Core Insights - The event "2025 Annual Financial Thinkers Summit" highlighted macro trends, consumer behavior, and investment opportunities for 2026, featuring key speakers from various financial institutions [1] Group 1: Investment Trends - The rise of emotional value in consumer products, such as the Labubu doll, illustrates a shift towards narrative economics, where consumers pay for emotional connections rather than just production costs [2][3] - Future investment opportunities may lie in products that resonate with the emotional needs of the new generation, including virtual idols and immersive experiences in the metaverse [2] - The demand for emotional storytelling in products reflects a broader trend where young consumers seek meaningful connections through their purchases [3] Group 2: Asset Value and Stability - The concept of "trust anchors" in volatile markets emphasizes the need for assets with long-term value, such as gold, which serves as a hedge against economic instability [4][5] - Gold's current market price is nearing 1,000 yuan per gram, and its value is derived from its role as a universal collateral and safe haven rather than just price appreciation [5] - Real estate's value has shifted from a financial investment tool to a focus on living quality, emphasizing location and property quality in investment decisions [6] Group 3: Investment Strategies - Three key investment strategies are proposed: investing in personal development, addressing sustainable human development challenges, and focusing on compounding assets [7][8] - Investing in personal skills and knowledge is highlighted as a high-return strategy, especially for younger individuals facing job market changes [7] - Investments in sectors that solve real-world problems, such as renewable energy and biotechnology, are seen as stable growth opportunities [8]

Group 1 - Northbound capital recorded a net purchase of 34.49 billion HKD in the Hong Kong stock market on December 31, with the Shanghai-Hong Kong Stock Connect contributing 30.97 billion HKD and the Shenzhen-Hong Kong Stock Connect contributing 3.51 billion HKD [1] - The total net purchase of Northbound capital for the year reached a historical high of 1.41 trillion HKD, significantly increasing from approximately 807.9 billion HKD in 2024 [1] - The most purchased stocks by Northbound capital included China Merchants Bank (03968), Industrial and Commercial Bank of China (01398), and China Construction Bank (00939) [1] Group 2 - Alibaba-W (09988) had a net purchase of 850 million HKD, while Tencent Holdings (00700) faced a net sell of 660 million HKD [2] - China Merchants Bank, Industrial and Commercial Bank of China, and China Construction Bank received net purchases of 7.24 billion HKD, 5.88 billion HKD, and 5.61 billion HKD respectively [4] - Semiconductor stocks also saw increased investment, with SMIC (00981) and Hua Hong Semiconductor (01347) receiving net purchases of 391 million HKD and 69.94 million HKD respectively [5] Group 3 - Xiaomi Group-W (01810) received a net purchase of 237 million HKD, supported by government policies promoting consumption [5] - Jiangxi Copper Co. (00358) had a net purchase of 158 million HKD, while Zijin Mining (02899) experienced a net sell of 682 million HKD [6] - UBTECH Robotics (09880) received a net purchase of 86.86 million HKD, as it announced plans to acquire a controlling stake in Fenglong Co. [6]

2025年12月23日，第一财经《云程笃行·万里可期 | 2025年度财经思想者盛典》圆满落幕。智汇 集团创始人及首席经济学家夏春、中欧陆家嘴国际金融研究院副院长刘功润、京华世家家族办公室董 事长聂俊峰、新鼎资本董事长张驰和第一财经总编辑杨宇东共同呈现了一场精彩的年度思想演说秀， 围绕宏观趋势、居民消费、年轻人理财、具身智能等热点议题展开，探寻2026年值得期待的结构性 机遇。 此为《 2025年度财经思想者盛典》中 中欧陆家嘴国际金融研究院副院长刘功润 的演讲完整版内容 大家好！我是刘功润，一位财经观察者、研究者。 今天，和大家聊聊关于投资的话题。但是，我不 想和大家谈那些让人头疼的 K线图和复杂的财务模型，而是从今年"火出圈"的投资现象说起—— 不 知道在座有多少朋友，为了一只咧着嘴、表情古灵精怪的 Labubu娃娃，拼过手速、加过代购？ 这 个小精灵，不生产粮食，不制造芯片，但却让很多人心甘情愿抢着掏钱买单。在 Labubu的拉动下， 泡泡玛特今年上半年营收达138.8亿元，超过了去年全年。 为什么潮玩 IP会受到市场追捧？它真正的价值什么？ 大家会很容易想到一个概念：情绪价值。没 错！情绪价值的本质是 ...

Core Insights - The article highlights the global success of Labubu, a Chinese original IP, which has become a phenomenon in the cultural and creative industry, showcasing China's shift from "made in China" to "created in China" [1][2][16] Group 1: Labubu's Success Story - Labubu, designed by Long Jiasheng, has gained immense popularity, with its revenue exceeding 4.8 billion yuan in just six months, marking a year-on-year growth of over 600% [1][5] - The character's unique design and emotional resonance with young consumers have contributed to its widespread appeal, breaking cultural barriers [1][17] - The operational strategy of Pop Mart emphasizes patience and respect for original creators, allowing for a sustainable growth model rather than quick commercial success [5][6] Group 2: Supply Chain Innovations - Pop Mart has implemented a flexible supply chain that can quickly respond to market demands, increasing production capacity from 300,000 units per month to 3 million units by 2025 [9][10] - The company has adopted a dual expansion strategy, focusing on local and overseas production to enhance supply chain resilience and reduce delivery times [10][12] - Automation and strategic partnerships with local factories have improved production efficiency while maintaining product quality [11][12] Group 3: Cultural Resonance and Globalization - Labubu's success is attributed to its ability to resonate with global youth values, such as acceptance of differences and self-expression, transforming it into a shared cultural symbol [17][18] - Pop Mart's approach to localization in different markets has allowed it to effectively engage with diverse consumer bases, enhancing brand value [16][18] - The company's growth reflects a broader trend in the Chinese creative industry, emphasizing the importance of emotional connection and cultural adaptation in global markets [17][19]

POP MART INTERNATIONAL GROUP LIMITED 泡泡瑪特國際集團有限公司 （於開曼群島註冊成立的有限公司） （以下稱「公司」） 提名委員會職權範圍 定義 1. 就本職權範圍（「職權範圍」）而言： 董事會指公司之董事會。 財務總監指董事會不時委任負責管理財務之公司高級行政人員。 提名委員會指董事會根據本職權範圍第2條通過之決議而設立之提名委員會。 高級管理層指主席、副總裁、行政總裁、首席財務官及董事會不時決定出任 公司高級管理層之本集團任何其他行政人員；公司之其他管理人員而其薪酬 待遇或建議薪酬待遇比其他由董事會委任的人員較為優厚；及其他由公司的 薪酬委員會視為高級管理層的人士。 股東指公司之股東。 公司秘書指公司任命之任一聯席公司秘書。 董事指董事會成員。 本集團指於有關期間，公司及其附屬公司和聯營公司；或若文義另有所指， 於公司成為其現時附屬公司和聯營公司之控股公司前之期間，公司之現時附 屬公司和聯營公司；或其現時附屬公司和聯營公司或其前身（視乎具體情況） 所營運之業務。 上市規則指《香港聯合交易所有限公司證券上市規則》（經不時修訂）。 1 成立 會議之次數及程序 聯交所指香港聯合 ...

Core Insights - The Hong Kong stock market closed 2025 with the Hang Seng Index rising by 27.77%, marking its best annual performance since 2017 [1] - Among the constituents of the Hang Seng Index, China Hongqiao surged by 203.72%, leading the gains, followed by Zijin Mining at 162.29%, and SMIC at 124.69% [1][2] Group 1: Performance Highlights - China Hongqiao's stock price reached 32.620 with a year-to-date increase of 203.72% [2] - Zijin Mining's stock price was 35.660, reflecting a year-to-date rise of 162.29% [2] - SMIC's stock price stood at 71.450, with a year-to-date increase of 124.69% [2] - Hansoh Pharmaceutical increased by 113.33% year-to-date, with a stock price of 36.080 [2] - Pop Mart's stock price was 37.700, showing a year-to-date rise of 111.46% [2] - Innovent Biologics saw a year-to-date increase of 108.33%, with a stock price of 76.250 [2] - Chow Tai Fook's stock price was 12.390, reflecting a year-to-date increase of 100.16% [2] - China Biologic Products had a stock price of 6.180, with a year-to-date rise of 98.71% [2] - JD Health's stock price was 55.500, showing a year-to-date increase of 97.51% [2] - China Life's stock price stood at 27.380, with a year-to-date increase of 96.60% [2] Group 2: Sector Analysis - The performance of the top stocks reflects four main themes: cyclical resources, hard technology, innovative pharmaceuticals, and niche consumption [1] - Stocks like China Hongqiao and Zijin Mining benefited from global inflation and industrial demand [1] - SMIC represents the core of domestic substitution and technological self-reliance [1] - Companies like Hansoh and Innovent are being valued for genuine innovation and international pricing [1] - Niche consumption sectors, represented by Pop Mart, Chow Tai Fook, and JD Health, demonstrate strong vitality even in a weak recovery environment [1]

Core Insights - Labubu, an original IP from China, has gained global popularity, becoming a cultural phenomenon and a symbol of China's creative industry [1][2] - The success of Labubu is attributed to continuous innovation in IP incubation, supply chain management, user engagement, and cultural dissemination [1] - The rise of Labubu reflects a significant shift in China's cultural and creative industry from "Made in China" to "Created in China" [2] IP Development and Market Response - Labubu's design, influenced by Nordic fairy tales, initially faced skepticism but gained traction after a partnership with Pop Mart in 2018 [4][5] - The product line's success is largely due to the development of soft vinyl plush toys, which resonated with the youth's desire for unique and expressive designs [5] - Pop Mart's patient and restrained approach to IP management has allowed Labubu to grow organically without succumbing to market pressures [5][6] Supply Chain Innovations - The supply chain has undergone a transformation to meet the surging demand for Labubu products, with production capacity increasing from 300,000 units per month to 3 million units by 2025 [9][10] - Pop Mart has implemented a dual expansion strategy, focusing on local and overseas production to enhance responsiveness to market demands [10][11] - The company has also adopted automation and precision techniques to maintain product quality while scaling production [10] Emotional Connection and Long-term Strategy - Labubu's appeal lies in its ability to resonate emotionally with consumers, transforming them from passive buyers to active co-creators of the IP [15][18] - The company emphasizes long-term value creation over short-term gains, ensuring that Labubu remains relevant and cherished by its audience [13][14] - Pop Mart's strategy includes creating immersive experiences and expanding into new markets, such as fashion, to enhance the IP's cultural significance [15][20] Global Expansion and Cultural Resonance - By 2025, Pop Mart plans to open flagship stores in major cities worldwide, including New York, and has already established a significant presence in North America and Europe [17][19] - Labubu's success is attributed to its ability to convey universal values that resonate with global youth, such as acceptance and self-expression [18][19] - The brand's growth reflects a broader trend of Chinese creative industries gaining recognition and influence on the global stage [19][21]

最近Labubu二手市场价格的大幅回落，以及泡泡玛特股价的显著下跌，在社交媒体上引发了广泛讨 论。 很多人简单地将其视为"泡沫破灭"，但这种理解可能过于表面。 实际上，我们所见的，只不过是正常的经济学现象，是市场从非理性繁荣走向理性定价的自然过程。 泡泡玛特最初的成功密码很简单，他们创造了一种"可控的稀缺感"。 通过盲盒机制、隐藏款设计和限量发售，他们让普通的搪胶玩具变成了带有不确定性的收藏品。这种模 式在初期非常有效——当消费者不知道盒子里具体是哪一款时，那种期待感和开盒瞬间的惊喜成为产品 价值的重要组成部分。 问题在于，任何人为制造的稀缺性都有其极限。 当同一IP不断推出新系列，当Labubu的形象出现在各种产品线上，那种"独一无二"的感觉开始稀释。经 济学中有个基本概念叫边际效用递减，意思是消费者从同一商品中获得的满足感会随着消费数量增加而 递减。 第一个Labubu盲盒带来的惊喜感最强，第十个可能就只是"又一个收藏"而已。 这种效应在二手市场上表现得尤为明显。 最初，由于隐藏款真正稀缺，其二手价格可以飙升到原价的数倍。 但这种溢价建立在持续有人愿意高价接盘的基础上。 当新品推出速度过快，当市场供应量悄 ...

本文转自【海峡导报】； 近日，思明区法院发布一起涉泡泡玛特IP的著作权侵权案，一闲鱼卖家因售卖仿冒Dimoo手办被判侵权 赔偿。 POPMART泡泡玛特是经营潮玩产品的知名潮流文化娱乐品牌，推出了众多粉丝喜爱的潮玩产品，如 LABUBU系列、Molly系列等，广受消费者追捧。其中，顶着标志性"云朵头"的小男孩"DimooWorld系 列"，是无数潮玩爱好者的心头好。M公司（化名）作为"DimooWorld系列"美术作品的著作权人，发现 市民小林（化名）在闲鱼上开设店铺，专门售卖和Dimoo长得很像的手办，且店铺页面展示了多个该系 列作品的图片和视频。 M公司认为，小林并未获得公司授权，其销售行为侵害了公司享有的美术作品著作权，遂将小林起诉至 法院，要求其赔偿公司经济损失6万余元。庭审中，小林辩称自己有正当职业，在闲鱼平台上卖手办仅 为兼职，目的是减轻一点经济压力，且是M公司相关人员表示要采购，诱导他囤了100多只玩偶，不应 承担全额赔偿责任。 法院经审理认为，小林未经权利人许可，也未支付相应报酬，擅自在其经营的闲鱼店铺中销售与泡泡玛 特"DimooWorld系列"美术作品形象相近的仿制玩偶，该行为已侵害原告享 ...

| 序号 | 名称 | 港股代码 | 最新价 | 涨跌额 | 涨跌幅 | ADR代码 | ADR换算价(HKD) | 较港股升跌 较 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 腾讯控股 | O 00700 | 600.000 | +3.500 | 0.59% | TCEHY | 599.528 | -0.472 | | 2 | 阿里巴巴-W | 09988 | 144.500 | +1.200 | 0.84% | BABA | 143.326 | -1.174 | | 3 | 汇丰控股 | 00005 | 123.000 | +1.100 | 0.90% | HSBC | 123.376 | +0.376 | | 4 | 建设银行 | 00939 | 7.720 | +0.100 | 1.31% | CICHY | 7.695 | -0.025 | | 5 | 小米集团-W | 01810 | 39.360 | +0.780 | 2.02% | XIACY | 39.294 | -0.066 | | 6 | 友邦保险 | 0 ...