Core Viewpoint - The company has demonstrated confidence in its growth by continuously repurchasing shares, which is expected to enhance earnings per share. The rating has been upgraded from "Accumulate" to "Buy" [1][6]. Group 1: Share Buyback and Financial Performance - The company repurchased 1.4 million shares at a price range of HKD 177.7-181.2, totaling HKD 250 million on January 19, and 500,000 shares at an average price of HKD 192.9791, totaling HKD 96.49 million on January 21 [1]. - The company aims to cancel the repurchased shares to improve earnings per share [1]. Group 2: Business Growth and IP Performance - The company’s overall business performance is expected to exceed expectations, with a focus on enhancing in-store shopping experiences and consumer engagement [2]. - In the first half of 2025, five major IPs generated over 1 billion yuan in revenue, with significant year-on-year growth rates for various IPs, including THEMONSTERS (+668.0%) and MOLLY (+73.5%) [3]. - The company has successfully launched multi-IP product series to increase exposure and cross-selling opportunities among its IPs [3]. Group 3: Market Trends and Consumer Behavior - The emotional consumption trend among youth is growing, with 56.3% of young consumers willing to spend for emotional value, an increase of 16.2 percentage points from 2024 [5]. - The collectible toy market is projected to reach a scale of 100 billion yuan by 2025, indicating sustained high demand in the emotional consumption era [5]. Group 4: Investment Recommendations - The company has revised its revenue forecasts for 2025-2027, expecting revenues of 38.384 billion, 52.768 billion, and 65.698 billion yuan, respectively, with corresponding net profits and earnings per share also adjusted upwards [6]. - The latest stock price corresponds to a price-to-earnings ratio of 19, 14, and 11 for the years 2025, 2026, and 2027, respectively [6].

记者丨高雅宁,陈泽锴 编辑丨叶映橙 近日，泡泡玛特"PUCKY敲敲系列"产品登上热搜。因轻拍即可发出清脆木鱼声，被网友戏称为"电子木 鱼"。目前泡泡玛特官网"毕奇敲敲系列"为搪胶毛绒挂件，该系列盲盒采用6款常规角色 + 1款隐藏款的 配置，单盒售价为99元，整盒（6个）售价为594元。目前官网显示已售罄。 在某电商平台上潮玩店铺售卖的泡泡玛特毕奇敲敲毛绒挂件隐藏款售价为327元左右，溢价率高达 230%。此外，二手交易平台上该款标价在245元及以上。 （声明：文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。） 你会买泡泡玛特毕奇敲敲毛绒挂件吗？评论说说！ SFC 出品丨21财经客户端 21世纪经济报道 编辑丨江佩佩 21君荐读 产品爆火也传导至资本市场。1月23日上午，截至发稿，泡泡玛特(09992.HK)大涨超7%，现报222.2港 元/股，市值2981亿港元。另外，值得一提的是，1月21日晚间，泡泡玛特发布公告称，公司当日以9649 万港元回购公司50万股股份，回购价格为191.1港元至194.9港元。这是公司本周内第二次回购股份，累 计回购金额近3.5亿港元。 ...

记者丨高雅宁,陈泽锴 编辑丨叶映橙 近日，泡泡玛特"PUCKY敲敲系列"产品登上热搜。因轻拍即可发出清脆木鱼声，被网友戏称 为"电子木鱼"。目前泡泡玛特官网"毕奇敲敲系列"为搪胶毛绒挂件，该系列盲盒采用6款常规 角色 + 1款隐藏款的配置，单盒售价为99元，整盒（6个）售价为594元。目前官网显示已售 罄。 在某电商平台上潮玩店铺售卖的泡泡玛特毕奇敲敲毛绒挂件隐藏款售价为327元左右，溢价率 高达230%。此外，二手交易平台上该款标价在245元及以上。 产品爆火也传导至资本市场。1月23日上午，截至发稿，泡泡玛特(09992.HK)大涨超7%，现报 222.2港元/股，市值2981亿港元。另外，值得一提的是，1月21日晚间，泡泡玛特发布公告 称，公司当日以9649万港元回购公司50万股股份，回购价格为191.1港元至194.9港元。这是公 司本周内第二次回购股份，累计回购金额近3.5亿港元。 （声明：文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。） 你会买泡泡玛特毕奇敲敲毛绒挂件吗？评论说说！ 出品丨21财经客户端 21世纪经济报道 编辑丨江佩佩 SFC 21君荐读 日本众议院正式解散 腾讯通报 ...

目前，泡泡玛特官网小程序显示已售罄。某电商平台上潮玩店铺售卖的泡泡玛特PUCKY敲敲毛绒挂件 隐藏款售价为327元左右，溢价率高达230%。此外，在二手交易平台上，该系列的普通款溢价不高，卖 家售价普遍在90多到100出头，但隐藏款标价多在245元及以上。 本月，泡泡玛特新推出的"PUCKY敲敲系列"毛绒挂件盲盒，因轻拍即可发出清脆木鱼声，每款盲盒还 对应特定吉祥寓意标签如"财富+1""快乐+1""智慧+1"等，被网友戏称为"电子木鱼"。 ...

1月23日，港股市场延续反弹。 截至发稿，恒生指数开盘报26861.36点，上涨231.40点，涨幅0.87%。 | 分材 5日 = 5分 15分 30分 60分 日米 用K 月K 年K + | ■第8 · 其他 · ■ / : 恒生指數 (HSi) | 恒生版数 向线 · | 0000 | 120631 | 26836.24 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 27200.0 | -27206.84 | 行使相談 | 20161.36 | 27000.0 | 14.5亿 晶高 | 23855.14 今井 | 成交體 | | 成交接 | 236亿 最佳 | 2402118 10:00 | 26629.96 | 26800.0 | JOHN FE BE | | | | 無障- | 日本 | 0 00980 | +0.007 | 或共同性 | 13.37 | | | | 原草斯 | 26400.0 | 种新达克 | 20438.02 | +0.01% | | | | | 26200.0 | 85 管500 | 6013.35 | +0 ...

Group 1: Market Performance - The Hong Kong market's 30 ETF (520560) saw an intraday price increase of over 1.1%, currently up by 0.75% [1][7] - Major constituents include Pop Mart leading with over 7% increase, followed by Alibaba, Xiaomi, and Lenovo with gains exceeding 2% [1][7] Group 2: Technology Sector - Alibaba is preparing to advance its AI chip subsidiary, Pingtouge, towards an independent listing, having launched several AI chip series [2][8] - The self-developed CPU chip, Yitian 710, and AI inference chip, Hanguang 800, have been deployed on Alibaba Cloud at scale [2][8] - The entry of Alibaba and Baidu aligns with the current trend of IPOs in the AI chip sector [2][8] Group 3: Consumer Sector - The Chinese government has optimized the implementation of personal consumption loan interest subsidy policies, which is expected to lower consumer credit costs and stimulate large purchases [2][8] - Pop Mart released a limited edition Valentine's Day blind box series, indicating ongoing recovery trends in the consumer sector driven by policy stimulus and market competition [2][8] Group 4: Future Outlook - CITIC Securities anticipates that the Hong Kong market will benefit from the domestic "14th Five-Year Plan" and external economic policies of fiscal and monetary easing [3][9] - The market is expected to experience a second round of valuation recovery and performance resurgence by 2026, supported by a complete domestic AI industry chain and the influx of quality A-share companies listing in Hong Kong [3][9][10] Group 5: ETF Strategy - The Hong Kong 30 ETF (520560) employs a "technology + dividend" strategy, combining high-growth tech stocks like Alibaba and Tencent with stable dividend-paying stocks such as China Construction Bank and Ping An [3][10] - This ETF supports T+0 intraday trading, making it an ideal long-term investment tool for the Hong Kong market [3][10]

市场热点方面，阿里巴巴-W（HK09988）早盘涨超3%。 1月23日，港股市场延续反弹。 截至发稿，恒生指数开盘报26861.36点，上涨231.40点，涨幅0.87%。 恒生科技指数开盘报5817.51点，上涨55.07点，涨幅0.96%。 国联民生证券认为，坚定看好中国AI的价值重估。这不仅是基于情绪，更是基于扎实的产业催化时间表。国内方面，DeepSeek V4有望在2月份春节期间发 布，这将直接复刻去年的"春节攻势"。海外方面，国联民生证券预测2026年上半年将迎来模型发布的密集期，谷歌、Meta、xAI均有望在一、二季度发布新 一代大模型及多模态视频模型。在这种全球共振的背景下，硬件基础设施将率先受益。 有消息称，阿里巴巴集团已决定支持旗下芯片公司平头哥未来独立上市，具体时间尚不明确。据第一财经报道，截至发稿，阿里方面对此消息未作评论。 泡泡玛特（HK09992）早盘涨超7%。 摩根大通认为，随着投资者在轮动中继续偏向增长股，在企业盈利和仓位因素的支撑下，A股和港股的升势有望延续至农历新年，预计港股在上升行情中会 跑赢A股。盈利预期上调正陆续出现，尤其集中在材料和通信服务板块，而从估值、增长和流动 ...

Core Viewpoint - On January 22, Pop Mart launched the 2026 Valentine's Day limited edition blind box series "Starry People Heartbeat," which includes plush keychain blind boxes, PVC plush doll gift boxes, and figurines [3] Product Pricing and Market Performance - The "Starry People Heartbeat" plush keychain blind box consists of 6 regular and 2 hidden variants, priced at 89 yuan per box and 534 yuan for a full set [3] - Current resale prices for individual blind boxes are mostly around 100 yuan, with some listings ranging from 119 to 849 yuan, marked as "new and unopened" [6] - The hidden variants "Grow Old Together" and "White-Headed Together" are particularly popular, with prices soaring from the original 89 yuan to a peak of 699 yuan, representing a 6.8 times markup, making it the highest premium product from Pop Mart in 2026 [6] - As of the latest update, "Grow Old Together" is priced at 420 yuan, while "White-Headed Together" is at 410 yuan [6] Recent Trends and Comparisons - The market price for the plush doll gift box from the "Heartbeat" series has fluctuated, reaching a high of 1434 yuan before settling at 1131 yuan as of January 23, with a three-day average of 1140 yuan [13] - Pop Mart's recent product launches, such as the "PUCKY Knock Knock Series" plush keychain blind boxes, have also seen significant premiums, with hidden variants priced around 327 yuan, reflecting a 230% markup [13] - Previous product launches have experienced similar trends, with items like the "MOKOKO" plush keychain blind box being resold at prices ranging from 600 to 1999 yuan, despite an official price of 199 yuan [13] - However, the popularity of Pop Mart's products appears to be declining, as evidenced by the LABUBU series, where prices have dropped from a peak of 173 yuan to 88 yuan [13]

Market Overview - The Hong Kong stock market showed a high opening followed by a pullback, with the Hang Seng Index up 0.32% at 26,715.73 points, the Hang Seng Tech Index up 0.12% at 5,769.23 points, and the China Enterprises Index up 0.33% at 9,144.17 points, while the Red Chip Index fell 0.48% to 4,203.47 points [1] Company News - Prudential (02378.HK) invested approximately $375 million to increase its stake in PAMB to 70%, focusing on traditional life insurance business in Malaysia [2] - Nanjing Panda Electronics (00553.HK) expects a net profit of 10 million to 15 million yuan for 2025, marking a turnaround from losses [3] - Delta Electronics (00179.HK) reported a revenue of $2.726 billion for the nine months ending December 31, 2025, a decrease of approximately $4 million compared to the same period last year [3] - AsiaInfo Technologies (01675.HK) anticipates revenue of approximately 6.2 billion to 6.35 billion yuan for 2025, with profits expected between 70 million to 110 million yuan [3] - Minmetals Resources (01208.HK) projects a total copper production of 506,900 tons in 2025, representing a 27% year-on-year increase [4] - Charoen Pokphand International (03839.HK) issued a profit warning, expecting a net profit of approximately $32 million for 2025 [5] - Fosun Pharma (02196.HK) plans to spin off its subsidiary Fosun Antengene for a listing on the Hong Kong Stock Exchange [6] - Hisense Home Appliances (00921.HK) and its subsidiaries subscribed to a trust financial product worth 2.035 billion yuan [7] - Xiaomi Group (01810.HK) repurchased 5.7138 million shares for approximately HKD 201 million at prices ranging from HKD 34.92 to HKD 35.24 [8] - Sunny Optical Technology (02382.HK) repurchased 1.25 million shares for approximately HKD 79.26 million at prices between HKD 62.45 and HKD 63.85 [9] - Kuaishou Technology (01024.HK) repurchased approximately 380,000 shares for about HKD 29.97 million at prices ranging from HKD 78.55 to HKD 79.15 [10] - Jiangsu Ninghu Expressway (00177.HK) saw its controlling shareholder increase holdings by 28.4 million H-shares between January 9 and 21, 2026 [11] - Kanglong Chemical (03759.HK) completed a placement of 58.4408 million shares, raising a net amount of HKD 1.319 billion [12] - Ying Tai Medical (01501.HK) completed a placement of 35.20 million shares, raising approximately HKD 884 million [12] Institutional Insights - Industrial Securities suggests that the Hong Kong stock market may continue to trend upwards, with domestic capital inflows expected to persist [13] - Guolian Minsheng expresses strong optimism regarding the revaluation of AI in China, supported by a solid industrial catalyst timeline [13] - JPMorgan forecasts that the upward trend in A-shares and Hong Kong stocks will continue until the Lunar New Year, with Hong Kong stocks expected to outperform A-shares [13][14]

1月22日，泡泡玛特一款新品走红网络，火上热搜。据悉，近日，该公司发售了一款"PUCKY敲敲系 列"毛绒挂件盲盒，内置"电子木鱼"功能，拍打即可发声并配有"快乐+1""财富+1"等寓意标签，售价99 元。 1月23日上午，记者走访发现，这一系列在北京崇文门国瑞城购物中心、王府井apm店、华联丽泽天地 等多个门店显示已售罄，但北京国贸三期、富力广场购物中心等仍然有货。 近日，泡泡玛特在资本市场的动作引发关注。该公司于1月21日晚间发布公告称，当日以约9649万港元 回购股份50万股。这是该公司本周内第二次回购，累计回购金额已近3.5亿港元。 泡泡玛特股价近日呈现波动，旗下热门产品LABUBU在二手市场价格亦出现较大起伏。对此，信达证 券分析师指出，该公司近期通过调整供应策略，推动二手市场价格逐渐回归理性，"这有助于市场走向 供需平衡。"该分析师认为，此举也反映出公司对产品定价权的把握。 值得一提的是，在产品层面，近期走红的"电子木鱼"系列所属IP PUCKY，并非全新形象，而是由香港 插画家毕奇于2018年创作，泡泡玛特通过独家授权进行开发运营。有业内人士表示，此类成熟IP的再度 翻红，显示出公司在IP运营上的 ...