Group 1 - The core viewpoint of the article highlights the increasing interest in Hong Kong stocks, driven by their valuation advantages and strong corporate governance [3][10] - The Hong Kong market is currently at a low valuation, with major companies focusing on shareholder returns through dividends and buybacks, indicating a robust governance structure [10][11] - The Hong Kong market features a number of scarce industry leaders with lower prices and higher dividend rates, enhancing their investment appeal [10][11] Group 2 - The adjusted cost-performance ratio of Hong Kong stocks is more favorable, with opportunities in both technology and dividend sectors [11] - In the technology sector, attention is drawn to internet companies focusing on large model developments, where leading firms are establishing competitive barriers through funding and data advantages [11] - In the dividend sector, bank stocks are highlighted for their low valuations and stable dividend returns, attracting long-term institutional investors [11][12] Group 3 - Two factors are expected to further boost the Hong Kong market: the U.S. interest rate cut cycle, which may lead to a global capital influx, and the continued appreciation of the RMB, increasing the attractiveness of RMB-denominated assets [12] - The company Guangfa Securities recommends a "barbell strategy" for investment, suggesting a long-term allocation to stable value assets while maintaining exposure to growth assets in the Hong Kong market [12] - The Hong Kong Large Cap 30 ETF (520560) is presented as a suitable tool for long-term investment, combining high-growth technology stocks and stable dividend-paying stocks [5][12]

Core Viewpoint - The report from China Merchants Securities maintains a "strong buy" rating for Pop Mart (09992), highlighting the company's overseas organizational structure as a driver for sustainable growth, and the strong potential of its IP products like LABUBU and Starry People [1] Group 1: Market Data and Trends - High-frequency data tracked by third parties shows a marginal growth trend, but there are issues with sample selection and interpretation, particularly regarding app download volumes and search indices [1] - User data indicates that the U.S. has the highest daily active users, followed by China, Japan, Australia, and Thailand, which shows significant discrepancies compared to the company's mid-year disclosures [1] - The online trading volume is affected by channel changes, limiting the data's reference value, especially during the initial surge of plush toy sales due to supply shortages [1] Group 2: Offline Sales and Secondary Market - The company emphasizes the importance of offline store experiences, which are seen as crucial for brand culture transmission, and plans to gradually return hot products to offline sales after resolving capacity issues [2] - Changes in the secondary market, particularly the adjustment of consignment standards for blind boxes, are expected to negatively impact transaction volumes [2] - Historical tracking shows limited correlation between the company's performance and secondary market prices, indicating potential challenges in managing market expectations [2] Group 3: Overseas Localization and Strategy - The company is advancing its overseas localization strategy, supported by a diverse IP and product matrix, flexible supply chain, and strong operational capabilities [3] - Recent organizational adjustments aim to enhance global operations, with regional headquarters established in Greater China, the Americas, Asia-Pacific, and Europe [3] - The company has seen promising local product performances post-adjustment, indicating potential for growth in international markets [3]

智通财经APP获悉，招商证券发布研报称，维持泡泡玛特(09992)"强烈推荐"评级，海外组织架构促进海 外健康持续增长，"精灵天团"LABUBU/星星人等IP产品势能良好，考虑到公司全球化IP运营能力突 出、公司产能灵活调度高，该行认为公司潮流风险可控，持续看好公司未来发展。 线下销售与二手交易 公司注重线下门店的体验感(CEO王宁在《因为独特》中提到：线下是更有包裹感的品牌文化的传递方 式，开店非常重要，进到泡泡玛特的门店的体验是独特的)，该行认为在解决产能问题后，热款会逐步 回到线下门店销售。由于渠道的变化或导致单一渠道的月度数据对实际供需情况反映能力有限。4)二手 价格及交易量方面，千岛于9月29日调整盲盒类寄售标准，旧标准下对原包装盒及内袋无要求;而新标准 下需要有原盒且内袋需为未拆封状况。该标准调整对二手交易量有不利影响。此外，历史跟踪来看，公 司业绩与二手价格拟合程度有限。 复盘日本IP公司特佳丽多美、三丽鸥的发展，潮流风险出现的核心来源为：供应链与正版管理失衡;IP 运营以内容投入为主导致内容投入成本较大且较为刚性(1996年《变形金刚：超能勇士》、2001年《陀 螺战士》上映带动收入高增但盈利 ...

圣诞节将至，各个潮玩品牌都在门店推出了相关主题产品。 消费者小旭告诉《中国经营报》记者，"热门IP盲盒需要定闹钟抢购，圣诞礼盒则在提价过后，直接 以'明盒'形式在门店出售，无须提前预订（抢购）。"在业内看来，圣诞节类的节日是情绪消费的重要 时间节点，届时各大商家都在发力促进销售，利用IP的不同商业模式提高利润。 通过过往的IP打造与服务经验，河南华冠文化科技有限公司董事长梁兴认为，企业应该先做"受众分 层"。他提到，针对核心粉丝群体，可以通过限量版衍生品、带专属编号的合作款不断制造稀缺性和"收 藏感"；针对泛用户群体，联名则要强调实用性、场景化，产品通常包括日常能用到的文具、家居品； 和非传统品类合作，则是为品牌吸引潜在用户群体，联名要注重"破圈性、话题性"，凭借不 断"follow"（跟随）最新话题和时尚风向的即时性，吸引关注消费者。 IP联名火热 日前，喜茶与泡泡玛特（09992.HK）旗下人气IP"星星人"的联名产品在社交媒体上引发热议。 记者观察到，今年星星人IP的联名较多，涉及香薰蜡烛、耳机包、手机壳等实用物件，比如永辉超市内 也有相关的餐具专区。据悉，2024年泡泡玛特正式签下这一IP，签约当年销 ...

Z世代正在推动一场席卷全球的玩具消费热潮，为相关企业带来显著业绩增长。全球消费洞察公司 Circana数据显示，2025年成为"成年人购买玩具最火爆的一年"，其中76%的18至34岁英国Z世代消费者 为自己或其他成年人购买玩具。 以中国泡泡玛特和英国Jellycat为代表的品牌成为这股风潮的核心驱动力。泡泡玛特2025上半年业绩尤 为突出，净利润激增近400%，营收同比增长204.4%至138.8亿元人民币。 "看到不同年龄段的人们对我们的新角色做出如此热烈的反响，真是太棒了。" "彼得潘效应"反映成年压力 Circana的Symonds将这一趋势归因于"彼得潘效应"，即成年人难以成长并承担责任的心理综合征。她解 释道："当你还是孩子时，你迫不及待地想要长大，但当你成为成年人时，你意识到童年是你生命中最 美好的时光。" 泡泡玛特和Jellycat业绩爆发式增长 毛绒玩具热潮为相关企业带来了显著的财务收益。泡泡玛特在2025年上半年收入达到138.8亿元人民币 （约19.3亿美元），净利润增幅接近400%。仅Labubu玩偶一项就为该公司2024年全球收入贡献了约 4.23亿美元。 Jellycat同样表现亮眼 ...

Core Insights - The core of the article emphasizes the unique business model of Pop Mart, which leverages strong IP and a light asset structure to create a highly profitable commercial empire with a gross margin of 70.3% in the first half of the year and a loyal customer base of 59 million contributing over 90% of sales [1][17]. Group 1: Pop Mart's Business Model - Pop Mart's success is attributed to its strong IP and high repurchase rates, with customers making an average of 6.8 purchases per year and a repurchase rate exceeding 50%, significantly higher than luxury brands like LV [1][17]. - The emotional economy plays a crucial role in Pop Mart's rise, paralleling historical trends in Japan and the U.S. where similar consumer behaviors emerged during economic downturns [2][18]. Group 2: Competitors and Market Dynamics - Card Game (卡游) is the largest competitor to Pop Mart, reporting revenue of 10.057 billion and a net profit of 4.466 billion, with a gross margin of 68.2% [3][19]. - Despite its success, Card Game faces challenges due to its heavy reliance on IP licensing, with 73% of its revenue coming from Ultraman-related products, raising concerns about sustainability if licensing fees increase [19][20]. - 52TOYS, another competitor, has a gross margin of 68.2% and is noted for its potential to go public, but it missed critical opportunities in IP development compared to Pop Mart [5][20][22]. Group 3: Market Trends and Emotional Economy - The emotional economy is expanding beyond toys, with significant growth in pet-related products and services, reflecting changing consumer needs as birth rates decline [27][30]. - Companies like pidan and PETKIT are capitalizing on the emotional needs of pet owners, with pidan achieving sales of 830 million and a gross margin of 58% in 2024 [29][30]. - The rise of emotional value as a core competitive advantage is evident across various sectors, indicating a shift in consumer behavior towards products that fulfill emotional needs [26][32].

Core Viewpoint - The recent Central Economic Work Conference emphasizes the need for a shift in business paradigms to resist "involution" competition and focus on value creation and high-quality development [2][26]. Group 1: Transition from Scale to Quality - Chinese enterprises have achieved significant growth, with 130 companies entering the Fortune Global 500 this year, but now must transition from speed and scale to quality and efficiency [4][29]. - The criteria for measuring development quality include investment returns, market presence, profitability, employee income, government tax revenue, and environmental improvement [4][29]. - Companies like Midea are focusing on modern governance to ensure stable development, projecting a profit of 38.5 billion yuan in 2024 with a market value of 630 billion yuan [4][29]. Group 2: Focus on Core Competencies - Companies should prioritize strengthening their core business rather than blindly expanding into unrelated areas, as many issues arise from straying from core competencies [6][31]. - The principle of business core focus suggests eliminating non-core and loss-making operations to maintain clarity and efficiency [6][31]. - For instance, CATL focuses solely on its core business of power batteries, projecting a profit of 50.7 billion yuan in 2024 with a market value of 1.8 trillion yuan [6][31]. Group 3: Shift from Management to Strategic Operations - The current era requires businesses to focus on strategic operations rather than just management, emphasizing the importance of making the right business decisions to enhance profitability [7][32]. - Effective leadership involves setting strategic direction and resource acquisition while delegating management tasks to subordinates [7][32]. - The distinction between management and operations is crucial, with a focus on generating revenue and market engagement being paramount [7][32]. Group 4: Value-Driven Pricing Strategies - Companies must transition from cost-based pricing to value-based pricing, focusing on the value delivered to customers rather than merely production costs [13][40]. - The importance of understanding the relationship between price, volume, and cost is highlighted, with a focus on maintaining price stability in over-saturated markets [17][42]. - Successful brands like Pop Mart leverage emotional and social value in their products, achieving significant revenue growth and market capitalization [41]. Group 5: Moving Towards Cooperative Competition - The need for a shift from harmful competition to cooperative competition is emphasized, where companies focus on creating value rather than engaging in destructive price wars [18][43]. - The concept of "prisoner's dilemma" illustrates the need for industry players to prioritize collective industry benefits over individual gains [19][44]. - Promoting a cooperative ecosystem within industries can lead to sustainable growth and mutual benefits for all stakeholders involved [19][44].

"菲律宾一直是我们在亚太地区高度关注的市场"，相关负责人表示，"此前，我们曾在当地多次开展限定快闪活动，每次活动都收获了超出预期的热烈反 响，这更加坚定了我们在此开设门店的决心。"泡泡玛特此前曾在SM Mall of Asia、SM Makati等马尼拉高端商场落地多场主题快闪活动，积累了稳定的消费 者基础与品牌口碑。 近期，泡泡玛特还在菲律宾的SM North Edsa开设了"咖啡工厂"主题快闪店，这也是迄今为止在菲律宾开设的最大规模快闪店。快闪店以咖啡馆为门店设计 理念，陈列、灯光与周边产品都充满生活咖啡风格，并展示了一系列具有咖啡属性的香氛、抱枕等衍生产品。 12月19日，泡泡玛特菲律宾首家线下门店盛大开业，门店位于首都马尼拉的核心商圈SM Megamall，开业期间迅速成为本地潮流消费与文化生活的新焦点， 吸引了大量消费者体验打卡。首店落地不仅彰显了泡泡玛特深耕菲律宾市场的决心，更标志着其亚太地区布局进入了深度本土化与精细化运营的新阶段。 SM Megamall不仅是菲律宾规模超大的购物中心，更以其丰富的业态、超高的客流量位列全球第七大商场，是全球品牌争相入驻的商场之一。据了解，菲律 宾首店面积近30 ...

12月23日，港股三大指数集体高开，恒指开盘涨0.29%，恒科指涨0.14%，国企指数涨0.29%。盘面上， 科网股涨跌不一，黄金股延续涨势，锂电池板块活跃，汽车股部分上涨。港股消费板块早盘较为活跃， 港股消费ETF（513230）现小幅上扬。 12月22日，喜茶与泡泡玛特旗下IP星星人联名的新品上市，此次新品及周边上新覆盖全球范围内的超 100家喜茶门店。据相关媒体报道，在新品开售2分钟左右，相关门店订单已经达到100多单，5分钟左 右，北京多家门店进入繁忙状态，线上暂停接单。 中信建投表示，港股在经历了9月的单边上涨后，10月以来随着海外宏观预期反复的影响经历了震荡调 整。当前AH两地正同步完成中期调整，港股部分优质资产重新进入高性价比区间，在北水持续配置、 盈利预期修复及年末海内外宏观环境改善的共振下，港股正迎来一个不容忽视的岁末交易窗口。 中国银河表示，建议关注：（1）科技板块仍是中长期投资主线，经历前期调整后估值回落，在多重利 好因素提振下，有望反弹回升；（2）消费板块有望获得较大力度政策支持，且当前估值处于相对低 位，中长期上涨空间较大，后续需关注政策落地力度及消费数据改善情况。 每日经济新闻 ...

01 被获利资本集体抛售 泡泡玛特的股价还在低位徘徊。 截至12月19日收盘，泡泡玛特每股报收192.9港元，在恒生指数收涨0.75%的背景下，仍录得0.16%的下跌；拉长时间轴看，自4个月前每股创下339.8港元 的历史高点后，泡泡玛特股价就开始走下坡路，累计跌幅已达43.23%，市值一共蒸发1972亿港元。 12月22日，泡泡玛特股价上涨4.61%，每股重回200港元，总市值为2710亿港元。 股价涨跌，本是常态。同为"港股三姐妹"的其他两家——老铺黄金和蜜雪集团，股价与高点相比均有所回落。但相比较而言，泡泡玛特的股价起伏里，夹 杂了更多情绪和争议。 泡泡玛特股价疯涨时，各路资本出于害怕踏空或盲从的本能，蜂拥而至。如今股价回落，原先被淹没的理性、质疑又卷土重来。 在投资者平台上，自泡泡玛特股价下跌以来，讨论异常活跃。12月20日，"你看好泡泡玛特的未来吗？"话题一度登上雪球热点榜TOP 2。大家争论的焦 点，不外乎"泡泡玛特是不是泡沫""这波股价下跌，究竟是被错杀的机会，还是理性的回归"。持两种对立观点的人各占一半，彼此难以被说服。 随着产能大幅提升，泡泡玛特的稀缺性消失了。随之而来的是机构做空的声音此起 ...