（文章来源：每日经济新闻） 每经AI快讯，8月22日，恒生指数公司发布季检结果：恒指纳入中国电信、京东物流、泡泡玛特，成分 股增至88只。 ...

恒生指数公司发布季检结果：恒指纳入中国电信、京东物流、泡泡玛特，成分股增至88只。 ...

【恒指公司公布季检结果 恒指纳入中国电信、京东物流、泡泡玛特】智通财经8月22日电，恒生指数公 司发布季检结果：恒指纳入中国电信、京东物流、泡泡玛特，成分股增至88只；恒生科技指数成份股没 有变动，成份股数目维持30只；恒生中国企业指数纳入泡泡玛特，剔除极兔速递。 转自：智通财经 ...

Key Points - As of August 22, 108 stocks reached their 52-week highs, with Yicheng Group (08365), Shanghai Xiaonan Guo (03666), and Cybernaut International Holdings (01020) leading the high rate at 32.77%, 31.11%, and 20.16% respectively [1] - The closing prices for the top three stocks were 1.580, 0.051, and 0.155 respectively, indicating significant upward movement in their stock prices [1] - Other notable stocks that reached new highs include VALA (02051) at 18.87% and CTR Holdings (01416) at 16.52% [1] 52-Week High Rankings - The top three stocks with the highest increase rates were Yicheng Group (08365) at 32.77%, Shanghai Xiaonan Guo (03666) at 31.11%, and Cybernaut International Holdings (01020) at 20.16% [1] - The closing prices for these stocks were significantly higher than their previous values, indicating strong market performance [1] - The overall trend shows a positive sentiment in the market with many stocks achieving new highs [1] Additional Stocks Reaching New Highs - VALA (02051) reached a high of 0.630, marking an 18.87% increase, while CTR Holdings (01416) closed at 0.134, a 16.52% increase [1] - Other stocks such as Huaxing Capital Holdings (01911) and Huahong Semiconductor (01347) also showed positive performance with increases of 9.11% and 8.85% respectively [1]

Core Viewpoint - The Chinese潮玩 (trendy toys) industry is experiencing significant growth in overseas markets, with various companies adopting differentiated IP positioning and marketing strategies to carve out their own paths in international expansion [2]. Group 1: Market Trends - The潮玩 industry is increasingly moving towards international markets, with a notable trend of companies expanding beyond domestic borders [2]. - Bubble Mart International Group reported a revenue of 82.8 billion yuan in China, a year-on-year increase of 135.2%, while revenues from the Asia-Pacific, Americas, and Europe regions saw growth rates of 257.8%, 1142%, and 729.2% respectively [2]. - 大漂亮玩具有限公司 achieved approximately 20 billion yuan in GMV within a year of establishment, with its original IP "娃三岁" contributing 90% to its overall revenue [2]. Group 2: Expansion Strategies - 大漂亮玩具有限公司 has successfully entered the Alibaba International Station and established independent brand sites, with plans to expand into Southeast Asia and gradually into other regions [5]. - The company anticipates explosive growth in the European and American markets this year, having already established exclusive agency partnerships in the UK and Argentina [5]. - Industry expert Zhang Shule suggests that the next significant market for Chinese潮玩 is Japan, due to cultural similarities and the potential for Chinese潮玩 to resonate well with Japanese consumers [5]. Group 3: Competitive Advantages - The primary advantages of Chinese潮玩 products in international markets include a robust supply chain, experience in social media marketing, and growing original design capabilities [6]. - The efficiency of the潮玩 industry’s supply chain in Dongguan is highlighted as a key factor in reducing costs and enhancing product design and manufacturing capabilities [6]. - Companies are encouraged to leverage their manufacturing strengths and collaborate to maximize their presence in overseas markets [10]. Group 4: Intellectual Property Considerations - As潮玩 companies expand internationally, they must prioritize intellectual property protection to avoid infringement and enhance their own IP protection capabilities [12]. - The Chinese customs authorities are intensifying efforts to combat counterfeit潮玩 products, indicating a growing focus on IP enforcement [12]. - Legal experts emphasize the importance of timely overseas registration of rights, particularly trademarks and design patents, to prevent potential losses [19].

Group 1 - The core point of the article is that Beijing Pop Mart Cultural Creative Co., Ltd. is expanding its business scope to include retail of daily household appliances, home appliances, daily necessities, and paper products [1][2] - The company was established in October 2010 with a registered capital of 200 million RMB and is wholly owned by POP MART (HONG KONG) HOLDING LIMITED [1] - The company is actively recruiting talent for its new home appliance sector, indicating a strategic move into this market with positions such as small appliance procurement supervisor and quality experts [1] Group 2 - The recruitment efforts align with the recent changes in the company's business scope, suggesting a rapid expansion into the home appliance and daily necessities sectors [2] - The salary range for the new positions is between 12,000 to 45,000 RMB, indicating competitive market positioning [1] - Specific experience in products like refrigerators, coffee machines, and electric kettles is required for some roles, highlighting the company's commitment to significant investment in this new project [1]

Core Viewpoint - Macquarie forecasts that Pop Mart (09992) will achieve approximately 33 billion RMB in revenue for the fiscal year 2025, with a non-IFRS net profit margin of 35% [1] Group 1: Financial Projections - The target price for Pop Mart has been raised by 11% to 400 HKD, while the target price-to-earnings ratio has been adjusted from 34.5 times to 33 times due to anticipated growth slowdown starting in 2026 [1] - Net profit forecasts for fiscal years 2025 and 2026 have been increased by 17% and 16% respectively, reflecting higher expectations for revenue and profit margins [2] - Revenue forecasts for 2025 and 2026 have been raised by 7% and 8% respectively, driven by better outlooks for product launches and ongoing expansion in overseas markets [2] Group 2: Market Expansion and Strategy - Pop Mart's revenue in the Americas has increased by 1,142% year-on-year, indicating significant growth potential [1] - The company currently derives 59% of its sales from online channels, suggesting ample opportunity for physical store openings [1] - Macquarie believes that Pop Mart's focus on store quality and productivity will maintain discipline, while opening stores in prime locations will enhance brand awareness among celebrities and opinion leaders [1] - Expansion in Europe and other regions is just beginning, with long-term potential for localization [1] Group 3: Product Development - Pop Mart is investing in IPs beyond The Monsters, aiming for a more balanced IP portfolio [1] - The upcoming Mini Labubu series demonstrates the company's ability to monetize through expansion into new scenarios and categories [1]

Core Viewpoint - Macquarie forecasts that Pop Mart (09992) will achieve approximately 33 billion RMB in revenue for the fiscal year 2025, with a non-IFRS net profit margin of 35% [1] - The firm maintains an "outperform" rating but has adjusted the target price upward by 11% to 400 HKD, while lowering the target price-to-earnings ratio from 34.5x to 33x due to anticipated growth slowdown starting in 2026 [1] Group 1 - The company experienced a remarkable 1,142% year-on-year revenue growth in the Americas market, indicating significant upside potential [1] - Currently, 59% of sales are generated online, suggesting ample opportunity for physical store expansion [1] - Macquarie believes that focusing on store quality and productivity will help the company maintain discipline while enhancing brand awareness among celebrities and opinion leaders through strategic store locations [1] Group 2 - Macquarie anticipates that the expansion in Europe and other regions is just beginning, with long-term potential for localization [1] - The company has been investing in IPs beyond The Monsters, aiming for a more balanced IP portfolio [2] - The upcoming Mini Labubu series demonstrates the company's ability to monetize through category expansion and new scenarios [2] Group 3 - The firm has raised its net profit forecasts for Pop Mart for the fiscal years 2025 and 2026 by 17% and 16%, respectively, reflecting higher revenue and profit margin expectations [2] - Revenue forecasts have been increased by 7% and 8%, attributed to better prospects from product launches and ongoing overseas store expansions in the second half of 2025 [2] - Gross profit margin forecasts have been adjusted upward by 0.6 percentage points and 0.2 percentage points for the respective fiscal years [2]

Group 1 - The 2025 China International Service Trade Fair will be held from September 10 to 14 at Shougang Park, featuring 129 forums and promotional activities [1] - Key forums include topics on service trade development, digital trade trends, world tourism cooperation, and e-commerce [1] - 58 promotional activities will facilitate international service trade cooperation, including events like "Beijing Day" and cross-border service promotion [1] Group 2 - Anhui Province will set up a 252 square meter comprehensive exhibition hall to showcase its service trade development and competitive advantages [2] - The province will also host a promotional event to highlight its business environment and service industry expansion initiatives [2]

Core Insights - The collaboration between Zhou Shen and Pop Mart for the "Anti-Deep Pronouns" series of vinyl toys was launched on August 21, with a retail price of 129 yuan each, leading to over 140,000 pre-orders on Taobao before the official sale [1] - The toys sold out quickly, with fans reporting difficulties in accessing the purchase page, likening the experience to securing concert tickets [1] - Secondary market activity surged, with some sellers listing the toys for as high as 1,800 yuan before the official release, indicating a speculative trading environment [3] Group 1 - The "Anti-Deep Pronouns" series includes a total of 7 designs, with each blind box corresponding to a song from Zhou Shen's album, and the hidden variant having a rarity of 1 in 72 [8] - After the launch, the average transaction price for the series on secondary markets was reported at 1,018 yuan, with standard versions selling between 170 to 200 yuan, and hidden variants averaging around 970 yuan, with peak prices reaching 1,200 yuan [8] - Pop Mart has not implemented specific policies to manage the high-priced speculation prior to the official release, advising consumers to purchase through official channels [3] Group 2 - Zhou Shen has urged fans to practice rational consumption and be cautious of potential scams related to the resale of the toys, highlighting concerns over counterfeit products and fraudulent listings [10] - Fans have expressed concerns about the secondary market, warning each other to be vigilant against scams and to avoid giving scalpers opportunities to profit [10]