持续攀升，线上预售开启后迅速售罄，发货时间延迟至9月22日。 Labubu热度持续攀升。 日前，泡泡玛特（09992.HK）首次开启线上Labubu预售。当天全线产品瞬间售罄，创建的订单最晚发货时间已至今年9月22日，这意味着消费者或需等待3 个月之久才能拿到商品。与此同时，门店大量缺现货，快闪店预约秒罄。 不仅是线上，在线下门店也是如此。第一财经记者走访了多地泡泡玛特门店，基本都没有Labubu现货，偶有水晶球款，但此类产品购买者甚少。更为夸张 的是Labubu主题快闪店——怪味便利店，要预约才能进店，而记者蹲点后发现，预约号码1秒钟就抢完了，根本没有机会入店。在上海的怪味便利店现场， 第一财经记者看到入店者并不多，排队的人也不多，但线上就是抢不到入店号码。就在6月24日，第一财经记者再次查询发现，部分Labubu主题快闪店已经 关闭线上预约，一些特别商品也已售罄，只能抢购普通款商品。 " 五品 B 0 9 ක crop I I by 看得到却买不到的Labubu 日前，第一财经记者进入名为"泡泡玛特抽盒机"的微信小程序，17:00左右，直播间正在进行专场直播。直播期间，时不 ...

Group 1 - The core viewpoint is that the new consumption sector, led by companies like Pop Mart, is still in an upward trend and has significant growth potential due to its unique emotional value, sustainable IP, cultural value, and high cost-performance ratio [1][8] - The Hong Kong stock market has seen a strong inflow of southbound funds, with a net buying scale reaching 650 billion HKD by mid-June, doubling compared to the same period last year [2][4] - The investment strategy recommended for the Hong Kong market is a "barbell strategy," which involves allocating assets between high-dividend stocks and growth stocks to effectively manage market volatility [5][7] Group 2 - The performance of high-dividend stocks remains attractive, especially in the current low-interest-rate environment in mainland China, with average dividend yields for Hong Kong-listed bank stocks close to 6% [2][6] - The differentiation between A-shares and H-shares is notable, with Hong Kong stocks outperforming due to factors such as favorable policies encouraging quality companies to list in Hong Kong and the presence of strong cash flow companies like Tencent and Alibaba [5][6] - AI is expected to significantly impact corporate profitability in the long term, particularly in cost reduction and efficiency improvement, although short-term effects may not be immediately visible in financial reports [3][12] Group 3 - The ongoing geopolitical tensions and uncertainties in the mainland economy are expected to contribute to continued market volatility in the second half of the year, despite the underlying support from southbound fund inflows [4][11] - The potential for foreign capital to return to the mainland market is still low, with a current underweight of 2-3 percentage points compared to historical averages, but any recovery could bring substantial inflows [10] - The new consumption sector is characterized by a reduced reliance on traditional distribution channels, focusing instead on emotional and brand value, indicating a shift in consumer behavior [8]

Group 1: Investment Strategy Overview - The report highlights the challenges faced by private enterprises, with government and state-owned enterprises taking the lead in development, particularly favoring ToG B2B procurement companies due to increasing procurement needs amid declining central government revenue growth [3] - The report suggests focusing on companies like Qixin Group, Xianheng International, Chenguang Keli, Zhenkunhang, and JD Industrial, which are well-positioned to benefit from online procurement policies [3] - The report emphasizes the potential for compliance products in the vaping market as regulatory scrutiny tightens, particularly with the anticipated revisions to the European Tobacco Products Directive (TPD) in 2025 and increased FDA regulation in the U.S. [3] Group 2: Home Furnishing Sector - The home furnishing industry is expected to benefit from policies like "old-for-new" exchanges and easing real estate policies, with a projected 10.5% year-on-year increase in retail sales of furniture in November 2024 [4] - Leading companies such as Oppein, Mousse, Gujia, and Zhibang are recommended due to their ability to navigate the evolving market landscape and capitalize on the trend towards integrated home solutions [4] Group 3: Paper Industry - The report notes a growing divergence in profitability among leading paper companies, with a focus on Sun Paper as a key player benefiting from improved operational efficiency and market share growth [4] - The report anticipates a gradual increase in valuations for leading paper companies as industry consolidation continues and capital expenditures decline [4] Group 4: Tobacco Industry - The report identifies a high concentration in the heated not burned (HNB) tobacco market, dominated by Philip Morris and British American Tobacco, with significant market shares of over 50% and 20% respectively [10] - The report discusses the barriers to entry in the HNB market compared to vaping products, highlighting the strong supply chain control held by major tobacco companies [13] - The report also notes the strategic moves by China National Tobacco Corporation to expand its international presence, particularly in emerging markets, leveraging geopolitical shifts [33] Group 5: Toy Industry - The toy market is experiencing rapid growth, with companies like Pop Mart achieving significant revenue increases, driven by strong IP management and product innovation [43] - The report highlights Pop Mart's impressive revenue growth of 106.9% year-on-year in 2024, with substantial contributions from both domestic and international markets [43] - The report also mentions the expansion of Pop Mart's overseas operations, which are expected to provide a second growth curve for the company [45]

金融界6月24日消息，上证指数低开高走，中证沪港深新生代消费主题指数 (SHS新生代消费，931765) 报1876.23点。 数据统计显示，中证沪港深新生代消费主题指数近一个月上涨1.87%，近三个月下跌2.80%，年至今上 涨15.68%。 据了解，中证沪港深新生代消费主题指数从内地与香港市场上市公司中，选取食品饮料、服饰装扮、休 闲娱乐以及其它生活用品及服务等领域中符合新生代消费特征的50只上市公司证券作为指数样本，以反 映内地与香港市场新生代消费主题上市公司证券的整体表现。该指数以2018年12月31日为基日，以 1000.0点为基点。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。特殊情况下将对指数进行临时调整。当样本退市时，将其从指数样 本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照计算与维护细则处理。当港股通证券范 围发生变动导致样本不再满足互联互通资格时，指数将相应调整。 本文源自：金融界 作者：行情君 从中证沪港 ...