华泰证券发表研报称，该行追踪的数据显示，泡泡玛特去年第四季国内及海外业绩按季表现具高韧性， 在经历Labubu 3.0销售高峰后，IP矩阵的力量对销售增长形成坚实支撑。该行认为泡泡玛特业绩增长的 可持续性以及中长期空间受低估，在目前市场分歧阶段估值具吸引力。 消息面上，泡泡玛特近期出手回购。1月19日，泡泡玛特斥资2.51亿港元回购140万股股份；1月21日， 公司斥资约9648.96万港元回购50万股。摩根士丹利表示，泡泡玛特自2024年初以来首次回购股份。估 算泡泡玛特在2025年录得净利润126亿元人民币，并于2025年底持有200亿元的净现金人民币，显示公司 具备充裕的财务资源以进一步回馈股东。 智通财经APP获悉，泡泡玛特(09992)午后涨近6%，截至发稿，涨5.86%，报205.8港元，成交额23.21亿 港元。 ...

Core Viewpoint - Pop Mart has announced a share buyback plan, indicating confidence in its market position and future growth potential [1] Group 1: Domestic Market - The domestic market is experiencing an upward trend, with Pop Mart having a large and highly engaged user base [1] - The company's diverse IP matrix, including MOLLY, SKULLPANDA, CRYBABY, and DIMOO, maintains balanced popularity, while the STAR PERSON IP is rapidly gaining traction [1] - Recent actions to frequently release products have helped stabilize the second-hand market prices, allowing the company to regain pricing power and create a healthier commercial ecosystem based on real consumer demand [1] Group 2: Overseas Market - The overseas market presents significant potential, with many global markets still in the early stages of development and lower channel density compared to the domestic market [1] - There is a strong certainty for future channel expansion, although challenges such as short IP cycles and reliance on single IPs exist [1] - The company is actively increasing offline supply globally to encourage consumers to shift from online to offline purchases [1] - Supply chain issues have arisen due to substantial growth in the American market, necessitating improvements in logistics, product structure, and local team configurations [1] Group 3: Operational Strategy - The company should prioritize resolving operational issues before focusing on IP product expansion to support long-term overseas development [2] - The U.S. market, as a key consumer market for trendy toys, offers significant growth potential, with a strategy of building operational capabilities in the short term and leveraging IP potential for long-term growth [2] Group 4: Sales Tracking and Profit Forecast - Google Trends data indicates that the search popularity of Pop Mart's core IP "Labubu" peaked around Christmas, remaining above average levels [2] - Profit forecasts for the company project net profits of 135.1 billion, 179.0 billion, and 216.1 billion yuan for 2025-2027, with corresponding PE ratios of 18.0X, 13.6X, and 11.3X [2]

研究员：樊俊豪/石狄/刘思奇 机构：华泰证券 风险提示：宏观消费需求不及预期，行业竞争加剧，新业务发展不及预期。 近期泡泡玛特市场预期受短期高频追踪数据影响明显，并导致对IP 热度、业绩成长持续性的担忧有所 升温。我们追踪的数据显示，公司Q4 国内、海外业绩环比趋势呈现高韧性，在度过Labubu 3.0 销售高 峰后，IP 矩阵的力量对销售增长形成坚实支撑。我们梳理了市场观点的三个潜在预期差：高频数据的 综合判断、新锐IP 成长性、内容等IP 生态布局的潜力。公司1 月19 日以2.51 亿港元回购140 万股股 份，每股回购价177.7-181.2 港元，彰显对成长前景的信心。我们认为公司业绩增长的可持续性以及中 长期空间受低估，在当前市场分歧阶段估值具备吸引力，维持"买入"评级，继续重点推荐。 维度一：Q4 海外市场表现或好于市场悲观预期 Q4 市场追踪部分三方数据及二手价格，导致对海外尤其北美表现担忧。我们预计Q4 海外环比表现好于 市场悲观预期。1）北美：我们跟踪Tik Tok Q4销售额环降约10%。但Q3 因门店缺货，线上占比或高达 60-70%，Q4 门店货品充足，线下收入预计明显好于Q3，全渠 ...

Group 1 - On January 21, 42 Hong Kong-listed companies conducted share buybacks, totaling 29.73 million shares and an amount of HKD 512 million [1] - Xiaomi Group-W had the highest buyback amount of HKD 248 million, repurchasing 7 million shares [1] - Other notable buybacks included Pop Mart with HKD 96.49 million and Sunny Optical Technology with HKD 61.39 million [1] Group 2 - The highest buyback price for Xiaomi was HKD 35.480, while the lowest was HKD 35.220, with a cumulative buyback amount of HKD 20.49 billion for the year [1] - Pop Mart's buyback ranged from HKD 194.900 to HKD 191.100, with a cumulative buyback amount of HKD 348 million for the year [1] - Sunny Optical Technology's buyback prices were between HKD 63.950 and HKD 62.300, with a cumulative buyback amount of HKD 686 million for the year [1]

Market Overview - The Hong Kong stock market opened higher on January 22, with the Hang Seng Index rising by 0.62% to 26,750.51 points, the Hang Seng Tech Index increasing by 0.85% to 5,795 points, and the National Enterprises Index up by 0.55% to 9,173.54 points [1] - Major tech stocks mostly rose, with Alibaba up 1.72%, Tencent Holdings up 0.33%, JD Group up 0.98%, and Xiaomi Group up 0.9% [1] - Chip stocks opened high, with Zhaoyi Innovation rising over 7% [1] - The innovative drug concept was active, with WuXi Biologics rising over 1% [1] - Gold stocks generally fell, with Shandong Gold down over 2% [1] - Longqi Technology's IPO on the Hong Kong stock market saw a nearly 13% increase on its first day [1] Company News - Shanghai Electric (02727.HK) expects a net profit of RMB 1.1 billion to RMB 1.32 billion for 2025, an increase of approximately 47% to 76% year-on-year [2] - Kingdee International (00268.HK) anticipates total revenue of approximately RMB 6.95 billion to RMB 7.05 billion for 2025, a year-on-year growth of about 11.1% to 12.7% [2] - Beijing Machinery Electric (00187.HK) expects a net loss of RMB 46 million to RMB 55.2 million for 2025, primarily due to intensified international trade frictions affecting its gas storage and transportation export business [2] - Chow Tai Fook (01929.HK) reported a retail value growth of 17.8% for the three months ending December 31, 2025, with mainland China retail value increasing by 16.9% [2] - Zai Lab (09911.HK) anticipates a cumulative download of approximately 970 million for its social business by 2025, a year-on-year increase of about 5.9% [2] Strategic Developments - Ruiri Medical Technology (01696.HK) signed a letter of intent for cooperation with Stryker Medical to establish localized production in China [3] - Cathay Pacific (00293.HK) and Hong Kong Express expect to carry over 36 million passengers in 2025, a year-on-year increase of 27% [4] - Shenyang Public Development (00747.HK) has initiated edge computing infrastructure and service business [5] - Flat Glass Group (06865.HK) plans to absorb and merge with Zhongda Quartz Development [6] Share Buybacks - Xiaomi Group (01810.HK) repurchased 7 million shares for HKD 248 million at prices between HKD 35.22 and HKD 35.48 [7] - Pop Mart (09992.HK) repurchased 500,000 shares for HKD 96.49 million at prices between HKD 191.1 and HKD 194.9 [8] - Sunny Optical Technology (02382.HK) repurchased 970,000 shares for HKD 61.39 million at prices between HKD 62.30 and HKD 63.95 [9] - Geely Automobile (00175.HK) repurchased 2.376 million shares for HKD 39.62 million at prices between HKD 16.62 and HKD 16.81 [10] Financial Instruments - Huaneng International Power (00902.HK) completed the issuance of RMB 2 billion medium-term notes [11] - CICC (03908.HK) plans to issue up to RMB 5 billion in bonds for technology innovation companies [12] Institutional Insights - Dongwu Securities noted that despite a general reduction in the Fed's interest rate cut expectations in overseas markets, domestic investors remain optimistic [13] - Orient Securities highlighted that recent U.S. measures against Venezuela and Greenland have increased geopolitical risks, supporting gold prices [14] - Zheshang Securities suggested that the humanoid robot sector has formed an ecological closed loop, recommending attention to component suppliers and undervalued transformation targets [14] - CITIC Securities indicated that new policies from the National Medical Insurance Administration will accelerate the promotion of surgical robots in China [14]

Group 1 - The core viewpoint of the report is that Pop Mart (09992) maintains a "buy" rating due to its long-term IP creation and operation mechanism being a core competitive advantage, with the company entering a layout period [1] - The company has a well-established domestic IP tier system and brand recognition, with expected continued growth overseas driven by store openings; expanding product categories, IPs, and business formats remain key growth drivers [1] - The adjusted net profit forecasts for the company from 2025 to 2027 are projected to be 134 billion, 170 billion, and 212 billion yuan, representing year-on-year growth of 294%, 27%, and 25%, with corresponding current P/E ratios of 17.7, 14.0, and 11.2X [1] Group 2 - The domestic market is expected to continue outperforming expectations, driven by brand awareness, healthy IP structure, and a well-developed membership system; the core plush products remain in short supply since the large restock in Q4 2025 [2] - The sales on Douyin have maintained a high growth rate of 239% year-on-year, with the plush toy "Little Horse" becoming the top seller, indicating strong platform capabilities and successful new product launches [2] - New business formats such as jewelry, desserts, and amusement parks are expected to contribute additional growth, solidifying the basic market in China [2] Group 3 - In North America, despite weak consumer spending and a period of adjustment, Q4 performance exceeded previous expectations; new markets in the Middle East and South America are anticipated to follow suit with accelerated store openings [3] - The rapid expansion of new market stores is expected in 2026, supported by a large population base, consumer purchasing power, and potential for store openings, continuing the trend seen in China and Southeast Asia [3]

Group 1 - On January 21, a total of 38 Hong Kong stocks were repurchased by companies, with 5 stocks having repurchase amounts exceeding 10 million HKD [1] - The companies with the largest repurchase amounts included Xiaomi Group-W, Pop Mart, and Sunny Optical Technology, with repurchase amounts of 248 million HKD, 96.49 million HKD, and 61.39 million HKD respectively [1] - As of January 21, 105 Hong Kong stocks have been repurchased this year, with 7 stocks having cumulative repurchase amounts exceeding 100 million HKD [1] Group 2 - The companies with the highest cumulative repurchase amounts this year are Tencent Holdings, Xiaomi Group-W, and Sunny Optical Technology, with repurchase amounts of 6.358 billion HKD, 2.049 billion HKD, and 686 million HKD respectively [1]

Group 1 - The core competitive advantage of the company lies in its long-term IP creation and operation mechanism, which has entered a layout phase [1] - The company has a well-established domestic IP tier system and brand recognition, with expected growth in overseas markets driven by store openings [1] - The company is projected to expand its product categories, IPs, and business formats as key growth drivers in the medium term [1] Group 2 - The Chinese market is expected to continue outperforming expectations, supported by brand awareness, a healthy IP structure, and a well-developed membership system [2] - The retail performance of large stores is steadily improving, with core plush products experiencing stock shortages since Q4 2025 [2] - New business formats such as jewelry, desserts, and amusement parks are anticipated to contribute additional growth in the Chinese market [2] Group 3 - North America is showing better-than-expected performance despite weaker consumer spending and a period of product gaps [3] - Emerging markets in the Middle East and South America are expected to exceed expectations, with rapid expansion of new stores planned for 2026 [3] - The large population base and consumer spending potential in these regions are likely to sustain growth trends similar to those seen in China and Southeast Asia [3]

Group 1 - The top short-selling stocks include Sun Hung Kai Properties (80016), China Resources Beer (80291), and AIA Group (81299), all with a short-selling ratio of 100.00% [1][2] - The highest short-selling amounts are recorded for Xiaomi Group (01810) at 1.128 billion, Baidu Group (09888) at 1.106 billion, and Alibaba Group (09988) at 995 million [1][2] - The highest deviation values are for Ping An Insurance (82318) at 58.81%, JD Group (89618) at 38.75%, and Sun Hung Kai Properties (80016) at 35.83% [1][2] Group 2 - The top short-selling ratio rankings show Sun Hung Kai Properties (80016) with a short-selling amount of 196,700 and a ratio of 100.00%, followed by China Resources Beer (80291) with 11,500 and 100.00% [2] - The top short-selling amounts list Xiaomi Group (01810) with 1.128 billion, Baidu Group (09888) with 1.106 billion, and Alibaba Group (09988) with 995 million [2] - The top deviation values list Ping An Insurance (82318) with a short-selling amount of 3.2371 million and a ratio of 92.98%, followed by JD Group (89618) with 320,900 and 98.46% [2]

○寒潮致国家电网负荷承压产业链景气度持续提升 今日提示 ·国新办1月22日就加快农业农村现代化，扎实推进乡村全面振兴有关情况举行新闻发布会。 ·上海外滩数据智能科技创新论坛1月22日举行。 ·1月22日，1793亿元7天期逆回购到期。 上证精选 ·日前，住房城乡建设部党组书记、部长倪虹表示，我国新型城镇化仍在持续推进，城市存量优化调整 也有广阔空间，人民群众对高品质住房充满期待，房地产高质量发展仍有较大潜力。房地产是不动产， 房地产市场是以城市为单元的市场，城市政府应当充分用好调控自主权。下一步，将继续坚持因城施 策、精准施策、一城一策，控增量、去库存、优供给，发挥好房地产融资"白名单"制度作用，支持房企 合理融资需求，支持居民刚性和改善性住房需求，推动房地产市场平稳运行。 ·财政部、税务总局、中国证监会1月21日对外发布公告称，延续实施创新企业境内发行存托凭证（以下 称创新企业CDR）试点阶段有关税收政策。公告称，自2026年1月1日至2027年12月31日，对个人投资 者转让创新企业CDR取得的差价所得，暂免征收个人所得税。自2026年1月1日至2027年12月31日，对 个人投资者持有创新企业CDR取得 ...