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 ...

Group 1: Core Insights - In 2025, China's global image has significantly improved, with the country being perceived as "cool" and innovative, driven by technological advancements and cultural exports [15][19][22] - The emergence of Chinese brands like DeepSeek and the popularity of cultural IPs such as Nezha and Labubu highlight China's growing influence in technology and pop culture [16][20][21] Group 2: Technological Innovations - DeepSeek's R1 model, launched in January 2025, surpassed ChatGPT in downloads, achieving this with a training cost of only $294,000, showcasing China's competitive edge in AI technology [16] - China has entered the top ten most innovative economies globally, with the highest number of top innovation clusters for three consecutive years [16] Group 3: Cultural Influence - The animated film "Nezha: The Devil's Child" became one of the top five highest-grossing films globally, marking a significant achievement for Chinese animation [19] - Labubu, a toy character, has gained international popularity, with sales exceeding 10 million RMB on its opening day in Thailand, indicating the global reach of Chinese design [20] Group 4: Market Expansion - BYD captured 18% of the global electric vehicle market in Q2 2025, while Mixue Ice Cream became the largest fast-food chain globally with over 46,000 stores [20][21] - The expansion of brands like Bawang Tea and Meituan reflects China's growing presence in international markets, with plans for significant overseas store openings [21] Group 5: Global Perception - A historical shift in global public opinion occurred in April 2025, with more people believing China will positively impact world affairs compared to the U.S. [23][24] - China's net favorability score reached 8.8, surpassing the U.S. for the first time, indicating a significant change in global perceptions of China [24]

而近期，在闲鱼、得物等二手交易平台上，LABUBU相关商品的上架数量呈现出明显增多的态势，与此同时，其成交价格却出现了下调的情况。 值得注意的是，市场看空情绪持续升温。Wind数据显示，自12月2日至8日，卖空股数从111.06万股增至539.46万股，同期卖空金额也从2.41亿港元大幅上升 至10.92亿港元。12月30日，泡泡玛特卖空金额达4.58亿港元，卖空股数239.22万股。 这一现象背后，是泡泡玛特核心IP产品LABUBU在二手市场价格的显著回调。12月29日，"泡泡玛特开始五折甩卖"话题迅速攀升至微博热搜第一。对此，记 者联系泡泡玛特并发送采访函，截至发稿尚未收到回复。 LABUBU二手市场遇冷 部分款式成交价低于官方价 LABUBU作为泡泡玛特THE MONSTERS家族的核心形象，自2018年推出以来，通过盲盒、毛绒、MEGA（收藏级潮玩）等多品类布局，已形成完整的IP生 态。2024年，THE MONSTERS系列营收达30.4亿元，同比增长726.6%，成为泡泡玛特旗下营收第一的IP。 2025年4月，在泡泡玛特中国内地线上平台，LABUBU第三代搪胶毛绒产品一上线便迅速被抢光，秒速售罄 ...

| 代码 | 简称 | 类型 | 成交金额（万港元） | 成交净买入（万港元） | 日涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 00981 | 中芯国际 | 港股通(沪) | 351678.88 | 34913.87 | 4.24 | | 09988 | 阿里巴巴-W | 港股通(沪) | 303154.80 | 30491.96 | 0.84 | | 00981 | 中芯国际 | 港股通(深) | 253217.00 | 41028.97 | 4.24 | | 09988 | 阿里巴巴-W | 港股通(深) | 234722.00 | -79781.45 | 0.84 | | 00700 | 腾讯控股 | 港股通(沪) | 220199.57 | -61168.26 | 0.59 | | 00941 | 中国移动 | 港股通(沪) | 182904.39 | -99213.87 | 0.37 | | 01398 | 工商银行 | 港股通(沪) | 171741.58 | 35664.34 | 0.64 | | 09880 | 优必选 | 港股通(沪) ...

（文章来源：证券时报网） 成交活跃股方面，今日上榜个股中，南向资金成交金额最多的是中芯国际，合计成交额60.49亿港元， 阿里巴巴-W、腾讯控股成交额紧随其后，分别成交53.79亿港元、38.81亿港元。以净买卖金额统计，净 买入的个股共有8只，中芯国际净买入额为7.59亿港元，净买入金额居首，该股收盘股价上涨4.24%，中 国海洋石油净买入额为4.61亿港元，工商银行净买入额为3.57亿港元。净卖出金额最多的是盈富基金， 净卖出16.12亿港元，该股收盘股价上涨0.93%，腾讯控股、中国移动遭净卖出12.79亿港元、9.92亿港 元。 12月30日恒生指数上涨0.86%，南向资金全天合计成交金额为923.00亿港元，其中，买入成交442.28亿 港元，卖出成交480.72亿港元，合计净卖出金额38.45亿港元。具体来看，港股通（深）累计成交金额 331.61亿港元，买入成交153.22亿港元，卖出成交178.40亿港元，合计净卖出金额25.18亿港元；港股通 （沪）累计成交金额591.38亿港元，买入成交289.06亿港元，卖出成交302.33亿港元，合计净卖出金额 13.27亿港元。 今日上榜个股中，中芯 ...

Group 1 - The prices of certain Pop Mart products in the second-hand market have significantly dropped due to increased supply [2][3] - The Labubu 3.0 series, which was highly sought after at launch, saw its prices plummet after large-scale restocks [2] - The hidden variant "Ben Wo" reached a peak price of 4,522 yuan, a 44.7 times markup, but fell to 540 yuan by December 30, representing an 88% decrease from its peak [2] Group 2 - The average transaction price for the Labubu series over the past 30 days is 117.17 yuan, down from a peak of 130.76 yuan on December 16 [2] - Some second-hand platforms show prices for certain Labubu models falling below their original retail prices, leading consumers to consider purchasing directly at retail [3] - Pop Mart's stock price has declined approximately 40% since its peak of 339.8 HKD per share in August [3]

Group 1 - The consumer market in 2025 has transitioned from a broad recovery narrative to a phase of structural differentiation, focusing on balance amidst competition and transformation [1] - The contribution of consumption to economic growth is significant, accounting for 53.5% [1] - Key themes in the industry discussions have shifted from "recovery" to "differentiation" and "transformation" [1] Group 2 - Wahaha is undergoing significant changes following the passing of its founder, with challenges in leadership succession and channel reforms leading to potential mergers and eliminations [2] - The company achieved a revenue growth of 500 million yuan in 2025, amidst speculation about its future structure [2] - The beverage industry is experiencing a shift from rapid expansion to a focus on supply chain development and market positioning, as seen with brands like Bawang Tea and Mixue Ice City [2] Group 3 - Pop Mart has seen its stock price increase nearly 15 times over 17 months, becoming a notable player in the consumer market [3] - The popularity of the Labubu toy reflects the emotional engagement of consumers, particularly among the younger generation [3][4] - However, the prices of some products have started to decline, indicating a potential cooling in demand [3] Group 4 - The film "Nezha: The Devil's Child" has made a significant impact on the 2025 consumer market, generating a box office of 15.446 billion yuan and accounting for over 52% of the total box office in the first half of the year [6] - This highlights the extreme "head effect" in consumer spending, showcasing the market's structural differentiation [6] - Brands that can accurately capture niche demands and build competitive barriers are likely to thrive in this complex environment [6]

2025.12. 30 以今年最火热的Labubu3.0前方高能系列为例，在4月产品发售之初，由于产品供不应求，甚至出现 了玩家凌晨蹲守、以及市场层层加价的现象，特别是隐藏款更是一娃难求。但随着大规模补货，该系 列价格急速回落。 得物App数据显示，隐藏款"本我"在发售后市场成交价持续走高。早在6月14日，价格达到峰值，从 99元上涨至4522元，溢价近44.7倍。随着6月18日全网大规模补货，隐藏款在6月18日价格下跌至 2433元，短短4天下跌了46%。随着9月22日、9月29日、10月31日、11月11日等多轮大规模补 货，隐藏款"本我"12月30日的最低成交价为540元，较峰值市场价下跌了88%。 得物APP数据显示，Labubu前方高能盲盒的近30日平均成交均价为117.17元，该款产品价格曾在 12月16日时达130.76元，目前价格处于回落之中。 而在闲鱼App和千岛App上，Labubu系列产品也呈现出类似的趋势。 甚至有"黄牛"在社交平台发帖称，暂缓收购Labubu系列。在某二手平台上，部分款的价格已低于发 售价。还有部分消费者在社交平台评论称，如果所有款式都低于原价，那就直接买自己喜欢的。 ...