Market Overview - The Hang Seng Index (HSI) approached 26,000 points, with a current sentiment leaning towards bullish, as indicated by a ratio of 70% bull certificates to 30% bear certificates [1][2] - The market experienced a decline of over 300 points, closing at 25,524 points, suggesting a potential adjustment in the market [1][3] - Trading volume in Hong Kong exceeded 300 billion, indicating a vibrant market atmosphere, but caution is advised regarding risk management [1][3] Bull and Bear Certificates - Investors are advised to consider bull certificates with a recovery price of 25,100 points, such as product 68189, which has a leverage of over 40 times [2] - For bearish positions, the bear certificate 65935 with a recovery price of 26,188 points and a leverage of over 30 times is recommended [2] - The importance of monitoring recovery prices and market sentiment when trading bull and bear certificates is emphasized [3] Chip Sector - The chip sector remains a focal point, driven by the demand for AI development and domestic chip security concerns in China [5] - Notable stocks include SMIC (000981) and Hua Hong Semiconductor, with recommended products such as the call options with exercise prices of 58 and 67 respectively [5][6] - The performance of chip stocks has been strong, with significant capital inflow observed [5][6] Individual Stocks - Pop Mart (09992) has been included in the Hang Seng Index, reaching a historical high of 339.8 HKD, indicating strong market support [6] - BYD Electronics (00285) is in a consolidation phase, with recommended products for leveraged investment [8] - Midea Group (00300) and Miniso (09896) are also highlighted for their strong performance and potential for further gains, with specific products suggested for investment [13][14] Investment Strategies - Investors are encouraged to utilize leverage cautiously and consider the time value of options, especially for products nearing expiration [10][11] - The importance of analyzing support and resistance levels when selecting investment products is highlighted [3][10] - The overall sentiment in the consumer sector remains positive, with several stocks showing strong upward momentum [13][14]

（原标题：智媒关注Labubu玩偶引爆全球消费热潮） 智利《信使报》线上版8月22日报道，中国泡泡玛特公司旗下Labubu玩偶成为现象 级产品，2025年上半年带动公司营收增长204%，净利润暴增396%，股价累计涨幅超 200%。该系列玩偶作为The Monsters产品线的核心，单系列创收6.7亿美元，占总营收 34.7%。 ...

从盲盒里撕开一道口，字节离职 "老登" 如何构建年轻人的精神家园。 文 丨 管艺雯 黄俊杰 编辑 丨 黄俊杰 EDC、龙偶、OC、语 C、同担拒否、跑团、梦女、Furry、BJD、搜打撤 —— 这 10 个词，你认得多 少？ 这是在千岛办公室里，沈振宇给我们的测试。他常用这问题向 "老登" 们证明，这个世界上的年轻人总 有新东西，不要再问他 "Labubu 是不是一波流，之后还有没有新东西"。 沈振宇有一份移动互联网赢家的三次元履历：保送北大，信科学院 AILab 读硕士期间创办摄影社区图 虫，2014 年卖给字节跳动，成了字节早期的产品经理。字节四年，人间 12 载，他做了时光相册、社 区产品泡芙，也在抖音早期深度参与了内容分发策略的迭代。 但 1986 年出生的沈振宇也有同期创业者里不那么典型的精神世界。做图虫期间，他排解疲惫的方式 是看两集 EVA；在字节做滤镜产品 Everfilter， 主打功能是把照片变成《你的名字》（新海诚导演的 因为相信所以看见，在数据无法论证兴趣社区未来的 2018 年，沈振宇离开字节，次年创办了千岛。 头三年，千岛的 DAU（每日活跃用户量）都没超过 20 万，但慢慢的， ...

以8月21日新品发售为例，"星星人好梦气象局系列-毛绒挂件盲盒"和"晒晒夏日系列-MOKOKO搪胶毛绒 挂件"一经推出便引发抢购潮。前者在得物平台发售5天内售出近2000单，超过1.1万人点击"想要"；原 扬子晚报网8月26日讯（记者 姜天圣）2025 年上半年，国内潮玩市场延续高增长态势，据泡泡玛特最新 发布的 2025 年上半年财报显示，公司当期营收达 138.76 亿元，同比增幅 204.4%；税前利润 61.57 亿 元，同比增长 401.2%；归属上市公司股东的净利润 45.74 亿元，同比激增 396.5%，三项核心业绩指标 均超过 2024 年全年水平，大幅超出市场此前预期。 近30日，星星人好梦气象局系列单个盲盒价格走势在220-290区间浮动 MOKOKO晒晒夏日系列近30日成交均价高达1543元 今年8月，潮流电商平台得物App上，泡泡玛特系列潮玩商品单月销量突破37万单，其中Labubu第三代 系列表现尤为抢眼，单月售出11万单，累计销量达39万单。同时，新晋热门IP"星星人"系列也展现出强 劲势头，8月售出近2.5万单，累计销量近5万单。 价79元的单个盲盒在得物上售价介于169至60 ...

也存在显著变化。传统公司依靠广告宣传产品，而新兴公司通过人际交往、人 传人的方式影响产品变化，并结合线上线下动态合作进行宣传。这些差异表明 两者在商业竞争模式、价值创造底层逻辑及营销方式上存在巨大区别。 情绪消费市场规模突破 2 万亿背后的核心动力是什么？ 情趣消费市场处于蓬勃发展阶段，预计 2025 年将突破 2 万亿水平。这一市场 扩张主要得益于几方面的人群增长，其中最重要的是 Z 世代年轻人，他们引领 了整个新型消费方向。虽然 50 岁左右的人群通常具有最强的购买力，但 Z 世 代年轻人在 20 至 30 岁之间初登社会，并接受了新的消费理念，使得他们成为 主要关注方向。他们注重个性化和即时快乐，通过盲盒、潮玩手办等进行情感 需求的满足，是这一市场最根本的驱动力。 此外，年轻人追求解压生活品质也 是催化因素。例如男性偏好游戏和运动解压，这部分疗愈经济中的男性成为细 分领域的重要消费者。同时，不仅仅是年轻人在推动这一市场，例如宠物经济 中家庭中的年轻小朋友养宠物会带动家长增加相关投入。因此，由 Z 世代年轻 人主导并带动周边人群共同参与，是当前重要特征。 随着 Z 世代逐渐成长并有 新的年轻一代接替，他们 ...

Summary of Key Points Core Viewpoint - On August 26, the Hang Seng Index fell by 1.18%, with southbound funds recording a total transaction amount of HKD 148.744 billion, resulting in a net inflow of HKD 16.573 billion [1]. Southbound Fund Activity - The total transaction amount for the southbound funds included HKD 82.658 billion in buying and HKD 66.086 billion in selling, leading to a net buying amount of HKD 16.573 billion [1]. - The Hong Kong Stock Connect (Shenzhen) had a cumulative transaction amount of HKD 58.279 billion, with net buying of HKD 6.967 billion, while the Hong Kong Stock Connect (Shanghai) had a cumulative transaction amount of HKD 90.465 billion, with net buying of HKD 9.605 billion [1]. Active Stocks - The most actively traded stock by southbound funds was the Tracker Fund of Hong Kong (盈富基金), with a total transaction amount of HKD 6.644 billion and a net buying amount of HKD 6.546 billion, despite a closing price drop of 1.29% [1][2]. - Other notable stocks included SMIC (中芯国际) with a total transaction amount of HKD 5.812 billion and a net selling amount of HKD 0.983 billion, closing down by 2.77% [1][2]. - Alibaba (阿里巴巴-W) had a total transaction amount of HKD 5.474 billion with a net buying amount of HKD 0.134 billion, closing down by 2.57% [1][2]. Continuous Net Buying - Three stocks experienced continuous net buying for more than three days, with Tencent Holdings (腾讯控股) leading with a net buying amount of HKD 6.883 billion over eight days, followed by Meituan-W (美团-W) with HKD 2.921 billion over four days, and Alibaba-W with HKD 2.318 billion over three days [2].

联合研究丨行业点评 [Table_Title] IP 衍生品产业研究（十三）：泡泡玛特 2025H1 业绩超预期， IP 平台化和全球化逻辑持续兑现 %% %% %% %% research.95579.com 丨证券研究报告丨 1 报告要点 [Table_Summary] 泡泡玛特发布 2025H1 业绩，2025H1 营收/经调整净利润 138.76/47.10 亿元（同比 +204.4%/+362.8%，均高于预告的 200%/350%），毛利率/经调整净利率为 70.3%/33.9%（同 比+6.3/+11.6pcts），毛利率提升来自 1）海外占比提升，2）优化产品设计和成本管控、提升对 供应商议价权，3）外采商品占比下降。近期泡泡玛特发布 THE MONSTERS 心底密码系列盲 盒新品，线上/线下发售时间分别为 8 月 28 日/8 月 29 日。 分析师及联系人 [Table_Author] 蔡方羿 高超 仲敏丽 SAC：S0490516060001 SAC：S0490516080001 SAC：S0490522050001 SFC：BUV463 SFC：BUX177 杨云祺 章颖佳 SAC： ...

Market Overview - On August 26, the Hang Seng Index fell by 1.18%, with southbound trading totaling HKD 148.744 billion, comprising HKD 82.658 billion in buying and HKD 66.086 billion in selling, resulting in a net buying amount of HKD 16.573 billion [2][3]. Southbound Trading Details - Southbound trading through the Stock Connect (Shenzhen) recorded a total transaction amount of HKD 58.279 billion, with buying at HKD 32.623 billion and selling at HKD 25.656 billion, leading to a net buying of HKD 6.967 billion [2]. - Southbound trading through the Stock Connect (Shanghai) had a total transaction amount of HKD 90.465 billion, with buying at HKD 50.035 billion and selling at HKD 40.430 billion, resulting in a net buying of HKD 9.605 billion [2]. Active Stocks - The most actively traded stock by southbound funds was the Tracker Fund of Hong Kong (盈富基金), with a total transaction amount of HKD 66.44 billion and a net buying of HKD 65.46 billion, despite a closing price drop of 1.29% [2][3]. - Other notable stocks included SMIC (中芯国际) with a total transaction amount of HKD 58.12 billion and a net selling of HKD 9.83 billion, closing down by 2.77% [2][3]. - Alibaba (阿里巴巴-W) had a total transaction amount of HKD 54.74 billion with a net buying of HKD 13.46 billion, closing down by 2.57% [2][3]. Continuous Net Buying - Three stocks experienced continuous net buying for more than three days, with Tencent Holdings (腾讯控股) leading at 8 days of net buying, followed by Meituan (美团-W) at 4 days, and Alibaba (阿里巴巴-W) at 3 days [3]. - The total net buying amounts during this period were HKD 68.83 billion for Tencent, HKD 29.21 billion for Meituan, and HKD 23.18 billion for Alibaba [3].

Core Viewpoint - The recent launch of the "Starry Dream Meteorological Bureau Series" blind box by Pop Mart reflects the willingness of Generation Z to pay for emotional value, but their loyalty depends on continuous innovation to avoid over-marketing and trust depletion [1][6]. Product Launch and Market Response - Pop Mart's new products, including the "Starry Dream Meteorological Bureau Series" blind box priced at 79 yuan each and 474 yuan per box, sold out quickly, indicating high demand [1]. - The overwhelming traffic caused some e-commerce platforms to experience temporary crashes, with users reporting that items were sold out before they could complete their purchases [1][3]. - The blind box's popularity led to a significant price increase in the secondary market, with a complete box selling for 1350 yuan, representing a 300% markup, and individual items averaging 150 yuan, a 200% markup [3][5]. Market Dynamics and Consumer Behavior - The demand for the "Starry Dream" IP is compared to the previous success of the LABUBU 3.0 series, suggesting it may become the next big hit for Pop Mart [5]. - The company has not implemented specific policies to manage price inflation in the secondary market, advising consumers to purchase through official channels [5]. - Pop Mart's adjusted net profit for the first half of 2025 is projected to be 4.71 billion yuan, a 362.8% year-on-year increase, with the "Starry Dream" series generating 390 million yuan in revenue [5]. Industry Insights - Experts note that the success of these products is a typical case of combining IP economics with scarcity marketing, appealing to the emotional needs of young consumers [6][7]. - The blind box mechanism enhances the excitement of randomness, while limited releases create a sense of scarcity, driving rapid purchasing behavior [7]. - The current premium pricing is attributed to short-term supply-demand imbalances, while long-term value will depend on the development of the IP ecosystem and community engagement [7].

（原标题：成倍激增！中国潮玩，全球买单） 21世纪经济报道记者 刘婧汐 实习生 陈晗章 广州报道 年中季，海外市场收入暴涨成为了头部中国潮玩企业财报中的高频关键词。 2025年上半年，泡泡玛特（09992.HK）海外营收达到55.93亿元，同比大增439.60%，海外营收占比升 至40.31%；受益于前一年低基数，布鲁可(00325.HK)上半年海外营收达到1.1亿元，相较去年同期增长 899%，占总收入的8.3%，带动总营收扭亏为盈；同期，名创优品(09896.HK)品牌海外业务收入35.34亿 元，同比增长29.4%，占名创优品品牌收入的40.9% 要看到的是，中国潮玩企业已经在海外市场布局已久。 早在2015年，名创优品就启动了全球化战略，在新加坡的核心商圈开设了海外第一家门店。泡泡玛特则 于2020年开出了韩国首店，虽然稍晚一步，但去年以来爆火的LABUBU却带动了整个中国潮玩行业的 强势输出。 中国潮玩，全球买单；高附加值，不靠低价。这批中国潮玩企业，走出了一条与以往不同的出海路。 海外市场全面开花 受益于去年的低基数，"中国版乐高"布鲁克海外市场以近九百倍的增速遥遥领先。 2024年前，布鲁可海外 ...